Platinum announces buy-back

The fund manager has fought back after its share price hit its lowest point in a year by announcing plans for a big on-market buy-back.

Platinum Asset Management has announced plans to buy back up to 10% of its total shares on-market over the next 12 months, commencing on 4 October. Shares will only be bought back if the stock 'trades at a significant discount to its underlying value' although 'no target price has been set' (or at least announced).

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