4 questions lodged at 2025 Platinum Asia scheme meeting
August 12, 2025
Below is the text of the 4 written questions submitted at the 29 minute Platinum Asia hybrid scheme meeting held on August 12 2025, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results. Market cap was $429m on EGM day. Also, watch gun shareholder activist David Kingston in action at the meeting.
Q1. How much did we pay BDO for their independent expert's report and did we run a competitive tender with multiple proposals before appointing them for the job? What is the broader Platinum group's history with BDO?
Answer: The chair Margaret Towers explained that they received two responses to a tender and she was impressed with BDO's work. Watch video of exchange via Twitter.
Q2. Thank you for disclosing the proxies early with the formal addresses which showed that 525 shareholders voted by proxy. The latest annual report says that we have 6,276 shareholders so that's a proxy turn out rate of 8.37%. Is the chair happy with that and what sort of proxy solicitation campaign did we run to get out the vote?
Answer: The chair Margaret Towers said she was disappointed but explained that MUFG had advised that only about 10% of shareholders were reachable. Watch video of exchange via Twitter.
Q3. It seems a bit rough that a merger like this is not an eligible rollover event for tax purposes and the switch from shares in the company to units in the funds is deemed a capital gains tax event for the 6,276 shareholders. As the largest shareholder with 8.3%, does Platinum itself expect to pay any capital gains tax as a result of this merger and where is the line in regards to this being a CGT event. For instance, if we'd merged with AFIC would that have been considered a CGT event? What is the difference?
Answer: The chair Margaret Towers gave a good explanation even summarising Platinum's likely liability on the fly. Watch video of exchange via Twitter.
Q4. Are there any other examples of ASX-listed LICs which have rolled into a listed ETF and is this something the chair expects will occur more regularly going forward? Has it been an easy process and does she have any advice for the regulators or law makers that would make such a process easier and fairer for other LICs going forward?
Answer: The chair Margaret Towers provided a thoughtful response. Watch video of exchange via Twitter.
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