Eml Payments Ltd. · ASX:EML
Eml Payments — Shareholder Meeting (November 2019)
88 slides from Eml Payments's shareholder meeting presentation, Nov 13, 2019
Slide 1: Annual General Meeting
Annual General Meeting Sydney, Australia November 2019 1211EMLAGMD01
Slide 2: Welcome
Welcome Peter Martin Chairman, Non-Executive Director
Slide 3: Resolution 1: Director's Remuneration Report
Annual General Meeting 2019 Resolution 1 Director's Remuneration Report – 03
Slide 4: Resolution 1 proxy snapshot
Annual General Meeting 2019 PA Resolution 1 RE RE Director's Remuneration EML PAYMENTS Report LIMITED ANNUAL GENERAL MEETING PROXY SNAPSHOT WEDNESDAY 13 NOVEMBER 2019 Proxies at 12/11/2019 08:59 Total Valid As a % of For Open Against Available Votes Issued Capital Abstain¹ TOTAL VALID AS A % OF FOR
Slide 5: Resolution 2: Re-Election of Director - Mr Peter Martin
Annual General Meeting 2019 Resolution 2 Re-Election of Director - Mr Peter Martin – 05
Slide 6: Resolution 2 proxy snapshot
EML PAYMENTS LIMITED ANNUAL GENERAL MEETING Annual General Meeting 2019 PROXY SNAPSHOT WEDNESDAY 13 NOVEMBER 2019 Resolution 2 Proxies at 12/11/2019 08:59 Total Valid As a % of Re-Election of Director - Mr Peter Martin For Open Against Available Votes Issued Capital Abstain¹ Votes 97,830,844 1,049,1
Slide 7: Resolution 3: Increase in Non-Executive Director Fee Pool
Annual General Meeting 2019 Resolution 3 Increase in Non-Executive Director Fee Pool – 07
Slide 8: Resolution 3 proxy snapshot
For Open Against Available Votes Issued Capital Abstain¹ Annual General Meeting 2019 Resolution 3 Votes Holders 97,830,844 112 1,049,111 42 12,244,277 46 111,124,232 43.50% 802,738 14 Increase in Non-Executive Director Fee Pool Percentage 88.04% .94% 11.02% Votes 110,193,694 1,048,644 251,029 111,49
Slide 9: Resolution 4: Grant STI Options to CEO and MD
Annual General Meeting 2019 Resolution 4 Grant STI Options to CEO and MD – 09
Slide 10: Resolution 4 proxy snapshot
Percentage 88.04% .94% 11.02% Annual General Meeting 2019 Resolution 4 Votes Holders 110,193,694 148 1,048,644 42 251,029 11 111,493,367 43.64% 433,603 8 Grant STI Options to CEO and MD Percentage 98.83% .94% .23% Votes 109,711,911 1,050,058 599,403 111,361,372 43.59% 565,598 OL Holders 85 42 68 16
Slide 11: Resolution 5: Grant of LTI Options to CEO and MD
Annual General Meeting 2019 Resolution 5 Grant of LTI Options to CEO and MD – 11
Slide 12: Resolution 5 proxy snapshot
Percentage 98.83% .94% .23% Annual General Meeting 2019 Resolution 5 Votes OL Holders 109,711,911 85 1,050,058 42 599,403 68 111,361,372 43.59% 565,598 16 Grant of LTI Options to CEO and MD Percentage 98.52% .94% .54% Votes 108,899,481 1,049,758 467,145 110,416,384 43.22% 1,510,586 Holders 96 42 63
Slide 13: Resolution 6: Amendment to the Company's Constitution
Annual General Meeting 2019 Resolution 6 Amendment to the Company's Constitution – 13
Slide 14: Resolution 6 proxy snapshot
Annual General Meeting 2019 PA Resolution 6 RE RE Amendment toLIMITED EML PAYMENTS the Company's Constitution ANNUAL GENERAL MEETING PROXY SNAPSHOT WEDNESDAY 13 NOVEMBER 2019 Proxies at 12/11/2019 08:59 Total Valid As a % of For Open Against Available Votes Issued Capital Abstain¹ TOTAL VALID AS A %
Slide 15: Thank you
Thank you =MI.. Money in Motion
Slide 16: Annual General Meeting
Annual General Meeting Sydney, Australia November 2019 1810EMLAGMD01
Slide 17: Tom Cregan, Managing Director & Group CEO
Tom Cregan 01 04 Managing Director & Group CEO Our Mission & About Us Q1 FY 2020 Financials Update 02 05 FY 2019 Review FY 2020 Guidance 03 06 Business Update Spark Investor Presentation Important Notice This investor presentation has been prepared by EML Payments Limited ABN 93 104 757 904 (EML) an
Slide 18: EML Mission Statement
Annual General Meeting 2019 EML Mission Statement We create awesome, instant and secure payment solutions that connect our customers to their customers, anytime, anywhere, wherever money is in motion. – 18
Slide 19: EML Salary Packaging and EML Pays
