bombora investment management fund presentation€¦ · performance since inception (to 31 july...

Investor Presentation • Confidential • Aug 2020

Bombora Investment Management

Special Investments Growth Fund

Bombora Special Investments Growth Fund

Bombora is taking applications for the Special Investments Growth Fund, to provide investors with actively

managed exposure to pre IPO & co-investment opportunities, active managed listed equities and special

investment situations.

01

Bombora Fund has

returned c.30% per

annum over the last

seven years*

02

Large investment

team with over 200

years experience

03

High quality and

unique investment

opportunities

04

Differentiated Fund

offering with

co-investment

opportunities

2

*The Fund was launched in June 2018, founded by the Bombora investment team which has a demonstrable 5-year track record delivering c.30% p.a. returns in prior deals and investments

3

Bombora Performance (Rolling - as at 31 July 2020)

1 Month 3 Months 12 Months 2 YearsCompound Annual Return

Since Inception*Compound Annual Return

Since Inception*Total Return (not annualised)

Bombora Special Investments

Growth Fund4.9% 16.5% 10.8% 28.5% 26.0% 64.9%

Small Industrials Index (0.2)% 6.4% (13.6%) (3.6%) (2.9%) (6.2%)

Outperformance 5.1% 10.1% 24.4% 32.0% 28.9% 71.0%

• $100,000 invested with the Fund at inception would have grown to $164,871 as at 31 July 2020 (net of fees)

• The Fund has returned +4.9% in the month to 31 July 2020 taking our unit price to $1.65 (from $1.57 as at 30 June 2020).

• The compounded annual return over 2 years is 28.5%. The total return (not annualised) since inception is 64.9%.

• In June 2020, the Fund marked its 2 year anniversary.

• Prior to the incorporation of the Bombora Special Investments Growth Fund in June 2018, the strategy delivered c.30% CAGR over a 5-year period.

*Inception date: 1 June 2018

Performance Since Inception (To 31 July 2020)

The Fund has returned

+64.9% (net of fees) in the

period since inception

4

$100,000 invested

with the Fund at

inception would have

grown to $164,871 as

at 31 July 2020 (net of fees)0.60

0.80

1.00

1.20

1.40

1.60

1.80

Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

Unit Price S&P/ASX Emerging Companies Index S&P / ASX Small Industrials Index

1.65

0.94

0.97

*Inception date: 1 June 2018

Bombora Partners

Distribution

• In June 2020, Bombora partnered with

Seed Partnerships for the sales and

distribution function of the fund

• The alliance was formed to assist

Bombora grow the number of

Unitholders and the Fund Under

Management in a measured way to their

network of clients

• This is an important partnership which

allows the Bombora team to focus on

managing the fund, while achieving the

corporate objectives of the group

Research

• During November 2019 SQM Research

conducted and released an independent

ratings review of the Fund

• We are proud to announce that the Fund

has been rated as a “Superior, High Grade

Investment” from SQM

• A copy of the report is available on

request

• SQM Research conducts independent

ratings on Managers and Investment

opportunities across asset classes

5

Investment Platforms

The Fund is approved as an

authorised Wholesale Fund

on the following Platforms:

• Macquarie Wrap IDPS Menu and

Macquarie Wrap Super Menu when held

via a separately managed account

• HUB24 IDPS Investment

Menu

• Netwealth Wrap

• Ausmaq

The Bombora team is made up of

the Investment team,

complemented by Industry

Specialists and supported by an

Independent Chair as part of the

Investment Committee.

