Benefits

Milton provides its shareholders with the benefits of a collective investment such as: 

Diversification

Milton has a diversified portfolio of investments in ASX listed companies and trusts as well as interest bearing securities and real property. (see classification of assets for further details)

Disciplined Investment Process

Adherence to long standing, successful investment philosophy by experienced investors. Milton’s team of analysts continuously review Milton’s investments and they make portfolio recommendations which are reviewed by the Investment Committee.  The Investment Committee comprises three non-executive directors and the managing director.

Milton’s corporate structure provides further benefits such as:

Semi Annual Fully Franked Dividends

Milton has paid a dividend every year since listing and since the introduction of franking all dividends have been fully franked. The reliability of the dividend enables shareholders to forecast the likely income and cashflow from their investment. Shareholders do not need to await a tax statement to prepare their tax return.

Dividend Reinvestment Plan (DRP)

Investors may elect to participate in the DRP. The DRP enables eligible shareholders to have dividends paid on some or all of their Milton shares automatically reinvested in additional Milton shares. The terms of the DRP can be found here.

LIC Capital Gains

Individuals, trusts and superannuation funds that receive distributions of LIC Capital Gains are able to claim deductions in their tax return in the year of receipt.

Milton's intention is to distribute most of these LIC Capital Gains as part of the final dividend in the year in which they are realised.

ASX Listing

Investors are able to buy or sell Milton shares through a broker.

Fixed Capital Base

The company structure enables Milton to invest for the long term as it is not affected by the unexpected cash inflows or outflows, which may adversely affect other collective investment vehicles such as managed funds.

Experienced Board of Directors

Milton’s board of directors consists of five non-executive directors and one executive director.

The board is accountable to shareholders for the performance of the company. It oversees the activities and performance of management and provides an independent and objective view to Milton’s decisions.

Transparency

Each month Milton reports its net asset backing, top 20 holdings and asset allocation by sector to the ASX. Profit reports are provided to the ASX on a semi annual basis.

A full list of invetsments is included in the Annual Report. In addition shareholders can meet with directors and executives at the Annual General Meeting. Shareholders can elect to receive by email a copy of all company announcements. (contact the share registry here)

Low Administration Fees

Milton is internally managed and so it does not incur large management fees.

Milton's annualised management expense ration (MER) which reflects total annualised operating costs including listing fees and share registry fees as a proportion of total assets as at 31 December 2014 was 0.12% pa.

New Share Issues (see capital issues)

Milton has a history of increasing its capital through rights issues and the Share Purchase Plan (SPP). These issues give shareholders the opportunity to increase their investments at a discount to the market price and without incurring fees.

Capital issues

Milton has increased its issued capital by way of pro rata rights issues, bonus issues, placements, mergers and Share Purchase Plans. 

The Share Purchase Plan provides shareholders with the opportunity of investing up to $15,000 in new Milton shares without incurring brokerage or stamp duty. The share purchase plan is subject to approval by the board of directors each year.

Details of capital issues since the introduction of capital gains tax, on 19 September 1985, are shown below.

 

