Bombora Investment Management Special Investments Growth Fund - Investor Presentation Confidential April 2021
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Bombora Investment Management
Special Investments Growth Fund
Investor Presentation • Confidential • April 2021
Bombora Special Investments Growth Fund
Bombora is taking applications for the Bombora Special Investments Growth Fund (“Fund”), to provide investors with actively managed exposure to pre
IPO & co-investment opportunities, active managed listed equities and special investment situations.
01 02 03 04
Bombora has returned Large investment High quality and Differentiated offering
c.30% per annum over team with over 200 unique investment with co-investment
the last eight years* years experience opportunities opportunities
*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
2
Bombora Performance (Rolling - as at 30 April 2021)
1 Month 3 Months 12 Months 2 Years Since Inception* Since Inception*
Compound Annual Return Compound Annual Return Total Return (not annualised)
Bombora Special Investments
Growth Fund 3.2% 2.1% 46.2% 32.5% 28.3% 106.9%
Small Industrials Index 3.9% 6.3% 34.5% 5.7% 6.0% 18.6%
Outperformance -0.6% -4.2% 11.7% 26.8% 22.3% 88.3%
• $100,000 invested with the Fund at inception would have grown to $206,927 as at 30 April 2021 (net of fees)
• The compounded annual return since inception is 28.3%. The total return (not annualised) since inception is 106.9%.
• 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
3
Performance Since Inception (To 30 April 2021)
2.07
2.00
1.80
The Fund has returned
+106.9% (net of fees) in the
1.60 period since inception
1.40 1.41
$100,000 invested
1.20
1.19 with the Fund at
inception would have
1.00
grown to $206,927 as
0.80 at 30 April 2021 (net of
fees)
0.60
Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21
Unit Price ASX Emerging Companies ASX Small Industrials
*Inception date: 1 June 2018
4
Bombora Partners
Distribution Research Investment Platforms
• In June 2020, Bombora partnered with • In December 2020, SQM Research The Fund is approved as an
Seed Partnerships for the sales and conducted and released an second authorised Wholesale Fund
distribution function of the Fund independent review, rating the Fund as a on the following Platforms:
“Superior, High Grade Investment”
• The alliance was formed to assist with • Macquarie Wrap IDPS Menu and
growing the number of Unitholders and • In January 2021, Evergreen ratings Macquarie Wrap Super Menu when held via
the Funds Under Management in a released an initial review of the Fund, a separately managed account
measured way to Seed’s network of providing a “highly commended” research • BT Panorama IDPS
clients rating, the highest rating of the research • HUB24 IDPS Investment Menu
house. • Netwealth Wrap
• This is an important partnership which
• A copy of each report is available on • Ausmaq
allows the Bombora team to focus on
managing the fund, while achieving the request
corporate objectives of the group
5
Bombora Investment Team
Team Mike 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)
Experience Bryan Zekulich (PM – Pre-IPO Strategy)
Emily Mohan (Analyst)
Advait Joshi (Analyst)
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. Investment Industry
Committee Specialists
Brett Chenoweth (Chairman) Brett Chenoweth
Mike Hill Chris Colfer
Gregg Taylor Julian Knights AO
Josh May Greg Ruddock
David Willington
Bryan Zekulich
6
Investment Team
Mike Hill Gregg Taylor David Willington Bryan Zekulich Josh May
Managing Director & Co-Chief Co-Chief Investment Officer & Portfolio Manager Portfolio Manager Portfolio Manager
Investment Officer Portfolio Manager Listed Equities Special Situations Strategy Pre IPO Strategy Pre IPO Strategy
