Plato Income Maximiser Ltd. · ASX:PL8
Plato Income Maximiser — Shareholder Meeting (November 2024)
30 slides from Plato Income Maximiser's shareholder meeting presentation, Nov 19, 2024
Slide 1: 2024 Annual General Meeting
2024 ANNUAL GENERAL MEETING PLATO INCOME MAXIMISER LIMITED ASX: PL8 19 November 2024 For personal use only 1
Slide 2: Agenda
Agenda 01 02 Chairman’s Address Formal Business For personal use only 03 04 Investment Manager Update Questions 2
Slide 3: Chairman's Address
For personal use only Chairman’s Address Mr Jonathan Trollip 3
Slide 4: PL8 Overview
PL8 Overview PLATO INCOME MAXIMISER LIMITED For personal use only First and only Based on the Designed specifically Australian Listed investment strategy of with retiree investors Investment Company the Plato Australian in mind (pension phase (LIC) paying monthly Shares Income Fund superannuation or
Slide 5: Performance
Performance For personal use only Performance 30 June 2024 31 October 2024 Portfolio Performance1 9.6% p.a. 10.0% p.a. (total return since inception4) Distributed Dividends2 7.6% p.a. 7.6% p.a. (paid to shareholders since inception4) TSR Performance3,5 6.9% p.a. 7.0% p.a. (since listing date4) 1 Pas
Slide 6: Dividend Update
Dividend Update MONTHLY DIVIDENDS STABLE AT $0.0055 PER SHARE1 Monthly Dividends For personal use only 0.6 0.5 0.4 Cents per share 0.3 0.2 0.1 0 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Jun-18 Aug-18 Jun-19 Aug-19 Jun-20 Aug-20 Jun-21 A
Slide 7: Growth and Distributed Dividends
Growth and Distributed Dividends SINCE INCEPTION RETURN DRIVERS • Looking back since the IPO of the Company to today: For personal use only • Pre-tax NTA is slightly higher over this period, indicating the relatively low returns from Australian shares • Distributed dividends paid to shareholders (pl
Slide 8: Share price trades at a premium to NTA
Share price trades at a premium to NTA For personal use only Source: Plato, IRESS. Past performance is illustrative only and not indicative of future performance. 8
Slide 9: PL8 – IPO vs Now
PL8 – IPO vs Now For personal use only IPO Category Now1 (5 May 2017) Net Assets $326m $837m Number of Shareholders 5,618 12,568 Liquidity2 $6.8m $21.8m Annual running costs3 0.18% p.a. 0.10% p.a. 1 31 October 2024 unless otherwise stated 2 Source: ASX, calculated as the average monthly transacted v
Slide 10: Formal Business
For personal use only Formal Business Mr Jonathan Trollip 10
Slide 11: Financial statements and reports
Formal Business Financial statements and reports Consideration of financial statements and reports For personal use only 11
Slide 12: Resolution: Adoption of the Remuneration Report
Formal Business Resolution 1 Adoption of the Remuneration Report For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That the Remuneration Report of the Company for the financial year ended 30 June 2024 be adopted” 12
Slide 13: Resolution - proxies
Formal Business Resolution 1 - proxies For personal use only Shares Voted For 12,010,410 81.07% Open 1,384,743 9.35% Against 1,419,898 9.58% Abstain 235,164 13
Slide 14: Re-election of Jonathan Trollip as a director
Formal Business Resolution 2 Re-election of Jonathan Trollip as a director For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That Jonathan Trollip, who retires by rotation in accordance with rule 6.7 of the Company’s Constitution and,
Slide 15: Resolution - proxies
Formal Business Resolution 2 - proxies For personal use only Shares Voted For 13,736,055 88.94% Open 1,353,018 8.76% Against 355,175 2.30% Abstain 130,385 15
Slide 16: Re-election of Katrina Onishi as a director
Formal Business Resolution 3 Re-election of Katrina Onishi as a director For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That Ms Katrina Onishi, who retires by rotation in accordance with rule 6.7 of the Company’s Constitution and,
