Sigma Healthcare Ltd · ASX:SIG
Sigma Healthcare — Investor Presentation (December 2023)
80 slides from Sigma Healthcare's investor presentation, Dec 11, 2023
Slide 1: Transformational Merger with Chemist Warehouse Group and Sigma Equity Raising
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transformational Merger with Chemist Warehouse Group and Sigma Equity Raising Investor Presentation 11 December 2023
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Important Notices and Disclaimer By accepting, accessing or reviewing this investor presentation (Presentation) or attending an investor presentation or briefing, you represent and warrant that you are entitled to receive this Presentation in accordance with the restr
Slide 3: Important Notice and Disclaimer
Important Notice and Disclaimer Summary information only This Presentation contains summary information about Sigma and CWG and their respective activities, current as at the date of this Presentation. This Presentation is for information purposes only and is not, and does not comprise all of the in
Slide 4: Important Notice and Disclaimer
Important Notice and Disclaimer Financial data All dollar values are in Australian dollars (A$ or AUD) unless stated otherwise. This Presentation includes certain historical financial information of Sigma as at 31 July 2023 or certain financial information of CWG as at 30 June 2023 unless stated oth
Slide 5: Important Notice and Disclaimer
Important Notice and Disclaimer Disclaimer of liability See Appendix H for the basis upon which this Presentation is provided. Past performance Past performance and aggregated historical information of Sigma and CWG given in this Presentation and the pro forma balance sheet given on page 39 of this
Slide 6: Today's Presenters
Today’s Presenters Michael Sammells Vikesh Ramsunder Mark Conway Chairman CEO & Managing Director CFO Sigma Healthcare Sigma Healthcare Sigma Healthcare Proposed MergeCo Chairman Proposed MergeCo CEO & Proposed MergeCo Senior Managing Director Finance Executive Mario Verrocchi Damien Gance Mark Davi
Slide 7: Transformational Merger between Sigma and Chemist Warehouse Group, and $400m Equity Raising
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transformational Merger between Sigma and Chemist Warehouse Group, and $400m Equity Raising for Sigma to Fund Growth Proposed Merger with Chemist Warehouse Group Transformational merger between Sigma and Chemist Warehouse Group (CWG) to create a l
Slide 8: Sigma Equity Raising
Sigma Equity Raising
Slide 9: Sigma has an Attractive Standalone Investment Thesis
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Sigma has an Attractive Standalone Investment Thesis • Over 220 million units per year distributed to pharmacies across Australia – 99% State-of-the-art distribution dispatch on time and 99% delivery in full Sigma FY24 YTD Trading ✓ infrastructure
Slide 10: Sigma Equity Raising Overview
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Sigma Equity Raising Overview Equity Raising Overview • Fully underwritten 1 for 1.85 pro-rata accelerated non-renounceable entitlement offer to raise gross proceeds of approximately $400 million (Entitlement Offer) • Approximately 572.6 million n
Slide 11: Overview of Proposed Merger with Chemist Warehouse Group
Overview of Proposed Merger with Chemist Warehouse Group
Slide 12: Key Terms of the Proposed Merger
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Terms of the Proposed Merger • Acquisition of CWG by Sigma, to be effected via a CWG scheme of arrangement (Proposed Merger) • Unanimously recommended by the Sigma Board and each Sigma director intends to vote, at the Sigma EGM, all of the Sig
Slide 13: Transformational Merger of Sigma and Chemist Warehouse Group
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transformational Merger of Sigma and Chemist Warehouse Group Proposed Merger to create a leading healthcare wholesaler, distributor and retail pharmacy franchisor Retail Pharmacy • Supports a combined retail system supplying over 1,000 stores, wit
Slide 14: Ongoing Commitment and Alignment of Key CWG Founder Shareholders
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Ongoing Commitment and Alignment of Key CWG Founder Shareholders CWG shareholder escrow arrangements % of MergeCo at % of MergeCo at Escrowed No. of Escrowed completion (fully completion (shares Holder Shares (m) • CWG today has c.200 individual s
Slide 15: Overview of Chemist Warehouse Group
Overview of Chemist Warehouse Group
Slide 16: Success Built Over a 50 Year History
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Success Built Over a 50 Year History 1972 1997 2005 2015 2019 2022-23 Brothers Jack The group opens first Merges with ePharmacy helping Expands First store International store and Sam Gance My Chemist store and to accelerate online growth internat