• Mike was an Operational Partner of • Gregg has over 20 years listed equity • David has over 25 years’ experience in • Bryan was the Managing Partner of • Josh was previously a Director within
Ironbridge from 2004 to 2014, a private markets experience including roles with corporate finance and investment EY’s Private Equity Sector for over 15 Ernst & Young’s M&A Advisory Practice
equity firm with $1.5bn funds under Citibank (London) and Schroders banking and during his career has years’. Bryan is also a Board member, in Sydney, before co-founding
management. He led and was involved Investment Management (Sydney) primarily advised companies in the Treasurer and Company Secretary of Oaktower Partnership in 2005, an
in a number of transactions across a technology, media and the Australian Investment Council independent Corporate Advisory
• Over the last two decades, Gregg has
variety of different industries. Prior to telecommunications industry (formerly the Australian Private Equity business, based in Sydney and
worked in listed equity markets across
this, Mike was a Partner of Ernst & and Venture Capital Association Melbourne. Advisory transaction
multiple sectors with a particular focus • David sits on the Board of Janison
Young “AVCAL”) themes have included private equity,
on emerging growth companies in the Education Group Limited (ASX: JAN)
• entrepreneurial clients seeking growth
Co-Founder of Bombora Group in 2014 technology sector • Previously, David was a Senior Partner • Significant experience in mergers &
capital, succession planning for large
• Current Board positions include • He has also founded and managed at Deloitte Corporate Finance and prior acquisitions, divestments, strategic
established private businesses, and
Chairman of the Board of Janison multiple global operating businesses in to that was an investment banker with finance, capital raisings and advising
sale of non-core assets for large
Education Group Limited (ASX: JAN), the sports, retail and media sectors NM Rothschild and Citi on the Australian stock exchange
corporations
PKS Holdings Limited (ASX:PKS), listing requirements
• Gregg currently serves on the boards of • David has a Bachelor of Commerce, is
• Currently serving as Chairman of LVX
Design Milk Co Limited (ASX: DMC) and
Acrow Formwork and Construction a member of the Institute of Chartered • Bryan currently sits on the board of
Orbx Investments Limited and Non- BikeExchange Limited (ASX:BEX) and Global and Non-Executive Director of
Services Limited (ASX: ACF), Accountants in Australia and is a
Executive Director of Mad Paws Limited Mobecom Limited (ASX:MBM) Mad Paws Holdings Limited
Marketplacer Limited and Fellow of the Financial Services
(ASX:MPA) and Mobecom Limited (ASX:MPA) and Valory Resources Inc.
BikeExchange Limited (ASX:BEX) Institute of Australia • Bryan has a Bachelor of Commerce
(ASX:MBM)
from The University of Western
• Josh has a Bachelor of Arts Degree
• He holds a Bachelor of Commerce
(Accountancy) from the University of
• Member of the Australian Institute of
Degree from the University of Australia, Fellow of the Institute of
Chartered Accountants and holds a South Australia and is a member of the
Wollongong and is a CFA Charterholder Chartered Accountants of Australia
Bachelor of Arts Degree (Accountancy) Australian Institute of Chartered
(FCA) and Fellow of the Financial
from the University of South Australia Accountants
Services Institute of Australia (FINSIA),
F. Fin
7
Analysts & Industry Specialists
Emily Mohan Brett Chenoweth Chris Colfer Greg Ruddock Julian Knights AO
Portfolio Analyst Independent Chairman of Industry Specialist Industry Specialist Industry Specialist
Investment Committee
• Emily joined Bombora in June 2020 • Brett has over 25 years of professional • Chris has Chairman, Chief Executive • Founder and Joint CEO of Ironbridge • Founding Partner of Gresham Private