6

Investment teamMike Hill (Managing Director and Co-CIO)

Gregg Taylor (Co-CIO and PM – Listed Equities)

David Willington (PM – Special Situations Strategy)

Josh May (PM – Pre-IPO Strategy)

Bryan Zekulich (PM – Pre-IPO Strategy)

Emily Mohan (Analyst)

Advait Joshi (Analyst)

Investmentcommittee

Brett Chenoweth (Chairman)

Mike Hill

Gregg Taylor

Josh May

David Willington

Bryan Zekulich

IndustrySpecialists

Chris Colfer

Julian Knights AO

Greg Ruddock

Bombora

Team

Experience

Investment Team

Mike HillManaging Director & Co-Chief

Investment Officer

• Mike is a former Operational Partner

of Ironbridge from 2004 to 2014, a

private equity firm with $1.5bn funds

under management, at which he led

and was involved in a number of

transactions across a variety of

different industries. Prior to this, Mike

was a Partner of Ernst & Young

• Co-Founder of Bombora Group in

2014

• Current Board positions include

Chairman of the Board of Janison

Education Group Limited (ASX: JAN),

PKS Limited (ASX:PKS), Orbx Limited

and AHAlife Holdings Limited (ASX:

AHL).

• Member of the Australian Institute of

Chartered Accountants and holds a

Bachelor of Arts Degree

(Accountancy) from the University of

South Australia

Gregg Taylor

• Over 20 years listed equity markets

experience including roles with

Citibank (London) and Schroders

Investment Management (Sydney).

• Over the last two decades, Gregg has

worked in listed equity markets across

multiple sectors with a particular focus

on emerging growth companies in the

technology sector.

• He has also founded and managed

multiple global operating businesses in

the sports, retail and media sectors.

• Gregg currently serves on the boards

of Acrow Formwork and Construction

Services Limited (ASX: ACF), Vortiv

Limited (ASX: VOR), and Marketplacer

Limited.

• He holds a Bachelor of Commerce

Degree from the University of

Wollongong and is a CFA

Charterholder

David WillingtonPortfolio Manager

Special Situations Strategy

• David has over 25 years’ experience in

corporate finance and investment

banking and during his career has

primarily advised companies in the

technology, media and

telecommunications industry

• David also sits on the Board of

Janison Education Group Limited

(ASX: JAN) and Orbx Limited

• Previously, David was a

Senior Partner at Deloitte Corporate

Finance and prior to that was an

investment banker with NM Rothschild

and Citi

• David has a Bachelor of Commerce, is

a member of the Institute of Chartered

Accountants in Australia and is a

Fellow of the Financial Services

Institute of Australia

Josh MayPortfolio Manager

Pre IPO Strategy

• Josh was previously a Director within

Ernst & Young’s M&A Advisory

Practice in Sydney, before co-founding

Oaktower Partnership in 2005, an

independent Corporate Advisory

business, based in Sydney and

Melbourne. Advisory transaction

themes have included private equity,

entrepreneurial clients seeking growth

capital, succession planning for large

established private businesses, and

sale of non-core assets for large

corporations

• Currently serving on the Board of

Acrow Formwork and Construction

Services Limited (ASX: ACF) and

Chairman of LVX Global

• Josh has a Bachelor of Arts Degree

(Accountancy) from the University of

South Australia and is a member of

the Australian Institute of Chartered

Accountants

Bryan ZekulichPortfolio Manager

Pre IPO Strategy

• Bryan was the Managing Partner of

EY’s Private Equity Sector for over 15

years. Bryan is also a Board member,

Treasurer and Company Secretary of

the Australian Investment Council

(formerly the Australian Private Equity

and Venture Capital Association

“AVCAL”).

• Significant experience in the M&A

market in Australia including mergers

& acquisitions, divestments, strategic

finance, capital raisings and advising

on the Australian stock exchange

listing requirements.

• Bryan has a Bachelor of Commerce

from The University of Western

Australia, Fellow of the Institute of

Chartered Accountants of Australia

(FCA) and Fellow of the Financial

Services Institute of Australia

(FINSIA), F. Fin

Co-Chief Investment Officer &

Portfolio Manager Listed Equities

7

Analysts & Industry Specialists

Emily MohanPortfolio Analyst

• Emily joined Bombora in June 2020

with 8 years’ experience in equity

capital markets and Research.

• Prior to joining Bombora, Emily worked

at Blue Ocean Equities as a Corporate

Finance Analyst, with a focused on

small cap emerging companies.

