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Mirrabooka Rights Issue For personal use only
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Disclaimer Mirrabooka Investments Limited and Australian Investment Company Services Limited (AFSL: 303209), its related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, no warranty (express or implied) is made as to the accuracy, completeness or reliability of any statements, estimates or opinions or other information contained in these materials (any of which may change without notice) and to the maximum extent permitted by law, the Disclosers disclaim all liability and responsibility (including, without limitation, any liability arising from fault or negligence on the part of any or all of the Disclosers) for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from these materials. These materials have been prepared solely for the purpose of information and do not constitute, nor are they intended to constitute advice nor an offer or invitation to any person to subscribe for, buy or sell any shares or any other securities. For personal use only
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Mirrabooka Rights Issue 3 • 1 for 7 Rights Issue – Non Renounceable. Raising up to approximately $85 million. • Issue price of $3.06* – approximately 5% discount to current share price. • New shares entitled to dividend of 6.5 cents with results in July^. Paid in August. • Shareholders can apply for more than their entitlement but may be subject to scale back. • Entitlement Offer closes 2 June 2025. *Equal to the average of the weekly estimated pre-tax value of the net tangible asset backing per Mirrabooka share over the period from Friday, 4 April 2025 to Friday, 2 May 2025 (inclusive) ^The amount, and payment, of this final dividend remains subject to approval by the Mirrabooka Directors at the time of approval of the annual financial statements of Mirrabooka in July 2025 For personal use only
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Rationale for raising additional capital 4 • Market volatility – we have seen greater opportunities arise in early 2025, positioning for more • Replenishing capital – since our first special dividend in 2013, $81 mil paid out in cash dividends and Capital Gains Tax, net of capital raised through DRPs and SPPs • Investment flexibility – tax effective portfolio repositioning as selected stock weightings can be reduced without selling down holdings • Mirrabooka shareholders have consistently expressed interest in supporting further capital raising • Significant franking credit reserves to support dividend capacity on additional shares • Scale – absence of FUM linked fees means shareholders benefit from reduced MER For personal use only
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Greater investment opportunities – stock purchases in 2025 YTD 5 $72 million of purchases across 40 stocks, largest below: 40 50 60 70 80 90 100 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 8 10 12 14 16 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 1.80 2.00 2.20 2.40 2.60 2.80 3.00 3.20 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 20 25 30 35 40 45 50 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 2.00 2.20 2.40 2.60 2.80 3.00 3.20 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 6 7 8 9 10 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 For personal use only
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Market volatility – positioning for future opportunities Trump tariffs • Trade negotiations are driving volatility in markets and share prices in the immediate term • Current policy uncertainty significantly affects business decision making • Consequential earnings downgrades seem likely, though hard to quantify currently • Ultimate tariff levels likely higher than previous, weighing on economic growth and increasing inflation • Uncertain environment persists – what changes next? 6 For personal use only
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Market volatility – positioning for future opportunities 7 Mirrabooka’s potential appeal in a volatile world Access to management insights – currently particularly helpful in distinguishing noise from fundamental change. Can be hard for retail investors to uncover the most attractive value opportunities – Mirrabooka constantly seeking them out. Capital flows into index funds continues - stretching valuations of many ASX bluechips and well owned stocks. With a closed LIC structure, Mirrabooka can choose when to invest and maintain a long term focus, looking through current volatility. For personal use only
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* Indicates that options were outstanding against part of the holding. Company % of Portfolio Ownership Period 5.2% 4.4% 4.0% 3.6% 3.5% 3.3% 2.8% 2.8% 2.6% 2.4% 8.5 yrs 8 yrs Company % of Portfolio Ownership Period 4 yrs 2.3% 2.3% 2.3% 2.2% 2.0% 1.9% 1.8% 1.7% 1.6% 1.6% 14.5 yrs 13.5 yrs 19.5 yrs 7.5 yrs 3 yrs 20* 19 18 17 16 15* 14 13 12 11* 10 9 8 7 6 5 4 3 2* 1 5 yrs Note: ResMed, Breville Group, Vista Group, IDP Education, James Hardie and REA Group have been held previously by Mirrabooka. Mirrabooka Top 20 Holdings – 30 April 2025 6.5 yrs 9.5 yrs 1.5 years 7.5 yrs 9.5 yrs 14.5 yrs 19.5 yrs 10 yrs 8 19 yrs 6 yrs 5 yrs For personal use only
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Mirrabooka’s track record – since inception return 9 $10k invested at Mirrabooka inception in April 1999 – dividends reinvested and franking credits refunded 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 Apr-99 Apr-04 Apr-09 Apr-14 Apr-19 Apr-24 Mirrabooka ($142,000) Combined Mid Cap 50/Small Ordinaries Index ($79,000) ASX200 Index ($90,000) Per annum investment returns including franking (April 1999 to April 2025) Mirrabooka 12.2% Mid/Smallcaps 8.4% ASX200 9.7% For personal use only
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For personal use only