Brief: Platinum Asset Management Ltd Says Initial Review For Turnaround Program Completed

L1

26/03/2024 07:25

March 26 (Reuters) - Platinum Asset Management Ltd
 PTM.AX :
    * TURNAROUND PROGRAM UPDATE
    * INITIAL REVIEW HAS NOW BEEN COMPLETED
    * SAVINGS WILL ONLY BEGIN TO BE REALISED DURING LAST QUARTER
OF
2024 FINANCIAL YEAR
    * TARGETING AT LEAST A$25 MILLION IN ANNUALISED RUN RATE
SAVINGS
    * FUNDS UNDER MANAGEMENT EXPECTED TO REDUCE BY A$0.2 BILLION
DUE
TO THESE INITIATIVES
    * EXPECTS TO RECEIVE PARTIAL REDEMPTIONS OF AT LEAST A$1.4
BILLION
FROM ITS INSTITUTIONAL & WHOLESALE BUSINESS OVER COMING MONTH
    * ONE-OFF IMPLEMENTATION CASH COSTS OF A$12 MILLION
ESTIMATED TO
BE INCURRED DURING FY24 FOR TARGETED SAVINGS
    * THERE IS LIKELY TO BE AN ADDITIONAL A$9 MILLION OF
NON-CASH
COSTS INCURRED


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