WAM Capital Ltd. · ASX:WAM
WAM Capital — Merger or Acquisition (September 2012)
11 slides from WAM Capital's merger presentation, Sep 18, 2012
Slide 1: Merger with Premium Investors
WAM Capital Limited Merger with Premium Investors For personal use only
Slide 2: Key highlights
Key highlights For personal use only • WAM Capital and Premium Investors to merge on a net tangible assets (NTA) for NTA basis • Recommended by the Premium Board1 • Treasury Group supports the merger • Premium Chairman, Lindsay Mann invited to join Board of WAM Capital • Combined group assets of $30
Slide 3: Transaction details
Transaction details For personal use only • WAM Capital to acquire 100% of Premium shares on an NTA for NTA basis1 • Premium shareholders can elect to: • exchange up to 100% of their Premium shares for new WAM Capital shares and options; • receive 100% cash out for their Premium shares; or • a combi
Slide 4: Combined group
Combined group For personal use only • Combined assets increase from $217m to $300m* • Shareholders increase from 5,000 to 8,500* • A proven ttrackk record d off outperformance t f • A share price trading at or near the company’s pre-tax NTA per share • A history of paying fully franked dividends to
Slide 5: Benefits
Benefits For personal use only • Greater market presence • Increase in investment opportunities* • R d ti iin fifixed Reduction d i i t ti expenses* d administrative • Increase in liquidity* • Combined group to be included in top 10 Listed Investment Companies** * Actual benefits will depend on numb
Slide 6: Premium's underlying assets
Premium’s underlying assets For personal use only Australian Unit Trusts* $m Investors Mutual Australian Share Fund 19.1 Orion Australian Share Fund 10.9 GVI Aubrey Global G & I Fund – Hedged 7.1 GVI Aubrey Global G&I Fund – Unhedged 41 4.1 RARE Infrastructure Value Fund 15.8 TAAM New Asia Fund 9.9
Slide 7: Indicative timetable
Indicative timetable For personal use only Scheme implementation agreement signed 14 September 2012 First court hearing Late October 2012 Scheme booklet dispatch to Premium shareholders Late October 2012 Scheme meeting Late November 2012 Second court hearing, g, effective date and calculation Earlyy
Slide 8: WAM Capital: superior returns from growth companies
WAM Capital: superior returns from growth companies For personal use only WAM provides… • Exposure to a diversified portfolio of growth companies with a focus on small to medium di sized i d iindustrial d t i l companies i • Exposure to relative value arbitrages and market mispricings WAM delivers s
Slide 9: Dividend growth
Dividend growth For personal use only Final fully franked dividend Cents per share 5.5 cents per share 18.0 Ex date: 17 Sept 2012 Record date: 21 Sept 2012 16.0 Payment date 28 Sept 2012 14.0 12 0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 Ordinary fully franked dividend Special fully franked dividend Equal acce
Slide 10: Outperformance since inception
Outperformance since inception For personal use only WAM Capital has outperformed the market by 10.4% p.a. over 13 years Index re-based 800 700 600 500 400 300 200 100 - WAM Capital Ltd - Investment portfolio (before all expenses, fees, taxes and dividends) S&P/ASX All Ordinaries Accumulation Index
Slide 11: Questions
For personal use only Questions 11