Ann: WHSP 2020 AGM Presentation, page-10

Washington H. Soul Pattinson chairman Robert Millner says the conglomerate continues to look at opportunities in Australian equities where businesses can be bought at reasonable prices, but says the investor is avoiding white-hot segments of the market such as “buy now, pay later” fintech plays.

Mr Millner said Soul Pattinson, for the first time in its 117-year history, had borrowed money to invest, and its willingness to pounce on a good deal was reflected in its recent $550m takeover offer for aged-care provider Regis Healthcare, with the industry reflecting attractive economic and demographic trends.

But the investment company would also be happy to take money off the table if the right offer came along, such as the partial selldown in its large shareholding in coal play New Hope announced to the market late on Tuesday night that will raise about $75m.

Addressing shareholders on Wednesday at the company’s annual general meeting, Mr Millner said Soul Pattinson’s long-term performance through economic upheavals and the current pandemic ensured that it stood out among hundreds of companies on the ASX.

“Washington H. Soul Pattinson is now the only company in the top 500 listed companies in Australia to have increased its dividend every year for the last 20 years,” Mr Millner said.

“We are extremely proud of the fact that the company has never missed paying a dividend since listing in 1903. Despite difficult periods such as the GFC and COVID-19, we have been able to continue to grow the dividend paid to our shareholders.”

Mr Millner told The Australian that investors were living in uncharted territories given COVID-19, low interest rates and working from home, but the equity market was something investors could get a return out of.
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