Omni Bridgeway Ltd · ASX:OBL
Omni Bridgeway — IMF (Australia) — Shareholder Meeting (November 2010)
23 slides from Omni Bridgeway's shareholder meeting presentation, Nov 5, 2010
Slide 1: Annual General Meeting
Annual General Meeting Radisson Plaza Hotel Sydney 5 November 2010
Slide 2: Welcome to IMF's Annual General Meeting
Annual General Meeting Welcome to IMF’s Annual General Meeting Rob Ferguson - Non-Executive Chairman 2
Slide 3: Agenda
Agenda Introduction Overview of FY2009 – Diane Jones, COO – Highlights – Income – Recent Financial Performance – Balance Sheet – Investment Portfolio – Track Record as at June 2010 – New Agreements in FY2010 Possible Completions in FY2011 Capital Management – Convertible Notes Resolutions
Slide 4: Overview of FY2010 Highlights
Overview of FY2010 Highlights 7 major cases resolved including: – Sons of Gwalia – AWB – Westpoint PIS – Westpoint Quantum Net income from litigation funding was $18.7M IMF’s investment portfolio grew by 33% – from $1,057M to $1,403M 4
Slide 5: Overview of FY2010 – Income
Overview of FY2010 – Income Matter Gross Gross Profit Income (before tax)1 Sons of Gwalia $45M $13.2M AWB $60M $7.3M Westpoint PIS $10M $1.5M Peninsula Shipping $1M ($0.2M) Opes $10M $0.5M Westpoint Quantum $5M $1.1M NEIB $10M $0.2M Others2 $0.5M ($4.8M) Total $141.5M $18.7M ¹ Income less cost of ca
Slide 6: Recent Financial Performance
Overview of FY2010 Recent Financial Performance IMF’s financial performance remains strong: FY10 FY09 FY08 Gross Income (from cases) $46.1M $63.2M $55.2M Net Income (from cases) $18.7M $35.1M $33.8M NPBT $16.8M $30.4M $24.8M NPAT $11.9M $20.8M $17.2M Dividend (cents per share) 5.0 15.0 5.0 Franked F
Slide 7: Overview of FY2010 - Balance Sheet
Overview of FY2010 - Balance Sheet A strong balance sheet $M $M $M ¹ Investments includes capitalised overheads relating to the funded litigation. 7
Slide 8: Investment Portfolio
Investment Portfolio As at 30 September 2010: Est. No % of Expected Expected Expected Claim Value Claim of Total Completion Completion Completion Range Value Cases Value FY2011 FY2012 FY2013+ <$10M $62.5M 12 4% $38M $14.5M $10M $10M - $50M $498M 17 30% $68M $300M $130M >$50M $1,085M 10 66% $395M $39
Slide 9: IMF's Track Record as at Oct 2010
IMF’s Track Record as at Oct 2010 116 cases commenced and completed since listing. Generated $230M for IMF on investment of $84M (Recovered over $760M for clients) Average time to completion of 2.3 years. 78 Settlements 67% of cases $204M income (88% of total) ROI 285% Avg 2.6 years Wi
Slide 10: New Cases in FY10
New Cases in FY10 Maximum Claim Matter Value Uniloc $150M Bank Fees $100M Collyer Bristow (joint funding with Allianz) $Confidential ABC Learning Centres – Liquidator’s Investigations $Unknown Transpacific Industries Ltd >$30M Haskins $10M Babcock & Brown – US claim $9M Others $232M (Bauxite / Bank
Slide 11: RALIA) LTD
RALIA) LTD (AUST!
Slide 12: Bank Fees Class Action
Bank Fees Class Action Launched 12 May 2010 First proceeding filed against ANZ Bank on 22 September 2010 Exception fees over the last 6 years - Honour fees - Dishonour fees - Over limit fees - Late payment fees Targeting 12 Banks 230,000 account holders signed funding agreement Expect cl
Slide 13: Possible Completions in FY2011
Possible Completions in FY2011 Matter Est. Description Claim Value Sons of Gwalia $18M Interim dividend declared by the Administrator. Payment expected prior to 31 December 2010 National Potato $70M Proceedings are expected to be completed in October 2010 and judgment is expected in early calendar 2
Slide 14: Possible Completions in FY2011
Possible Completions in FY2011 Matter Est. Description Claim Value ION $10M First dividend expected to be declared by the Liquidator prior to 31 December 2010 Hydrocool $7M This case was completed in August 2010. Judgment is expected prior to 31 December 2010. Confidential $100M It is anticipated th
Slide 15: Capital Management – Convertible Notes
Capital Management – Convertible Notes IMF Redeemable Notes are redeemable convertible notes which are secured debt obligations with fixed and floating Convertible charges over the assets of IMF (Australia) Ltdd Notes Offer Size Approximately $39.1m, comprising: - $20.1m 1 Note for 10 IMF shares non
Slide 16: Capital Management – Convertible Notes
Capital Management – Convertible Notes Key Investor Holders may require that all Notes be redeemed if an Event of Default occurs Protections If an Event of Default occurs IMF must redeem all notes that have not been converted for the Face Value plus accrued but unpaid interest Events of Default Even
Slide 17: Outlook
Outlook No NPAT Forecast FY2011 Target Portfolio of $2B by 30 June 2011: − Marketing plans; − US opportunities; and − UK opportunities. Economic Environment: − Effective litigation lag; − Regulatory environment clarified; and − Expect opportunities. 17
Slide 18: Resolution: Re-election of Hugh McLernon
Resolution 1 “That, Mr Hugh McLernon, being a director of the Company, retires by rotation in accordance with Clause 13.2 of the Constitution and, being eligible, is hereby re-elected as a director of the Company.” 18
Slide 19: Resolution: Re-election of John Walker
Resolution 2 “That, Mr John Walker, being a director of the Company, retires by rotation in accordance with Clause 13.2 of the Constitution and, being eligible, is hereby re-elected as a director of the Company.” 19
Slide 20: Resolution: Adoption of Remuneration Report
Resolution 3 “That, for the purposes of Section 250R(2) of the Corporations Act, the Remuneration Report be adopted.” 20
Slide 21: Resolution 4
Resolution 4 “Pursuant to Chapters 2D.2 and 2E of the Corporations Act and for all other purposes approval be given to the Company, to: (a) indemnify each Director, during the period of directorship and after the cessation of directorship, in respect of certain claims should any be made against that
Slide 22: Resolution 5
Resolution 5 "That, for the purposes of section 195(4) of the Corporations Act and for all other purposes, Shareholders approve and authorise the Directors to complete the transactions as contemplated in Resolutions 1, 2, 3 and 4 of this Notice." 22
Slide 23: Questions and Answers
IMF (Australia) Ltd Questions and Answers 23
IMF (Australia) — Shareholder Meeting (November 2010) on 6ix