• Emily graduated from Macquarie

University in 2014 with a Bachelor of

Commerce

Julian Knights AOIndustry Specialist

• Founding Partner of Gresham Private

Equity (majority owned by

Wesfarmers) and Founding Partner of

Ironbridge in 2001

• 15 years of private equity experience

raising approximately $1.75bn of funds

under management and 17 years

investment banking experience in the

UK and Australia

• In 2008 served as the Chairman of

AVCAL (Australian Private Equity and

Venture Capital Association)

• In 2013 was appointed as the Chair of

the Major Performing Arts Board of the

Australia Council

• Julian qualified as a solicitor and holds

BComm and LLB degrees from the

University of the Witwatersrand

Greg RuddockIndustry Specialist

• Founder and Joint CEO of Ironbridge

successfully raising and investing the

2001 $450m fund and the 2006

$1.05bn fund

• Prior to forming Ironbridge, Greg

joined Gresham Private Equity in 1999

and had 12 years operational

experience at Wesfarmers and with

diversified listed company Avatar

• Has been a member of the Ironbridge

Investment Committee since inception

and has represented the Ironbridge

Funds on the Boards of Stardex,

Super A-mart, EnviroWaste,

Easternwell, FleetPartners (now

Eclipx), ISGM and AOS. Greg is

currently a Director of Eclipx Group

Limited (ASX: ECX) and Navigator

Resources Limited (ASX: NAV)

• Greg has been a Director of Prospa

since 2015 which is pending an IPO in

2018

• Greg qualified as an accountant and

holds a Bachelor of Commerce degree

from the University of WA

Brett Chenoweth

• Brett has over 25 years of professional

experience working primarily in media,

technology, telecommunications and

digital businesses, most recently as

Managing Director and Chief

Executive Officer of APN News and

Media Limited

• Co-Founder of Bombora Group in

2014

• Currently Chairman of Madman

Entertainment, Canberra Data Centres

(CDC), Yellow Group (NZ) and

Creative Enterprises Australia (CEA).

He serves as the Chairman of the

Advisory Board of H.R.L Morrison &

Co. and sits on the boards of Janison

Education Group Limited (ASX: JAN),

Sellable Pty Ltd and Surfing Australia

• Brett has a Bachelor of Laws and a

Bachelor of Economics from the

University of QLD and a Graduate

Diploma in Applied Finance and

Investment from the Securities

Institute of Australia.

Chris Colfer

• Chris has Chairman, Chief Executive

and Board Director experience with an

exemplary track record in multiple

industry sectors including luxury

goods, branded goods and E-

Commerce. He is highly skilled in

strategy, retail, e-commerce, business

development and marketing

• He was the longest serving Non-

Executive Board Member of online

luxury fashion retailer NET-A-

PORTER, where he oversaw the initial

investment by Richemont, saw its

transformation into a billion-dollar

company, and subsequently led the

full acquisition in February 2010

• Christopher currently sits on a number

of technology and consumer goods

boards, including Nude by Nature,

Grown Alchemist, Mobile Digital,

AHAlife Holdings Ltd (ASX: AHL) and

LYST

Industry SpecialistIndependent Chairman of

Investment Committee

Advait JoshiPortfolio Analyst

• Advait is a Portfolio Analyst at Bombora.

Prior to joining the Bombora team, he was

an Equity Research cadet at UBS

investment bank working in the small caps

team

• Advait is the youngest global winner of the

ASX (Opens) Share market game

• Advait is in the process of completing a

Bachelor of Commerce degree from

UNSW

8

Our Difference To

FromTraditional Fund Managers

9

Pre IPO and Equity linked investmentsBombora’s pre-IPO strategy will take equity positions in private companies where there is an aim to IPO in

3-24 months and will hold interests in publicly listed companies.