Slide 17: The Retail Network has Grown Significantly Over the Last 20 Years
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES The Retail Network has Grown Significantly Over the Last 20 Years Total Network Sales have increased by 50x and the number of Retail Network stores by 10x since 2004 2 Total Network Sales evolution ($m)1,2 Retail Network evolution (no. of stores)2
Slide 18: A Multi-National Retail Network of ~600 Stores
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES A Multi-National Retail Network of ~600 Stores, Mainly Under the Highly Recognised Chemist Warehouse Brand Retail brands Omnichannel sales presence Online Brands Stores1 Description • Flagship brand 557 • Big box format, with a focus on fragrances
Slide 19: CWG is a Leading Australian Retail Pharmacy Franchisor
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES CWG is a Leading Australian Retail Pharmacy Franchisor • Founded by the Gance and Verrocchi families in Melbourne, with heritage dating back 50+ years • Provides a comprehensive range of support services and consumer goods to a multi-national Reta
Slide 20: Overview of CWG's Business Model and Broader Portfolio
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Overview of CWG’s Business Model and Broader Portfolio CWG Australia International Online Other activities Wholesaler and franchisor New Zealand Australia2 Other businesses3 • Part owner of the New Zealand Retail Network1 • Financials equity accou
Slide 21: Overview of CWG's Franchise Model in Australia
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Overview of CWG’s Franchise Model in Australia Goods, services and intellectual Chemist Warehouse & My Chemist CWG property supplied by CWG Stores in Australia Payments by franchisees Wholesaler and Franchisor to CWG Franchisees • CWG is a wholesa
Slide 22: CWG Provides a Compelling Proposition to Franchisees
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES CWG Provides a Compelling Proposition to Franchisees CWG’s highly successful online store delivers a Franchisees offer their customers a wide seamless omnichannel experience to end Product range range of health, wellness and beauty Seamless custom
Slide 23: A Highly Attractive Financial Profile
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES A Highly Attractive Financial Profile Retail Network1,2 Commentary $7.9bn 10% 12% Retail Network factors that drive demand for goods and services from CWG: • Trading performance of the Retail Network FY23 Total last 5 years’ Total FY23 LFL sales g
Slide 24: MergeCo Overview
MergeCo Overview
Slide 25: Transformational Merger of Sigma and CWG
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transformational Merger of Sigma and CWG Sigma and CWG to combine to create a leading healthcare wholesaler, distributor and retail pharmacy franchisor A transformational and compelling transaction for both companies Creation of a full-service who
Slide 26: Complementary Franchise Brands Across Broad Market Segments
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Complementary Franchise Brands Across Broad Market Segments Network Stores • Significant Australian pharmacy franchisor with an attractive proposition • 503 stores in Australia1 Big box orientated towards providing customers with the lowest guaran
Slide 27: Comprehensive Distribution Network Across ANZ
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Comprehensive Distribution Network Across ANZ 16 DCs across Australia and New Zealand Combined Australian and New Zealand Distribution Centre (DC) network Darwin 1,000 sqm ✓✓ Combined network of 16 DCs with 284,200 sqm of capacity Group ✓✓ Sigma’s
Slide 28: Financial Strength and Potential for Significant Cost Synergies
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Financial Strength and Potential for Significant Cost Synergies Sigma • Aggregate annual historical MergeCo EBIT >$495m1, before synergies — Larger and more diversified earnings base • Significant potential for synergies – c.$60m p.a. initial esti
Slide 29: MergeCo Capital Structure
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES MergeCo Capital Structure Consideration Funding for MergeCo Transaction MergeCo Capital Structure • As part of the Proposed Merger, Sigma will pay $700 million1 to CWG • MergeCo intends to maintain a capital structure that will allow the sharehold
Slide 30: Enhanced Scale and Index Inclusion
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Enhanced Scale and Index Inclusion Indicative MergeCo market capitalisation >$8.8bn1 and free float >$4.1bn2, eligible to sit well within the S&P/ASX200 (following quarterly rebalancing) and within the range of the S&P/ASX100 Indicative Free Float
Slide 31: Attractive Investment Case to Deliver Future Growth
