News & Insights

Plato Income Maximiser Limited delivered maiden results


Highlights to end of FY17 (from inception[3]):

  • Accrued income of 1.7%[6], exceeding the Benchmark[4]
  • Total Shareholder Return was -0.5% compared with Benchmark return of -2.3%
  • The Company’s after tax profit was $863,000

The Listed Investment Company, Plato Income Maximiser Limited (ASX:PL8) today announced an after tax profit of $863,000 for the period since it listed on 5 May 2017 to 30 June 2017.

The Company’s investment objectives are to:

(1)           Generate annual income (including franking credits) that exceeds the gross income of the S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt) (‘Benchmark’); and

(2)           Outperform (after fees) the Benchmark in total return terms including franking credits over each full investment cycle (typically 3 to 5 years).

The Company is actively positioned to deliver superior income and franking returns to shareholders whilst also being able to allocate to companies that are expected to provide solid capital returns.

Chairman Jonathan Trollip said “The maiden results are an early indication that the Company has made progress towards its investment objectives in its first two months of operation during a time of volatility in the Australian equity market. “

“I am pleased the Company accrued income of 1.7% during the period and is building this income before it commences paying dividends to shareholders. This measure indicates that the Company generated more income than its Benchmark.”

The Company’s investment portfolio performance shows how the Company’s investment manager, Plato Investment Management Limited (‘Plato’), has performed after deducting management fees and costs[1], as compared to the Company’s investment objectives.

Investment Portfolio Performance as at 30 June 2017[2] Since inception[3] Benchmark[4] Excess/Deficit
Total return[5] -2.6% -2.3% -0.3%
Income[6] 1.7% 1.1% 0.6%


Dr Don Hamson, Managing Director and Chief Investment Officer at Plato said “I am pleased that our actively managed diversified portfolio has started achieving one of its objectives to accrue income in excess of its benchmark in its first two months of operation.   One way in which we have achieved this is by actively trading a number of dividend generating stocks and then redeploying the capital once the stock is ex-dividend.”  

“We offer Australian investors the ability to achieve income from a broader range of Australian stocks, diversifying their portfolio and avoiding concentration risk.  This is important as the current reporting season is highlighting the impact of stock specific risks. “

The Company’s Total Shareholder Return (TSR) Performance was -0.5%, which compares favourably with the Benchmark return over the same period of -2.3%. The Company’s share price was $1.095 as at 30 June 2017 compared to an issue price of $1.10 with no dividends paid during the period. The TSR Performance, including the value of the options, was +0.6% for those investors that have held shares since the IPO, with the Company’s options valued at 1.2 cents at 30 June 2017.


The Company is currently accumulating reserves in order to commence paying monthly dividends in the near future and, subject to Board review, expects to declare the first monthly dividend in October 2017.


Each option is exercisable into one fully paid ordinary share at $1.10 up until 29 April 2019.  Shares that are allotted rank equally with existing ordinary shares for future dividends.

About Plato Income Maximiser Limited

Plato Income Maximiser Limited (ASX: PL8), which listed on the Australian Securities Exchange on 5 May 2017, provides its shareholders with access to an actively managed, well diversified portfolio of Australian listed equities. PL8’s investment portfolio is actively managed by Plato Investment Management Limited, a firm specialising in maximising retirement income for pension phase and SMSF investors.

For further information, please visit:

[1] Inclusive of the net impact of GST and Reduced Input Tax Credits.

[2] Past performance is not a reliable indicator of future performance. Performance is quoted in AUD net of portfolio related fees, costs and taxes.

[3] Inception date: 28 April 2017.

[4] S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt).

[5] Inclusive of franking credits.

[6] Includes accrued but not yet distributed dividends and franking credits as income.