Team of proven operators in target sectorsBombora utilises industry specialists to leverage global networks and ensure deep domain knowledge

Seek listed

equity opportunities

Originate unique opportunitiesWe create, structure & invest in opportunities through their deep transactional and capital

markets expertise

Active InvestmentsBombora drives value in our investments via active, collaborative and strategic participation

Public Liquid

Investments

Generalist

Investor Team

Passive

Investments

10

Listed Equity40-50%• Average individual investment size

of 5–7 % of the portfolio

• 8–12 individual investments at any

one time, often from pre IPO

• Active positions of 5–20% issued

equity of each company

• Actively managed by designated

member of the Bombora team

Special

Situations10-20%• Average individual investment size of 3–5 % of the portfolio

• 4–6 individual investments at any one time

• Cornerstone opportunities

• Convertible notes and non-traditional equity related positions

• Shorter investment horizon

Pre IPO20-30%• Average individual investment

size of 3–5 % of the portfolio

• 6–10 individual investments at

any one time

• Investments spread across key

investment themes and sectors

• Actively managed by designated

member of the Bombora team

Cash10-20%

BomboraFund TargetPortfolio

• A concentrated high conviction

portfolio of ~20 holdings

• Diversification of investment

theme and industry sector

• Detailed due diligence process

with unanimous Investment

Committee approval required

for each investment

• Strong selling discipline

11

• Bombora Board Representation and Active Management of Investment throughout.

• Average 3 year holding period.

Screen & Identity Structure Pre IPO Invest ASX Listing M&A Exit

Target Industry Sectors

• Technology

• Telecommunications

• Media

• Healthcare

• Financial Services

• Infrastructure and related services

Target Company Characteristics

• High earnings growth

• Attractive industry dynamics

• Strong gross margins

• Strong management and culture

• Sustainable competitive advantage

• Scalable business model with operating leverage

• Strong balance sheet and sustainable funding model

• Valuation discount to peers

• Identifiable catalyst for closing valuation discount

A Typical Pre IPO Investment Lifecycle

EARLY STAGE EMERGING GROWTH MATURITY REINVENT

PRODUCT

EXTENSION

Venture Capital Traditional Funds

VALUATION /

GROWTH RATES

Bombora Targets Emerging Growth Companies

12

13

Current Listed Fund Positions

ASX • EML

EML PAYMENTSLIMITED

EML is a payments processing technology

business. Their portfolio offers innovative

financial technology that provide solutions for

payouts, gifts, incentives and rewards, and

supplier payments.

ASX • UWL

UNITI WIRELESSLIMITED

UWL is a diversified provider of

telecommunication services, including

infrastructure, ran by a proven Management

team. Key driver of earnings includes the

consumption of data for various telco

applications.

As at 31 July 2020, the Fund held 10 investments in its listed investment portfolio. The sector exposures include software,

technology and telecommunications drawing from the domain expertise of the Investment team.

NZX • ERD

EROADLIMITED

ERD provides fleet location and safety

management solutions to logistics operators.

The Company design and manufacture in-

vehicle hardware, operate secure payment

and merchant gateways and offer web-based

value-added services.

14

Current Listed Fund Positions cont.

ASX • VOR

VORTIVLIMITED

VOR is a technology business that owns

Decipher Works Limited and Cloudten Limited,

businesses that provide specialist

cybersecurity and cloud security solutions

respectively to enterprise customers and

government institutions.

Non–Executive Director – Gregg Taylor

ASX • JAN

JANISON EDUCATION GROUP LTD

JAN is an education technology company that

operates Janison Learning, a corporate

development business and Janison Assessment, a

platform for managing digital exams.

Chairman - Mike Hill,

Non-Executive Directors - David Willington

and Brett Chenoweth

ASX • PKS

PKS HOLDINGSLIMITED

PKS provides a proprietary subscription-based

Clinical Decision Support, that enables

automation efficiency in pathology and

hospitals and newly acquired Pavilion Health,

a leading provider of SaaS audit and risk

management software primarily for hospitals

and governing health bodies

Chairman – Mike Hill

15

Current Pre-IPO Fund Positions

LVXGLOBAL

LVX is a high growth, technology led business

operating in one of the World’s fastest growing

infrastructure sectors, known as Smart

Cities/”Internet of Things”. Current product

portfolio includes fire and life safety, energy

and environment, illumination, technology/IoT,

building technology and cybersecurity.

