Omni Bridgeway Ltd · ASX:OBL
Omni Bridgeway — IMF Bentham — Investor Presentation (February 2014)
12 slides from Omni Bridgeway's investor presentation, February 2014
Slide 1: Investor Presentation February 2014
INVESTOR PRESENTATION FEBRUARY 2014
Slide 2: Contents
CONTENTS HY2014 Highlights Balance Sheet Investment Portfolio Possible P ibl C Completions l ti iin 2H14 Track Record Wivenhoe Dam Claim Structured Finance Ratings Claims New Cases Future Outlook 2
Slide 3: HY2014 Highlights
HY2014 HIGHLIGHTS HY2013 HY2014 % Gross Income (from cases) $ $20.6M $ $33.6M 63% Net Income (from cases) $10.5M $16.9M 61% NPBT $8.7M $13.6M 56% NPAT $5.6M $9.1M 63% Interim Dividend (cents per share) Nil 5 cents 5 cents EPS 4.55 6.70 47% Net Asset Backing (cents per share) 95.20 119.81
Slide 4: Balance Sheet Strength
BALANCE SHEET STRENGTH Cash Investments1 Net Assets $M $M $M $85.80 $98.50 $196.902 $70 90 $70.90 $70 00 $70.00 $86.00 $62.40 $74.20 $69.19 $66.00 $52.31 $125.50 $117.30 $111.70 $ $92.97 HY12 FY12 HY13 FY13 HY14 HY12 FY12 HY13 FY13 HY14 HY12 FY12 HY13 FY13 HY14 1 Investments includes capitalised ove
Slide 5: Investment Portfolio
INVESTMENT PORTFOLIO % of Possible Possible Possible Claim Value Est. Claim No 2 Total Completion Completion Completion Range Value of Cases Value FY20143 FY20153 FY20163 <$10M $27M 5 1% $5M $22M ‐ $10M ‐ $50M $410M 15 21% $155M $160M $95M >$50M $1,505M 10 78% $280M $725M $500M Total Portfolio1 $1,9
Slide 6: Possible Completions in 2H14
POSSIBLE COMPLETIONS IN 2H14 Given the nature of litigation, allocation of the portfolio between years may change. This occurred in the September assessment as Court dates for two large cases moved into FY2015. Below is a list of matters that may possibly complete in 2H14. Other matters may also com
Slide 7: Possible Completions in 2H14
POSSIBLE COMPLETIONS IN 2H14 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 h d been had b charged h
Slide 8: Track Record
TRACK RECORD IMF’s track record to 31 December 2013 Summaryy 152 cases commenced and completed since listing. Average investment period of 2.3 years. Generated revenue of $1.36B: $$849M to Clients (65%); $474M to IMF comprising: • $159M reimbursement of costs (12%); and • $315M net revenue
Slide 9: Wivenhoe Dam Claim
WIVENHOE DAM CLAIM Feb 2012: IMF announced an investigation into: i. whether the Dam was negligently operated in January 2011 and, iff so; ii. whether funded parties suffered sufficient unnecessary loss to make proceedings against the State of Queensland viable. Jan 2013: IMF confirmed investiga
Slide 10: Structured Finance Ratings Claims
STRUCTURED FINANCE RATINGS CLAIMS Sep 2012 Judgment against distributor – Lehman Brothers Australia. Nov 2012 Judgment against ratings agency S&P, ABN and Local Government Financial Services (LGFS). Nov 2012 Filed further claim against S&P and ABN Amro in Australia. Dec 2012 Created Dutch Foundation
Slide 11: New Cases
NEW CASES Matter Description Treasury Wine Estates IMF is now satisfied that the claim value is sufficient to proceed. The matter has now been treated as unconditional and was included in the Investment Portfolio as at 31 December 2013. Proceedings will be issued shortly. shortly Brisconnections Thi
Slide 12: Future Outlook
FUTURE OUTLOOK Australia Building B ildi th the investment i t t portfolio tf li >$2B. $2B Competition. Regulation. Taking funding international Expansion in the United States Bentham US 7 funded cases to date. Assessment of expansion into the United Kingdom. Fundingg of international