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MLT, MILTON CORPORATION LIMITED
nipper
post Posted: Sep 16 2021, 08:45 AM
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In Reply To: nipper's post @ Sep 13 2021, 12:06 PM

Milton Directors have determined to pay a fully franked special dividend of 37 cents for each Milton share held by shareholders as at the record date, being 7:00pm on 22 September 2021 .

Payment of the Special Dividend is currently expected to occur on 5 October 2021.


... and then it is Goodnight, Arrivederci. Bon Voyage.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 13 2021, 12:06 PM
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In Reply To: nipper's post @ Sep 10 2021, 05:45 PM

Milton advises that the Scheme Resolution was passed by the requisite majorities of Milton Shareholders at the Scheme Meeting held earlier today, with:

• 93.22% of Milton Shareholders present and voting (either in person or by proxy, attorney or corporate representative) at the Scheme Meeting in favour of the Scheme Resolution; and
• 82.78% of votes cast at the Scheme Meeting in favour of the Scheme Resolution.

The Implementation of the Scheme remains subject to approval by the Court and the satisfaction or, where capable, waiver of certain other customary conditions as outlined in the Scheme Booklet. Milton has applied to the Court for approval of the Scheme at a hearing scheduled to commence at 10.15am (AEST) on 20 September 2021. Milton will make a further announcement after the conclusion of the Court hearing.

If the Court approves the Scheme, Milton proposes to lodge the orders of the Court with the Australian Securities and Investments Commission on 21 September 2021, at which time the Scheme will become legally effective pursuant to section 411(10) of the Corporations Act 2001 (Cth).

Subject to the Scheme becoming Effective:
Milton will apply for its shares to cease trading on ASX from the close of trading on 21 September 2021;
• the Special Dividend Record Date will be 7.00pm on 22 September 2021;
• the Scheme Record Date will be 7:00pm on 27 September 2021; and
• the Scheme is expected to be implemented on 5 October 2021 (Implementation Date).



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 10 2021, 05:45 PM
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In Reply To: nipper's post @ Sep 3 2021, 02:58 PM

nothing holding MLT back .... now it will become part of SOL, then the pricing has moved in line with the acquirer and away from the sum of parts NTA.

Today it traded as high as $7.59 and closed at $7.44. A few days ago, the end of August NTA was $5.62.

And SOL is $38.92 which is an all time high, with a recent market update showing nearly all cylinders firing.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 3 2021, 02:58 PM
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In Reply To: nipper's post @ Aug 11 2021, 11:46 AM

MILTON SHAREHOLDERS TO RECEIVE 0.1863 WHSP SHARES FOR EVERY MILTON SHARE THEY OWN IF SCHEME IS APPROVED

• The Exchange Ratio for Milton proposed merger with Washington H. Soul Pattinson (WHSP) has been set at 0.1863
• The Exchange Ratio implies a total value of $7.18 per Milton share





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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Aug 11 2021, 11:46 AM
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Proposed Scheme of Arrangement with WHSP (SOL)



Scheme Booklet lodged with ASX: ... 06 August 2021 (received and voted)

Announcement of Scheme consideration: 03 September 2021

........ Proxy cut off date: 11 September 2021 ......... and Scheme Meeting: 13 September 2021



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 23 2021, 09:08 AM
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... Total portfolio return of 33.2% in FY21, outperforming the All Ords Accumulation index a Strong income recovery in 2H21 with a 17.8% increase in dividend income vs PCP a FY21

... Net profit after tax of $92.4 million on total investment revenues of $103.5 million

... Fully franked final dividend of 8.0 cps and full year fully franked dividends of 13.75 cps

... Previously announced proposed merger with Washington H Soul Pattinson (WHSP) subject to shareholder vote later this year, with Scheme Booklet to be dispatched to Milton shareholders in August

... Total shareholder returns for FY21 of 59.1%, in part reflecting strong Milton and WHSP share price performance post the announcement of the proposed merger.


QUOTE
Investments were increased in Johns Lyng Group, Magellan Financial Group, Amcor PLC, Pro Medicus, Carsales.com, EQT Holdings, Coles Group, Pendal Group, IOOF Holdings and Cleanaway Waste Management. A new investment was made in IPH.