Annual General Meeting 2019 EML Salary Packaging EML Pays Watch the video here Watch the video here – 19
Slide 20: Investor Day held on November
Investor Day held on 12 November Showcased EMLs technology with presentations by key partners Attended by investors, analysts, brokers, customers & partners
Slide 21: About Us – EML Snapshot
Annual General Meeting 2019 About Us – EML Snapshot EML is an ASX listed (ASX:EML) GROUP GDV (FY19) GROUP REVENUE (FY19) GROUP EBITDA (FY19) financial services company specialising in prepaid stored value products with offices in $9.03bn $97.2m $29.1m Australia, United Kingdom, Europe, 34% 37% 40% U
Slide 22: FY2019 Review
FY2019 Review =MI.. Money in Motion
Slide 23: Track Record of Growth and Growth Drivers
Annual General Meeting 2019 Track Record of Growth Growth Drivers 82 % Gaming Expand European and North 5 YR 32% Acquisition American programs EBITDA Salary Packaging CAGR 68% Organic Transition contracted benefit accounts Gift and Incentive Expand mall programs and use of instant gift +$8.3m Delega
Slide 24: Constant Growth Drivers
Annual General Meeting 2019 How we think about growth FY19 GDV Growth Strong Organic Growth Acquisitions GDV growth from existing customers in FY19 at $2.0bn $2.3 Billion Constant Growth Drivers 17.5x GPR Acquisition Multiple (2019) Salary Packaging Instant Gift 9.7x Acquisition Multiple (2019) VANS
Slide 25: Financial Overview – Profit & Loss
Annual General Meeting 2019 Financial Overview – Profit & Loss ($’000s) GDV FY2018 6,752,210 FY2019 9,030,911 GROWTH 34% $9.03bn Record Gross Debit Volume, up 34% on prior year driven by G&I and VANs segments TOTAL REVENUE 71,020 97,195 37% Revenue conversion bps GROSS PROFIT 105bps 53,301 108ps 73,
Slide 26: Revenue
Annual General Meeting 2019 Revenue FY19 Revenue by Segment Total Revenue (A$m) $97.2m 37% The adoption of AASB15 has had no impact GPR 5 Year CAGR 97 on the full FY19 financial statements as guided by management. 7% G&I VANS 61% 25% 71 87% Generated from recurring 58 revenue streams 68% $84.6m from
Slide 27: Gross Profit Margins
Annual General Meeting 2019 Gross Profit Margins GROSS PROFIT MARGIN Gross Profit Margins Gross Profit by Segment 75.1% consistent with PCP Group Interest G&I 6% GPR G&I GPR VANS VANS 22% GP Margin In line with our expectations, driven by: — Transitioned majority of our European business to self iss
Slide 28: Income Statement
Annual General Meeting 2019 Income Statement ($’000s) GDV FY2018 6,752,210 FY2019 9,030,911 GROWTH 34% $29.1m 40% Record Group EBITDA in FY19 of $29.1m, EBITDA (A$m) 5 Year CAGR TOTAL REVENUE 71,020 97,195 37% Revenue conversion bps 105bps 108ps 3bps is inclusive of $0.6m acquisition costs. 82% GROS
Slide 29: Balance Sheet
Annual General Meeting 2019 Balance Sheet 30 June 30 June % ($’000s) 2018 2019 CHANGE Cash on hand of $33.1m, with $15m of debt. Underlying Cash and cash equivalents 39,006 33,085 (15%) operating cashflow of $22.1m, excluding one time Contract asset 19,826 31,828 61% accelerated breakage, converted
Slide 30: FY19 Business Update
FY19 Business Update =MI.. Money in Motion
Slide 31: FY19 Business Update
Annual General Meeting 2019 FY19 Business Update Gift & Incentive General Purpose Reloadable (GPR) Virtual Account Numbers (VANS) GDV Revenue GDV Revenue GDV Revenue $1.06bn $66.4m 627bps $2.74bn $23.9m 86bps $5.23bn $6.4m 12bps $0.74bn (FY18) $46.6m (FY18) $3.35bn (FY18) $21.6m (FY18) $2.67bn (FY18
Slide 32: FY20 Trading update
FY20 Trading update =MI.. Money in Motion
Slide 33: EML continues to sign and launch programs across all segments
Annual General Meeting 2019 EML continues to sign and launch programs across all segments G&I Pays G&I GPR VANs – 33
Slide 34: Q1 FY20 Financials Update
Annual General Meeting 2019 Q1 FY20 Financials Update Group Gross Debit Volume (GDV) Group Sources of Revenue 2% 7% 8% 22% $3.21bn $23.2m up 74% Gift & Incentive up 35% Establishment Revenue General Purpose Reloadable Recurring Operating Revenue Virtual Account Numbers Interest Income 71% 90% Q1 FY2
Slide 35: Q1 FY20 Financials Update
