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Some crazy spikes caught my attention again - after so many years remaining inconspicuous.

I still can't quite work out "ze meaning off ziss", but it may be worthwhile to keep SOL on watch...



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  • 8 months later...
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SOL - profit after tax attributable to shareholders of $95.4 million, an increase of 41.7% from $67.3 million when compared to the previous corresponding period.


A regular profit after tax* result of $83.6 million was recorded for the half year, $4.6 million less than the previous corresponding period.


Significantly higher contributions from TPG Telecom Limited (up 30.7%), Brickworks Limited (up 38.4%) and Australian Pharmaceutical Industries Limited (up 36.4%) offset the impact of lower commodity prices on New Hope Corporation Limited, CopperChem Limited and Exco Resources Limited.


- fully franked interim dividend of 21 cents per share for the half year ended 31 January 2016, an increase of 5% over last year's interim dividend of 20 cents per share. The record date for the dividend will be 21 April 2016 with payment due on 12 May 2016.


Ordinary dividends and interest received by WHSP net of its regular operating costs are considered when declaring dividends. For the six months to 31 January 2016 this figure was $71.1 million, an increase of 25.2% compared to first half of the previous corresponding period.


Chairman of WHSP Mr Robert Millner said: "We are one of only two companies in the All Ordinaries Index that have increased dividends each year over the last 15 years. "WHSP is a long-term investor with a focus on providing shareholders with capital growth and increasing fully franked dividends. WHSP has significantly outperformed the ASX All Ordinaries Accumulation Index over the short and long term and has never missed paying a dividend since listing in 1903. "In the last year, the company's total shareholder return has exceeded the All Ordinaries Accumulation Index by 38.7%."

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Soul Patts has underwritten BTIO and taken up $20mill or 19.8% of Bailador Tech, BTI, which is the only listed tech investor we have on the ASX


The conversion of the oppies gives BTI cash to take up some more positions in emerging tech opportunities

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  • 8 months later...

SOL has Bidders Statement out for the rest of HHL .... going for all remainder of shares @ $1.00. With 19.9% already 'in the bag' SOL don't expect to get acceptances for all, and if you look at SOL as a holding company, they are happy to have significant stakes, minority or otherwise.


Remains to see if there is a further bid for remainder of Peter Hall's shares in HHL. Interesting turn if there is (he may not accept a 'better' offer above $1.00 if it causes problems down the track for other holders. In fact Hall has come out and said that other HHL s/holders would be crazy to accept, thinking the admin of the Hunter Hall suite of funds (5 unlisted + HHV) may be worth a good amount down the track. Some of this may depend on whether there is nose/face spite going on, and redemptions reduce the funds to much less than they currently are priced at.


SOL as a long term custodian of the management should do a good job - that's what they have been doing for decades - but the impatient and the miffed (fundies holding HHL but not factoring key-man risk) may agitate for something short-term and resembling a spiral of wealth destruction. This would hurt them more than SOL (funny how there is such polarisation in on 'industry')

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SOL is expanding further into funds administration. Has always had a run with BKI and recently picked up a stake 45%? in Pengana - have some unlisted managed funds - with the aim of achieving success in housing Hunter Hall assets; part of the long running HHL story, with management of those unlisted funds plus hoping to wrest HHV away from Geoff Wilson's clutches.


And recently lining up an IPO of URB which is sort of hybrid property play.


Also, gained entry to S&P 300 in latest round of resets.

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SOL announced its half year results ended 31 January 2017, reporting net profit after tax (NPAT) of $149.0 million for the six months, an increase of 56.1% on the $95 million recorded for the previous corresponding period. Regular profit after tax was a record $139.3 million for the half year, increasing 66.7% from $83.6 million for the previous corresponding period. WHSP considers regular profit after tax to be the better indicator of the underlying profit of the Group.


The net increase was attributable to;

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ higher regular contributions from six of WHSP's seven major strategic investments, notably;

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ New Hope Corporation Limited (up 264.4%) as it capitalised on a recovery in coal prices and its acquisition of an interest in Bengalla;

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ TPG Telecom Limited (up 24.6%) with all divisions performing strongly, particularly iiNett; and


ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Brickworks Limited (up 31.1%) which enjoyed record sales revenue from its building products business and increased contribution from its land and developments divisions.


WHSP Chairman Rob Millner said: "We are pleased with these results. We have seen most of the companies that WHSP is invested in experience strong earnings growth over the half year period, contributing to the record regular profit of the Group. "WHSP's diversified portfolio continues to deliver reliable cash returns which enable it to provide increasing fully franked dividends to shareholders." 22c ff


Managing Director Todd Barlow said: "The earnings growth and performance across the portfolio has been extremely strong over the first half and we expect most of our investments to carry this performance through for the full year. "We are always on the lookout for good quality investments at attractive prices which will provide income and capital growth for shareholders over the long term. We have focused on the financial services thematic for some time and have made investments in Pengana Capital, Hunter Hall Global Value and Hunter Hall International in the past six months," he added.

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Fund manager Perpetual has lost its legal bid to get rid of the cross-shareholding between Brickworks and Washington H Soul Pattinson. In long-running litigation Perpetual, which owns about 6.3 per cent of Brickworks, had asked the Federal Court to declare the cross-shareholding oppressive.


As part of an arrangement that has been in place for four decades ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ and would be impossible to enter into under the current law ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ Soul Patts owns 44 per cent of Brickworks while Brickworks owns 42.7 per cent of Soul Patts. Perpetual argued the arrangement was oppressive because it entrenched the control of billionaire Brickworks owner Rob Millner.


However, Federal Court judge Jayne Jagot this morning said Perpetual's attempts to prove "an agreement, arrangement or understanding between members of the 'Millner family' and/or various members of the boards of each company to maintain the cross shareholding in order to entrench control of the companies by the incumbent boards and thus the Millner family has failed".


"The cross shareholding may reasonably be seen as having provided each company with material benefits as a result of diversification which has reduced earnings volatility," she said. "Weighing all of the circumstances, reasonable directors would not consider maintenance of the cross shareholding to date to be unfair or oppressive. "Accordingly, Perpetual's claim must be rejected."


Perpetual has been ordered to pay the costs of the case, which included a seven-day hearing with silks on both sides

. ouch .

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