with 8 years’ experience in capital experience working primarily in media, and Board Director experience with an successfully raising and investing the Equity (majority owned by Wesfarmers)
markets and equity research technology, telecommunications and exemplary track record in multiple 2001 $450m fund and the 2006 and Founding Partner of Ironbridge in
digital businesses, most recently as industry sectors including luxury $1.05bn fund 2001
• Prior to joining Bombora, Emily worked
Managing Director and Chief Executive goods, branded goods and E-
at Blue Ocean Equities as a Corporate • Prior to forming Ironbridge, Greg joined • 15 years of private equity experience
Officer of APN News and Media Commerce. He is highly skilled in
Finance Analyst, with a focus on small Gresham Private Equity in 1999 and raising approximately $1.75bn of funds
Limited strategy, retail, e-commerce, business
cap emerging companies had 12 years operational experience at under management and 17 years
development and marketing
• Emily graduated from Macquarie • Co-Founder of Bombora Group in 2014 Wesfarmers and with diversified listed investment banking experience in the
University in 2014 with a Bachelor of • Currently Chairman of Madman • He was the longest serving Non- company Avatar UK and Australia
Commerce Entertainment, Canberra Data Centres Executive Board Member of online • Has been a member of the Ironbridge • In 2008 served as the Chairman of
(CDC), Yellow Group (NZ) and Creative luxury fashion retailer NET-A-PORTER, Investment Committee since inception AVCAL (Australian Private Equity and
Enterprises Australia (CEA). He serves where he oversaw the initial investment and has represented the Ironbridge Venture Capital Association)
as the Chairman of the Advisory Board by Richemont, saw its transformation Funds on the Boards of Stardex, Super
Advait Joshi of H.R.L Morrison & Co. and sits on the into a billion-dollar company, and A-mart, EnviroWaste, Easternwell,
• In 2013 was appointed as the Chair of
subsequently led the full acquisition in the Major Performing Arts Board of the
Portfolio Analyst
boards of Janison Education Group FleetPartners (now Eclipx), ISGM and
February 2010 Australia Council
Limited (ASX: JAN), Sellable Pty Ltd AOS. Greg is currently a Director of
and Surfing Australia • Chris currently sits on a number of Eclipx Group Limited (ASX: ECX) and • Julian qualified as a solicitor and holds
• Advait is a Portfolio Analyst at Bombora. BComm and LLB degrees from the
technology and consumer goods Navigator Resources Limited (ASX:
Prior to joining the Bombora team, he was • Brett has a Bachelor of Laws and a
University of the Witwatersrand
boards, including Nude by Nature, NAV)
an Equity Research cadet at UBS Bachelor of Economics from the
Grown Alchemist, Mobile Digital,
investment bank working in the small caps University of QLD and a Graduate • Greg currently serves on the board of
Design Milk Co Limited (ASX: DMC) and
team Diploma in Applied Finance and Prospa Group Limited (ASX:PGL)
LYST
Investment from the Securities
• Advait is the youngest global winner of the • Greg qualified as an accountant and
Institute of Australia
ASX (Opens) Share market game holds a Bachelor of Commerce degree
from the University of WA
• Advait is in the process of completing a
Bachelor of Commerce degree from UNSW
8
Our Difference
Traditional Fund
Managers
Seek listed
Originate unique opportunities
equity opportunities We create, structure & invest in opportunities through their deep transactional and capital
markets expertise
Passive Active Investments
Investments
Bombora drives value in our investments via active, collaborative and strategic participation
Public Liquid Pre IPO and Equity linked investments
Investments
Bombora’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.
