Omni Bridgeway Ltd · ASX:OBL
Omni Bridgeway — IMF — Shareholder Meeting (November 2013)
25 slides from Omni Bridgeway's shareholder meeting presentation, Nov 28, 2013
Slide 1: Annual General Meeting
ANNUAL GENERAL MEETING Sofitel Sydney Wentworth For personal use only 28 November 2013 1
Slide 2: Welcome to IMF's Annual General Meeting
ANNUAL GENERAL MEETING For personal use only Welcome to IMF’s Annual General Meeting Rob Ferguson - Non-Executive Non Executive Chairman 2
Slide 3: Agenda
AGENDA Introduction For personal use only Overview of FY2013 – Hugh McLernon, MD − FY2013 Highlights g g − FY2013 Income − Balance Sheet Strength − Investment Portfolio − Investment Portfolio History − Institutional Placement and Share Purchase Plan − Convertible Notes Redemption − Track Record
Slide 4: FY2013 Highlights
FY2013 HIGHLIGHTS For personal use only FY2013 FY2012 FY2011 Gross Income (from cases) $43.9M $117.8M $57.9M Net Income (from cases) $23.8M $70.5M $38.0M NPBT $20 1M $20.1M $61 4M $61.4M $32 8M $32.8M NPAT $13.8M $43.0M $22.9M Dividend* (cents per share) Dividend 5 0 Franked 5.0 10 0 Franked 10.0 15
Slide 5: FY2013 Income
FY2013 INCOME For personal use only FY2013 matter income came from the following cases: Matter Gross Income Net Income LGFS $17.4M $8.8M Lehman Australia $11.0M $7.7M Confidential USA Matter $5.1M $2.3M Confidential A Australian stralian Matter $2 8M $2.8M $1 9M $1.9M Collyer Bristow $1.8M $1.6M Uni
Slide 6: Balance Sheet Strength
BALANCE SHEET STRENGTH For personal use only Cash 2 Investments1 Net Assets $M $M $M $125.50 $70.00 $86.00 $62.40 $111.70 $61.24 $55.01 $66.00 $87.19 $59.63 $42.99 $72.54 $64.78 $40.49 $32.28 FY09 FY10 FY11 FY12 FY13 FY09 FY10 FY11 FY12 FY13 FY09 FY10 FY11 FY12 FY13 1 Investments includes capitalise
Slide 7: Investment Portfolio
INVESTMENT PORTFOLIO For personal use only Updated 27 November 2013 Est. No % of Possible Possible Possible Claim Value Claim of Total Completion Completion Completion2 2 2 Range Value1 Cases Value FY2014 FY2015 FY2016+ <$10M $20M 4 1% $5M $15M - $10M - $50M $325M 14 15% $80M $170M $75M >$50M $1,765
Slide 8: Investment Portfolio History
INVESTMENT PORTFOLIO HISTORY For personal use only IMF has exceeded its expectation of generating average income of 15% of the claim value included in the investment portfolio. Like all averages some cases will achieve greater and some less than 15% 15%. Matters Completed in the Financial year FY09
Slide 9: Institutional Placement and Share Purchase Plan
INSTITUTIONAL PLACEMENT AND SHARE PURCHASE PLAN For personal use only 3 October 2013 announced the successful completion of issue of approximately 18 18.5 5 million shares to institutions and professional and sophisticated investors. 30 October 2013 announced $10.6M raised in an over-subscribed
Slide 10: Convertible Notes Redemption
CONVERTIBLE NOTES REDEMPTION For personal use only 14 October 2013 issued a Redemption Notice for all outstanding Convertible Notes. To convert to IMF ordinary shares (on a 1 for 1 basis) a Conversion Notice must be received on or before 13 December 2013. If a Conversion Notice is not received
Slide 11: Track Record
TRACK RECORD For personal use only IMF’s track record as at 30 June 2013 Summary 149 cases commenced and completed since listing with an average investment of 2.3 years. Generated G t d revenue off $1.278B: $1 278B $849M to Clients; $429M to IMF comprising: ⎯ $148M reimbursement of costs; ⎯
Slide 12: Possible Completions FY2014
POSSIBLE COMPLETIONS FY2014 For personal use only 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. FY2015 Below is a list of matters that may possibly complete in FY20
Slide 13: Possible Completions FY2014
