Sigma and CWG Merger Risks and Management Overview
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Enhanced Scale and Index Inclusion
Indicative MergeCo market capitalisation >$8.8bn¹ and free float >$4.1bn², eligible to sit well within the S&P/ASX200
(following quarterly rebalancing) and within the range of the S&P/ASX100
Proposed Merger is expected to significantly enhance the
scale of Sigma and result in market capitalisation
increasing from $0.8bn to >$8.8bn¹
MergeCo is expected to have total free float of c.47% post
completion of the Proposed Merger resulting in a free float
market capitalisation of >$4.1bn.2 MergeCo is expected to
be eligible for inclusion in the S&P/ASX200 Index at the
next quarterly rebalance and is expected to be within the
range for S&P/ASX 100 Index inclusion
CWG founders not included in the free float (Mario
Verrocchi, Jack Gance and Sam Gance, who will collectively
hold c.49% of MergeCo), have entered into escrow
arrangements in relation to each of their shareholdings
Indicative Free Float Market Capitalisation
Sigma
Healthcare
Illustrative
S&P/ASX2003
Illustrative
S&P/ASX1003
MergeCo²
c.$0.8bn
c.$1.3bn
c.$3.7bn
>$4.1bn
30
Source: IRESS, Factset, S&P Index Methodology. Market data as at 6 December 2023
1.
2.
3.
Based on estimated MergeCo shares at completion of the Proposed Merger of 11.6 billion (including shares issued in the $400 million capital raising announced today) and based on Sigma's last traded price of $0.7625/sh on 6 December 2023.
Illustrative potential free float excludes Escrowed Holders and directors and officers of MergeCo. Investable weight factor of 47 applied to indicative MergeCo market capitalisation to imply indicative free float market capitalisation. Determination of MergeCo's free float is ultimately at the
absolute discretion of S&P Dow Jones Indices
Illustrative index inclusion thresholds as at 6 December 2023, based on S&P/ASX100 and S&P/ASX200 index constituents as at the December 2023 S&P Dow Jones Indices rebalance. Based on last close free float market capitalisation. Inclusion into the S&P/ASX200 and
S&P/ASX100 indices is based on eligibility criteria including but not limited to: the daily average free float market capitalisation of a security over the last 6 months and minimum relative liquidity thresholds. Inclusion into the S&P/ASX100 and S&P/ASX200 indices is ultimately at the S&P
Dow Jones Indices' absolute discretion. Refer to S&P Dow Jones Indices' S&P/ASX Australian Indices Methodology memorandum as of November 2023 for further information. Inclusion in the S&P/ASX200 or S&P/ASX100 indices is impacted by factors outside of MergeCo's control
including the price at which its shares trade on ASX. There is no guarantee that MergeCo will be included in either indexView entire presentation