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Attractive Investment Case to Deliver Future Growth MergeCo is well positioned to capitalise on significant growth opportunities ✓ Winning new franchisees to support the growth of the Australian store network ✓ Continued investment in announced re
Slide 32: MergeCo Board
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES MergeCo Board Board of Directors comprising four existing non-executive directors from Sigma, four directors from CWG (including CWG founders Jack Gance and Mario Verrocchi) and Vikesh Ramsunder (current CEO & Managing Director of Sigma) Michael S
Slide 33: MergeCo Management Team
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES MergeCo Management Team MergeCo management team led by Vikesh Ramsunder (CEO) and Mark Davis (CFO) Vikesh Ramsunder Mark Davis CEO & Managing Director CFO • Over 30 years of industry • CFO of CWG since 2020. experience and previously Previously CF
Slide 34: Summary
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Summary Proposed Merger recommended by both Sigma and CWG Boards 1 A transformational and compelling transaction for Sigma and CWG Creation of a full-service wholesaler, distributor and retail pharmacy franchisor Combines Sigma’s extensive and sta
Slide 35: Q&A
Q&A
Slide 36: Appendix A: Sigma Equity Raising Detail
Appendix A: Sigma Equity Raising Detail
Slide 37: Sigma Equity Raising Details
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Sigma Equity Raising Details • Fully underwritten 1 for 1.85 pro-rata accelerated non-renounceable entitlement offer to raise gross proceeds of approximately $400 million Offer size and structure • Approximately 572.6 million new Sigma ordinary sh
Slide 38: Sigma Equity Raising Details (Cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Sigma Equity Raising Details (Cont.) Institutional • The Institutional Entitlement Offer opens today and closes on Tuesday, 12 December 2023 for all eligible institutional shareholders1 Entitlement Offer • Institutional entitlements not taken up a
Slide 39: Sigma Pro Forma Balance Sheet and Uses Of Proceeds
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Sigma Pro Forma Balance Sheet and Uses Of Proceeds c.$400m Entitlement Offer proceeds strengthen the Sigma balance sheet, providing sufficient headroom to support the new Chemist Warehouse supply contract and near-term business growth initiatives1
Slide 40: Entitlement Offer Timetable
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Entitlement Offer Timetable Event Date Announcement of Entitlement Offer (with voluntary suspension of Sigma shares to continue) Monday, 11 December 2023 Institutional Entitlement Offer opens Monday, 11 December 2023 Institutional Entitlement Offe
Slide 41: Appendix B: Supporting Information on Proposed Merger
Appendix B: Supporting Information on Proposed Merger
Slide 42: Impact of the Transactions on Key Sigma Metrics
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Impact of the Transactions on Key Sigma Metrics A B C D E F G H Percentage change Percentage change Increase due to After Entitlement Increase due to the After the Proposed due to Entitlement Particulars Before transaction due to the Proposed Enti
Slide 43: Impact of the Transactions on Sigma's Capital Structure
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Impact of the Transactions on Sigma’s Capital Structure Change due to Entitlement Change due to the Proposed Equity security Before transaction1 After Entitlement Offer After the Proposed Merger Offer Merger2 3 Shares 1,059,276,416 572,581,847 1,6
Slide 44: Appendix C: Further Detail on CWG
Appendix C: Further Detail on CWG
Slide 45: Growth in the Retail Network
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Growth in the Retail Network Store growth Store growth Australia1 2020 2021 2022 2023 International1 2020 2021 2022 2023 (2020 – 2023) (2020 – 2023) # % # % Victoria 209 213 219 231 22 11% New Zealand 14 24 35 42 28 200% New South Wales 119 122 12
Slide 46: Chemist Warehouse Store Format and Product Strategy
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Chemist Warehouse Store Format and Product Strategy ✓ ~540 sqm store size (on average) 21,000 SKUs (on average) stocked in-store, ✓ with more available online Discount / promotional pricing strategy on ✓ front-of-store products, with low prices Co
Slide 47: Extensive Product Offering Including Owned, Private Label and Exclusive Brands
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Extensive Product Offering Including a Range of Owned, Private Label and Exclusive Brands …complemented by owned, private Core branded label and exclusive product offering brands, which focused on… provide strong Innovation Quality Affordability C
Slide 48: Innovative Marketing Strategy Across Multiple Mediums
