Gowing Bros. Ltd. · ASX:GOW
Gowing Bros — Investor Presentation (November 2009)
14 slides from Gowing Bros's investor presentation, Nov 16, 2009
Slide 1: 1 for 8 Rights Issue Shareholder Presentation
For personal use only GOWINGS Est. 1868 1 for 8 Rights Issue Shareholder Presentation 16 November 2009
Slide 2: Disclaimer
Disclaimer GOWINGS Est. 1868 For personal use only 1. This Presentation is issued by Gowing Bros Limited (ABN 68 000 010 471) (Gowings or the Company) in relation to an offer (Offer) to subscribe for new ordinary shares in Gowings (New Shares) to be made to eligible shareholders of Gowings (Eligible
Slide 3: Overview
Overview GOWINGS Est. 1868 For personal use only Gowing Bros Limited (Gowings) is pleased to announce a Rights Issue to its shareholders to raise approximately $12.2 million at an offer price of $2.20 per New Share. The Rights Issue is priced at a discount of 19% to the closing price of $2.70 on 13
Slide 4: Summary of Important Dates
Summary of Important Dates GOWINGS Est. 1868 For personal use only Ex Entitlement Date for Rights Issue 18 November 2009 Record Date for determining Entitlements 24 November 2009 Offer Document despatched to Eligible Shareholders 25 November 2009 Offer Opening Date 25 November 2009 Offer Closing Dat
Slide 5: Rights Issue
Rights Issue GOWINGS Est. 1868 For personal use only $3.50 $3.00 $2.50 $2.00 $3.33 $3.23 $3.20 $3.11 $1.50 $2.70 $2.20 $1.00 $0.50 $- Net Assets Per Net Assets Per Net Assets Per Net Assets Per Share Price Rights Issue Price Share before Share before Share after provision Share after provision provi
Slide 6: Rights Issue
Rights Issue GOWINGS Est. 1868 For personal use only New Shares to be issued approximately 5,543,5291 Issue Price per share $2.20 Total Proceeds approximately $12,195,7641 Transaction fees and expenses approximately ($150,000) Net Proceeds after fees and expenses approximately 12,045,7641 1 Due to r
Slide 7: Gowings Investment Portfolio
Gowings Investment Portfolio GOWINGS Est. 1868 For personal use only Current Portfolio Post Rights Issue Portfolio 8% 13% 19% 8% Cash Listed Equities 25% Property (net of debt) 23% Private Equities 49% 53% 1 Based on unaudited financial accounts as at 30 September 2009 adjusted for the dividend re-i
Slide 8: Impact of Rights Issue
Impact of Rights Issue GOWINGS Est. 1868 For personal use only PRE RIGHTS ISSUE1 POST RIGHTS ISSUE1 $ million $ million Cash 19.1 31.1 Listed Equities 79.0 79.0 Property 76.3 76.3 Borrowings (39.0) (39.0) Net Property 37.2 37.2 Private Equities 12.3 12.3 Net Assets before provision for tax on unreal
Slide 9: What to do
What to do GOWINGS Est. 1868 For personal use only Your Entitlement to New Shares will be shown separately on the Entitlement and Acceptance Form to be sent with the Offer Document. Eligible Shareholders may: take up all of the Entitlement in full; take up part of the Entitlement and allow the b
Slide 10: Risk Factors
Risk Factors GOWINGS Est. 1868 For personal use only Any investment in Gowings involves general risks associated with an investment of shares listed on the ASX. The price associated with the New Shares may rise or fall. There are also a number of risk factors, both specific to Gowings and of a gener
Slide 11: Risk Factors
Risk Factors GOWINGS Est. 1868 For personal use only illiquid assets Property assets are by their nature illiquid investments. If property assets are required to be disposed in order to raise liquidity, it may not be possible to dispose of assets in a timely manner or at an appropriate price. as
Slide 12: Risk Factors
Risk Factors GOWINGS Est. 1868 For personal use only chemical or biological incidents), risks where the insurance coverage is reduced (e.g. cyclone, earthquake). Insurers may be unable to meet their indemnity obligations when called upon which could have an adverse effect on earnings. taxation Cha
Slide 13: About Gowings
About Gowings For personal use only INVESTMENT OBJECTIVE To maximise and protect shareholder wealth over the long term. INVESTMENT PHILOSOPHY Investments are made across different asset classes to take advantage of changing cycles. This greatly assists to outperform the equity market during periods
Slide 14: About Gowings
About Gowings For personal use only HISTORY The Gowing family started the Company in 1868 and continues to use the Company as its principal wealth creation and preservation vehicle. The Company, under four generations of the Gowing family, has prospered through 141 years of economic booms and busts,