6 questions lodged at 2025 Platinum Asset Management (PTM) scheme meeting
September 22, 2025
Below is the text of the 6 written questions submitted at the 71 minute Platinum Asset Management (PTM) hybrid scheme meeting held in Sydney and via Computershare platform at 9.30am on September 22, 2025, to approve the L1 merger and backdoor listing. See notice of meeting. Market cap was $428m on EGM day. Proxies were disclosed early with the formal addresses and it was comfortably approved. David Kingston was excellent from the floor - listen to this example of one of his many questions. From an historical point of view, see 6 questions asked at 2024 Platinum AGM, 10 questions submitted at 2021 AGM and ridiculous 16 questions lodged at 2022 AGM. Over and out for Platinum Asset Management which will be renamed L1 Group (L1G).
Q1. Thank you for disclosing the proxy votes early along with the formal addresses. Could the chair comment as to which substantial shareholder is in the room with 33.5m of undirected proxies. These are likely to be pivotal in determining the outcome of resolution 9 which has been opposed by 41% of directed proxy votes. In terms of resolution 1, there is strong support on the proxies. Could Mark Landau please comment as to whether there is any leverage on these shares which are proposed to be swapped into a dominant 33% stake in the merged group.
Answer: The chair Guy Strapp at first said he was confused and then said he "wouldn't be prepared to disclose that". It was disappointing that neither of the two L1 founders chose to turn up and make themselves available to answer questions. Watch video of exchange via Twitter.
Q2. What is the situation today in terms of L1 Capital being able to vote its shares in Platinum? Raphael Lamm signed the substantial shareholder declaration in May revealing that L1 had voting power over 115.8m shares or 19.9% of Platinum's issued capital under a private deal struck with Platinum founder Kerr Neilson. This resolution proposes swapping Mr Lamm's L1 shares into a dominant 33% stake in the merged group. Given the size of his holding, why isn't Mr Lamm joining the board of the merged group and has any part of his shareholding been pledged to third party financiers as security?
Answer: The question wrangler read this full without breaking it up, as occurred in later questions. Chair Guy Strapp said L1 owns 9.6% and couldn't vote on resolutions 1-4, but offered no insights on Raphael's leverage on his $600m+ stake and he wasn't at the meeting to answer this himself. Key players should always turn up and be available to answer questions at scheme meetings. Watch video of exchange via Twitter.
Q3. To what extent does the chair believe the Platinum name will remain in use going forward and could the CEO please comment on how valuable he believes the Platinum name is after such prominence over more than 3 decades?
Answer: The question wrangler didn't ask this one because David Kingston had already asked it and the chair said he believed the Platinum name would continue to be used in some of the funds. Watch video of exchange via Twitter.
Q4. Could Jane Stewart please comment on the approach she intends to take in terms of respecting retail shareholders, including the circa 19,000 Platinum retail shareholder that will be rolled into the merged group. For instance, does she support the merged group continuing to run best practice hybrid AGMs which maximise the ability for retail shareholders to participate? Also, what is her history with Neil Chatfield, the other new director being nominated by L1 Capital at today's meeting. Is she surprised that the two L1 founders chose her to represent their interests on the board when they will control a combined 66% stake in the merged company? Why does Jane believe they aren't stepping up to be directors themselves?
Answer: Jane was supportive of hybrids going forward, said she would respect retail shareholders and the founders weren't sitting on the board so they could focus on picking stocks. Watch video of exchange via Twitter, plus this exchange between David Kingston and Jane and Jane's campaign speech which was not included in these formal addresses.
Q5. Given that Neil Chatfield is not here today, could the chair please detail Neil's full history with L1 and the key personnel at Platinum, including founder Kerr Neilsen. Also, please explain how someone who is specifically nominated by L1 to sit on the merged group's board, can then be classified as an independent director? Also, what pay arrangements have been negotiated with Mr Chatfield and is there an agreement that he will become chair of the combined group, given that is the normal position he takes at public company boards such as Virgin, Seek, Costa and Aristocrat?
Answer: The chair Guy Strapp revealed Chatield has known Mark Landau since 2007 but was not aware of any other connections. He said there is no plan to make Chatfield chair as that will be his job. He did not disclose Chatfield's proposed fee. Watch video of exchange via Twitter.
Q6. Which proxy advisers issued reports about today's meeting and did any of them recommend a vote against this resolution? If so, what grounds did they cite and does the chair believe there is merit in what they say? Also does the chair believe that the votes on the floor will deliver majority support for this termination payments resolution in the poll, despite the 41% proxy protest vote? What happens if shareholders vote this resolution down and which shareholders are excluded from voting on this resolution?
Answer: The question wrangler broke this into 3 and chair Guy Strapp said only the existing KMP were excluded but he declined to make a forecast on the poll result. It will likely pass with Kerr Neilson and L1 voting their combined 20% in favour. Watch video of exchange via Twitter.
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