POSSIBLE COMPLETIONS FY2014 For personal use only Matter Description Great Southern The actions by Great Southern unitholders, funded by IMF, continue to advance through the courts. During the year IMF funded a separate action on whether section 6 of the Law Reform (Miscellaneous Provisions) Act (19
Slide 14: Lehman Australia
LEHMAN AUSTRALIA For personal use only IMF is funding 85 council, charities and churches with claims against Lehman Brothers Australia Ltd (“Lehman Australia”). Judgment in the class action on common issues and claims of three representatives delivered on 21 September 2012 – claims wholly succes
Slide 15: Wivenhoe Dam Claim
WIVENHOE DAM CLAIM For personal use only Feb 2012: IMF announced an investigation into: i. whether the Dam was negligently operated in January 2011 and, if so; and ii. whether funded parties suffered sufficient unnecessary loss to make proceedings against the State of Queensland viable. Jan 2013:
Slide 16: IMF and Bentham Capital in the U.S.
IMF AND BENTHAM CAPITAL IN THE U.S. For personal use only US the largest litigation market in the world, but has a less mature litigation funding industry compared to Australia. This led to establishment of Bentham Capital in late 2011 after experience gained from earlier US investments. Fund
Slide 17: Future Outlook
FUTURE OUTLOOK For personal use only Australia Building the investment portfolio portfolio. Competition. Regulation. Taking funding international Expansion in the United States. Assessment A t off expansion i ini United U it d Ki Kingdom. d Funding of international arbitration. CPDO/CD
Slide 18: Resolution: Remuneration Report
RESOLUTION 1 For personal use only "That the Remuneration Report be adopted p by y the Shareholders on the terms and conditions in the Explanatory p y Memorandum." 18
Slide 19: Resolution: Re-election of Alden Halse
RESOLUTION 2 For personal use only "That Mr Alden Halse, who retires in accordance with clause 13.4 of the Constitution and, being eligible, offers himself for re-election,, be re-elected as a Director." 19
Slide 20: Resolution: Re-election of Rob Ferguson
RESOLUTION 3 For personal use only "That Mr Rob Ferguson, who retires in accordance with clause 13.4 of the Constitution and, being eligible, offers himself for re-election,, be re-elected as a Director." 20
Slide 21: Resolution: Non-executive Director Remuneration Cap
RESOLUTION 4 For personal use only "That pursuant to and in accordance with clause 13.8 of the Constitution,, Listing Rule 10.17 and for all other purposes, p p , the maximum aggregate gg g remuneration that may be paid to the non-executive Directors in any yyyear be set at $500,000, to be divided a
Slide 22: Resolution: Adopt New Constitution
RESOLUTION 5 For personal use only “That in accordance with section 136 of the Corporations Act and for all other purposes, the current Constitution be repealed and the new constitution tabled at the Meeting (Proposed Constitution) be adopted on the terms and conditions in the Explanatory Memorandum
Slide 23: Resolution: Change of Name
RESOLUTION 6 For personal use only “That, with effect from the date that ASIC alters the details of the Company’s registration and pursuant to and in accordance with section 157 of the Corporations Act, the name of the Company p y be changedg to "Bentham IMF Limited”.” 23
Slide 24: Resolution: Ratify Placement Share Issue
RESOLUTION 7 For personal use only “That, pursuant to and in accordance with Listing g Rule 7.4 and for all other purposes, Shareholders ratify the issue of 18,481,406 , , Shares to sophisticated and professional investors on the terms and conditions in the Explanatory Memorandum.” 24
Slide 25: Questions
ANNUAL GENERAL MEETING For personal use only QUESTIONS 25