Generalist Team of proven operators in target sectors
Investor Team
Bombora utilises industry specialists to leverage global networks and ensure deep domain knowledge
9Bombora Listed Equity
Target
40-50% Cash
• Average individual investment size of
5–7% of the portfolio 10-20%
Portfolio
• 8–12 individual investments at any
one time, often from pre IPO
• Includes both active and passive
positions
• Active positions of 5–20% issued
equity of each company
• A concentrated, high conviction • Active positions managed by
designated member of the Bombora
portfolio of 20 - 30 holdings team
• Diversification of investment
theme and industry sector
• Detailed due diligence process Pre IPO
with unanimous Investment 20-30%
•
Committee approval required Average individual investment
size of 3–5 % of the portfolio
for each investment Special • 6–10 individual investments at
any one time
• Strong selling discipline Situations • Investments spread across key
investment themes and sectors
10-20% • Actively managed by designated
member of the Bombora team
• 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
10A Typical Pre IPO Investment Lifecycle
• 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 Target Company Characteristics
• Technology • High earnings growth
• Telecommunications • Attractive industry dynamics
• Media • Strong gross margins
• Healthcare • Strong management and culture
• Financial Services • Sustainable competitive advantage
• Infrastructure and related services • Scalable business model with operating leverage
• Strong balance sheet and sustainable funding model
• Valuation discount to peers
• Identifiable catalyst for closing valuation discount
11Bombora Targets Emerging Growth Companies
VALUATION /
GROWTH RATES
Venture Capital Traditional Funds
EARLY STAGE EMERGING GROWTH MATURITY REINVENT
12Portfolio Activity – Pre-IPO/Special Situation Positions
T
ORBX INVESTMENTS MARKETPLACER LVX MOBECOM
LIMITED LIMITED GLOBAL LIMITED
• Orbx continues to benefit from the • Marketplacer continues to grow • LVX Global enjoyed another very • Mobecom is a customer
demand for “stay-at-home” significantly and during the March encouraging quarter engagement technology provider
gamers adopting, using and quarter added key household • The company added a number of that delivers end-to-end solutions
buying Orbx flight simulation names to its customer list new organic customers and for businesses to engage with
content • The Company also announced a established a Barcelona office in their customers. During the
global strategic partnership with the March quarter. quarter, the company announced
• The key partnership with
Salesforce, which includes a several contract wins to provide
Microsoft now includes the launch • LVX also completed the
strategic investment by Salesforce MBM’s Enterprise Engagement
of its flight simulator on the new acquisition of Norman Asset
Ventures. This partnership has the Platform – Mosaic.
Xbox platform shortly. delivery (Feb 2021) – a project
potential to be transformational management business • MBM relisted in the March quarter
• After delivering +30% growth in
for Marketplacer. specialising in tourism properties with the Fund holding both an
revenue for FY20, Orbx is
• The Company continues to hire and assets. equity and convertible note
progressing towards an IPO over
key global executives to drive position in MBM. Therefore, this
the next 6 months. • The Company also successfully
sales, particularly in the large US holding will remain classified as a
made key hires to support growth
market. special situation investment in the
in the US, Europe and Australia.
Fund’s portfolio. 13Portfolio Activity – Active Listed Equity Positions
ASX • PKS
ASX• JAN ASX• DMC ASX • BEX ASX • MPA
PKS HOLDINGS
LIMITED JANISON EDUCATION DESIGN MILK CO BIKEEXCHANGE MAD PAWS HOLDINGS
LIMITED LIMITED LIMITED LIMITED
• PKS is a pathology and
hospital software company. • JAN had a very positive March • During the quarter, the DMC • BEX, theworld’s largest global • MPA also successfully listed on
quarter, with the share price share price rose 42.9% to 31 cycling marketplace the ASX in the March 2021
• PKS strengthened its balance
rallying 21.7%. The 1H21 March 2021 as they posted successfully raised $20m in quarter raising $12m in growth
sheet in the March quarter,
financial results exceeded sales revenue growth of +77% growth funding and listed on capital on IPO
successfully raising $12m via
expectations on all key growth and their best EBITDA the ASX in the quarter to 31• MPA continues to trade
a share placement and $1m
metrics performance since listing in March 2021 strongly, with the company
via a Share Purchase Plan
• JAN has now also been 2015. experiencing year on year
(“SPP”). The Company also • BEX also announced a key
announced the appointment accredited by the OECD as • DMC also settled tranche 2 of partnership with LatAm based growth of +27% in revenue and
of Australian healthcare leader sole provider in Australia to the share placement and SPP Auteco Mobility (“Auteco”) in +18% GMV in FY20. This growth
Jim Birch AM as a Non- deliver the PISA assessment. in the March quarter and the quarter to scale the BEX has continued into FY21 and is
Executive Director. Jim Birch • The sales pipeline remains completed a 50:1 share business in Colombia and expected to further accelerate
has 30+ years’ experience in healthy and key partnerships consolidation. The Company other LatAm countries through into FY22 as people return to
implementing technological are expected to deliver results is now well capitalised as they their knowledge and network work and the vaccine rollouts
change in the healthcare above management enter their next phase of in the region. enable travel to resume.
