WAM Capital Ltd. · ASX:WAM
WAM Capital — Merger or Acquisition (November 2012)
18 slides from WAM Capital's merger presentation, Nov 9, 2012
Slide 1: Merger with Premium Investors
WAM Capital Limited Merger with Premium Investors For personal use only November 2012
Slide 2: Welcome
Welcome For personal use only We would like you to become a WAM Capital shareholder by accepting scrip alternative in the Scheme of Arrangement We encourage you to vote in favour of the Scheme at the scheme meeting on 10 December 2012 2
Slide 3: Merger details
Merger details For personal use only • WAM Capital to merge with Premium Investors on an NTA for NTA basis1 • Premium Investors shareholders can elect: − 100% shares in WAM Capital − 100% cash; or − a combination of both • If electing to receive shares, you will receive approximately one new WAM Cap
Slide 4: Indicative timetable
Indicative timetable For personal use only Scheme booklet despatched 8 November 2012 Scheme meeting 10 December 2012 Second court hearing and calculation date 12 December 2012 for NTAs Record date 20 December 2012 Implementation date 31 December 2012 New WAM share and option holding statements by 8
Slide 5: Benefits of becoming a WAM shareholder
Benefits of becoming a WAM shareholder For personal use only • History of paying fully franked dividends to shareholders • Investment manager with a strong performance track record • Likely use of Premium Investors franking credits and tax losses • Lower management expense ratio (MER) 5
Slide 6: Investment objectives of WAM Capital
Investment objectives of WAM Capital For personal use only • Deliver a growing stream of fully franked dividends • Provide capital growth • Preserve capital 6
Slide 7: WAM Capital: superior returns from growth companies
WAM Capital: superior returns from growth companies For personal use only WAM Capital provides exposure to • a diversified portfolio of growth companies with a focus on small to medium sized industrial companies • relative value arbitrages and market mispricings WAM Capital has delivered • consisten
Slide 8: Dividend guidance
Dividend guidance For personal use only • 5 November 2012 WAM Capital announced intention to pay a fully franked FY2013 interim dividend of 6.0 cents per share • Annualised fully franked dividend yield of 7.5%* • 9.1% increase on the previous years’ interim dividend • Indicative payment dates: − FY2
Slide 9: Dividend growth
Dividend growth For personal use only A Average f ll franked fully f k d dividend di id d yield i ld off 10.7% 10 7% on IPO price over 13 years Cents per share 18.0 16.0 14.0 12.0 10.0 80 8.0 6.0 4.0 20 2.0 0.0 Ordinary fully franked dividend Special fully franked dividend Equal access share buy-bac
Slide 10: Outperformance since inception
Outperformance since inception For personal use only Average investment return of 17.7% p.a. outperforming the benchmark by 10.3% p.a. over 13 years I d re-based Index b d 800 700 600 500 400 300 200 100 - WAM Capital Limited - Investment Portfolio before all expenses, fees, taxes S&P/ASX All Ordina
Slide 11: Wilson Asset Management – Investment Manager
Wilson Asset Management – Investment Manager For personal use only • Wilson Asset Management is the Investment Manager of WAM Capital Limited (WAM) • A boutique fund manager established in 1997 • 5 investment professionals • Funds under management (FUM): $372 million 11
Slide 12: Wilson Asset Management business model
Wilson Asset Management business model For personal use only Investment process LIC structure + benefits IInvestment t t SSuperior i focus – long term Flexible + growth performance mandate companies record Experienced + team Tight cost control 12
Slide 13: What distinguishes us as an investment manager
What distinguishes us as an investment manager For personal use only • Over 50 years of collective experience in the sharemarket • A rigorous investment process • An intensive investee company visitation schedule (1,000+ meetings per year) • Flexible investment mandate 13
Slide 14: External research coverage
External research coverage For personal use only Research houses covering WAM Capital: - Bell Potter Securities - Independent p Investment Research - Evans & Partners - JBWere - Morningstar - E.L.&C. Baillieu The Company is on the approved product list of the Association of Independently Owned Finan
Slide 15: Investor communications
Investor communications For personal use only ¾ Half yearly investor presentations ¾ Website – wamfunds.com.au ¾ Subscribe for weekly emails – includes market update ¾ Audio casts – monthly ¾ Media – Sky Business, Switzer, CNBC, newspapers, industry magazines ¾ Half yearly investor newsletters ¾ Hal
Slide 16: In the community
In the community For personal use only Our people are passionate about the well well-being being of our shareholders and the wider community because helping others is part of our culture. We have supported various organisations, some mentioned below. Please note that all donations are made by our ma
Slide 17: Questions
For personal use only Q ti Questions 17
Slide 18: Disclaimer
For personal use only Disclaimer This presentation has been prepared for use in conjunction with a verbal presentation and should be read in that context. Information for the graphs, charts and quoted indices contained in this presentation has been sourced from IRESS Market Technology and WAM Capita