Chairman – Josh May

As at 31 July 2020, the Fund held 7 Pre-IPO investments Listed below are some key positions within the Portfolio.

MARKETPLACERLIMITED

Marketplacer is a software company that

establishes and runs online marketplaces for

its customers, mainly large retail and B2B

firms. The Company has spent 10 years

focusing on the development of core

technology as well as the capability to

implement complimentary software solutions.

Non-Executive Director –

Gregg Taylor

ORBXLIMITED

Orbx is a software content company that

develops and sells simulation graphics

scenery to users of flight simulation programs.

The business sells its software products to

customers all over the world which are

downloaded and used as an add-on to flight

simulation software programs.

Chairman - Mike Hill,

Alternate Director - David Willington

16

Current Special Situations Fund Positions

SPECIAL PURPOSE ACQUISITIONS COMPANIES (SPAC’s)

Bombora has a proven track record of creating SPACs, cash funding them with a

spread of investors and setting a Board of Directors. The objective of the SPAC is to

originate and structure an acquisition of a private emerging growth company with a view

to progressing the company to an ASX listing within 2 years.

This process has been implemented with 3 companies over the last 3 years that have

now progressed to pre IPO or ASX listed holdings i.e. Pacific Knowledge Systems

(ASX:PKS), Orbx, and Marketplacer.

The Fund currently has 2 funded SPACs, Rpro Holdings Limited and Arugam Limited.

Bombora continues to progress the due diligence for a number of potential acquisition

targets and expects to execute transactions in 2020.

Other

As at 31 July 2020, the Fund held 4 special situation investments. We discuss a selection of these below.

LAYBUY

Laybuy is a leading “Buy Now Pay Later” player in New Zealand with

strong growth into the expanding UK market and Australia.

In February 2020, Bombora invested via a Convertible Note, ahead of a

planned ASX listing of Laybuy in 2020. This provided debt like security with

interest until the IPO with a capped valuation resulting in a discount to the

IPO price at which time Bombora can convert the Notes into listed equity.

A further Convertible Note and IPO Cornerstone Investment was made in

July 2020 as Laybuy progressed towards the planned September 2020

listing. The Laybuy business has experienced significant growth since our

initial investment and the BNPL sector positively re-rated.

FundDetails


AN OFFERING TO WHOLESALE CLIENTS

Special Investments Growth Fund

• The Bombora Special Investments Growth Fund (Fund) uniquely provides investors with an actively managed portfolio of Pre IPO and Listed Equities in high growth companies

• The objective of the Fund is to construct a concentrated, high conviction portfolio of unique growth opportunities to deliver strong positive risk adjusted returns for investors over the

medium to long term

• Fundamental bottom up research, screening, diligence and structuring to provide investors with actively managed exposure to:

• Pre IPO & co-investment opportunities;

• Active managed listed equities; and

• Special investment situations

• Team consists of professional executives, each with over 20 years experience in investments over multiple industries and geographic markets

• Bombora uses Industry Specialists to help drive value in our investments

• Experience spans funds management, direct investment, private equity, mergers & acquisitions and equity capital markets

• Bombora team are proven operators being Executives, Directors and Advisors to both private & public companies

• The Fund has returned +10.8% in the 12 months to 31 July 2020 and +64.9% since inception, outperforming the ASX Small Industrials Index by +24.4% and +71.0% over the same

periods.

• The Fund performance to date has been achieved with high levels of cash holdings and excludes further upside generated from incentive securities issued

• The Bombora strategy prior to the Fund launch (2013 – 2018) generated a CAGR of 29.6%.

