'Australia's Warren Buffett' sells down stake in fund manager he co-founded
The Neilsons, who divorced in 2015, will each sell 30 million shares in Platinum Asset Management at $5 a share, a 9 per cent discount to Tuesday's closing price of $5.50.Credit:After the sale, Mr Neilson will retain 126,037,420 shares and Mrs Neilson, founder and patron of the popular White Rabbit Gallery in Chippendale, Sydney, will have 126,037,421 shares. Mr Neilson will have voting control over 42.97 per cent of the company.
Mr Neilson, who's been dubbed "Australia's Warren Buffett" for his investment prowess, said he would remain on the board and "participate in the daily activities of the investment team"."The partial disposal of our interests allows us to direct some of our capital towards other pursuits,investments," Mr Neilson said in a statement on Tuesday night.
"The company has a remarkable pool of talent which will be thoughtfully and ardently guided to pursue the purpose of the firm of providing investors with superior returns."The sale will be conducted as a fully underwritten offer to institutional and professional investors on March 19. Platinum chairman Michael Cole said the partial sale would have no impact on the firm's day-to-day investment processes or operations, and he looked forward to welcoming new shareholders to the register.made to the company and appreciate his continuing commitment both as an executive director andThe company's value almost halved from a peak in February 2018 to the start of this year, as its investments stumbled and after Mr Nielson stepped down as the fund's CEO.
Mr Neilson, who was born in South Africa and whose personal wealth was valued at $1.78 billion by theAt Bankers Trust, he famously ensured his investors were defensively positioned prior to the sharemarket crash of October 1987.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'This is painful': For Boeing, there's $777b in plane orders at stakeThe 737 Max crisis poses an incalculable reputational risk. Will airlines lose confidence in the Max, Boeing's best-selling jet with 4600 orders pending?
Read more »
Mark Wahlberg buys stake in Australian fitness franchise F45Hollywood star said he fell in love with the brand when he first visited a studio last November.
Read more »
Why Kylie Jenner won't be the youngest self-made billionaire for longThe way that fortunes are being made tells you a lot about how the global economy is developing.
Read more »
The small-town doctor taking on the billionaire family blamed for America's opioid crisisArt Van Zee was there at the beginning of America's 20-year-old opioid crisis. In fact, he may well have been the first to sound the alarm.
Read more »
'Pay rise for middle managers': Berejiklian attacks Labor's wages policyGladys Berejiklian has criticised Labor's plan to scrap a 2.5 per cent cap on wages growth for the state's 396,000 public servants.
Read more »
Former Trump campaign manager faces more time behind bars | Sky News AustraliaUS President Donald Trump's former campaign chairman Paul Manafort has been jailed for an additional three-and-a-half years after admitting two charges of conspiracy.\n\nThe judgement, handed down by a United States District Court in Washington, related to Manafort's foreign lobbying work and witness tampering.\n\nThe sentence is on top of the roughly four-year prison sentence he received last week in a separate criminal case in Virginia.\n\nThe 69-year-old's legal woes are not over, with the Manhattan district attorney charging Manafort with 16 state felonies.\n\n\n\n\n\n
Read more »
Alleged sex cult co-founder pleads guilty to racketeering chargeNancy Salzman, who once ran the group NXIVM alongside spiritual leader Keith Raniere - who is accused of grooming female members for sex and branding them - sobbed outside court. 9News
Read more »
Rare Coles collectable selling for $10,500 on eBayHow much are you willing to pay for a rare, limited edition Coles Stikeez golden banana — because one is currently being sold on eBay for more than $10,000.
Read more »
Federal government to fully fund disability royal commissionThe federal government has released for public consultation a broad draft of the terms of reference for a disability royal commission.
Read more »
Albany taxpayer-funded wave energy deal cancelled | Sky News AustraliaCarnegie Clean Energy’s Albany wave energy deal with the West Australian Government has been cancelled, with the state initially promising nearly $16 million in grants, and the federal government promising another $12 million. \n\nThe deal failure follows two other projects like it near Port Kembla, New South Wales and Carrickalinga in South Australia.\n\nOutsiders host Rowan Dean says it’s ‘great’ people are innovating and finding new ways to generate electricity, but it should not be done on the taxpayer dollar. \n\n\n\n\n\n
Read more »