Annual General Meeting 2019 Q1 FY20 Financials Update Gift & Incentive General Purpose Reloadable (GPR) Virtual Account Numbers (VANS) GDV Revenue* GDV Revenue* GDV Revenue* $223m $13.6m $715m $6.4m $2,276m $3.1m $139m (Q1 FY19) $9.3m (Q1 FY19) $709m (Q1 FY19) $6.2m (Q1 FY19) $963m (Q1 FY19) $1.0m (
Slide 36: FY2020 - Financial Guidance
Annual General Meeting 2019 FY2020 - Financial Guidance (excluding Prepaid Financial Services) The Group expects Assumptions: EBITDA1 to be in a range of 01 04 A$38.5m-$42.5m Underlying EBITDA now excludes acquisition costs in FY20 and prior Seasonal gift card GDV growth in line with 2018 (4-8%) for
Slide 37: Key Data - 3 Years
Annual General Meeting 2019 Key Data - 3 Years Appendices Key Metrics ($’000s) H1 2017 H2 2017 FY2017 H1 2018 H2 2018 FY2018 H1 2019 H2 2019 FY2019 6mnths 6mnths 12 mnths 6mnths 6mnths 12 mnths 6mnths 6mnths 12 mnths Headcount (closing) 168 170 170 184 182 184 236 275 275 Average Headcount for the p
Slide 38: Key Data - FY17-FY19
Annual General Meeting 2019 Key Data - FY17-FY19 Appendices Key Financials ($’000s) H1 2017 H2 2017 FY2017 H1 2018 H2 2018 FY2018 H1 2019 H2 2019 FY2019 6mnths 6mnths 6 mnths 6mnths 6mnths 6 mnths 6mnths 6mnths 12 mnths Revenue (includes interest income) $27,947 $30,013 $57,960 $33,908 $37,112 $71,0
Slide 39: Acquisition of Prepaid Financial Services and Equity Raising
Acquisition of Prepaid Financial Services and Equity Raising Investor Presentation – 40 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Slide 40: Important notice and disclaimer
Important notice and disclaimer This investor presentation (Presentation) is dated 11 November 2019 and has been prepared by EML Payments Limited (ABN 93 104 757 904) (EML or the Company). By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation, you
Slide 41: Important notice and disclaimer
Important notice and disclaimer This Presentation is for information purposes only and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission (ASIC) or any ot
Slide 42: Important notice and disclaimer
Important notice and disclaimer Past performance Past performance, including past share price performance of EML and pro forma financial information given in this Presentation, is given for illustrative purposes only and should not be relied upon as (and is not) an indication of EML’s views on its f
Slide 43: Appendices
01 Appendices Executive Summary A 02 Key Risks Overview of PFS B 03 International Offer Restrictions Acquisition Rationale 04 EML Financial Update and Acquisition Impact 05 Acquisition Funding – 44 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Slide 44: Executive Summary
Executive Summary ‒ EML Payments Limited (EML) has entered into a binding agreement to acquire 100% of Prepaid Financial Services (Ireland) Limited (PFS) for an enterprise value of £226 million (A$423 million) (Upfront Enterprise Value), plus an earn-out component of up to £55m (A$103 million) (Earn
Slide 45: Executive Summary
Executive Summary ‒ Upfront Enterprise Value of £226 million (A$423 million) comprising £41 million (A$77 million) in EML shares to the vendors2, issued at A$3.55 per share, and £185 million (A$346 million) cash Acquisition Consideration1 ‒ Earn-out Consideration comprising up to £55 million (A$103
Slide 46: Overview of PFS
Overview of PFS NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES – 47
Slide 47: PFS at a Glance
Overview of PFS PFS at a Glance PFS’s prepaid payments and digital banking capabilities, regulatory GDV (£bn) Electronic Money Institution status in the UK and Europe alongside 46% flexible software enables financial institutions and non-financial CY16 – CY19E GDV CAGR2 institutions alike to deliver
Slide 48: Key Investment Highlights
Overview of PFS Key Investment Highlights Leading e-Money company and Banking- Attractive client base BaaS technology embeds sticky, long as-a-Service provider Deep-rooted client relationships including blue-chip term relationships Pan-European footprint with strong underlying growth of financial in
