Singapore Airlines Ltd. · SGX:C6L
Singapore Airlines — Merger or Acquisition (November 2015)
14 slides from Singapore Airlines's merger presentation, Nov 6, 2015
Slide 1: Voluntary Conditional General Offer for Tiger Airways Holdings Limited
Voluntary Conditional General Offer for Tiger Airways Holdings Limited Analyst/ Media Briefing 6 November 2015
Slide 2: Contents
Contents Transaction Overview 3 Transaction Rationale 4 Expected Timeline 13 2
Slide 3: Transaction Overview – Offer Summary
Transaction Overview – Offer Summary Voluntary Conditional General Offer (the “Offer”) by Singapore Airlines Limited Transaction (“SIA”) for Tiger Airways Holdings Limited (“Tiger Airways” or “Tiger”) SIA currently owns 55.8% of the ordinary shares in the capital of Tiger Airways Intention To
Slide 4: Transaction Rationale
Transaction Rationale • Harness full synergies to benefit the SIA Group and the Singapore hub ─ Seamless cooperation in all business aspects including commercial activities, network coordination and backroom areas • Accelerate and strengthen the SIA Group’s portfolio strategy 1 Benefits to SIA ─ Clo
Slide 5: Allow SIA to Harness Full Synergies to Benefit the SIA Group and the Singapore Hub
1 Allow SIA to Harness Full Synergies to Benefit the SIA Group and the Singapore Hub Some synergies and benefits by being part of the SIA Group have been demonstrated Network Commercial Frequent coordination flyer [KrisFlyer logo] A delisting will enable the full synergies between Tiger Airways and
Slide 6: Opportunity for Tiger Airways Shareholders to Realise Investment in Cash at a Compelling Premium
2 Opportunity for Tiger Airways Shareholders to Realise Investment in Cash at a Compelling Premium Significant premium to Exceeds all analyst price targets (2) historical market prices Offer Price: S$0.41 per Tiger Airways share Offer Price: S$0.41 per Tiger Airways share 14% 32% 35% 42% 37% 33% 42%
Slide 7: The Option Provides Tiger Airways Shareholders the Opportunity to Share in the Future through a Stake in SIA
2 The Option Provides Tiger Airways Shareholders the Opportunity to Share in the Future of Tiger Airways through a Stake in SIA Subscription Price represents an approximate 13% discount to 1-year high Share Price (S$) $14.00 $13.00 1-year high: S$12.80 $12.00 Subscription $11.00 price: S$11.1043 $10
Slide 8: An Illustration of the Consideration for a Tiger Airways Shareholder who Accepts the Offer
2 An Illustration of the Consideration for a Tiger Airways Shareholder who Accepts the Offer (1) 1,000 Tiger Option to subscribe up to $410 in Cash Airways 36 SIA Shares (2) shares 10,000 Tiger Option to subscribe up to $4,100 in Cash Airways 369 SIA Shares (2) shares 50,000 Tiger Option to subscrib
Slide 9: An Illustration of the Consideration for a Tiger Airways PCCS holder who Accepts the PCCS Offer
2 An Illustration of the Consideration for a Tiger Airways PCCS holder who Accepts the PCCS Offer (1) 1,000 $776.13 in Cash Option to subscribe up to PCCS 69 SIA Shares (2) 10,000 $7,764.58 in Cash Option to subscribe up to PCCS 699 SIA Shares (2) 50,000 $38,822.90 in Cash Option to subscribe up to
Slide 10: Low Trading Liquidity of Tiger Airways Shares
2 Low Trading Liquidity of Tiger Airways Shares Opportunity for Tiger Airways Shareholders to realise their entire investment at a compelling premium, which may not otherwise be available due to the low trading liquidity of Tiger Airways shares 1 Month 3 Months 6 Months 12 Months (%) (%) (%) (%) Ave
Slide 11: Allow Tiger Airways to Secure Necessary Support for Long-Term Growth
3 Allow Tiger Airways to Secure Necessary Support for Long-Term Growth 1 Tiger Airways will benefit As an independent airline, Tiger from: Airways lacks the scale and being fully part of the SIA network to respond Group comprehensively to changes in The SIA Group is enhanced synergies which comp
Slide 12: Allow the Management of Tiger Airways to Enjoy Better Flexibility and Potential Cost Savings
3 Allow the Management of Tiger Airways to Enjoy Better Flexibility and Potential Cost Savings Delisting will: provide Tiger Airways better flexibility to manage operations and develop its existing business in collaboration with the SIA Group allow Tiger Airways to dispense with expenses and man
Slide 13: Expected Timeline
Expected Timeline 6 Nov 2015 Announcement of the Offer On or before Despatch Offer document / Offer commences 27 Nov 2015 By 11 Dec 2015 Despatch of Offeree Circular with IFA Opinion by Tiger Airways By 28 Dec 2015 Earliest closing date permitted under the Takeover Code 13
Slide 14: Important Notices
Important Notices Responsibility Statement The directors of SIA (including any director who may have delegated detailed supervision of this presentation) have taken all reasonable care to ensure that the facts stated and all opinions expressed in this presentation are fair and accurate and that no m
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