$43.2 million of portfolio sales were made in 2021 and included the complete disposals of Milton's investments in Coca Cola Amatil (due to takeover), QBE Insurance Group and Sims. Milton's Investment in the Charter Hall Long WALE REIT was reduced.

During the year Woolworths Limited demerged its hotel business Endeavour Group Limited. As is its practice, Milton recognized the transaction through its capital account as it is non-cash. We note that certain industry peers will record this as a demerger dividend through profit and loss. The gain on demerger taken to reserves is approximately $16.1 million.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 


nipper
post Posted: Jul 7 2021, 06:32 PM
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In Reply To: nipper's post @ Jun 26 2021, 12:34 PM

and Milton has been trading well above $6 .... reached $6.50 a few days ago. (& SOL trading over $34).


The NTA discount has been replaced , from a few points down, on the latest 30 June number of $5.50 it is now close to 20% above. I wonder if there is a time of realisation coming, when the merger goes through, and SOL loses its premium, that the one off dividends have come and gone and the underlying assets are only worth what they are (NTA)?

Meantime, the announcement reflect an interesting divergence on Total Portfolio Return and Total Portfolio Return:
TPR combines the change in value of the NTA per share with the dividends paid in the period.
TSR combines the change in share price with the dividends paid in the period and captures the impact of any premium or discount to NTA.

....................TPR ............ TSR ...
6 mths ....... 15.46% ...... 33.69%
12 mths ..... 33.20% ....... 59.14%
3 yrs ........... 9.33% ....... 15.59%
5 yrs ........... 9.75% ....... 12.60%
10 yrs ......... 9.20% ....... 12.01%
15 yrs .......... 6.96% ........ 7.69%
Since incept.. 8.84% ........ 9.90%



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jun 26 2021, 12:34 PM
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In Reply To: nipper's post @ Jun 22 2021, 09:14 PM

and a day after the news came out Milton ran up from the established $5.80 up into six dollar base. It traded as high as $6.17 on the second day and has formed another base on $6.00. Closed on Friday at $6.09.

SOL took a while to lift as the market studied to learn the implications. Essentially up two dollars from around $30.50 to well over $32. The attraction of the dividends, of clearing out the Milton profit reserve and paying it to shareholders, would be a big attraction to many.



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jun 22 2021, 09:14 PM
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In Reply To: nipper's post @ Jun 22 2021, 09:01 AM

Traded up some 16%, settling quickly at a level around $5.80. and SOL nudged up a bit also.

A done deal? Have to wait till September and the vote, but removing the discount and paying out franking and profit reserves makes it tempting as a headline act.



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jun 22 2021, 09:01 AM
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MILTON AND WASHINGTON H. SOUL PATTINSON AGREE TERMS OF A PROPOSED MERGER

• Milton Corporation Limited has entered into a Scheme Implementation Agreement with Washington H. Soul Pattinson and Company Ltd, under which it is proposed that WHSP will acquire 100% of the share capital in Milton it does not already own by way of a Scheme of Arrangement
• Milton Shareholders will receive WHSP scrip as consideration with Milton shares to be valued at a 10% premium to pre-tax net tangible assets adjusted for Milton final and special dividends. In addition, Milton shareholders will receive a fully franked special dividend (which Milton estimates will be up to 37cps) (Special Dividend), the fully franked final dividend (which Milton estimates will be approximately 8cps) (together the Proposed Dividends) and the fully franked FY21 final dividend from WHSP (which WHSP indicatively estimates to be 36cps, of which, based on the exchange ratio, and at current prices, Milton shareholders are estimated to be eligible for 7cps)
• Based on current prices, the proposal implies a value of $6.00 per Milton share, equivalent to an enterprise value of $3.99 billion based on a $4.05 billion equity value and $59.7 million net cash balance
• Implied value of $6.00 per Milton share represents a significant premium of 20.0% to Milton’s last closing price of $5.00 per share, a 9.9% premium to Milton’s pre-tax NTA of $5.46 per share, a 28.5% premium to Milton’s post-tax NTA of $4.67 per share and a 20.2% premium to the one month volume weighted average price of $4.99 per Milton share.



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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