Omni Bridgeway Ltd · ASX:OBL
Omni Bridgeway — Bentham IMF — Investor Presentation (October 2014)
17 slides from Omni Bridgeway's investor presentation, October 2014
Slide 1: Investor Presentation October 2014
For personal use only INVESTOR PRESENTATION Diane Jones October 2014 Chief Operating Officer
Slide 2: Contents
CONTENTS For personal use only What is Litigation Funding Overview of Bentham IMF Limited FY2014 Highlights Balance Sheet Strength Dividend Investment Portfolio at 30 June 2014 Investment Portfolio History Possible Completions in FY2015 New Cases Select Case Updates Track Recor
Slide 3: What is Litigation Funding
WHAT IS LITIGATION FUNDING For personal use only As a “litigation funder” IMF provides funding on a contingency basis to businesses and individuals with claims for loss and damage. damage IMF provides funding for the client’s case or to the client and, in jurisdictions where adverse costs are re
Slide 4: Overview of Bentham IMF Limited
OVERVIEW OF BENTHAM IMF LIMITED For personal use only IMF is the pre‐eminent litigation funding company operating in Australia and has, by far, the major portion of the litigation funding business in this country Item Description Australia’s leading litigation Formed in 1999 and listed on ASX in 2
Slide 5: Overview of Bentham IMF Limited: growth opportunities
OVERVIEW OF BENTHAM IMF LIMITED For personal use only IMF has identified significant growth opportunities Item Description Major growth opportunities IMF is funding the Wivenhoe Dam case in Australia, which is expected to be its largest case funded to onshore date. Renewed focus on the insolvenc
Slide 6: FY2014 Highlights
FY2014 HIGHLIGHTS For personal use only FY2013 FY2014* % Gross Income (from cases) $43 9M $43.9M $75 9M $75.9M 73% Net Income (from cases) $24.6M $25.3M* 3% NPBT $20.1M $15.6M 23% NPAT $13.8M $9.9M 29% Dividends (cents per share) 5 cents 10 cents 5 cents EPS 11.21 6.56 41% Net Asset Back
Slide 7: Balance Sheet Strength
BALANCE SHEET STRENGTH For personal use only Cash Investments1 Net Assets $M $M $M $105.57 $98.64 $191.13 2 $86.13 $67.98 $66.00 $62.40 $125.50 $59.63 $55.01 $111.70 $42.99 $40.49 $87.19 $72.54 FY10 FY11 FY12 FY13 FY14 FY10 FY11 FY12 FY13 FY14 FY10 FY11 FY12 FY13 FY14 1 Investments includes capitali
Slide 8: Dividend
DIVIDEND For personal use only Dividend History Future Dividend Policy DATE CENTS PER The Directors have determined they will SHARE consider, and where appropriate FY2010 5 Fully franked implement, a regular semi‐annual dividend which reflects the cash position of the FY2011 15 Fully franked Compa
Slide 9: Investment Portfolio at June 2014
INVESTMENT PORTFOLIO AT 30 JUNE 2014 For personal use only No % of Possible Possible Possible Claim Value Est. Claim of Total Completion Completion Completion Range l 1 Value Cases Value FY20152 FY20162 FY20172 <$10M $32M 6 2% $25M $7M – $10M ‐ $50M $395M 14 19% $200M $35M $160M >$50M $1,640M 10 79%
Slide 10: Investment Portfolio History
INVESTMENT PORTFOLIO HISTORY For personal use only IMF Case Investment Portfolio 2500 2000 1500 Portfoliio ($m) 1000 500 0 30 June 2010 30 June 2011 30 June 2012 30 June 2013 30 June 2014 Financial Year Ending 10
Slide 11: Possible Completions in FY2015
POSSIBLE COMPLETIONS IN FY2015 For personal use only Below is a list of matters that have completed or may complete in FY2015. Other matters may also complete in that period. Matter Description Premium Income A class action by unitholders and an action by the Responsible Entity against auditors of t
Slide 12: Possible Completions in FY2015 (continued)
POSSIBLE COMPLETIONS IN FY2015 For personal use only Matter Description Bank Fees On 4 February 2014 Justice Gordon delivered judgment in the Bank Fees matter. The findings in favour of IMF's clients were that late payment fees were penalties at law and that certain inter account exception fees
Slide 13: New Cases
NEW CASES For personal use only 8 new cases were funded in FY2014 (with a claim size in the portfolio of $765M). Matter D Description i i Wivenhoe Long investigation phase and proceedings were filed on 8 July 2014. Class action alleging the Dam was negligently operated and that material flooding
Slide 14: Select Case Updates
SELECT CASE UPDATES For personal use only Matter Update Rivercity Class action by persons who purchased units under the product disclosure statement alleging that the traffic forecasts in the PDS were misleading and deceptive and omitted information. Multiple interlocutory disputes. Expert evide
Slide 15: Track Record
TRACK RECORD For personal use only IMF’s track record to 30 June 2014 Settlements Summary 159 cases commenced and completed since Won listing. Average A investment i t t period i d off 2 2.3 3 years. Generated revenue of $1.47B: $957M to Clients (65%); 14 $514M to IMF comprising: 104 159 C
Slide 16: Future Outlook
FUTURE OUTLOOK For personal use only Further development of international funding platform: Expansion E i ini the th US (new ( staff, t ff more cases). ) Expansion in the UK and Europe (joint venture). Funding in Hong Kong (focus on insolvency cases). Building the investment portfolio abov
Slide 17: Key Risks
KEY RISKS For personal use only Item Description Choosing, and remaining in, a If a funded case is lost IMF will lose not only its investment but may also have to pay the defendant’s funded case that is ultimately costs. lost Reliance on key management IMF depends substantially on its executive