BTC Health Ltd Registered · ASX:BTC
BTC Health Ltd Registered — BTC Health — Shareholder Meeting (November 2008)
23 slides from BTC Health Ltd Registered's shareholder meeting presentation, Nov 20, 2008
Slide 1: 2008 Annual General Meeting
For personal use only 2008 Annual General Meeting 19 November 2008, Sydney 1
Slide 2: Outline
For personal use only Outline Year in review Portfolio Focus on Phylogica Focus on Sensear Outlook Pooled Development Fund status Background Information 2
Slide 3: Year in Review – Macro
For personal use only Year in Review – Macro Toughest year for capital markets since the Great Depression Unprecedented actions by international governments Significant change in operating environment for all companies in all sectors Sentiment not expected to improve in the short term Risk continues
Slide 4: Year in Review – Macro
For personal use only Year in Review – Macro Healthcare remains a defensive sector suggesting cashflows in the sector will remain robust Global sell-down means many life-science companies now significantly undervalued In a rational market, defensive cashflows from majors would be deployed to acquire
Slide 5: Year in Review - Operating
For personal use only Year in Review - Operating No new investments pursued Capital held in reserve for follow-on funding Overhead continues to remain very low with all possible costs being minimised Investees being managed appropriately for the prevailing conditions Milestones generally continue to
Slide 6: Year in Review - Operating
For personal use only Year in Review - Operating Buyback pursued when not inhibited by price-sensitive information Dr Lisa McIntyre retiring from Board after four years service Strategic shift – seeking approval to relinquish Pooled Development Fund (“PDF”) status 6
Slide 7: Portfolio companies
For personal use only Portfolio companies 7
Slide 8: BTC Portfolio (at market Oct 2008)
For personal use only BTC Portfolio (at market 31 Oct 2008) XRT Net Cash 21% 20% Alchemia 1% Stem Cell Sciences 2% Neurodiscovery 2% Starpharma Continence Control 3% Systems Biocomm 15% 5% Phylogica Generic 5% Health 8% Sensear 9% Pacific Knowledge Systems 9% 8
Slide 9: Portfolio Highlights
For personal use only Portfolio Highlights Alchemia received a patent for generic fondaparinux and continues to progress with US registration for its generic version of heparin BioComm’s investee Hatchtech receives approval from the FDA to commence Phase II studies for head-lice treatment in the US
Slide 10: Portfolio Highlights cont.
For personal use only Portfolio Highlights cont. Phylogica demonstrates technical success with its technology platform; partners with Nexigen to co-market screening services globally Sensear launches its award winning hearing protection technology. Sales now in Australia, the USA, Europe and China S
Slide 11: Investee Focus: Phylogica
For personal use only Investee Focus: Phylogica Drug discovery company with ownership over a technology platform that provides a rich source of biological drug candidates Re-focus at beginning of year away from clinical development and towards accelerating validation of technology platform Significa
Slide 12: Investee Focus: Sensear
For personal use only Investee Focus: Sensear Developed novel hearing technologies with initial market being OH&S for workers operating in noisy environments Can identify speech in noisy environments allowing for workers to communicate normally with each other whilst retaining hearing protection Blu
Slide 13: Outlook
For personal use only Outlook Capital markets remain volatile reflecting low levels of confidence and high levels of uncertainty All companies in all sectors adjusting strategies Australian life-science no different Run lean Preserve cash Extend operating runway Focus Healthcare drivers (demographic
Slide 14: Pooled Development Fund Status
For personal use only Pooled Development Fund Status BTC has since inception been registered as a PDF Provides investors certain tax benefits Imposes several investment restrictions on the fund Chronic depressed conditions has prompted the Board to evaluate a number of strategic options to maximise
Slide 15: Pooled Development Fund Status
For personal use only Pooled Development Fund Status Board believes relinquishing PDF status offers the greatest potential to take advantage of opportunities that cannot currently be exploited including: Taking advantage of our specialist sector knowledge to exploit mis-priced assets listed on the A
Slide 16: Pooled Development Fund Status
For personal use only Pooled Development Fund Status Other issues to consider include: Existing investments will not be impacted Certain tax benefits under the PDF Act will no longer be available to the Fund or to shareholders The Board is seeking discretion in the timing of relinquishing PDF status
Slide 17: Examples of potential activities
For personal use only Examples of potential activities Utilising most appropriate investment instruments designed to minimise downside and maximise upside Acting as a vulture investor acquiring strategic or trading stakes in over-sold public companies Partnering with other investment groups to form
Slide 18: Background Information
For personal use only Background Information 18
Slide 19: Capital Structure
For personal use only Capital Structure Ordinary shares (BTC): 84,039,505 Substantial shareholders (as at 19 September 2008): Select Asset Management: 26.24% Lazard Asset Management: 7.43% Top 20 hold 45.1% 3,915 shareholders 19
Slide 20: NTA Breakdown (as at October 2008)
For personal use only NTA Breakdown (as at 31 October 2008) 31 October 08 Cost Price Board Valuation1 Market Valuation2 Cents per BTC Current Cents per BTC Company ASX Code Cost Price Current Value* Cents per BTC share share Value* share LISTED SECURITIES 1 Alchemia ACL $ 870,299 1.04c $ 218,639 0.2
Slide 21: Our Portfolio
For personal use only Our Portfolio Alchemia – proprietary chemistry technology to produce novel therapeutics Biocomm – holding company to several early stage companies (Cryptopharma, CNS Bio, Hatchtech) Continence Control Systems – developing a portfolio of continence management technologies Generi
Slide 22: Our Portfolio
For personal use only Our Portfolio Phylogica – peptide-based therapeutics Sensear – novel hearing technologies Starpharma – nanotech leader exploiting dendrimer technology platform Stem Cell Sciences – regenerative medicine, drug screening and therapeutics XRT- high resolution imaging techniques 22
Slide 23: Portfolio companies
For personal use only Portfolio companies 23