• Fund Structure Unregistered Managed Investment Scheme structured as an Australian Unit Trust for WHOLESALE CLIENTS

• Information Memorandum August 2020

• Fee Structure 1.5% Management Fee & 20% Performance Fee for fund outperformance over hurdle rate of 7%

18

Overview

Investment Strategy

InvestmentManager

Investment Performance

Offer Details

Key Fund FeaturesFund Name Bombora Special Investments Growth Fund (Fund) is an unregistered managed investment scheme structured as a unit trust

Investment Manager and Trustee Bombora Investment Management Pty Limited (Bombora) ACN 625 413 390

Custodian and Administrator Mainstream Fund Services (part of the ASX listed entity Mainstream Group Holdings (ASX: MAI)

Fund Type Pre-IPO and Australian listed equity portfolio

Suggested Investment Horizon 3-5 years

Investor Eligibility Wholesale Clients, as defined in the Corporations Act 2001

Minimum Investment $50,000

Minimum Redemption $50,000 (subject to a minimum balance of $50,000)

Buy/Sell Spread 30 basis points

Fees and Expenses • Management fee of 1.5% p.a. of the Fund’s net asset value calculated and payable monthly in arrears

• Performance fee of 20% p.a. of the returns in a performance fee period exceeding the higher of the previous high-water mark and the hurdle rate. The performance fee is calculated and

payable quarterly in arrears

• The Trust incurs cost recovery to a maximum of 1% p.a. of the Trust’s net asset value

Hurdle Rate 7% p.a. (inclusive of management fee and cost recovery accrued)

Application Frequency Monthly

Valuations Unit price calculated monthly

Distributions Annually as at June 30. Distributions are automatically reinvested unless instructed otherwise

Redemptions Quarterly with 30 days notice

19

CaseStudies


Appendix 1

21

rhipe has experienced rapid revenue growth and scale, from $40m revenue in FY12 to $320m in FY20

Overview

• rhipe Limited (RHP) offers cloud licensing of major software providers (including Microsoft,

Citrix and VMware), a subscription management tool, and value-added services to IT services

providers who bundle subscription offers to end users.

• The Company has expanded into high-growth South-East Asian markets since listing,

including entering Thailand, the Philippines, Malaysia, Indonesia, South Korea, Sri Lanka and

Japan.

• RHP’s subscription based sales model has seen revenue grow from $40.0m in FY12 to $320m

in FY20 and EBITDA increasing by more than 6x between the same period.

Overview

Commentary and Investment Thesis

Sector Information Technology

Industry Subscription software distribution

LocationAustralia, New Zealand, Singapore, Malaysia, Philippines, Indonesia,

Thailand, South Korea, Sri Lanka, Japan

Investment Date Apr-141

Current Market Cap A$300.5m2

Acquisition Value A$13.0m

Company Milestones

rhipe Limited - Pre-Fund Launch

1. RHP backdoor lists on the ASX with the assistance of Bombora through shell company FRR

Corporation.

2. Following due diligence conducted by Bombora Group, rhipe raises capital October 2014 to

fund the acquisition of nSynergy and an investment in ASX listed LiveTiles Limited

(ASX:LVT).

3. RHP enters the ASX All Ordinaries in March 2015.

4. The Company announces a maiden fully franked dividend of 0.5 cents per share.

5. Mike Hill resigns from the board of RHP after a 5 year tenure, leaving the Company with a

strong balance sheet and operations in 8 countries.

0.0

1.0

2.0

3.0

4.0

5.0

6.0

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20

Volu

me

Share

Price

1

2

1. Announcement of RHP acquisition

2. As at 31 July 2020

3

5

4

• PKS provides a highly scalable, proprietary subscription-based Clinical Decision Support, that enables automation efficiency in pathology and hospitals.

• A special purpose acquisition company was created by Bombora called Qpro Holdings in October 2018 which then acquired PKS Holdings Ltd and became the front door listing vehicle on the ASX

in June 2019

• In April 2020, PKS acquired 100% of Pavilion Health in an all scrip transaction at $8.5m implying a 1.9x FY19 revenue multiple and 5.1x FY19 Operational EBITDA multiple. Mike Hill – MD of

Bombora and Chairman of PKS Holdings was instrumental in driving this acquisition to its success through Bombora’s active management philosophy.

• The acquisition of Pavilion Health is consistent with PKS’ growth strategy to acquire complimentary healthcare technology companies and expand beyond pathology into the hospital sector.

