Vista Group International Ltd · NZX:VGL
Vista Group International — Investor Presentation (April 2020)
25 slides from Vista Group International's investor presentation, Apr 16, 2020
Slide 1: Vista Group Equity Raising
VISTA GROUP EQUITY RAISING 16 April 2020
Slide 2: Important Notice and Disclosure
IMPORTANT NOTICE AND DISCLOSURE Disclaimer This presentation has been prepared by Vista Group International Limited (NZ company number 1353402, ARBN 600 417 203, ticker VGL (NZX and ASX)) (the “Company”) and is dated 16 April 2020. This presentation has been prepared to provide: (i) additional comme
Slide 3: Important Notice and Disclosure (Continued)
IMPORTANT NOTICE AND DISCLOSURE (CONTINUED) Non-GAAP financial information Certain financial information included in this presentation is non-GAAP financial information. This non-GAAP financial information is not audited, and caution should be exercised as other companies may calculate these measure
Slide 4: Table of Contents
TABLE OF CONTENTS Executive Summary 5 Situation Overview 6 Debt Facilities 11 Equity Raising 12 Summary 16 Key Risks 17 Appendix: Foreign Selling Restrictions 21 4
Slide 5: Executive Summary
EXECUTIVE SUMMARY • Vista Group has been profitable and grown revenue each year since its 2014 listing on the NZX and ASX • Vista Group entered the COVID-19 pandemic with good stakeholder support and a strong underlying business as a global leader in INTRODUCTION software and data solutions for the
Slide 6: Situation Overview
SITUATION OVERVIEW 6
Slide 7: Strong Underlying Business
STRONG UNDERLYING BUSINESS • Vista Group's software is essential to the efficient operations of its cinema customers • Vista Cinema is the largest global provider of enterprise software for cinemas • Vista Group has strong customer relationships, including 90+ customers with relationships longer tha
Slide 8: COVID-19 Pandemic Impacts
COVID-19 PANDEMIC IMPACTS • The COVID-19 pandemic, and actions taken by governments in response, are having a substantial impact on the customers of Vista Group – and hence on the performance of the Group MARKET • Due to the uncertainty and unpredictability of the spread of the COVID-19 pandemic glo
Slide 9: Operational Initiatives in Response to COVID-19
OPERATIONAL INITIATIVES IN RESPONSE TO COVID-19 • In response to evolving market conditions, Vista Group has proactively identified and, where applicable, commenced cost control measures including: • The Directors have reduced their remuneration by 30% IMPLEMENTING • The Chief Executive Officer has
Slide 10: Well Positioned for Recovery Post COVID-19
WELL POSITIONED FOR RECOVERY POST COVID-19 • Following the equity raise, Vista Group will be well capitalised in order to take advantage of opportunities that arise during the recovery post COVID-19 • Vista Group is the leading provider of software and data analytics solutions to the global film ind
Slide 11: Debt Facilities
DEBT FACILITIES OVERVIEW CURRENT HEADROOM • Vista Group has cash balances of $40 million as at 31 March 2020 Drawn at • Vista Group currently has $31 million of debt Debt facility ($m) 31 March Limit Headroom 2020 • Vista Group has $23 million headroom available under its current debt facilities, of
Slide 12: Equity Raising
EQUITY RAISING 12
Slide 13: Equity Raising Details
EQUITY RAISING DETAILS • $65 million fully underwritten equity raising, comprising: ‒ A $25 million institutional placement (“Placement”) OFFER SIZE AND STRUCTURE ‒ 1 for 4.37 pro-rata accelerated entitlement offer to raise approximately $40 million (“Entitlement Offer”) • Approximately 61.9 million
Slide 14: Pro Forma Financial Profile - Capital Structure
PRO FORMA FINANCIAL PROFILE - CAPITAL STRUCTURE LIQUIDITY PRO FORMA CAPITALISATION AND LIQUIDITY • Proceeds from the equity raise combined with existing cash on hand and Impact of equity Debt facility ($m) 31 March 2020 Pro Forma currently available and undrawn debt facilities provide Vista Group wi
Slide 15: Equity Raising Timetable
EQUITY RAISING TIMETABLE Event Date Announcement of equity raising and trading halt pre market open Thursday, 16 April 2020 Record date for the Entitlement Offer Monday, 20 April 2020 Institutional Entitlement Offer and Placement Institutional Entitlement Offer and Placement opens Thursday, 16 April
Slide 16: Summary
SUMMARY • Vista Group has announced a number of proactive initiatives summarised below to strengthen its liquidity and balance sheet in light of the COVID-19 pandemic. The Board believes it prudent to also pursue an equity raising to improve balance sheet flexibility and ensure it remains well capit
Slide 17: Key Risks
KEY RISKS 17
Slide 18: Key Risks Relating to the Equity Raising
KEY RISKS RELATING TO THE EQUITY RAISING INTRODUCTION • This section outlines the key risks associated with the equity raising. These risks could have an effect on the performance of the Vista Group share price as well as the financial performance and earnings of Vista Group. While this section sets
Slide 19: Key Risks Relating to the Equity Raising
KEY RISKS RELATING TO THE EQUITY RAISING • Vista Group’s ability to operate successfully depends upon the availability, diversity and appeal of motion pictures, the success of motion picture exhibitors and the cinema experience of the public generally. Vista Group derives a significant portion of it
Slide 20: Key Risks Relating to the Equity Raising
KEY RISKS RELATING TO THE EQUITY RAISING • Vista Group has undertaken a capital sufficiency modelling exercise to assist in determining the optimal equity raise size. Based on its modelling, Vista Group expects to have sufficient liquidity to meet capital requirements under downside scenarios, and s
Slide 21: Appendix: Foreign Selling Restrictions
APPENDIX: FOREIGN SELLING RESTRICTIONS 21
Slide 22: Foreign Selling Restrictions
FOREIGN SELLING RESTRICTIONS This document does not constitute an offer of New Shares of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside New Zealand
Slide 23: Foreign Selling Restrictions
FOREIGN SELLING RESTRICTIONS CANADA (BRITISH COLUMBIA, ONTARIO AND QUEBEC PROVINCES) CONT. Statutory rights of action for damages and rescission Securities legislation in certain of the Provinces may provide purchasers with, in addition to any other rights they may have at law, rights of rescission
Slide 24: Foreign Selling Restrictions
FOREIGN SELLING RESTRICTIONS HONG KONG WARNING: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the Offer. If you are in any doubt about any of the contents of this document, you should obtain independe
Slide 25: Foreign Selling Restrictions
FOREIGN SELLING RESTRICTIONS SINGAPORE This document has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the New Shares may not be offered or sold or made the subject of an invitation for subscription or purchase, nor may this document and any other documen
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