Slide 49: Solution Suite
Overview of PFS Solution Suite Digital Banking & Government, Local Corporate Solutions Multi-Currency Travel Instant Issue & GPR Current Accounts Authority & NGO & Incentive Schemes Cards 43% of GDV 42% of GDV 7% of GDV 6% of GDV 1% of GDV Issuance to unbanked and Customised e-money and Multi-curren
Slide 50: Awards / Customers
Overview of PFS Awards / Customers PFS has received numerous industry awards, which recognise product leadership and growth, and has an attractive and international client base Awards Key Customers Recent Client Wins – 51 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Slide 51: Highly Experienced Management Team
Overview of PFS Highly Experienced Management Team Noel Moran Lee Britton Founder and Chief Executive Officer Chief Commercial Officer Noel has spent his career in Financial Services. He worked with two of the main Before joining Noel at PFS in 2011 Lee held several senior management roles within tr
Slide 52: Financial Performance
Overview of PFS Financial Performance 12 months to 12 months to 12 months to CY2018A Net Revenue by Geography1 31 December 31 December 31 December 20171 20181 20191,2 Actual Actual Forecast GDV growth from in place and new programmes 12% France Gross debit volume UK 1.2 2.0 2.5 31% (£bn) 13% Spain G
Slide 53: Acquisition Rationale
Acquisition Rationale Title line 1 Title line 2 Presentation subtitle NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES – 54 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Slide 54: Strategic Rationale
Acquisition Rationale Strategic Rationale CUSTOMER FINANCIALLY LEADING GLOBAL BROADENS DIVERSIFICATION & OPERATING ATTRACTIVE MANAGEMENT TEAM PLAYER SOLUTION SUITE REVENUE MIX LEVERAGE COMBINED GROUP ALIGNMENT • Leader: Post-Acquisition • New Solutions: Adds • Diversification: Further • Deepen EML E
Slide 55: Expanded Solutions
Acquisition Rationale Expanded Solutions • Adds Digital Banking and Multi-currency offerings to EML’s solution suite Reloadable (GPR / Payout Cards) • Ability to cross-sell PFS’s solutions into EML’s global footprint • PFS deepens EML’s presence in reloadable cards Non-Reloadable (Incentive & Reward
Slide 56: Expanded Capabilities
Acquisition Rationale Expanded Capabilities Licences AFSL & CBOI CBOI & FCA Fully Scale UK and European Footprint 26+ currencies supported, with new currency offerings including HKD, Rand, Currencies 15 26 Shekel, Swiss Franc, the Yen and more Provides entry into 8 new markets, European Footprint 16
Slide 57: Deepening of EML's European Footprint
Acquisition Rationale Deepening of EML’s European Footprint Geography Mix by Net Revenue EML Standalone (FY19) Adds Cash Loading Locations 100k 30% across Europe 50% 20% EML + PFS overlap EML + PFS (FY19) Programmes PFS additions Live in 16 24 30% Countries 58% 12% America Australia EMEA – 58 NOT
Slide 58: EML Financial Update and Acquisition Impact
EML Financial Update and Acquisition Impact NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES – 59
Slide 59: Q1 FY20 Financials Update
EML Financial Update and Acquisition Impact Q1 FY20 Financials Update Group Gross Debit Volume (GDV) Group Sources of Revenue 2% 7% 8% 22% A$3.21bn A$23.2m up 76% up 35% on pcp Gift & Incentive on pcp Establishment Revenue General Purpose Reloadable Recurring Operating Revenue 71% Virtual Account Nu
Slide 60: Q1 FY20 Financials Update
EML Financial Update and Acquisition Impact Q1 FY20 Financials Update Gift & Incentive General Purpose Reloadable (GPR) Virtual Account Numbers (VANS) GDV Revenue * GDV Revenue * GDV Revenue * A$223m A$13.6m A$715m A$6.4m A$2,276m A$3.1m $139m (Q1 FY19) $9.3m (Q1 FY19) $709m (Q1 FY19) $6.2m (Q1 FY19
Slide 61: FY2020 - Financial Guidance (excluding PFS)
EML Financial Update and Acquisition Impact FY2020 - Financial Guidance (excluding Prepaid Financial Services) EML expects underlying EBITDA1,2 Assumptions: 04 to be in a range of Seasonal gift card GDV growth in line with 01 A$38.5m-A$42.5m Underlying EBITDA now excludes acquisition 2018 (4-8%) for
