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Omni Bridgeway — IMF Bentham — Debt Investor Presentation (March 2017)
19 slides from Omni Bridgeway's debt investor presentation, March 2017
Slide 1: Secured Fixed Rate Notes
For personal use only Secured Fixed Rate Notes March 2017
Slide 2: Disclaimer
DISCLAIMER For personal use only The material in this presentation has been prepared by IMF Bentham Limited (IMF) and is general background information about IMF's activities. The information is given in summary form and does not purport to be complete. This presentation is provided for general
Slide 3: Overview of IMF Bentham Limited
OVERVIEW OF IMF BENTHAM LIMITED For personal use only IMF has delivered a global MOIC of 1.55x (including withdrawals) since listing. IMF is continuing to execute its growth strategy including international expansion, diversification and capital management. IMF Fast Facts Detail A leading global lit
Slide 4: IMF's Competitors
IMF’S COMPETITORS For personal use only In Australia it is estimated that IMF has 69% of the litigation funding market. (ref : IBIS 2014) The key industry participants in the markets in which IMF operates include: Australia US Europe/Asia JKL/Longford Capital Burford Harbour Litigation Lending Ser
Slide 5: Consistent Risk Management
CONSISTENT RISK MANAGEMENT For personal use only IMF’s risk management process includes Case selection, Investment Committee review, and Case Management. Case selection must meet minimum legal, factual and commercial criteria before recommendation to the Investment Committee. Rigorous Investme
Slide 6: FY17 Operational Highlights
FY17 OPERATIONAL HIGHLIGHTS For personal use only Strong 1H17 with growth across all metrics. Opened fourth national office in in US, in Houston TX. Building presence in Asia. Seeking cases in Singapore. Permanent office in Singapore to be opened before 30 June 2017. Portfolio value now exce
Slide 7: Result Overview and Highlights
RESULT OVERVIEW and HIGHLIGHTS For personal use only HY2017 HY2016 FY2016 HY2017 V HY2016 Contract Income $66.6M $26.2M $99.7M 154% Litigation Expenses $(35.6)M $(17.0)M $(46.8)M 109% Net Income (from cases) $35.0M $11.8M $53.0M 197% Operating Expenses $(15.1)M $(12.5)M $(29.0)M 21% NPBT $21
Slide 8: Investment Portfolio at December 2016
INVESTMENT PORTFOLIO AT 31 DECEMBER 2016 IMF has generated average gross revenue in excess of 15% of the estimated portfolio value of a case at the time For personal use only the case is completed. Possible Possible Possible Estimated Proportion Number of completion completion completion Portfolio v
Slide 9: Investment Portfolio at December 2016 - Notes
INVESTMENT PORTFOLIO AT 31 DECEMBER 2016 For personal use only Notes to the Group’s Case Investment Portfolio a) Past performance indicates that the Group has generated average gross revenue in excess of 15% of the Estimated Portfolio Value (EPV) of a case at the time it is completed (Long Term Conv
Slide 10: Cases Funded Since December 2016
CASES FUNDED SINCE 31 DECEMBER 2016 For personal use only Since 31 December 2016: IMF has unconditionally funded six cases IMF has provided additional funding to one of its existing funded cases in the United States The total committed investment for these cases is $28M CaseTargets: DESCRIPTIO
Slide 11: Balance Sheet Strength
BALANCE SHEET STRENGTH For personal use only Cash Investments1 Net Assets $M $M $M 2 $166.14 $208.65 $161.86 $207.63 $145.63 3 $142.53 $134.40 $201.39 $130.11 $124.34 $99.48 $93.61 $185.90 $79.14 $179.08 HY15 FY15 HY16 FY16 HY17 HY15 FY15 HY16 FY16 HY17 HY15 FY15 HY16 FY16 HY17 1 Investments include
Slide 12: Funding Track Record Excluding Withdrawals
FUNDING TRACK RECORD EXCLUDING WITHDRAWALS For personal use only IMF’s track record to 31 December 2016 157 cases commenced and completed since listing MOIC of 1.6x (excluding withdrawals) Average investment period of 2.6 years 90% success rate 128 Revenue Summary Settlements (81%) Revenue t
Slide 13: Growth Opportunities
GROWTH OPPORTUNITIES For personal use only IMF has identified significant opportunities for growth and diversification. Item Opportunity Major domestic growth Renewed focus on the insolvency market. opportunities Developments with open class actions with common funds. New products in family la
Slide 14: Growth Strategy
GROWTH STRATEGY For personal use only The company’s stated growth focus includes: Supporting the significant business growth in New York, Los Angeles, San Francisco and Houston; Pursuing new product opportunities, including further bankruptcy opportunities in the US; Geographic expansion in
Slide 15: Capital Management
CAPITAL MANAGEMENT For personal use only IMF Bentham has an ongoing strategy to fund growth through a variety of sources including debt. The first tranche of secured unlisted corporate notes were issued in April 2016, raising A$32 million. The Company is seeking new debt in the form of a secon
Slide 16: Summary of Key Terms of Bentham IMF US Investment Vehicle
SUMMARY OF KEY TERMS OF BENTHAM IMF US INVESTMENT VEHICLE For personal use only Up to US$200 million of capital. Draw down of capital over a three-year period, with minimum annual tranches applying. IMF to be managed by a board of managers appointed by IMF. IMF’s US operating subsidiary, Ben
Slide 17: Benefits of Bentham IMF US Investment Vehicle
BENEFITS OF BENTHAM IMF US INVESTMENT VEHICLE For personal use only By leveraging its investments in the US, IMF is aiming to generate a return from the capital it invests in the Bentham IMF Funding Vehicle that is far superior to the return it would expect to achieve by investing the same amount
Slide 18: Common Fund Orders
COMMON FUND ORDERS For personal use only Decision by Full Court of Federal Court in Money Max v QBE in October 2016. Provided judicial guidance on factors relevant to the grant of common fund orders that underpin the commercial viability of open class, class actions. There will remain a range
Slide 19: Key Risks - IMF
KEY RISKS - IMF 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 exe
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