• The Pavilion Health acquisition doubled the scale of PKS and represents a strong, highly complementary acquisition for PKS with its vital relationships with hospitals, valuable client and industry

data information, advisory and consulting experience, cloud and SaaS expertise and key offshore marketing position.

• The Bombora Special Investments Growth Fund (BSIGF) remains a substantial shareholder of PKS

Overview

Overview Overview

Sector Health Care Equipment & Services

Industry Subscription software distribution

Location Australia, New Zealand, Singapore, Malaysia, South Africa, Europe, USA

Investment Date Jun-19


Acquisition Value A$19.5m

Board representative Mike Hill

Overview PKS and Pavilion Customers

PKS Holdings Limited – Cornerstone Investment

1. As at 31 July 2020

Commentary

PKS is a leading software technology company in the large and fast-growing global healthcare solution market.

22

Marketplacer Pty Ltd – Pre-IPO

Overview Commentary


Industry E-Commerce

Location Australia

Investment Date Oct-19

Current Valuation A$51.0m

Entry Valuation A$51.0m

Board representative Gregg Taylor

Website www.marketplacer.com

• Marketplacer provides the technology and infrastructure needed to establish and maintain

online marketplaces for retail and B2B customers.

• Marketplacer has numerous revenue streams including recurring SaaS fees, Server Call fees

on transactions made on the Marketplacer software, Consulting and Implementation fees as

well as partnership fees (% share of the fees earned by enterprise partners such as Afterpay).

• The Company has spent the last 10 years focusing on the development of core technology as

well as the capability to implement complimentary software solutions. The company is now

pivoting focus to growing its sales team and winning contracts to develop online marketplaces

for enterprise customers, especially large retailers.

• Marketplacer is also looking to ramp up global expansion and has a long term vision for being

the “world’s factory” for developing large-scale online marketplaces.

• A special purpose acquisition company was created by Bombora called Cmint in mid 2019

which then acquired Marketplacer and will became the front door listing vehicle in 2021

• Bombora structured and led a $19.0m raising in the form of ordinary equity in CMint Limited

(“IPO Company”) termed a “Pre IPO capital Raise”.

• The pre-IPO capital raise was used to fund the following growth strategies:

• Accelerate sales pipeline and contract wins, especially with large retail customers

• Geographical expansion beyond existing geographical reach

• Repayment of Marketplacer’s existing debt

• Post settlement, the Marketplacer used a portion of the cash raised to pay down $10.5m of

debt

Marketplacer has powered globally successful online marketplaces for over 10 years

Marketplacer Customers

23

http://www.marketplacer.com/

Overview

Thesis

Thesis

Share Price Since Listing


Industry Telecommunication Services

Location Australia

Investment Date Jul-18


Uniti Group Limited– Special Situation / Listed Equity UWL is a fixed wireless broadband provider with proven high-speed performance with the potential to provide an alternative solution to the NBN

Overview

1. As at 31 July 2020

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20

Initial

fund cost

price

• Unity Group Limited (UWL) operates in the Non-NBN fibre and Non-NBN fixed wireless

wholesale and retail service industry. UWL bypasses the NBN access network, allowing it to

control service delivery to enable high satisfaction and low customer churn

• The Manager initially invested in UWL through a convertible note as part of its special

situations portfolio in July 2018. The position then became a Pre-IPO holding for the Fund in

January 2019. UWL listed on the ASX and commenced trading in February 2019.

• UWL has continued to outperform both its own guidance as well as market expectations

• Acquisitions have been a key driver of growth. UWL have executed the acquisition strategy

well, buying well and integrating ahead of schedule and budget.

• UWL has a strong Board and Executive Team with Michael Simmons as Group MD and CEO,

Darryl Inns as CFO, Steve Picton (LBNCo CEO) as CEO of Wholesale and Jordan Grives

(Fone Dynamics Founder) as CEO of Specialty Services

• In 2H20, UWL announced the acquisition of ASX listed Opticomm Limited (ASX:OPC) as part

of the companies drive to create a growing large scale national private fibre challenger. Below

in combined network and connections of the UWL and OPC groups.

