WAM Global (ASX: WGB) Initial public offering presentation
Disclaimer This presentation has been prepared by MAM Pty Ltd and Wilson Asset Management (International) Pty Ltd (Wilson Asset Management) for use in conjunction with a verbal presentation and should be read in that context. This presentation Information for the graphs, charts and quoted indices contained in this presentation has been sourced from WAM Capital Ltd, WAM Leaders Ltd, WAM Research Ltd, WAM Active Ltd, WAM Microcap Ltd, Century Australia Investments Ltd and WAM Global Ltd unless otherwise stated. This presentation is proprietary to Wilson Asset Management. It may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of Wilson Asset Management. The information in this presentation is only intended for Australian residents. The purpose of this presentation is to provide information only and the contents of the presentation do not purport to provide investment or financial advice. We strongly suggest that investors consult a financial advisor prior to making any investment decision. The presentation does not take into account the investment objectives, financial situation or particular needs of any person and should not be used as the basis for making investment, financial or other decisions. The information is selective and may not be complete or accurate for your particular purposes and should not be construed as a recommendation to invest in any particular investment or security, or listed investment company offered by Wilson Asset Management. The information provided in this presentation is given in good faith and is believed to be accurate at the time of compilation. Neither Wilson Asset Management, WAM Capital Ltd, WAM Leaders Ltd, WAM Research Ltd, WAM Active Ltd, WAM Microcap Ltd, Century Australia Investments Ltd and WAM Global Ltd nor their respective directors or employees (Wilson Asset Management parties) make any representation or warranty as to the accuracy, reliability, timeliness or completeness of the information. To the extent permissible by law, Wilson Asset Management parties disclaim all liability (whether arising in contract, tort, negligence or otherwise) for any error, omission, loss or damage (whether direct, indirect, consequential or otherwise). Performance figures quoted in the report are past performance. Past performance is not an indicator of future performance. None of the Wilson Asset Management parties guarantee or make any representation as to the performance of the listed investment companies, the maintenance or repayment of capital, the price at which shares may trade or any particular rate of return. This presentation includes “forward looking statements” within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of the words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” “guidance” and other similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of any Wilson Asset Management party, that may cause actual results to differ materially from those expressed or implied in such statement. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward looking statements and Wilson Asset Management assumes no obligation to update such information. This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase, any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment. Without limiting this, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States.
St Stron ong r g ris isk-adju djusted r d returns f from om u unde dervalu lued d in internation ional l gr growt owth com ompa panie ies Investment objectives – Provide capital growth over the medium-to-long term – Deliver a stream of fully franked dividends – Preserve capital Page 3
An exclusive offer – Strictly limited to $550 million – raising up to $330 million with oversubscriptions of $220 million – $165 million (30%) priority allocation to the WAM Family: – $150 million priority allocation to c. 55,000 WAM, WLE, WMI, WAX, WAA and CYA shareholders* – $15 million priority allocation to past shareholders, family, friends and WAM subscribers* – $2.20 issue price and pro forma net asset value – no options – The investment manager will pay all costs associated with the IPO – Selling fee: 1.5% including GST Page 4 * And their associated entities
Long-term performance Since inception Performance at 1 3 yrs 5 yrs 10 yrs %pa 28 February 2018 yr %pa %pa %pa (Aug-99) 15.0% 15.9% 15.4% 13.6% 17.7% WAM Investment Portfolio * S&P/ASX All Ordinaries 10.8% 5.7% 8.1% 5.2% 8.4% Accumulation Index +4.2% +10.2% +7.3% +8.4% +9.3% Outperformance Page 5 * Investment performance and Index returns are before expenses, fees and taxes
Experienced Board of Directors Geoff Wilson AO Gabrielle Trainor AO Kate Thorley Caesar Bryan BSc GMQ FFINSIA FAICD LLB MA FAICD BCom CA GAICD LLB Non-independent Chairman Independent Director Non-independent Director Independent Director Caesar Bryan is an Kate Thorley has more than 12 Gabrielle Trainor AO is a highly Geoff Wilson has over 37 years’ international fund manager years’ experience in the funds experienced non-executive direct experience in investment with 39 years’ investment management industry and director and advisor with over markets having held a variety of experience gained primarily more than 18 years of financial 25 years on public and private senior investment roles in with Gabelli Funds, which accounting and corporate boards. Gabrielle’s executive Australia, the UK and the US. manages more than US $40bn. governance experience. Kate career has spanned law, Geoff Wilson is the Chairman and Thorley is the CEO of Wilson journalism, government and Founder of Wilson Asset Page 6 Asset Management. consultancy. Management.
Strong investment leadership Chris Stott Catriona Burns CFA Geoff Wilson AO Chairman Chief Investment Officer Lead Portfolio Manager & Portfolio Manager & Portfolio Manager B Comm M App Fin BSc GMQ FFINSIA FAICD B Bus Grad Dip App Fin 14+ years’ Australian and global 37+ years’ market experience 14+ years’ market experience market experience Page 7
Robust investment and management team Kate Thorley Nick Healy Matthew Haupt CFA Martin Hickson Oscar Oberg CFA John Ayoub BCom CA GAICD BEng MBA BCom GradDipAppFin BBus BComp MAppFin LLB BBus LLB BA GradCertAppFin Chief Executive Officer Global Equity Analyst Portfolio Manager Portfolio Manager Portfolio Manager Senior Equity Analyst Tobias Yao CFA Cooper Rogers Jesse Hamilton James McNamara Martyn McCathie BCom GradDipAppFin BCom CA BJourn MComm GradDipFin General Manager BCom Assistant Dealer Chief Financial Officer Head of Corporate Affairs Senior Equity Analyst Page 8
Proprietary rating process – Rate management Qualitative – Rate industry/position – Forecast EPS growth Quantitative – Valuation – Buy only when a CATALY LYST is identified – Sell when valuation reached Page 9
Investment case study Global leader in seamless payments Why it rated – Industry consolidating, new technology platform, emerging market opportunity Catalyst – Acquisition integration and earnings upside Page 10
Investment case study Leading mechanical and plant engineering firm with automation expertise Why it rated – Quality management, strong balance sheet, favourable industry structure Catalyst – Improving Asian demand and earnings upside Page 11
US and global leading economic indicators Source : OECD Page 12
US growth leading the way Page 13
US unemployment rate Page 14
Global opportunities Page 15
Offer summary ASX code WGB Offer structure Fully paid ordinary shares at $2.20 per share Minimum raising $16.5 million Maximum raising $330 million (before oversubscriptions) Oversubscriptions $220 million Priority allocation $165 million Minimum subscription Minimum application amount $2,200 Investment manager Wilson Asset Management Portfolio managers Catriona Burns, Geoff Wilson, Chris Stott Fee structure Management fee: 1.25% Performance fee: 20% Page 16 The investment manager will pay all costs associated with the WAM Global IPO.
Key dates 23 April 2018 Prospectus lodged with ASIC 1 June 2018 Broker firm offer expected to close 8 June 2018 Priority and general offers expected to close 22 June 2018 Shares expected to commence trading on the ASX Page 17
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