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

March 26 (Reuters) - Platinum Asset Management Ltd (PTM) :

• 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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