Antipodes Global SMID Fund Units - Class P · ASX:MIDS
Antipodes Global SMID Fund Units - Class P — Antipodes Global Investment Company — Shareholder Meeting (April 2020)
19 slides from Antipodes Global SMID Fund Units - Class P's shareholder meeting presentation, Apr 21, 2020
Slide 1: Extraordinary General Meeting
Click to edit Master title style Extraordinary General Meeting Antipodes Global Investment Company Limited (ASX: APL) 10.00am (Sydney Time), 21 April 2020 Antipodes | 1
Slide 2: Agenda
Agenda Welcome and Logistics for the meeting Chairman’s Address Formal Business
Slide 3: Welcome and Logistics
@) Antipodes Welcome and Logistics le to cast direct votes. wish to vote must eir xy form to the Company’s rdroom Pty Ltd on or befor ril 2020 10.00 am (AEDT Questions: Shareholders can ask questions during the Gene! Meeting. All verbal questions will be moderated by the Company’s outsourced telecon
Slide 4: Chairman's Address
Chairman’s Address Mr Jonathan Trollip
Slide 5: Company Objectives
Chairman’s Address Click to edit Master title style Company Objectives • APL (Company) has been established to provide Shareholders with exposure to a high conviction portfolio of global investments, predominantly comprised of long and short positions in international listed securities. It is intend
Slide 6: Overview of the Company
Chairman’s Address Click to edit Master title style Overview of the Company • Large Scale: Company has net assets of $550 million*, the 4th largest Global equity LIC on the ASX** • High Liquidity: Top 10 most traded LIC on the ASX** • Diverse Shareholder base: Over 8,500 Shareholders with the top 20
Slide 7: Initiatives to close the discount to NTA
Initiatives to close Click to edit Master titlethe discount to NTA style The Board is concerned about the current discount to NTA and remains committed to addressing this unsatisfactory position Maiden dividend (50% franked) Capital Shareholder Final Transparency & Market support management Interim
Slide 8: Formal Business
Formal Business Mr Jonathan Trollip
Slide 9: Recap of the On-Market Buyback to Date
RECAP OFMaster Click to edit THE ON-MARKET title style BUYBACK TO DATE • Commenced on 1 August 2019. Stepped up volume from December 2019. • As at 16th April 2020, 42.9m shares (being ~8% of shares in issue) had been acquired at an average price of $0.97 per share APL on market buyback - Daily Value
Slide 10: Rationale for the Buy-Back Program and its Expansion
RATIONALE FORtitle Click to edit Master THE BUY-BACK PROGRAM AND ITS EXPANSION style 1. Reducing the discount to NTA 2. Enhancing the NTA per share (buying shares at a discount to NTA) 3. Providing liquidity to existing Shareholders Antipodes | 10
Slide 11: Reducing the discount to NTA (Dec 2019)
1. Reducing Click thetitle to edit Master discount style to NTA APL vs Global Equity LIC discount to NTA - 9 Dec 2019 5% 0% -5% -8.19% -10% Global LIC Sector average discount -12.69% APL discount -15% Maiden dividend (50% franked) -20% Final dividend Interim (50% Interim -25% dividend franked) divid
Slide 12: Reducing the discount to NTA (April 2020)
1. Reducing Click the title to edit Master discount style to NTA APL vs Global Equity LIC discount to NTA - 13 April 2020 0% -5% -10% -14.08% -15% APL discount -16.0% Global LIC Sector average discount Maiden -20% dividend (50% franked) Final -25% dividend Interim (50% Interim dividend franked) divi
Slide 13: Enhancing the NTA per share
2. Enhancing Click the to edit Master titleNTA style per share • $0.003 (~0.3%) accretion to pre-tax NTA per share for the period ended 31 December 2019 • Assuming shares in buyback purchased at an average 15% discount to NTA and the entire buyback (102m shares) is completed, the buyback should enha
Slide 14: Providing liquidity to exiting Shareholders
3. Providing Click liquidity to edit Master title styleto exiting Shareholders From 1 January 2020 to 31 March 2020: • 906 Shareholders decreased their holding (758 sold out completely) • 340 Shareholders increased their holding (212 of whom were new Shareholders) Maiden dividend (50% franked) Final
Slide 15: Resolution: Expansion of Buy-Back Program
Formal Business Click to edit Master title style Resolution: Expansion of Buy-Back Program “That, for the purposes of section 257C of the Corporations Act 2001 and for all other purposes, approval is given for the Company to buy-back up to 70,000,000 ordinary shares on market over a period of up to
Slide 16: Requirements for On-Market Share Buy-Back
REQUIREMENTS FOR Click to edit Master title ON-MARKET SHARE BUY-BACK style REQUIREMENTS FOR ON-MARKET SHARE BUY-BACK • addressing the risk of the transaction leading to the Company’s insolvency; • seeking to ensure fairness between the Shareholders of the Company; and • requiring the Company to disc
Slide 17: Votes
Votes Click to edit Master title style Resolution - Proxies Shares Voted (as at 16th April 2020) For 45,299,069 88.81% Open 5,066,556 9.93% Against 640,267 1.26% Abstain 9,895 Source: Boardroom (Company registry) Antipodes | 17
Slide 18: Thank you for joining us
© Antipodes Thank you for joining us
Slide 19: Disclaimer
Disclaimer Click to edit Master title style Note: Past performance is not a reliable indicator of future performance. Antipodes Partners Limited ABN 29 602 042 035 AFSL 481580 (‘Antipodes Partners’, ‘Antipodes’) is the investment manager of Antipodes Global Investment Company Limited ABN 38 612 843
Antipodes Global Investment Company — Shareholder Meeting (April 2020) on 6ix