ASX Shares Platinum IPO

Well they did reply. The least impressive part was that his cut and paste response was done with so little effort that he did not even bother doing each reply with a different addressee's name ..... My surname is not even remotely similar to Paparone

Dear Mr Paparone,

Thank you for your email.

You are correct in stating that the initial offer was only made to direct investors with Platinum as per our client register.

As per the longstanding agreement between Platinum Asset Management and all Margin Lenders (ML) Platinum does not recognise margin loans/mortgages on accounts therefore the agreement states that for the ML to be able to include Platinum in their list of available fund managers they would need to be the direct investor with us.

As a consequence the ML received a single prospectus as the investor with Platinum and it was left up to them if they wished to apply for shares on their own behalf or otherwise. However since the initial offer was made the ML requested that they be able to make copies of the single coded application form they received to hand on to their underlying clients. This was agreed however it was advised that as a consequence allocations to indirect ML clients would have to be scaled back dramatically if the offer was heavily oversubscribed. Unfortunately this was the case.

In the initial planning of the IPO it could never be known what response would be received with regards to whether or not we would obtain a full subscription.

With this in mind we used the services of Comsec and Bell Potter in the belief that they would cater to the needs of stock market investors.

Furthermore when the miner allotments were given to Comsec and Bell Potter it was left up to them how they would allocate. The policy taken by the two brokers was to allocate on a first-come-first-serve basis with the successful majority receiving up to full allocations. However this also meant the offer through them closed in less than 2 days.

Platinum took the policy of allowing all direct investors the chance to apply before the cut off date of 10th May 2007 before giving an allocation. Unfortunately this has meant there had to be scaling back.

That the issue had received such interest was not in our contemplation.

We have been deluged with expressions of interest and are consequently bound to disappoint many.

I do apologise that I cannot give a more satisfactory response.

If you have any further questions please let me know.

With regards,

Justin Cameron
Investor Services Supervisor
Platinum Asset Management

 

My wife and I are Platinum funds investors (direct). We applied for 4000 shares each and we received full allocations. Happy with the result.

 

Not sure what's going on but i've got 4,400 shares allocated in one commsec margin loan and another 2,000 shares in a different commsec ML account. I also sent off a cheque as a platinum unit holder for $30k for 6,000 shares which has been deducted form my account but nothing in the mail about an allocation even though i think PTM lists tomorrow.

 

it lists on wednesday, not sure what time though...

 

To those of you who think your allocation was 'a waste of time' I will be more than happy to take the shares off your hands at the price you paid for them. Let's see how many of you actually front up.

Mark

 

C,mon Mark, you are smarter than that.

Now that I have them it is actually more effort to sell via an off market transaction to you than via a broker.

Your logic doesn't even make sense. Why would the fact I have already wasted my time be relieved by selling at a potential discount? Just makes things worse

If I had known I would have only got $2K worth I would have gladly given you that allocation - but now that it is done I will just reinvest the distribution and put them away to forget about along with a few other small holdings I have.

 

Id even be happy to pay a premium for them... i plan to by them on market anyway....

 

Who said anything about logic Simon? All I did was make an offer.

It'll be interesting to see *if* Platinum continues to perform over the long term as it has since inception just how many of you will think it was a 'waste of time' in ten years (assuming y'all are still holding then).

Personally, I think Simon has the right idea - bit of a 'set and forget', whilst keeping an eye on things.

Mark

 

edit: i've just gone through my mail and have received 2 refund cheques. One of them is from my margin loan. I applied for $20,000 worth but got $2,000 as well. Where do i deposit the refund cheque of $18,000?

Do i:
1) deposit the cheque back into my margin loan... if so, how do i do this with commsec? Can i deposit over the counter at the local commonwealth branch? Or,
2) deposit it into my offset account?

Reason i ask is because i'm guessing the interest on the $18k from the margin loan will not be tax deductable if it's deposited into my offset account which i use for both personal and investment use.

 

Where did the funds come from? Tidiest thing to do would be to return it to where it originated.

 

What a joke, I got 7% of what I applied for through BT.
Why bother??
To add insult to the injury, the other 93% has been charged a sh1tload of interest too while I waited.
Hopeless.
I can feel your pain Simon.

 

Well with a close price of something like $8.80 those of you who bought a lot in and decided to sell today made a tidy little profit

 

I also only recieved approx 7% of application thru BT. But as Jacque said with the price approx $8~$9, for the small effort involved on my part I am still happy to keep for 12 months or so.

Regards
Andrew
ps I have only been a platinum investor thru BT for 18 months, so I guess that is all I deserved anyhow.

 

G'day Sim

You posted this in April:

In reference to the Asian fund, Morningstar list the Platinum Asia funds performance for the last 6 months (31 May 07) as being 18.64%, 1 yr 29.6% & 3 yr 35.78%pa.

In my efforts to diversify & being unable to get into the Maqarie Premium China Fund (min. $3m to invest outside a platform) I'm looking at the Platinum asia fund. You comments would be appreciated.

Thanks

 

180 days ago (18th December) the unit price was $2.5392, last traded unit price was $2.9222, a 15.08% capital return plus any distributions

in the last 365 days, 16/6/06 the price was 2.3391, making a 24.93% capital return, making it the best performing platnium fund by far...

i do love your graph though Sim....

 

Thanks Sim for such an informative reply.

It is very much appreciated. Thank you.

 

G'day DaveA

There was also a dividend payment on 30/6/06 of 0.133656!
Which took it down from $2.3639 to $2.23.

 

yeah i know i havent... thats why i was talking about capital returns

amazing to see how your original 10,000 has been turned into $37k, talk about the power of gearing....

 

We got into Platinum Asia at 28th April 2006 - and that 100k is now worth 120k with re-invested dividend - so the timing wasn't perfect....but am reasonably happy with the return. Got to admit I was hoping for more - would've done a lot better getting in at the end of June - would have made over 30% from that point. !!!