industry. expectations for FY21. growth. 14Portfolio Activity – Passive Listed Equity Positions
ASX/NZX • ERD ASX • LVT ASX• WSP ASX • UWL
EROAD LIVETILES WHISPIR UNITI GROUP
LIMITED LIMITED LIMITED LIMITED
• ERD announced a strong quarterly • LVT is a global leader in intranet • WSP is a communications • UWL posted strong 1H21 results
update in late January, in line with and workplace technology workflow platform that automates, across the group including record
Market expectations. software. personalises and layers run rate EBITDA and free cash
• The Company also made key • The Company posted ARR growth interactions between flow of $116m and $72m
executive appointments in North of +10% YoY in 1H21 to $58.1m organisations and people. respectively. This strong
America to further drive and total revenue growth of +13% • Following over a 12-month period performance resulted in UWL
penetration in the largest logistics YoY to $20.3m. Total operating of completing due diligence and rallying 34.5% in the quarter to 31
software market in the quarter. expenditure (excluding non- regularly talking the Management March 2021.
• The investment thesis in ERD was recurring items) improved +27% team of WSP, Bombora added • Three accretive acquisitions were
also further validated through the YoY, down to $23m in 1H21. WSP as a holding to the listed completed in 1H21 – OptiComm,
recent signing of Ventia, ERD’s • During the quarter, LVT also portfolio in the March quarter. This Harbour ISP and the Telstra
largest Australian enterprise announced a record multi-million was completed as part of the Velocity network assets.
customer dollar deal with a US-based recent share placement to raise Commentary around integration
fortune 100 healthcare company $45.3m in growth capital and synergy realisation plans
which includes take-up of a suggested they were on or ahead
number of LVT’s core products. of schedule. 15Fund
Details
Investor Presentation • Confidential • April 2021AN 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
Overview • 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:
Investment • Pre IPO & co-investment opportunities;
Strategy • 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
Investment • Bombora uses Industry Specialists to help drive value in our investments
Manager • 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 +46.2% in the 12 months to 30 April 2021 and +106.9% since inception, outperforming the ASX Small Industrials Index by +11.7% and +88.3% over the same
Investment periods.
Performance • 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
Offer • Information Memorandum: August 2020
Details • Fee Structure 1.5% Management Fee & 20% Performance Fee for fund outperformance over hurdle rate of 7%
17Key Fund Features
Fund Name Bombora Special Investments Growth Fund (Fund)
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
Redemption Frequency Quarterly
18Appendix 1
Case
Studies
Investor Presentation • Confidential • April 2021rhipe Limited - Pre-Fund Launch
rhipe has experienced rapid revenue growth and scale, from $40m revenue in FY12 to $320m in FY20
Overview
Overview Company Milestones
Sector Information Technology 1. RHP backdoor lists on the ASX with the assistance of Bombora through shell company FRR
Corporation.
Industry Subscription software distribution
2. Following due diligence conducted by Bombora Group, rhipe raises capital October 2014 to
Australia, New Zealand, Singapore, Malaysia, Philippines, Indonesia, Thailand, fund the acquisition of nSynergy and an investment in ASX listed LiveTiles Limited (ASX:LVT).
Location
South Korea, Sri Lanka, Japan
Investment Date Apr-141 3. RHP enters the ASX All Ordinaries in March 2015.
