Platinum Asia Investments (ASX:PAI) scheme implementation deed

Platinum Asia Investments Limited (ASX:PAI) has entered into a scheme implementation deed with Platinum Investment Management Limited to undertake a scheme of arrangement conditional upon shareholder and Court approvals. The scheme will involve the exchange of the company's shares for units in the Platinum Asia Fund at a ratio based on the Fund's net asset value and the company's post-tax net tangible assets. The company's investment portfolio will be transferred to the Platinum Asia Fund, and the company will be delisted from the ASX. The scheme aims to address the share price discount to the company's net tangible assets and provide shareholders with ongoing exposure to Platinum's strategy via units trading close to NAV.

Executive Commentary

The scheme implementation deed outlines the terms and conditions for the proposed scheme of arrangement, including the transfer of shares to the Fund and the issuance of Scheme Consideration to Scheme Participants. The Responsible Entity is required to use all reasonable endeavors to assist in the implementation of the scheme. The document also details the Company's obligations, including the appointment of an Independent Expert, preparation of the Scheme Booklet, and the application for Court approval. The exclusivity provisions restrict the Company from engaging in discussions or negotiations with third parties regarding a Competing Proposal during the Exclusivity Period.

Summary

Platinum Asia Investments Limited (ASX:PAI) has entered into a scheme implementation deed with Platinum Investment Management Limited for a scheme of arrangement. The scheme involves the exchange of the company's shares for units in the Platinum Asia Fund, addressing the share price discount to the company's net tangible assets. Shareholders will receive units with an aggregate value equal to the post-tax NTA value of their shares. The scheme aims to provide ongoing exposure to Platinum's strategy via units trading close to NAV. The announcement includes provisions for dividend payment, company asset transfer, issue of underlying units, delisting, board changes, representations and undertakings, public announcements, confidentiality, liability of Platinum, termination, GST, and general terms, ensuring clarity and adherence to legal and regulatory requirements.