0326 GMT - Bell Potter analyst Marcus Barnard struggles to see how Platinum Asset Management can deliver more value to shareholders than Regal Partners' now-withdrawn A$1.30-a-share proposal. Barnard writes in a note to clients that he would not be surprised, based on Platinum's latest update, to find that the hedge-fund sponsor's sales have been lower than normal. Writing before Regal confirmed its proposal was no longer on the table, he notes that November was a bad month for Platinum. Its turnaround strategy is uncertain, long-term and difficult to quantify, he adds. Bell Potter downgrades its recommendation to sell from hold, cutting its target price by 39% to A$0.74. Shares are down 16% at A$0.8825. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 08, 2024 22:26 ET (03:26 GMT)
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