5 questions lodged at 2025 Platinum Capital (PMC) hybrid EGM
October 1, 2025
Below is the text of the 5 written questions submitted at the hostile Platinum Capital (PMC) hybrid EGM called by L1 Capital for 10am in Sydney and via Link/MUFG to install their own slate of directors. Geoff Wilson has put up a rival slate. See notice of meeting. Market cap was $417m on AGM day.
Q1. The proxies suggest that Rachel and her colleagues will prevail today. Could Rachel please comment on who is the leader of her group and who they are proposing to appoint as chair of the board once the current chair resigns and they've got board control after the meeting.
Answer: Rachel gave a good speech and has a strong CV so wasn't surprised when she responded saying she would be the new chair. Watch video of exchange via Twitter.
Q2. Could Geoff Wilson please comment on how the fees he charges LICs compare with what Platinum and L1 currently and have historically charged. Does he agree there is pressure on all external managers to reduce fees with the rise of ETFs and index investing.
Answer: Geoff Wilson explained this his fees are higher at 1.25% but he was happy to manage PMC at the existing 1.1% and because the question wrangler broke this into two, chair Margaret Towers got a laugh on the second bit suggesting that Geoff should run a webinar on how all this works. Watch video of exchange via Twitter.
Q3. What was the process around which David was chosen to be an L1 nominee today? Was a headhunter involved, was there an interview process or was it just a case of David knowing particular L1 or Platinum personnel, such as the founders. Could David also please detail his professional work history with the two other L1 nominees who, according to the proxies, are likely to share board control with David going forward?
Answer: David said he has known the L1 founders for more than 20 years but had actually put himself forward for the job. He said he'd worked with Doug 20 years earlier but had only worked with Rachel in recent weeks. I found both his speech and responses during Q&A quite impressive. Watch video of exchange via Twitter.
Q4. How can Doug says he is independent when he has been nominated by L1 which is the largest shareholder and an aspiring manager. Also, can he answer the same question directed at David about the process that led him to being here today and his history with the L1 founders and the two other members on the L1 slate.
Answer: The chair... Watch video of exchange via Twitter.
Q5. What does Richard think about L1, including the tactics deployed in blocking the previous control proposal and then calling today's meeting to take board control. Seeing as he hasn't been successful, based on the proxies, does he regret being dragged into this fight?
Answer: The chair Margaret Towers declared this an "inappropriate question" and didn't invite Richard to respond which was strange as Geoff Wilson had said how appalled he was by L1's tactics so was just trying to see if Richard agreed with his leader. Watch video of exchange via Twitter.
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