Omni Bridgeway Ltd · ASX:OBL
Omni Bridgeway — IMF (Australia) — Shareholder Meeting (November 2012)
20 slides from Omni Bridgeway's shareholder meeting presentation, Nov 22, 2012
Slide 1: Annual General Meeting
ANNUAL GENERAL MEETING Sofitel Sydney Wentworth 22 November 2012
Slide 2: Welcome to IMF's Annual General Meeting
ANNUAL GENERAL MEETING Welcome to IMF’s Annual General Meeting Rob Ferguson - Non-Executive Chairman 2
Slide 3: Agenda
AGENDA Introduction Overview of FY2012 – Hugh McLernon, MD − FY2012 Highlights − FY2012 Income − Balance Sheet Strength − Dividend History − Investment Portfolio − Track Record as at 30 June 2012 − Possible Completions in FY2013 − Client Group − Investor Relations − Bentham − USA and Australian
Slide 4: FY2012 Highlights
FY2012 HIGHLIGHTS IMF’s performance continues to improve and it has delivered its highest profit since inception: FY2011 FY2012 % Gross Income (from cases) $57.9M $117.8M 104% Net Income (from cases) $38.0M $70.5M 86% NPBT $32.8M $61.4M 88% NPAT $22.9M $43.0M 88% Dividend (cents per share) 1
Slide 5: FY2012 Income
FY2012 INCOME 9 cases were finalised in FY 2012 Matter Gross Income Net Income Centro $62.0M $41.8M Transpacific Industries $13.0M $10.5M National Potato $14.5M $9.7M Babcock and Brown $7.3M $5.9M Uniloc $7.3M $3.6M Thomson Playford $4.6M $3.3M Credit Corp $4.4M $1.4M Centrex $1.9M $1.4M Others $2.8
Slide 6: Balance Sheet Strength
BALANCE SHEET STRENGTH Cash Investments¹ Net Assets $M $M $M $55.01 ¹ Investments includes capitalised overheads and capitalised interest relating to the litigation. 6
Slide 7: Dividend History
DIVIDEND HISTORY Average of 10 cents per share paid to shareholders over the last 5 years: Date Cents per share FY2007 3 Un-franked FY2008 5 Fully franked FY2009 15 Fully franked FY2010 5 Fully franked FY2011 15 Fully franked FY2012 10 Fully franked 7
Slide 8: Investment Portfolio
INVESTMENT PORTFOLIO As at 30 September 2012 Est. No % of Expected Expected Expected Claim Value Claim of Total Completion Completion Completion Range Value* Cases Value FY2013 FY2014 FY2015 <$10M $15.0M 3 1% $5.0M - $10.0M $10M - $50M $273.0M 13 23% $70.0M $113.0M $90.0M >$50M $935.0M 10 76% $150.0
Slide 9: Track Record
TRACK RECORD IMF’s track record to 30 June 2012 Summary 137 cases commenced and completed since listing. Generated revenue of $1.2B: $800M to Clients; $400M to IMF comprising: ‾ $130M reimbursement of costs; ‾ $270M net revenue to IMF (excluding overheads); Gross ROI of 310%. Average inv
Slide 10: Possible Completions FY2013
POSSIBLE COMPLETIONS FY2013 Matter Description Lehmans Judgment delivered. Awaiting final orders. Distribution required from Liquidator. LGFS Judgment delivered. Appeal likely. Uniloc Further income is expected as Uniloc pursues other patent infringers. Bank of Trial started September 2012. Queensla
Slide 11: Client Group
CLIENT GROUP Team of 8 IT and client liaison staff based in Perth. Significant investment in bespoke “OCA” system over 10 years. OCA (online client administration ) is our multi party case management system. Tracks claims from registration, through proof of claim and loss calculation, to set
Slide 12: Investor Relations
INVESTOR RELATIONS Australasian Investor Relations Award Nomination for Best Investor Relations by a Company in the S&P “Mid-Cap 200”. Top 3. Criteria: Quality, consistency and timeliness of communication to the investment community. Transparency of strategy and operations. Willingness t
Slide 13: Bentham
BENTHAM Assessed >100 cases over 12 months. Targeted approach. Funded 2 cases and 2 more possibilities. Increased employees. Overhead <$1.5M pa. 13
Slide 14: USA and Australian Legal Markets
USA AND AUSTRALIAN LEGAL MARKETS Issue United States Australia Population 330M across 50 states. 1.2M lawyers. 22m across 8 states & territories. 100K lawyers. General Significant levels of fraud and untrustworthiness. Presumption of truth between parties business culture when doing business. Legal
Slide 15: Future Outlook
FUTURE OUTLOOK Australia Building the investment portfolio (Wivenhoe, CDO’s others). Increased marketing activities. Competition. Regulation. Taking funding international Expansion into the United States. Funding of international arbitration. Funding CDO cases in Europe. Construction
Slide 16: Resolution: Re-election of Michael Bowen
RESOLUTION 1 “That Mr Michael Bowen, being a Director, retires by rotation in accordance with Clause 13.2 of the Constitution and, being eligible, is hereby re-elected as a Director.” 16
Slide 17: Resolution: Election of David Barrow
RESOLUTION 2 “That Mr David Barrow, who has nominated himself in accordance with Clause 13.4 of the Constitution and, being eligible, is hereby elected as a Director.” 17
Slide 18: Resolution: Re-election of John Walker
RESOLUTION 3 “That Mr John Walker, being a Director, retires by rotation in accordance with Clause 13.2 of the Constitution and, being eligible, is hereby re-elected as a Director.” 18
Slide 19: Resolution: Remuneration Report adoption
RESOLUTION 4 “That, for the purposes of Section 250R(2) of the Corporations Act, the Remuneration Report for 2012 be adopted.” 19
Slide 20: Questions and Answers
ANNUAL GENERAL MEETING QUESTIONS AND ANSWERS 20
IMF (Australia) — Shareholder Meeting (November 2012) on 6ix