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Innovative Marketing Strategy Across Multiple Mediums Annual investment of over $200m1 in media and marketing in Australia, positioning Chemist Warehouse as one of the most visible and recognised brands in the country In-store and online TV, radio
Slide 49: Growing Online Platform Offering a True Omnichannel Experience
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Growing Online Platform Offering a True Omnichannel Experience ChemistWarehouse.com.au is a highly successful online store Online sales in Australia ($m)2 14.5 million 4 million 19% CAGR COVID-19 period online transactions monthly visits in FY231
Slide 50: Historical Financial Profile
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Historical Financial Profile Material non-recurring COVID related and other items benefited FY22 CWG (A$m) FY22 FY23 Commentary Sales revenue1 2,195 2,257 Financials for CWG represent statutory audited results prior to any normalisations or manage
Slide 51: Key Management of CWG
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Management of CWG Mario Verrocchi Jack Gance CEO, Managing Sam Gance Chairman & Director & Co-founder Co-founder Co-founder Damien Gance Mario Tascone Chief Commercial Director Sales & Officer Marketing Mark Davis Jackie Robb IIias Babalis Joe
Slide 52: Appendix D: MergeCo Board Experience
Appendix D: MergeCo Board Experience
Slide 53: MergeCo Board CVs
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES MergeCo Board CVs Michael Sammells – Independent Non-Executive Chair Vikesh Ramsunder – CEO and Managing Director Michael has 35 years of experience in finance, corporate services and has held operational Vikesh has extensive experience in wholesa
Slide 54: Appendix E: Key Risks
Appendix E: Key Risks
Slide 55: Key Risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks Introduction • Before investing in Sigma, you should be aware that several risks and uncertainties, which are both specific to Sigma and/or CWG, and of a more general nature, may affect the future operating and financial performance of S
Slide 56: Key Risks – Risks that are Common to Both Sigma and CWG
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks that are Common to Both Sigma and CWG Whilst the majority of the following risks affect both Sigma and CWG (each a Merger Party for the purposes of the risks in Appendix E), certain elements of the risks, should they eventuate, w
Slide 57: Key Risks – Risks that are Common to Both Sigma and CWG
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks that are Common to Both Sigma and CWG Key Risk Summary Changes to competitive The Merger Parties operate in highly competitive environments and which could become more competitive in the future including from actions from both ne
Slide 58: Key Risks – Risks that are Common to Both Sigma and CWG
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks that are Common to Both Sigma and CWG Key Risk Summary Inadequate or poor Each Merger Party relies on its data analytics, human analysis and inventory management system to manage its business; in particular its stock levels and s
Slide 59: Key Risks – Risks that are Common to Both Sigma and CWG
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks that are Common to Both Sigma and CWG Key Risk Summary CWG is currently working to The following relates to CWG only. determine an acceptable form of franchise agreement NSW has the most restrictive laws in Australia relating to
Slide 60: Key Risks – Risks that are Common to Both Sigma and CWG
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks that are Common to Both Sigma and CWG Key Risk Summary Inability to acquire products Each Merger Party’s ability to wholesale or supply products at a competitive prices to their respective franchisees or community pharmacy custom
Slide 61: Key Risks – Risks that are Common to Both Sigma and CWG
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks that are Common to Both Sigma and CWG Key Risk Summary Failure to achieve expected Each Merger Party has identified a number of growth strategies to continue to drive sales which includes for CWG, growing its store network in Aus
Slide 62: Key Risks – Risks that are Common to Both Sigma and CWG
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks that are Common to Both Sigma and CWG Key Risk Summary Loss of critical If a Merger Party were to lose critical infrastructure, this could cause significant business interruption. The loss of a critical site, such as a wholesale
Slide 63: Key Risks – Risks that are Common to Both Sigma and CWG
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks that are Common to Both Sigma and CWG Key Risk Summary Attracting and retaining key Each Merger Party relies on the experience, expertise and knowledge of specific individuals and the unexpected departure of key team members from
