Alternative sources of funding
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1 Alternative sources of funding Seminar at the London Stock Exchange 18 May 2012 CHRYSTAL CAPITAL - ALL RIGHTS RESERVED
2 Funds raised ( million) billions Traditional financing options: Going, going.? Straight bank debt difficult Lack of lending to higher growth /risk companies Net lending negative every month since 2008 Securing debt is a lengthy and time consuming process Private Equity: Fundraising, Investments & Divestments Funds Raised Investments Divestments Equity raising under pressure Sources: EVCA Yearbook 2012 Private equity funds suffering and withholding capital AIM IPO financings collapsed: 75m in first four months 2012 vs. 609m total for 2011 Secondary signs of stress: 794 issues to raise only 1.2bn in first four months Equity raised on AIM Total Ex-natural resources Sources: London Stock Exchange as at 31 December
3 Mind the funding gap Companies are undervalued, vulnerable and facing a financing gap Private companies having to stay private longer Rise in bids for AIM listed companies A spike in de-listings 134 left AIM over last 12 months Big price discounts on public secondary placements Market inadequately equipped to help Limited flexibility in financing products NOMAD/brokers primarily geared to public institutional ordinary equity placements At the same time growth and M&A opportunities now greater than ever for SMEs 3
4 Chrystal Capital Partners Helping companies access new or under-explored capital pools & structures Equity Family offices filling the equity gap with direct investments into companies Chrystal s network of 200+ families financing pre IPO and IPO deals Debt Convertible bonds for listed companies Retail bonds Non traditional bank finance Alternative structures
5 Convertible bonds Typical bond characteristics Minimum 20m bond offering & maximum of 30% potential dilution Unsecured debt obligation or covenants with an offset to senior indebtedness Instrument publically traded by global institutional investors Key issuer characteristics Market cap minimum 50 million Financial stability with strong earnings growth and interest cover Proven management team & transparent operations Liquidity preferably 1m+ daily trade, ideally c. 3m Historically the preserve of large-caps, now available to smaller issuers Chrystal has acted on two recent financings: 65m raised for Sportingbet Plc and $70m for Lonrho Plc 5
6 Smaller convertible loans Partnership with Optimus Capital to source & finance secured convertible loans for listed smaller companies Typical loan characteristics Private, secured convertible loans of 500k to 10m 3-5 year duration Coupon typically 8-10% p.a. IRR to conversion including redemption premium 20% Key issuer characteristics Funding must deliver transformational impact on the business Proven management team & transparent operations Coupon must be affordable out of cash flow 13 transactions completed by Optimus team in the last three years Examples include Spiritel, bglobal and Cleardebt 6
7 Retail Bonds ORB: transparent secondary market giving small private investors access to corporate bonds Over 1.7 billion raised in 20 new issues and four taps of existing ORB issues Opens up new source of capital for companies seeking to diversify investor base Private investors seek income generating alternatives in context of low interest rates and market volatility Smaller denominations than traditional corporate bonds as low as 1, more typically 100 Public & private issuers: Tesco Bank, HSBC, ICG, Places for People Parameters (based on historic ORB issues) Bonds of million issued since launch in 2010 Duration 5-10 years Coupon 1-7% Denomination 1-1,000 7
8 Commodity stream finance Alternative asset source of development finance for listed natural resources companies Typical finance characteristics Immediate up-front capital payment: $10 $200 million to develop or expand projects Subsequent fixed payments based on production cost per unit of resource produced Share of future production ranges from 5-30% of output Typical company characteristics Listed resources companies: precious metals, base metals, coal, oil & gas Assets within 24 months of production in stable geographic locations Advantages over traditional debt and equity Asset specific: does not dilute company s other projects Finances project development without diluting shareholder value Less onerous than debt: retains flexibility for raising debt in the future as assets are unencumbered 8
9 Family office capital Strong and growing network of large single family offices Significant discretionary capital that can be invested opportunistically in the best deals Tend to have few restrictions on where and how they can invest their funds Able to move quickly and decisively when assessing a potential investment An under-deployed pool of capital bridging the gap left by retreat of traditional finance sources 200+ family offices in Chrystal s network Assets of $250m+ Mostly seeking direct investment opportunities in private and public companies Diverse sector and geographical focus Strong appetite for natural resources, technology and consumer businesses 9
10 About Chrystal Capital Partners FSA regulated corporate finance firm based in London for private and public companies Large network of family offices and niche institutional investors Proven experts in capital markets, corporate finance, private equity & fund management Seven completed transactions in the past 18 months raising over $280 million Global outlook: completed deals in Canada, Poland, Ireland, US & UK Sector agnostic: clients in mining, energy, software, gaming, consumer goods, specialist manufacturing, financials 10
11 Example deal: pre-ipo private placement Silurian Hallwood Plc Private oil & gas company focused on Poland, the largest shale play in Europe Company Strong management team with decades of experience in US shale exploration and production Finance raised Private equity placement of 13 million Preparation Silurian Hallwood came to Chrystal at a very early stage and required significant preparation prior to raising finance Chrystal advised on business & financial strategy, strategic positioning, branding & website Investors Majority of the investment placed with a large European family office Three additional smaller family offices invested alongside Use of funds Funds used to continue development of 577,000 net acres of land that lie in the shale oil window of Poland 11
12 Example deal: AIM IPO Escher Group Plc (LSE:ESCH) Escher s financial transactions platform is global market leader in the Post Office counters market Company Operates in over 30 countries processing over 3.4 billion transactions annually Requirement Following 2007 MBO Escher required equity funding to repay bank and PIK debt to move to a more conventional capital structure Growth capital was also required for the development and launch of a new product Solution Chrystal advised on attaining VCT status and introduced both VCT investors and Panmure Gordon as Nomad and Broker for the IPO Fund raising $25m raised via an IPO in August 2011 at 170p per share Result 3 rd best performing IPO on AIM in 2012 up 53% as at 16 May 2012 PIK loans and a substantial part of the bank debt also repaid Remaining debt has been refinanced through a long term facility Finance enabled Escher to win a major contract in USA 12
13 Example deal: convertible bond Sportingbet Plc (LSE:SBT) Main listed Sportingbet ( 210m market cap at time of transaction): global online gaming operator Origin Knowledge of both the gaming sector and the inadequacy of equity capital markets as a source of capital led to pro-active approach to company Structure 65m 5 year Convertible Bond Coupon rate 7.0% payable six months in arrears Initial conversion price a 20% premium Investors Large blue chip international convertible bond investors CEO Andrew McIver commented The bond has brought a whole new group of investors to the Sportingbet story Result Proceeds financed the acquisition of Centrebet, an Australian listed online sportsbook operator. Equity dilution for shareholders reduced 13
14 Other recently completed transactions 14
15 Chrystal Capital Partners Dr Mustapha Omar - Head of Research at Collins Stewart and Fairfax - Main Board Director at AIM-listed Nviro - Co-founder of Chrystal Capital Kingsley Wilson - Media Analyst at Collins Stewart and Investec Securities - Co-founder of First Columbus & Chrystal Capital James Innes - Corporate Finance at Andersen - Private Equity at Isis Capital - Co-Founder of Convex Capital & Chrystal Capital Stephen Ford - Technology, Water and Gaming analyst at Collins Stewart - Co-founder Essential Capital Management 15
16 Contact us: Chrystal Capital Partners LLP New Broad Street House 35 New Broad Street London EC2M 1NH T: F: E: W: 16
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