Billionaires Kerr Neilson and Judith Neilson are selling about 10 per cent of the listed fund manager he co-founded 25 years ago, freeing up about $300 million for interests including arts and philanthropy and to diversify their personal investments.
The Neilsons, who divorced in 2015, will each sell 30 million shares in Platinum Asset Management at $5 a share, a 9 per cent discount to Tuesday’s closing price of $5.50.
After the sale, Mr Neilson will retain 126,037,420 shares and Mrs Neilson, founder and patron of the popular White Rabbit Gallery in Chippendale, Sydney, will have 126,037,421 shares. Mr Neilson will have voting control over 42.97 per cent of the company. The Neilsons have committed not to sell any more shares for 12 months.
Mr Neilson, who’s been dubbed “Australia’s Warren Buffett” for his investment prowess, said he would remain on the board and “participate in the daily activities of the investment team”.