Date Issue
15.11.1985 1 for 10 Bonus Issue from Capital Profits Reserve
19.05.1986 Bonus in lieu of Dividend from Capital Profits Reserve
05.06.1987 1 for 10 Bonus Issue from Capital Profits Reserve
05.06.1987 Bonus in lieu of Dividend from Capital Profits Reserve
15.11.1988 1 for 20 Bonus from Share Premium Reserve
15.11.1988 1 for 20 Bonus from Capital Profits Reserve - a fully franked dividend
26.05.1989 1 for 20 Cash Issue at $3.00 per share
10.11.1989 1 for 10 Bonus from Share Premium Reserve
08.06.1990 1 for 20 Cash Issue at $3.00 per share
24.05.1991 1 for 20 Cash Issue at $3.00 per share
23.04.1992 1 for 10 Bonus from Capital Profits Reserve - a fully franked dividend
11.05.1992 1 for 10 Cash Issue at $4.00 per share
23.11.1994 1 for 10 Bonus from Share Premium Reserve
12.12.1994 1 for 10 Cash Issue at $4.75 per share
15.11.1995 1 for 10 Bonus from Share Premium Reserve
06.07.1998 3 Milton shares for 10 Chatham shares at $7.756022 per Milton share
06.07.1998 3 Milton shares for 10 Matine shares at $7.756022 per Milton share
06.07.1998 9 Milton shares for 40 Milkirk shares at $7.756022 per Milton share
21.06.1999 1 for 10 cash issue at $8.20 per share
10.11.1999 Share Purchase Plan at $8.75 per share
13.11.2000 Share Purchase Plan at $8.86 per share
31.10.2001 Share Purchase Plan at $10.79 per share
31.12.2001 8,273,502 Milton shares issued for the acquisition of Cambooya Investments Ltd
28.06.2002 2,287,200 Milton shares issued for the acquisition of an unlisted investment company
08.11.2002 Share Purchase Plan at $11.70 per share
31.12.2002 1,739,112 Milton shares issued for the acquisition of an unlisted investment company
31.10.2003 Share Purchase Plan at $13.21 per share
11.03.2004 2,742,777 Milton shares issued for the acquisition of an unlisted investment company
01.04.2004 496,809 Milton shares issued for the acquisition of an unlisted investment company
29.10.2004 Share Purchase Plan at $14.10 per share
21.10.2005 Share Purchase Plan at $17.11 per share
17.08.2006 1,000,322 Milton shares issued for the acquisition of an unlisted investment company
23.08.2006 1,476,254 Milton shares issued for the acquisition of an unlisted investment company
28.08.2006 382,404 Milton shares issued for the acquisition of an unlisted investment company
21.09.2006 278,103 Milton shares issued for the acquisition of an unlisted investment company
16.10.2006 Share Purchase Plan at $19.60 per share
10.11.2006 1,888,353 Milton shares issued for the acquisition of an unlisted investment company
23.03.2007 1,895,976 Milton shares issued for the acquisition of an unlisted investment company
14.05.2007 2,424,582 Milton shares issued for the acquisition of an unlisted investment company
20.06.2007 252,477 Milton shares issued for the acquisition of an unlisted investment company
24.09.2007 1,223,252 Milton shares issued for the acquisition of an unlisted investment company
19.10.2007 Share Purchase Plan at $22.48 per share
03.10.2008 Share Purchase Plan at $17.85 per share
19.02.2009 3,555,958 Milton shares issued for the acquisition of an unlisted investment company
09.10.2009 Share Purchase Plan at $16.08 per share
26.02.2010 4,132,711 Milton shares issued for the acquisition of unlisted investment companies
20.08.2010 2,446,521 Milton shares issued for the acquisition of unlisted investment companies
16.12.2010 23,803,854 Milton shares issued for the acquisition of Choiseul Investments Limited
21.02.2013 521,464 Milton shares issued for the acquisition of an unlisted investment company
30.09.2013 Share Purchase Plan at $19.12 per share
22.10.2013 Share Split of 5 for 1 - number of issued shares increased by 501,886,204
24.02.2014 3,280,382 Milton shares issued for the acquisition of an unlisted investment company
04.03.2014 187,207 Milton shares issued under the DRP at $4.27 per share
03.09.2014 698,365 Milton shares issued under the DRP at $4.55 per share
01.10.2014 Share Purchase Plan at $4.45 per share
03.03.2015 712,273 Milton shares issued under the DRP at $4.56 per share
03.09.2015 998,879 Milton shares issued under the DRP at $4.39 per share
02.10.2015 Share Purchase Plan at $4.18 per share
03.03.2016 921,511 Milton shares issued under the DRP at $4.19 per share
02.09.2016 1,086,782 Milton shares issued under the DRP at $4.28 per share
02.03.2017 953,908 Milton shares issued under the DRP at $4.34 per share