Omni Bridgeway Ltd · ASX:OBL
Omni Bridgeway — IMF (Australia) — Shareholder Meeting (November 2011)
17 slides from Omni Bridgeway's shareholder meeting presentation, Nov 4, 2011
Slide 1: Annual General Meeting
Annual General Meeting Annual General Meeting Radisson Plaza Hotel Sydney 4 November 2011
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 FY2011 – Hugh McLernon, MD – Highlights – Income – Financial Performance – Balance Sheet – Investment Portfolio – Track Record as at June 2011 – New Agreements in FY2011 Possible Completions in FY2012 Capital Management – Convertible Notes Resolutions Ques
Slide 4: Overview of FY2011
Overview of FY2011 7 cases resolved including: – Commonwealth of Australia (Pan) – Oz Minerals – Babcock & Brown (US) Net income from litigation funding was $38M. Net profit after tax $23M. IMF’s investment portfolio grew by 27% – from $1,404M to $1,779M. 4
Slide 5: FY 2011 Income
FY 2011 Income 7 cases were finalised in FY 2011. Matter Gross Income Gross profit Commonwealth of Australia (Pan) $24.4M $18.1M Oz Minerals $15.6M $12.8M AM Corp $4.0M $0.0M Ceramic Fuel Cells $2.5M $1.8M Perrin & Ors $1.3M $1.1M Babcock and Brown - US $1.6M $0.8M ION $1.5M $0.8M Sub-Total – Matter
Slide 6: FY2011 - Financial Performance
FY2011 - Financial Performance IMF delivered its largest profit since inception. FY2011 FY2010 % Gross Income (from cases) $57.9M $46.1M 26% Net Income (from cases) $38.0M $19.7M 93% NPBT $32.8M $16.8M 95% NPAT $22.9M $11.9 M 92% Interim Dividend (cents per share) 10.0 Franked 5.0 Franked
Slide 7: FY 2011 Highlights
FY 2011 Highlights A Strengthening Balance Sheet. Cash Investments¹ Net Assets $ $ $ $87.19 $59.63 $61.24 $55.01 $72.54 $67.23 $64.78 $51.64 $42.99 $40.49 $32.28 $28.12 FY08 FY09 FY10 FY11 FY08 FY09 FY10 FY11 FY08 FY09 FY10 FY11 ¹ Investments includes capitalised overheads relating to the litigation
Slide 8: Investment Portfolio
Investment Portfolio As at 30 September 2011 Est. No % of Expected Expected Expected Claim Value Claim of Total Completion Completion Completion Range Value* Cases Value FY2011 FY2012 FY2013+ <$10M $18.5M 4 1% $13.5M $5.0M - $10M - $50M $270.0M 13 16% $65.0M $35.0M $170M >$50M $1,430.0M 14 83% $555.
Slide 9: IMF's Track Record as at June 2011
IMF’s Track Record as at 30 June 2011 Summary 123 cases commenced and completed since listing. Generated revenue of $273M to IMF. Invested $86M. 83 Settlements Generated revenue of $251M to IMF. Investment Portfolio 15 Judgments Won 10 cases. Lost 5. Generated revenue of $30M to IMF 25
Slide 10: New Cases in FY11
New Cases in FY11 Matter Rivercity Westgem Babcock & Brown – Australian claim Downer National Australia Bank Others Total $360M 10
Slide 11: Possible Completions in FY 2012
Possible Completions in FY 2012 Matters likely to be completed within the next twelve months Matter Description National Potato Judgment has been delivered in favour of IMF’s client. Awaiting damages assessment. IMF expects to generate income of about $16.5M. Credit Corp This matter is conditionally
Slide 12: Outlook
Outlook No NPAT Forecast FY2012 Target Portfolio of $2B: − US Subsidiary; − Marketing plans; and − UK opportunities. Economic Environment: − Effective litigation lag; − Regulatory environment clarified; and − Expect opportunities. 12
Slide 13: Resolution: Re-election of Rob Ferguson
Resolution 1 “That, Mr Rob Ferguson, 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.” 13
Slide 14: Resolution: Re-election of Alden Halse
Resolution 2 “That, Mr Alden Halse, 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.” 14
Slide 15: Resolution: Re-election of Clive Bowman
Resolution 3 “That, Mr Clive Bowman, being a director appointed as an additional director of the Company, retires in accordance with Clause 13.5 of the Constitution and, being eligible, is hereby re-elected as a director of the Company.” 15
Slide 16: Resolution: Adoption of Remuneration Report
Resolution 4 “That, for the purposes of Section 250R(2) of the Corporations Act, the Remuneration Report be adopted.” 16
Slide 17: Questions and Answers
IMF (Australia) Ltd Questions and Answers 17
IMF (Australia) — Shareholder Meeting (November 2011) on 6ix