Slide 17: Resolution - proxies
Formal Business Resolution 3 - proxies For personal use only Shares Voted For 13,647,308 89.32% Open 1,420,740 9.30% Against 211,654 1.39% Abstain 295,471 17
Slide 18: Investment Manager Update
For personal use only Investment Manager Update Dr Don Hamson 18
Slide 19: PL8 delivering high income month realised yield
PL8 delivering high income 12 month realised yield* 9.0% 8.0% For personal use only 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% S&P/ASX 200 PL8 CASH 3.7 5.5 FRANKING 1.2 2.4 *to 31 October 2024, Plato, Bloomberg 19
Slide 20: Chart of Plato Income Performance
Chart of Plato Income Performance – to 31 Oct 2023 Plato Aust. Shares Income Fund v S&P/ ASX200 Accumulation Series (incl. Franking Credits) $500,000 Indexed to $100k since inception $450,000 For personal use only $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Sep-11 Sep-1
Slide 21: Results season August 2024 - Dividends
Results season August 2024 - Dividends DIVIDENDS UP, $ VALUE DOWN • $35.1bn in dividends have been declared so far v $35.4B last year. AUG 2024 CHANGE IN DIVIDENDS PCP For personal use only • Strong dividend increases: Average Median Total $ 7.3% – Insurance Australia (89%), QBE Insurance (71%) and
Slide 22: Reporting Season Analysis: Westpac
Reporting Season Analysis WESTPAC For personal use only • Decent result, 2H FY24 Cash NPAT of $3,648m, up 9% vs 1H FY24. • Interim Dividend 76c vs 72c last year, up 5.6%. No special div. Equates to 6.6% (7.3% incl. special in May) annual gross yield after recent strong performance. • Payout Ratio 73
Slide 23: Reporting Season Analysis: CBA
Reporting Season Analysis CBA For personal use only Source: Plato 23
Slide 24: Reporting Season Analysis: JB Hi-Fi
Reporting Season Analysis JB HI-FI For personal use only • FY24 sales down 0.4%, EPS down 16.4% but 4% above expectations. Driven by strong performance at JB Hi-fi Australia. • Final Dividend 183c including 80c special dividend vs 115c last year (59% increase albeit underlying div was 10% cut). Equa
Slide 25: Dividend outlook within normal range
Dividend outlook within normal range AVERAGE % CHANCE OF DIVIDEND CUTS FOR AUSTRALIAN MARKET Div Cut Probability - Australia Dec 2001 - Sep 2024 For personal use only 50% 45% 40% 35% 30% Long term average 25% 20% 15% 10% 5% 0% 200112 200212 200312 200412 200512 200612 200712 200812 200912 201012 201
Slide 26: Dividend outlook by sector
Dividend outlook by sector AVERAGE % CHANCE OF DIVIDEND CUTS FOR AUSTRALIAN MARKET 0.7 For personal use only 0.6 0.5 Communication Services Consumer Discretionary Consumer Staples 0.4 Energy Financials Health Care 0.3 Industrials Information Technology 0.2 Materials Real Estate Utilities 0.1 0 20151
Slide 27: Conclusion
Conclusion Caution: Valuations have largely factored in the next move in interest rates (down) Yields lower than average For personal use only Optimism: Dividends are still strong – Plato dividend cut model back to average – Strong dividends from financial stocks – Active fund management critical in
Slide 28: Questions
For personal use only Questions Mr Jonathan Trollip Dr Don Hamson 28
Slide 29: Disclaimer
Disclaimer Note: Past performance is not a reliable indicator of future performance. About this presentation This communication has been prepared by Plato Income Maximiser Limited ABN 63 616 746 215 (PL8) and Plato Investment Management Limited AFSL 504616 ABN 77 120 730 136 (Plato), the investment
Slide 30: Thank you for joining us for our AGM
For personal use only Thank you for joining us for our AGM PL8 shareholder enquiries For general information about your shareholding please contact the Share Registry Automic: T: 1300 288 664 E: hello@automicgroup.com.au For investment enquiries please contact Pinnacle T: 1300 010 311 E: invest@plat
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