Slide 64: Key Risks – Risks that are Common to Both Sigma and CWG
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks that are Common to Both Sigma and CWG Key Risk Summary Risks associated with The following risk relates to CWG only. related parties Key individuals within the management team at, or on the board of, CWG, including Mario Verrocch
Slide 65: Key Risks – Risks that are Common to Both Sigma and CWG
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks that are Common to Both Sigma and CWG Key Risk Summary Changes in consumer The success of each of the Merger Parties’ businesses and the businesses of community pharmacies which carry their licensed brands relies on positive cons
Slide 66: Key Risks – General Investment Risks and Risks Associated with the Entitlement Offer
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – General Investment Risks and Risks Associated with the Entitlement Offer Key Risk Summary Non-renounceable Entitlements cannot be traded on ASX or privately transferred. Eligible shareholders who do not take up all of their entitlement
Slide 67: Key Risks – Risks Relating to the Proposed Merger
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks Relating to the Proposed Merger After completion of the Proposed Merger, existing Sigma shareholders will be exposed to additional risks relating to CWG and certain additional risks relating to MergeCo and integration of the two
Slide 68: Key Risks – Risks Relating to the Proposed Merger
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks Relating to the Proposed Merger Key Risk Summary Reliance on information Sigma undertook a due diligence process in respect of the Proposed Merger, which relied in part on legal, financial, taxation, synergies and operational due
Slide 69: Key Risks – Risks Relating to the Proposed Merger
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks Relating to the Proposed Merger Key Risk Summary Historical liabilities of CWG If the Proposed Merger completes, Sigma may become directly or indirectly exposed to liabilities that CWG may have incurred or is liable for in the pa
Slide 70: Key Risks – Risks Relating to the Proposed Merger
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks – Risks Relating to the Proposed Merger Key Risk Summary Increased leverage of Sigma Sigma intends to fund the cash component of the consideration payable to CWG shareholders under the Proposed Merger by drawing down on the proposed Debt
Slide 71: Appendix F: International Offer Restrictions
Appendix F: International Offer Restrictions
Slide 72: International Offer Restrictions
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International Offer Restrictions This document does not constitute an offer of new ordinary shares (New The Company as well as its directors and officers may be located outside Cayman Islands Shares) of Sigma Healthcare Limited (ACN 088 417 403) (
Slide 73: International Offer Restrictions
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International Offer Restrictions No advertisement, invitation or document relating to the New Shares has been The New Shares are not being offered to the public within New Zealand other subscription or purchase, of New Shares, may not be issued, c
Slide 74: International Offer Restrictions
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International Offer Restrictions United Arab Emirates the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company. This document does not constitute a public offer of securities in the United Arab Emirates
Slide 75: Appendix G: Underwriting Agreement Summary
Appendix G: Underwriting Agreement Summary
Slide 76: Underwriting Agreement Summary
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Underwriting Agreement Summary Sigma has appointed Goldman Sachs Australia Pty Ltd (Underwriter) to act as and which would have been required by the Corporations Act to be official quotation of the New Shares under the Entitlement Offer; lead mana
Slide 77: Underwriting Agreement Summary
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Underwriting Agreement Summary p) * (breach) Sigma fails to perform or observe any of its obligations under (excluding Sigma); outcome of the Entitlement Offer (or a component of it), or the willingness of Underwriting Agreement; u) (insolvency of
Slide 78: Appendix H: Disclaimer of Liability
Appendix H: Disclaimer of Liability
Slide 79: Disclaimer of Liability
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Disclaimer of Liability No party other than Sigma has authorised, permitted or caused the issue, the Underwriter or the Underwriter's Limited Parties. The Underwriter has been Underwriter and other Limited Parties may have interests in the securit
Slide 80: Thank you
Thank you
Sigma Healthcare — Investor Presentation (December 2023) on 6ix