Platinum Supports Share Price With On-Market Buyback Announcement; AUD 7.00 FVE Unchanged
Platinum Asset Management has announced the potential buyback of up to 10% of its issued capital, or approximately 58.7 million ordinary shares, over the next 12 months. In our opinion, the capital-management initiative is an attempt to shore up the share prices following the 20% decline since the release of disappointing fiscal 2016 results on Aug. 25. The buyback will only be implemented if the Platinum board believes the firm’s shares are trading at a significant discount to its underlying va...Platinum Asset Management is a non-operating holding company of Platinum Investment Management Limited. Co.'s subsidiary, Platinum Investment Management Limited, trades as Platinum Asset Management, operates a funds management business. Co. has two main operating segments: funds management, and investments and other.
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