Slide 62: FY2020 - Financial Guidance (Prepaid Financial Services)
EML Financial Update and Acquisition Impact FY2020 - Financial Guidance (Prepaid Financial Services) Assumptions: 04 01 Staff costs are forecast to remain the largest 12 months to 30 June GDV is expected to increase to A$5.3bn driven component of operating expenses at ~24% 2020 Forecast1,2 by growth
Slide 63: Unaudited Pro Forma Combined Statements
EML Financial Update and Acquisition Impact Unaudited Pro Forma Combined Statements as if the Acquisition had been completed on 1 July, 2018 Aggregated5 A$m, June year end PFS FY20 forecasts are based on FY2019 FY2020 FY20194 FY20204 FY2019 FY2020 EML management estimates GDV $9.0bn $13.0bn $4.5bn $
Slide 64: Unaudited Pro Forma Balance Sheet
EML Financial Update and Acquisition Impact Unaudited Pro Forma Balance Sheet FYE 30 June (A$m)1 EML PFS Transaction Pro Forma 30 June 2019 30 June 2019 Adjustments2,3 30 June 2019 Cash and cash equivalents 33.1 15.8 (17.0) 31.9 Contract asset 31.8 - - 31.8 Receivable from financial institution 244.
Slide 65: Acquisition Funding
Acquisition Funding Title line 1 Title line 2 Presentation subtitle NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES – 66 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Slide 66: Acquisition Funding and Terms
Acquisition Funding Acquisition Funding and Terms ‒ Upfront Enterprise Value of £226 million (A$423 million) comprising £41 million (A$77 million) in EML shares to the vendors2, issued at A$3.55 per share, and £182 million (A$340 million) cash Acquisition ‒ Earn-out Consideration comprising up to £5
Slide 67: Sources and Uses
Acquisition Funding Sources and Uses Sources of Funds A$m Uses of Funds A$m Scrip issued to PFS vendors $77 PFS Upfront Enterprise Value $423 Placement and Entitlement Offer $250 Repayment of current EML debt $15 New debt facility drawn $130 Fees & expenses $17 EML cash on balance sheet $15 PFS agre
Slide 68: Overview of the Placement and Entitlement Offer
Acquisition Funding Overview of the Placement and Entitlement Offer ‒ Fully underwritten institutional placement and fully underwritten 1 for 5 pro-rata, accelerated, non-renounceable entitlement offer to raise approximately A$250 million (the Offer Structure Offer) ‒ Approximately 70 million new or
Slide 69: Placement and Entitlement Offer Timetable
Acquisition Funding Placement and Entitlement Offer Timetable Offer Structure Date Trading halt and announcement of the Offer Monday, 11 November 2019 Institutional Entitlement Offer and Placement opens Monday, 11 November 2019 Institutional Entitlement Offer and Placement closes Tuesday, 12 Novembe
Slide 70: Appendix A – Key Risks
Appendix A – Key Risks Title line 1 Title line 2 Presentation subtitle NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES – 71 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Slide 71: Key Risks
Appendix A – Key Risks Key Risks This section discusses some of the key risks associated with any investment in EML, which may affect the value of EML shares. The risks set out below are not listed in order of importance and do not constitute an exhaustive list of all risks involved with an investme
Slide 72: Key Risks – Acquisition Risks
Appendix A – Key Risks Key Risks Acquisition Risks Topic Summary Following completion of the Acquisition, EML will be responsible for any outstanding liabilities that PFS has incurred prior to the Acquisition, including any liabilities that were not identified during EML’s due diligence or which are
Slide 73: Key Risks – Acquisition Risks
Appendix A – Key Risks Key Risks Acquisition Risks Topic Summary Completion of the Acquisition is conditional on certain matters, including certain approvals that are required from the United Kingdom’s Financial Conduct Authority and the Central Bank of Ireland. There is a risk that either of these
Slide 74: Key Risks – Acquisition and Business Risks
