Dear Fellow Shareholder,
I am writing to ask you to vote FOR the Wilson Asset Management nominees and me at the upcoming extraordinary general meeting (EGM) of Platinum Capital Limited (ASX: PMC) on 1 October 2025. Please call me on 0412 242 712 if you have any questions.
At the EGM you will face a clear choice:
- Vote FOR Wilson Asset Management (WAM) candidates Geoff Wilson AO, Richard Caldwell and Julian Martin, who will protect and grow shareholder value; OR
- Hand control to L1 Capital and its nominees, whose actions have already negatively impacted shareholders and whose proposal involves significant fee increases.
L1 Capital’s director nominations and investment proposal for PMC will wipe out over $314 million1 of underperformance, increase the management fee rate paid by PMC shareholders by 27% and increase the performance fee rate by 33%, removing any benchmark for outperformance.
PMC shareholders will be significantly disadvantaged by this proposed change in management agreement, which overwhelmingly benefits L1 Capital. L1 Capital’s claim that it will cover any termination fee is disingenuous, because under the binding merger between L1 Capital and Platinum Asset Management (ASX: PTM) signed on 8 July 2025, L1 Capital is already taking control of PMC’s management. Yet PMC shareholders are being asked to pay a termination fee and accept higher management and performance fees — all while retaining essentially the same investment manager. This outcome is negative for PMC and is illogical.
Why your vote matters
This is not just a board election. It is a vote on the future of your investment. L1 Capital’s proposal will negatively impact shareholders:
- Disadvantaging all shareholders: By writing off accrued underperformance, causing up to $314 million1 in underperformance to be ignored before any hurdle is applied, L1 Capital seeks to reset the clock. This would allow L1 Capital to charge shareholders an extra $64 million in performance fees.
- Riskier strategy: L1 Capital wants to move PMC into a highly leveraged, long-short strategy with up to 3.5x gross exposure. This high-risk strategy is completely inconsistent with PMC’s current investment mandate.
- $25 million already lost: L1 Capital blocked the restructure via a scheme of arrangement proposed by the PMC Board in 2024 (Proposed Restructure), depriving you of the chance to exit at close to net tangible assets (NTA) parity and potentially losing over $25 million2 in shareholder value.
Your decision
On 1 October 2025, you can decide whether PMC remains a vehicle designed to benefit its existing shareholders or becomes a fee generator for L1 Capital at your expense.
How to vote to protect your investment:
- Vote FOR Geoff Wilson AO, Richard Caldwell and Julian Martin (Resolutions 4, 5 & 6).
- Vote AGAINST Rachel Grimes AM, David Gray and Douglas Farrell (Resolutions 1, 2 & 3).
The Wilson Asset Management alternative
Wilson Asset Management’s proposal (Proposal) puts shareholders first. Under our Proposal, we will:
- Restore value: Implement the full 50% on-market buyback, returning value directly to shareholders.
- Protect accountability: Maintain PMC’s existing fee structure, including the full recoupment of past underperformance.
- Provide stability: Continue PMC’s mandate of global equities exposure within a listed investment company (LIC) structure, without resorting to gearing.
- Deliver results: Wilson Asset Management has a 27-year track record as a specialist LIC manager of building shareholder wealth and delivering share price premiums to NTA.
Why Wilson Asset Management?
- Proven stewardship: More than $6 billion under management, 130,000 investors and nine successful LICs.
- Alignment with shareholders: Demonstrated commitment to advocacy and engagement.
- Trusted brand: Since 1998 delivering returns for shareholders and giving back to the community, with over $100 million donated to Australian charities through our philanthropic endeavours.
Every vote counts. Please ensure your proxy is lodged by 10:00am (Sydney time), Monday 29 September 2025.
Together we can safeguard PMC’s future and your investment.
If you have any questions, please do not hesitate to contact me on 9247 6755 or 0412 242 712, Investment Specialist Martyn McCathie on 0433 312 603 or Senior Investor Relations Advisor April Lowis on (02) 9258 4915.
Kind regards,
Geoff Wilson
Chairman and Chief Investment Officer
Wilson Asset Management