24

InvestmentProcess


Appendix 2

26

Investment Process

Opportunity

sourcing

A key strength of the

Bombora team is the

capability to source truly

unique opportunities

ahead of the market

Initial

opportunity

screening

Bombora investment

experience ensures a

reliable and rigorous

screening process

utilizing Industry

Specialists

Due

diligence

High Conviction

positions drive detailed

due diligence being

undertaken following

initial opportunity

screening

Investment

Committee

Approval

Diverse and experienced

Investment Committee

need to unanimously

approve the execution of

any transaction

Ongoing

reporting and

monitoring

Active investment

positions with a view of

partnership designed

for Bombora to stay on

top of performance

Bombora

“An indigenous Australian term for an area of submerged rock

shelf, reef or sand bank that is located some distance from the

shoreline that causes waves to surge as they pass over it.”

27

DisclaimerThis Investor Presentation (Investor Presentation) contains information about Bombora Special Investments Growth Fund (Fund). The Fund is an unregistered managed investment scheme

pursuant to section 601ED(2) of the Corporations Act 2001 (Cth) (Corporations Act). This Investor Presentation is issued by Bombora Investment Management Pty Ltd ACN 625 413 390 (Trustee or

Bombora). This Investment Presentation is a summary of an information memorandum that has been prepared by Bombora with respect to the Fund (Information Memorandum), the Information

Memorandum contains further information regarding the fund including the risks of investing in the Fund.

This Investor Presentation is intended solely for the use of the person to whom it has been delivered (Recipient) for the purposes of evaluating a possible investment in the Fund. It is not to be

reproduced or distributed to any person (other than professional advisers of the Recipient) without Bombora’s prior written consent.

This Investor Presentation has been prepared for Wholesale Clients only , is not, and is not required to be a disclosure document or product disclosure statement within the meaning of the

Corporations Act. This Investor Presentation may not contain the same level of disclosure as those documents and has not been, and is not required to be, lodged with the Australian Securities &

Investments Commission (ASIC).

The Trustee is a corporate authorised representative of Ironbridge Capital Management Pty Limited ACN 105 880 108 (AFSL No. 237556) and is authorised to provide advisory, dealing and custodial

services in connection with the Fund to Wholesale Clients only.

Investment DecisionApplicants should read this Investor Presentation and the Information Memorandum in their entirety before deciding to apply for Units. This Investor Presentation does not take into account the

individual circumstances of any investor, nor does it give financial product advice. Accordingly, investors should obtain independent legal, financial and taxation advice before making a decision to

invest in the Fund.

An investment in this Fund carries risks. An outline of some of the risks that apply to an investment in the Fund is set out in Section 6 of the Information Memorandum. Applicants are urged to consider

this section of the Information Memorandum carefully before deciding to apply for Units. No person is authorised to give any information or make any representation in connection with the Offer which

is not contained in this Investor Presentation or the Information Memorandum. Neither the Fund, The Trustee nor its respective affiliates, related bodies corporate, directors, officers, employees,

representatives or advisers accept any liability for any loss or damage suffered or incurred by the investor or any other person or entity however caused (including negligence) relating in any way to

this Investor Presentation or the Information Memorandum.

Forward Looking StatementsThis Investor Presentation contains forward looking statements. Forward looking statements are not based on historical facts, but are based on current expectations of future results or events. These

forward looking statements are subject to risks, uncertainties and assumptions which could cause actual results or events to differ materially from the expectations described in such forward looking

statements. While the Fund believes that the expectations reflected in the forward looking statements in this Investor Presentation are reasonable, no assurance can be given that such expectations

will prove to be correct. The risk factors set out in Section 6 of the Information Memorandum, as well as other matters as yet not known to the Fund or not currently considered material by the Fund,

may cause actual results or events to be materially different from those expressed, implied or projected in any forward looking statements. Any forward looking statement contained in this Investor

Presentation is qualified by this cautionary statement.

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bombora investment management fund presentation€¦ · performance since inception (to 31 july...

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