Current Market Cap A$300.5m2 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
Acquisition Value A$13.0m
strong balance sheet and operations in 8 countries.
Commentary and Investment Thesis $3.5 6.0
Share Price
Volume
• rhipe Limited (RHP) offers cloud licensing of major software providers (including Microsoft, $3.0
5.0
Citrix and VMware), a subscription management tool, and value-added services to IT services 5
providers who bundle subscription offers to end users. $2.5
4.0
3
• The Company has expanded into high-growth South-East Asian markets since listing, including $2.0
2
entering Thailand, the Philippines, Malaysia, Indonesia, South Korea, Sri Lanka and Japan. 4 3.0
$1.5 1
• RHP’s subscription based sales model has seen revenue grow from $40.0m in FY12 to $320m 2.0
in FY20 and EBITDA increasing by more than 6x between the same period. $1.0
1.0
$0.5
$0.0 0.0
Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20
1.
2.
Announcement of RHP acquisition
As at 31 July 2020 20PKS Holdings Limited – Cornerstone Investment
PKS is a leading software technology company in the large and fast-growing global healthcare solution market.
Overview Overview
Overview PKS and Pavilion Customers Overview
Sector Health Care Equipment & Services
Industry Subscription software distribution
Location Australia, New Zealand, Singapore, Malaysia, South Africa, Europe, USA
Investment Date Jun-19
Current Market Cap A$40.1m1
Acquisition Value A$19.5m
Board representative Mike Hill
Commentary
• 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
21
1. As at 31 July 2020Marketplacer Pty Ltd – Pre-IPO
Marketplacer has powered globally successful online marketplaces for over 10 years
Overview Commentary
Sector Information Technology • Marketplacer provides the technology and infrastructure needed to establish and maintain online
marketplaces for retail and B2B customers.
Industry E-Commerce
• Marketplacer has numerous revenue streams including recurring SaaS fees, Server Call fees on
Location Australia 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).
Investment Date Oct-19
• The Company has spent the last 10 years focusing on the development of core technology as
Current Valuation A$51.0m 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
Entry Valuation A$51.0m for enterprise customers, especially large retailers.
Board representative Gregg Taylor • 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.
Website www.marketplacer.com
• 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
Marketplacer Customers
• 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
22Uniti 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 Thesis
Overview
Sector Information Technology
• 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
Industry Telecommunication Services
• 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
Location Australia 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
Investment Date Jul-18 • Acquisitions have been a key driver of growth. UWL have executed the acquisition strategy well,
buying well and integrating ahead of schedule and budget.
Current Market Cap A$803.5m1 • UWL has a strong Board and Executive Team with Michael Simmons as Group MD and CEO,
Thesis
Darryl Inns as CFO, Steve Picton (LBNCo CEO) as CEO of Wholesale and Jordan Grives (Fone
Dynamics Founder) as CEO of Specialty Services
Share Price Since Listing • 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
2 combined network and connections of the UWL and OPC groups.
1.8
1.6
1.4
1.2
1
Initial
0.8 fund cost
price
0.6
0.4
0.2
0
Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20
23
1. As at 31 July 2020Appendix 2
Investment
Process
Investor Presentation • Confidential • April 2021Investment Process
Opportunity Initial Due Investment Ongoing
sourcing opportunity diligence Committee reporting and
screening Approval monitoring
A key strength of the Bombora investment High Conviction Diverse and experienced Active investment
Bombora team is the experience ensures a positions drive detailed Investment Committee positions with a view of
capability to source truly reliable and rigorous due diligence being need to unanimously partnership designed
unique opportunities screening process undertaken following approve the execution of for Bombora to stay on
ahead of the market utilising Industry initial opportunity any transaction top of performance
Specialists screening
25Bombora
“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.”
26Disclaimer
This 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 Decision
Applicants 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 Statements
This 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.
27Investor Presentation • Confidential • April 2021
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