Mirvac Group · ASX:MGR
Mirvac — James Fielding Group — Investor Presentation (February 2003)
17 slides from Mirvac's investor presentation, Feb 6, 2003
Slide 1: JFG Capital Raising
6 FEBRUARY 2003 JFG CAPITAL RAISING C O N F I D E N T I AL IMPORTANT NOTICE AN D This document is not an offer of securities. It is given to you for information purposes only and may not be reproduced or distributed. This document is being provided to you as a professional investor or other person s
Slide 2: Overview
Investor Presentation_FINAL Overview ! James Fielding Group (“JFG”) is seeking to raise A$115.1mm through the issue of 37.5mm stapled securities at an offer price of A$3.07 per security ! Securities issued are fully entitled to the distribution for the period ending 30 June 2003 ! Fully underwritten
Slide 3: Proposed sources and application of proceeds
Investor Presentation_FINAL Proposed sources and application of proceeds Sources and and application of proceeds Sources and and application of proceeds Sources of proceeds A$’000 Placement 32,885 Entitlement offer 82,212 Total 115,097 Application of proceeds A$’000 Acquire management rights to TMT
Slide 4: Key benefits
Investor Presentation_FINAL Key benefits ! Increase in trust revenue: Will receive approximately A$5.2mm in annual distributions and interest income from strategic interest in TMT units and convertible notes ! Currently, 100% of this income is tax-deferred ! Broaden income base ! Increase in managem
Slide 5: Financial impact of the offer
Investor Presentation_FINAL Financial impact of the offer Financial impact - balance sheet Financial impact - balance sheet Prior to the offer Following the offer (pro forma) Stapled securities on issue 71,410,891 108,901,609 Market capitalisation at offer price of A$3.07 per security A$219.2mm A$33
Slide 6: Financial impact of the offer (cont)
Investor Presentation_FINAL Financial impact of the offer (cont) ! Based on the TMT acquisition and other related transactions proceeding, the transaction should: — have a positive impact on earnings — reduce level of distributions from capital Financial impact - earnings (for half year ending 30 Ju
Slide 7: Acquisition of management rights to TMT
Investor Presentation_FINAL Acquisition of management rights to TMT ! JFG will acquire the management rights to TMT via the acquisition of the responsible entity for TMT for A$22.7mm ! The acquisition is consistent with JFG’s strategy to continue to grow a diversified property business, including pr
Slide 8: Acquisition of equity interest in TMT
Investor Presentation_FINAL Acquisition of equity interest in TMT Equity interest Key benefits of equity interest in TMT Equity interest Key benefits of equity interest in TMT ! Acquisition of 14.89% of TMT units (listed on ! Earnings enhancement: the ASX) on issue from Royal and Sun ! A$4.6mm annua
Slide 9: Investment and working capital
Investor Presentation_FINAL Investment and working capital ! A$11.8mm of the proceeds from the capital raising will be used as investment capital ! A$6.7mm for investment in International Parking Group (“IPG”): — Acquire a 15% holding in IPG, the operator of a portfolio of hospital car parks in Sydn
Slide 10: Overview of TMT
Investor Presentation_FINAL Overview of TMT TMT TMT asset mix TMT TMT asset mix ! TMT is a diversified property trust listed on A$mm % the ASX ! Unique trust with varied asset mix and Direct property investments, 425.35 79.76 substantial tax losses security properties and joint ventures ! Market cap
Slide 11: TMT property composition
Investor Presentation_FINAL TMT property composition Property composition by geography Property composition by sector Property composition by geography Property composition by sector Victoria 3.3% Industrial ACT 17.8% 17.3% Retail 41.7% NSW 56.5% Queensland 22.9% Commercial 40.5% R A I S I N G C A P
Slide 12: Strategy for TMT
Investor Presentation_FINAL Strategy for TMT JFG and TMT relationship post offer Intentions for TMT JFG and TMT relationship post offer Intentions for TMT ! Maintain TMT as a separately listed vehicle ! Maintain an investment strategy for TMT that focuses on delivering secure income from a quality i
Slide 13: Uniqueness of TMT is very synergistic to the JFG services offering
Investor Presentation_FINAL Uniqueness of TMT is very synergistic to the JFG services offering JFG services JFG services JFG business units Fee potential J JFG diluted A James Fielding Funds TMT Responsible Entity ownership1 Mgt. Fees 15.4% M E S James Fielding Trust TMT securities income F I James
Slide 14: Offer structure
Investor Presentation_FINAL Offer structure Overall Overall offer offer structure structure Offer Structure: Placement and Entitlement Offer (pro rata and non-renounceable) Securities: Fully entitled to distribution for the period ending 30 June 2003 EO Offer ratio: 3 new securities for every 8 secu
Slide 15: First Stage offer
Investor Presentation_FINAL First Stage offer First Stage First Stage offer: offer: Placement Placement and and 3 3 for for 8 8 Institutional Institutional EO EO to to raise raise A$83.4mm A$83.4mm at at A$3.07 A$3.07 ! Holding > 450,000 securities as at 10 Feb 03 = “Institutional Securityholder” !
Slide 16: Second Stage offer
Investor Presentation_FINAL Second Stage offer Second Stage Second Stage offer: offer: 3 3 for for 8 8 to to raise raise A$31.7mm A$31.7mm at at A$3.07 A$3.07 Same terms as First Stage offer ! A$3.07 application price ! 3 for 8 entitlement Different timetable1 ! Prospectus with personalised entitlem
Slide 17: Offer metrics
Investor Presentation_FINAL Offer metrics 1 Security Security price price points¹ points¹ Trading Trading statistics statistics1 Discount at Offer Price A$3.07 A$3.07 VWAP: A$3.32 Last close: A$3.34 -8.08% 20 day High-low: A$3.00 A$3.35 6 mths 5 day VWAP: A$3.31 -7.23% High-low: A$3.30 A$3.35 1 mths
James Fielding Group — Investor Presentation (February 2003) on 6ix