Perpetual Limited · ASX:PPT
Perpetual — Merger or Acquisition (September 2013)
11 slides from Perpetual's merger presentation, Sep 9, 2013
Slide 1: Perpetual Enters Into Revised Agreement to Acquire Trust Company
PERPETUAL ENTERS INTO REVISED AGREEMENT TO For personal use only ACQUIRE TRUST COMPANY 9 September 2013
Slide 2: Disclaimer: Important information
DISCLAIMER Important information For personal use only The information in this presentation about the Perpetual Group is in summary form and is not necessarily complete. The information in this presentation is general information only, not financial product advice and not intended to be relied upon
Slide 3: Perpetual and Trust Enter Into Revised Scheme Implementation Agreement
PERPETUAL AND TRUST ENTER INTO REVISED SCHEME IMPLEMENTATION AGREEMENT For personal use only The Trust Company (“Trust”) continues to recommend the binding agreement with Perpetual and regards the Perpetual revised Scheme as superior • Under the terms of the revised Scheme, Trust shareholders will r
Slide 4: The Revised Perpetual Proposal Is Superior to the IOOF Offer
THE REVISED PERPETUAL PROPOSAL IS SUPERIOR TO THE IOOF OFFER AND IS RECOMMENDED BY TRUST For personal use only Value per Trust share – ex dividend1 $7.18 $6.47 Value per Trust share under the Guaranteed Minimum Cash Consideration1 $6.68 (or better) $6.42 (or better) Total cash available (excluding S
Slide 5: Revised Proposal Contains a Guaranteed Minimum Cash Consideration Alternative
THE REVISED PERPETUAL PROPOSAL CONTAINS A GUARANTEED MINIMUM CASH CONSIDERATION ALTERNATIVE For personal use only • The Guaranteed Minimum Cash Consideration alternative will provide Trust shareholders with the following: The Higher of: Cash equivalent value of 0.182 $0.22 Up to $0.17 Perpetual shar
Slide 6: Transformation 2015 Strategy Has Delivered Strong Shareholder Returns
PERPETUAL’S TRANSFORMATION 2015 STRATEGY HAS DELIVERED STRONG SHAREHOLDER RETURNS For personal use only Perpetual has outperformed the market since the announcement of its Transformation 2015 strategy in June 2012 Indexed Share Price Performance Since Announcement of Perpetual’s Transformation 2015
Slide 7: Synergy Estimates Further Supported; Expected to Be EPS Accretive From FY14
SYNERGY ESTIMATES FURTHER SUPPORTED; EXPECTED TO BE EPS ACCRETIVE FROM FY14 ON A UPAT BASIS For personal use only Significant cost synergies expected at both the corporate and business unit levels through the rationalisation of administrative and technology costs • Continued integration assessment h
Slide 8: Timeline and Expected Next Steps
TIMELINE AND EXPECTED NEXT STEPS For personal use only Key Events Indicative Date Revised Scheme Implementation Agreement announced 9-Sep-2013 ACCC decision 19-Sep-2013 Scheme Booklet and Notice of Meeting dispatched to shareholders 27-Sep-2013 Trust Scheme meeting for shareholders to consider and a
Slide 9: Strategically Attractive and Financially Compelling Acquisition
STRATEGICALLY ATTRACTIVE AND FINANCIALLY COMPELLING ACQUISITION For personal use only • Accelerates growth, delivers significant strategic benefits for Perpetual and contributes to the Transformation 2015 corporate vision and strategy • Provides complementary businesses to Corporate Trust, economies
Slide 10: Appendix
For personal use only APPENDIX
Slide 11: Breakdown of Value to Trust Shareholders Under the Revised Proposal
BREAKDOWN OF VALUE TO TRUST SHAREHOLDERS UNDER THE REVISED PERPETUAL PROPOSAL For personal use only The Perpetual Scrip Alternative, the Trust Special Dividend and Interim Dividend totaling to a value of $7.18 represents a material premium to previous offers $7.60 $7.40 $7.18 $7.20 Up to $0.17 $7.00