Tribeca Global Natural Resources Ltd. · ASX:TGF
Tribeca Global Natural Resources — Investor Presentation (February 2023)
24 slides from Tribeca Global Natural Resources's investor presentation, Feb 22, 2023
Slide 1: Equity Raising: Placement and Non-Renounceable Entitlement Offer
For personal use only Tribeca Global Natural Resources Ltd (ASX:TGF) Ben Cleary, Portfolio Manager Todd Warren, Head of Research Equity Raising: Placement and Non-Renounceable Entitlement Offer February 2023 RECOMMENDED
Slide 2: Important Information and Disclaimer
Important Information and Disclaimer This presentation has been prepared for Tribeca Global Natural Resources Limited (ABN 16 627 596 418)(“TGF”, “Company" or "Issuer") by its investment manager, Tribeca Global Resources Pty Ltd (ABN 11 606 707 662 ) under AFS License 239070 (Tribeca Investment Part
Slide 3: Important Information and Disclaimer
Important Information and Disclaimer DISCLAIMER To the maximum extent permitted by law, the Issuer, the Manager, the Joint Lead Managers and each of their respective affiliates and related bodies corporate and each of their respective directors, officers, partners, employees, agents and advisers (to
Slide 4: Summary
For personal use only Summary • TGF is up 17% in FY2023 based on post-tax NTA as of 31 January 2023. • 17 February post-tax estimate NTA is currently $2.68 representing a ~16% discount.1 • New shares issued under the Offer will receive a 12.5c fully franked dividend in April. 1. Based on closing pri
Slide 5: Equity Raising
For personal use only Equity Raising February 2023
Slide 6: Equity Raising Overview
Equity Raising For personal use only Equity Raising Overview TGF has announced an Equity Raising to the Australian Securities Exchange (ASX) on Wednesday, 22 February 2023, comprising: • an institutional Placement of Shares through which the Company seeks to raise approximately $19.37m; and • the En
Slide 7: Entitlement Offer Terms and Benefits to Shareholders
1 for 4 Entitlement Offer For personal use only Benefits to all Shareholders Eligible Shareholders are entitled to subscribe for 1 New Share at the Offer Price for every 4 fully paid ordinary share (Share) held as The Entitlement Offer will deliver benefits to all Shareholders, not just those who el
Slide 8: Features of the Entitlement Offer
Features of the Entitlement offer For personal use only Macro Outlook for the Natural Resources Sector Top-Up Facility Shortfall Facility Eligible shareholders who take up their Entitlement If there remains any shortfall of Shares taken up by Eligible Offer in full may also apply for additional new
Slide 9: Key Dates
Key Dates Key Dates For personal use only February 22 Announcement of Equity Raising and Dividend February 23 Announcement of Placement results February 28 Ex Entitlement date March 1 Macro Outlook fordate Record thefor Natural EntitlementResources Offer Sector For every 4 TGF March 6 Issue of Offer
Slide 10: Maiden Dividend – Special Dividend Declared & DRP Policy
Maiden Dividend – Special Dividend Declared & DRP Policy For personal use only Summary • All New Shares (including Additional New Shares under the Top- Up Facility and any Shortfall Facility Shares) issued pursuant to the Entitlement Offer will be entitled to receive the dividend for the half year e
Slide 11: For personal use only
Corporate Update For personal use only • Our bullish view and positioning on the natural resources sector over the last 2 years has been largely correct besides the 2Q22 and the company has recorded positive performance in 9 of the last 10 quarters ended 31 December 2022. • As at the 21 February 202
Slide 12: NTA Performance and Discount to NTA
NTA Performance and Discount to NTA FY Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FYTD For personal use only 2018-19 -0.07% -0.36% -0.71% 0.16% -0.44% -0.16% 0.25% -3.24% 0.78% -3.78% 2019-20 -0.52% -1.93% -0.54% 0.60% 0.79% 3.67% -7.68% -7.52% -9.48% 5.74% 0.47% -13.96% -27.95% 2020-21 4.52% -
Slide 13: TGF Strategy Features
For personal use only TGF Strategy Features
Slide 14: TGF's Features
TGF’s Features For personal use only Actively Managed Constrained Leverage • Actively managed, specialized long short • Low gross positioning to achieve strategy. Variable Net <200% Gross superior risk adjusted returns with Exposure Exposure low correlation to major asset classes. High Conviction •
Slide 15: Investment Universe
Investment Universe A flexible approach allows focus on the best risk-reward opportunities as well as the ability to invest across the value chain For personal use only Clean Energy & Transition Fuels Metals & Mining Soft Commodities Oil & Gas Base Metals Crops Uranium Bulks Agriculture Hydrogen Spe
Slide 16: Investing Across the Value Chain
Investing Across the Value Chain A flexible, long short, mandate and deep knowledge of value chains from project to end-user allows for the capture of different For personal use only payoff profiles at different points in the cycle. Metals and Mining Value Chain Example Exploration & Engineering Tra
Slide 17: Investment Process
Investment Process Investment Process For personal use only Commodity Ranking Macro Overlay Fundamental Research Investment Idea Generation Implementation • Global commodity demand and • Analysis of investor positioning • Sector and stock specific • Investments expressed based • High conviction, det
Slide 18: Sources of Alpha
Sources of Alpha For personal use only • Flexibility within the mandate to take advantage of different types of trades across the natural resources complex, depending on best risk-reward and market environment. • Weighting of different types of trades will vary depending on prevailing market structu
Slide 19: Stock Selection Philosophy
Stock Selection Philosophy For personal use only Investing in the best assets Fixed • Commodities with the highest economic rent potential and assets that are resilient Only Assets Cannot be Changed through the cycle ✓ Ownership can change Best management ✖ Attributes cannot change • Culture and cap
Slide 20: Risk Factors
Risk Factors Set out below are important risk factors that could affect the financial and operating performance of the Company. Before making a decision on whether to apply for any New Shares under the Offer, you are urged to carefully consider the risks described in this section, which is not an ex
Slide 21: Risk Factors
Risk Factors Resource estimates Currency risk The Company may rely on resource estimates provided by companies which it may invest in. Resource estimates are expressions of judgment based Investing in assets denominated in a foreign currency creates an exposure to foreign currency fluctuations, whic
Slide 22: Risk Factors
Risk Factors For personal use only Counterparty risk Discount to NTA Investment in Securities and financial instruments generally involves third parties as custodial and counterparties to contracts. Use of third parties The Company is listed on the ASX and may not trade in line with the underlying v
Slide 23: Tribeca Global Natural Resources Team
Tribeca Global Natural Resources Team Investment Team Operations and Finance For personal use only Ben Cleary Todd Warren Haydn Smith James Howes Ken Liu Alex Lupis Steffie Vanessia Portfolio Manager Head of Research Head of Credit Chief Operating Officer Compliance Manager Head of Distribution Inve
Slide 24: Investor Relations
For personal use only Investor Relations Email: TGFinvestors@tribecaip.com Web: www.tribecaip.com/lic Singapore Tribeca Investment Partners Pte Ltd #16-01 Singapore Land Tower 50 Raffles Place, Singapore 048623 Tel: +65 6320 7711 Sydney Tribeca Investment Partners Pty Ltd Level 23, 1 O’Connell Stree
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