Aberdeen – Stavanger Gateway 3 June 2014 International Tax Issues Kevin R Mann
Aberdeen International - Corporate Presentation
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Transcript of Aberdeen International - Corporate Presentation
A Global Resource Investment Corporation and Merchant Bank
TSX:AAB
June 2010 - AGM
A Forbes & Manhattan Group Company
TSX:AAB
Cautionary Statement
2
This presentation contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes without limitation, statements regarding the proposed use of the proceeds of the financing, the receipt of all necessary approvals, the outcome of legal proceedings, the issue of permits, the size and quality of the company’s mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, the financial results of the company the future financial or operating performance of the Company, the prospective mineralization of the properties, planned exploration programs, anticipated production schedule and terms and the availability and likelihood of future acquisitions. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; acquisition risks; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This presentation does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
TSX:AAB
At a Glance
3
Global resource investment company and merchant bank
Focused on private, micro- and small-cap resource companies
Unique, value-added approach to investingActively builds companies to unlock valueTargeting triple digit returnsBenefits from Forbes & Manhattan’s infrastructure and deal flow
Broad investment mandate in resource sectorSignificant exposure to gold in current portfolioInvestments in energy, metals, bulks, agriculture
TSX:AAB
Value Proposition
4
~$70MMarket Valueof investment portfolio (Apr 30/10)
~C$0.80 /share
Current Share Price
VS
C$0.39/share
We are VERY
undervalued
1.
*Excludes value of two gold royalties
TSX:AAB
Value Proposition
5
>$500K Gold Royalty paid quarterly
2.
3. Forbes Coal
Brazil/Amazon Potash
Temujin Mining
Private investment upsideTaking public to improve portfolio liquidity/value
4. Ongoing high quality deal flow
Supporting next
generation of investments
TSX:AAB
Unlocking Value through F&M
6
Technical Team
Financial Team
Legal Team Back Office
Forbes & Manhattan expertise
Over 80 professionals in Toronto plus international operations teams
Forbes & Manhattan benefits:
FinancingMarketing
M&A
World class team
Proven track record
Actively building companies and creating value
TSX:AAB
Our Business
7
Merchant BankingShort-term investmentsBridge financingFee incomeShells
Royalty RevenueProvides upside to higher gold
pricesBacked by 8 Moz reserves and 25 Moz resources
Private
Micro-cap
Seed financingsActive role in management & BODSupport financially in early ages
Active Investment
+100%
From initial investment
+10% pa
+ Warrants
$2.0M -
$2.5M
pa
Targets
TSX:AAB
Investment Methodology
Source high potential resource deal
“Seed financing”
AAB provides managed risk capital
8
Develop business plan
Build management team/BOD
AAB acts as care taker management
Identify capital requirements
Early-stage (pre-IPO) financing
AAB participates
Execute business plan
GO PUBLIC
Actively creating value for shareholders
TSX:AAB
$0.20
$1.22
$0.14
$0.52
$0.19
$0.60
Proven Track Record
9
Aberdeen’s recent success:
Forbes & Manhattan success:
$0.52
$0.38 $0.34
Avg Cost
Avg Cost Avg Cost
Desert Sun Mining (Gold) 3,750% return in 4 years
$735M sale price to Yamana Gold
Consolidated Thompson (Iron Ore)4,500% return in 3 years
Production commenced Q1 2010
TSX:AAB
Key Assets
10
Gold Royalties
Equity Portfolio
Cash
1% gold NSR
Buffelsfontein Mine(Simmers & Jack)
Mine Waste Solutions(First Uranium)
8 Moz reserves
25 Moz resources
US$2.2MCurrent net over next 12 months
C$36M
Value of top 5 holdings(April 30, 2009):
1. Crocodile Gold2. Dacha Capital3. Temujin Mining (PVT)
4. Sulliden Gold5. Avion Gold
C$0.40/share
20other investmentsPotashOil & GasMining
C$1-5M
Always evaluating new investments. Typical entry point:
TSX:AAB
Our Investment Portfolio
11
Cash
Public Equities
Warr
ants
Debt
Private
Asset Class
Gold & Precious Metals
Bas
e M
etal
s
Ener
gyAgricultural
Bulks
Industrial/
Strategic
Public Equities & Warrants By Commodity
TSX:AAB
Private Holdings
12
F&M “Forbes” Coal
Temujin Exploration World class licenses covering 3 of the most prospective
anomalies on Oyu Tolgoi copper-gold belt in Mongolia 120 km strike length of strong copper and gold anomalies
on 5 licenses Limited drilling, no work done since 2005, vastly improved
geopolitical climate
Export grade coal, world class asset, producing 1 million tonnes per year ROM
Excellent infrastructure close to ports Can TRIPLE production in 2-3 years, strong financial position Future exploration projects in Southern Africa
TSX:AAB
Outlook
13
Portfolio Leveraged To Gold And Junior Market
Private Holdings To Deliver And Unlock Value Forbes Coal expected to list by Fall 2010 Amazon/Brazil Potash to spin off three companies
Two expected to be public by year-end Additional pleasant surprises coming from other holdings Temujin will take longer to incubate, but looks promising
Market set-back in May-June, but most holdings have performed well.
Large warrant positions provide additional leverage We do not manage the portfolio for the short-term!
Exceptional upside as markets improve and companies execute
TSX:AAB
Addressing The Valuation Discount
14
Investor Relations
Business Growth
Hired Mike McAllister as Manager, IR World-class website by July 2010 New focus by management to market our great story
and our successes/resource investment outsourcing Focus on retail and small/generalist institutions
More success expected from pre-IPO investments JV funds to accretively accumulate assets – ‘early days’
Corporate Activity
Complete share buy-back Result from Simmer & Jack litigation
TSX:AAB
Capital Structure
15
Share Structure Major Shareholders
Management & DirectorsRAB CapitalTop GoldUS GlobalTD
14%
Shareholders’ Equity (Q1) = $1.19/share
TSX:AAB
Shares Issued & Outstanding 87.5M
Warrants (Exercise price $1.00, Expiry Date June 6, 2012)
37.5M
Options 6.9M
Fully Diluted 132M
Share Price (June 16, 2010) $0.38
Market Capitalization $33.2M
52 week High/Low $0.52/$0.12
TSX:AAB
Management & Board of Directors
16
George Faught, C.A.
Chief Executive Officer
David Stein, CFA, MSc.
President & Chief Operating Officer
Stephan Theron
Chief Financial Officer
Advisory Board
Board of Directors
Strong management with a DEPTH of experience in the resource sector and a PROVEN track record at building companies from the seed level through to highly successful exits
Management Team
Bruce Humphrey
Chairman of Investment Committee
Stan Bharti, P.Eng.
Executive Chairman
George Faught, C.A.
Director
David Stein, CFA, MSc.
Director
Hon. Pierre S. Pettigrew
Director
Bernard Wilson, C.A.
Director
Mike Hoffman, P.Eng.
Director
Jean-Guy Lambert, MBA
Director
David SteinPresident & [email protected]
Contact Details
Mike McAllisterInvestor [email protected]
A Forbes & Manhattan Group Company