No progress on unlocking holdings
Perpetual had sought to prise open the cross-shareholding between Soul Pattinson, one of the country's oldest listed companies, and Brickworks, but was rebuffed by the investor. The cross-shareholding has protected both companies from being taken over, with the likes of Perpetual arguing that shareholders in the two companies would be better off without it.
Soul Pattinson chairman Mr Rob Millner said there has been no contact with Perpetual since the annual meeting late last year. Additionally, at an analyst briefing on Thursday, Perpetual did not raise any questions, in public at least.
Soul Pattinson's year to July net profit fell to $105.4 million from $143 million, with the final dividend raised to 28¢ a share from 27¢.
It is developing two logistics centres for Super Retail Group through a new internally managed logistics fund, amid optimism it will be able to develop additional properties for the same client.
Frequently Asked Questions about this Article…
Perpetual Ltd has been pushing to 'unlock' value tied up in the cross-shareholding between Washington H. Soul Pattinson and Brickworks, arguing shareholders would be better off without it. Soul Pattinson rebuffed Perpetual’s approach and there has been no contact between the two since last year’s annual meeting.
The cross-shareholding ties Soul Pattinson and Brickworks together in a way that has protected both companies from takeover bids. For everyday investors, that structure can limit takeover opportunities and, according to Perpetual, may keep some underlying value locked up rather than realised for shareholders.
No. Soul Pattinson chairman Rob Millner said there has been no contact with Perpetual since last year’s annual meeting, and Perpetual did not raise the issue publicly at a recent analyst briefing.
Soul Pattinson’s net profit for the year to July fell to $105.4 million from $143 million the prior year, according to the update in the article.
Yes. Even with the fall in net profit, Soul Pattinson raised its final dividend slightly to 28¢ a share from 27¢ a share.
Soul Pattinson is developing two logistics centres for Super Retail Group through a new internally managed logistics fund, and the company said it is optimistic it can develop additional properties for the same client.
In this context, 'unlocking holdings' refers to attempts to break or alter the cross-shareholding that ties Soul Pattinson and Brickworks together so that the companies’ underlying value could be realised or become more accessible to shareholders—an outcome Perpetual has argued would benefit investors.
Investors should watch for any renewed contact or public statements from Perpetual or Soul Pattinson, updates at future annual meetings or analyst briefings, further financial results or dividend announcements from Soul Pattinson, and progress on the logistics developments for Super Retail Group.
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