Appendix A – Key Risks Key Risks Acquisition Risks Topic Summary The Payment Systems Regulator (“PSR”) notified PFS in February 2018 that it had commenced an investigation under the Competition Act 1998 into anti-competitive conduct in relation to a minor part of its’ business. The progress and scop
Slide 75: Key Risks – Business Risks
Appendix A – Key Risks Key Risks Business Risks Topic Summary EML’s customers are also EML’s customers are also subject to a range of legal and regulatory regimes in the jurisdictions in which they operate, and such laws may be evolving. For example, the regulation of sports subject to laws and bett
Slide 76: Key Risks – Business Risks
Appendix A – Key Risks Key Risks Business Risks Topic Summary EML has in part historically grown its business by acquisition (including the recent acquisitions of Flex-e-Card and PerfectCard), and growth through acquisition is likely to remain an important part of EML’s strategy in the future. This
Slide 77: Key Risks – Business Risks
Appendix A – Key Risks Key Risks Business Risks Topic Summary EML relies on the effective Technology is the key enabler of EML's services. EML and its clients are dependent on the effective performance, reliability and availability of EML's technology platforms, software, third performance of IT par
Slide 78: Key Risks – Business Risks
Appendix A – Key Risks Key Risks Business Risks Topic Summary EML may in the ordinary course of business become involved in litigation and disputes, for example with its suppliers or clients. Any such litigation or dispute could involve significant EML may be involved in economic costs and damage to
Slide 79: Key Risks – Business Risks
Appendix A – Key Risks Key Risks Business Risks Topic Summary EML is exposed to changes in general economic EML’s customers and the end users of EML’s products (including customers of EML’s customers) may be impacted by changes in general economic conditions, such as movements in conditions, legisla
Slide 80: Key Risks – General Investment Risks
Appendix A – Key Risks Key Risks General Investment Risks Topic Summary There are general risks associated with investments in equity capital such as EML shares. The trading price of EML shares may fluctuate with movements in equity capital markets in Australia and internationally. This may result i
Slide 81: Key Risks – General Investment Risks
Appendix A – Key Risks Key Risks General Investment Risks Topic Summary The payment of dividends by EML is determined by the Board from time to time at its discretion, depending on the profitability and cash flow of EML's business. While EML does not Dividends may not be paid have a stated dividend
Slide 82: Appendix B – International Offer Restrictions
Appendix B – International Offer Restrictions Title line 1 Title line 2 Presentation subtitle – 83 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Slide 83: International Offer Restrictions
Appendix B – International Offer Restrictions International Offer Restrictions This document does not constitute an offer of new ordinary shares ("New Shares") of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the
Slide 84: International Offer Restrictions
Appendix B – International Offer Restrictions International Offer Restrictions The following is a summary of the statutory rights of rescission or to damages, or both, available to purchasers in Ontario. In Ontario, every purchaser of the New Shares purchased pursuant to this document (other than (a
Slide 85: International Offer Restrictions
Appendix B – International Offer Restrictions International Offer Restrictions Hong Kong WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the
Slide 86: International Offer Restrictions
Appendix B – International Offer Restrictions International Offer Restrictions Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this docu
Slide 87: International Offer Restrictions
Appendix B – International Offer Restrictions International Offer Restrictions United Kingdom Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 8
Slide 88: Thank you
Thank you =MI.. Money in Motion