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Managed for
the benefit of shareholders


Our primary investment goals are to provide shareholders with capital growth over the medium to long term together with the generation of dividend income.

How AMCIL Invests

AMCIL seeks to create a portfolio of quality companies which are likely to sustainably grow their earnings and dividends over a medium to long-term timeframe. Our assessment of quality includes criteria such as the board and management, financial position, pricing power as well as some key financial metrics such as the level of gearing in the balance sheet, margins and cash flow. The structure of the industry and a company’s competitive position in its industry are also important indicators of quality. Linked to this assessment of quality is the ability of companies to grow earnings over time, which ultimately should produce good dividend and capital growth.

Recognising value is also an important aspect of AMCIL’s investment approach. Our assessment of value tries to reflect the opportunity a business has to prosper and thrive over the medium to long term.

Given the focused nature of the portfolio, AMCIL is more active in managing the holdings. Our preference is that positions will be held for the long term. However, in managing the risk in the portfolio, the Company is prepared to scale back or exit holdings completely if the investment case alters markedly, the position becomes too large in the portfolio or share prices become excessively high. In managing the portfolio in this way, we believe AMCIL can offer investors returns in excess of the S&P/ASX 200 over the long term.

AMCIL also has access to lines of credit, which allows the Company on a limited basis to gear its balance sheet when appropriate investment returns are available to enhance shareholder returns. In addition, the Company also uses options written against its trading portfolio to generate additional income.

The Dividend Reinvestment Plan (DRP) is an easy way to accumulate more shares over time by reinvesting your dividends in additional shares.

If you’re an AMCIL shareholder, it’s optional to participate in the DRP. You can choose whether to reinvest all or part of your dividends in the plan. Participants enjoy the benefits of compound returns over time with no brokerage costs when acquiring additional shares. It’s entirely flexible, allowing you to join or withdraw at any time.

If you are not presently in the Dividend Reinvestment Plan (DRP) you will automatically receive $A cash dividends. Please note that if you want to receive a cash dividend then you will need to provide the Share Registry with details of a nominated bank account.

For more information on the DRP, please read the DRP Rules.

The Dividend Substitution Share Plan (DSSP) is another way to accumulate shares over time. The main difference from the DRP is that no income tax is payable at the time of receipt of the dividend.

When Australian resident taxpayers receive DSSP shares, no income tax is payable until the shares are sold.

The DSSP may be suitable for Australian taxpaying shareholders that:

  • Want to defer tax-payable until selling their AMCIL shares
  • Are on a high marginal income tax rate
  • Shareholders that pay tax at a lower rate (e.g. SMSF) may prefer the DRP.

Australian resident participants in the DSSP do not receive a dividend but in lieu of that, are issued shares. As they do not receive a dividend, they will not get franking credits or LIC capital gains tax deductions and will usually not be subject to income tax. The receipt of the substitute shares will change the tax cost base of the AMCIL shares that participate in the DSSP and may therefore increase any capital gains tax paid on any subsequent disposal.

Shareholders should in all cases seek their own advice as to whether or not participation in the DSSP is suitable for them.

For more information on the DSSP, please read the DSSP Rules. We have also included a link to the Australian Tax Office Class Ruling regarding the AMCIL DSSP (refereed to in the document as a bonus share plan).

2022 Share Purchase Plan (SPP)

The Company recently announced its intention to make an offer to shareholders for additional funds under a Share Purchase Plan (SPP). Details of the SPP are detailed in the Terms and Conditions and you should read them before participating in the SPP. The additional equity raised will be used for general investment purposes.

Key features of the Plan are:

  • The minimum value of shares that may be applied for is $1,000. You may also apply for amounts in increments of $1,000, starting at $1,000 up to a maximum of $30,000.
  • Shares issued under the Plan will rank equally with existing shares. The shares issued under the SPP will be eligible for dividends that may be declared in respect of the financial year ending 30 June 2022.
  • The SPP issue price will be the lower of $1.26 per share or by applying a 2.5% discount to the volume-weighted average price of AMCIL shares traded on the Australian Securities Exchange (ASX) and Chi-X Australia automated trading systems over the 5 ASX trading days up to and including the day on which the SPP is scheduled to close (2 March 2022), rounded down to the nearest cent. Therefore, the maximum price that eligible shareholders will pay is $1.26 per New Share, which was calculated by applying a 2.5% discount to the volume-weighted average price of shares traded on the ASX and Chi-X Australia automated trading systems over the 5 ASX trading days from 18 January to 24 January 2022 inclusive. AMCIL will announce the final issue price for the SPP after the
    offer closes. There will be no scale back of applications.
  • Applications must be received by 5.00pm (AEDT) on Wednesday 2 March 2022.
  • You may participate in the Plan by paying through BPAY. Details of the Biller code and unique Customer Reference Number (CRN) are on the enclosed application form. If you
    utilise BPAY then you do not need to return the enclosed application form.
  • As an alternative you may participate by filling out the enclosed application form and attach a cheque or bank draft to the acceptance slip and mail it in the enclosed reply paid
    envelope. In light of potential delays to postal services, it is recommended by the registry to apply via BPAY as detailed above.
  • Shares acquired under the Plan are expected to be issued on Wednesday 9 March 2022.

Manage your shareholding online through Computershare or complete the forms below.

Sign into Computershare – a secure shareholding administration platform – with your Shareholder Reference Number (SRN) or Holder Identification Number (HIN).

Alternatively, complete and return the forms below.

Key Dates

Interim Financial Results and Dividend Payments 2022

* these dates may be subject to change

Interim Results AnnouncementTuesday 25 January 2022*
Interim Dividend
Ex-Date:Monday 7 February 2022*
Record Date:Tuesday 8 February 2022*
Last Election Date for DRP/DSSP:Wednesday 9 February 2022*
Payment Date:Thursday 24 February 2022*

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