Baird Investment Banking Pitch Book
Highly Unlikely that AMGP would have the desire to acquire AR
AMGP public shareholders own ~25% of AR shares outstanding
Value of Holdings ($mm)
Investor
1 SailingStone Capital Partners
2 The Baupost Group
3 Tortoise Capital Advisors
4 Goldman Sachs Asset Management
5 The Vanguard Group
6 FPR Partners
7 BlackRock
8 Sound Shore Management
9 Neuberger Berman
10 Brave Warrior Advisors
11 Temasek Holdings
12 Alps Advisors
13 Oppenheimer Asset Management
14 Harvest Fund Advisors
15 Tinicum Capital Partners
16 Canton Investment Holdings
17 ChickasawCapital Management
18 Thompson, Siegel & Walmsley
19 State Street Global Advisors
20 Atlantic Trust Advisors
21 Salient Capital Advisor
22 Wellington Management Company
23 Dimensional Fund Advisors
24 Key Group Holdings
25 Yale University
26 Millenium Management
27 Eagle Global Advisors
28 UBS Asset Management
29 Cohen & Steers Capital Management
30 Stanford Management Company
Source: Capital IQ and SEC filings as of July 3, 2018.
Total Antero
Family Market
Cap
$744
567
448
444
438
360
287
248
245
235
208
204
193
183
161
156
143
142
141
134
132
125
117
116
96
82
80
72
65
62
% of Total
Market Cap
Owned
4.7%
3.6%
2.8%
2.8%
2.8%
2.3%
1.8%
1.6%
1.6%
1.5%
1.3%
1.3%
1.2%
1.2%
1.0%
1.0%
0.9%
0.9%
0.9%
0.8%
0.8%
0.8%
0.7%
0.7%
0.6%
0.5%
0.5%
0.5%
0.4%
0.4%
AR
$744
567
9
29
433
245
265
248
27
235
208
0
10
0
0
82
0
142
140
0
0
123
117
116
96
82
0
15
0
48
AMGP
$0
0
106
105
5
115
5
0
33
0
0
1
133
36
42
74
0
0
1
80
2
1
0
0
0
0
43
0
65
14
AM
$0
0
333
310
0
0
17
0
185
0
0
203
49
146
119
0
143
0
0
54
S
130
0
0
0
0
0
37
57
0
0
Shares-AR
34,867,589
26,587,791
426,849
1,354,827
20,310,821
11,482,583
12,422,965
11,620,868
1,287,715
10,988,904
9,755,618
8,110
484,263
22,841
3,847,251
6,677,371
6,567,941
5,779,274
5,499,386
5,445,777
4,516,262
3,830,049
706,989
2,246,194
Trellminan Praft
AR%
Ownership
11.0%
8.4%
0.1%
0.4%
6.4%
3.6%
3.9%
3.7%
0.4%
3.5%
3.1%
0.0%
0.2%
0.0%
0.0%
1.2%
0.0%
2.1%
2.1%
0.0%
0.0%
1.8%
1.7%
1.7%
1.4%
1.2%
0.0%
0.2%
0.0%
0.7%
Ownership at Each Antero Family
Shares-
AMGP
5,568,945
5,528,048
249,399
6,050,092
276,718
1,724,404
66,650
6,999,102
1,912,955
2,227,200
3,891,100
69,011
4,225,250
96,634
63,898
3,252
2,281,161
3,436,318
730,804
AMGP %
Ownership Shares-AM
0.0%
0.0%
3.0%
3.0%
0.1%
3.2%
0.1%
0.0%
0.9%
0.0%
0.0%
0.0%
3.8%
1.0%
1.2%
2.1%
0.0%
0.0%
0.0%
2.3%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
1.2%
0.0%
1.8%
0.4%
11,306,444
10,512,159
574,012
6,281,423
6,887,061
1,668,425
4,962,047
4,027,276
4,869,017
1,836,196
4,417,234
1,257,849
1,948,482
BAIRD
AMX
Ownership
0.0%
0.0%
6.0%
5.6%
0.0%
0.0%
0.3%
0.0%
3.4%
0.0%
0.0%
3.7%
0.9%
2.7%
2.2%
0.0%
2.6%
0.0%
0.0%
1.0%
2.4%
0.0%
0.0%
0.0%
0.0%
0.0%
0.7%
1.0%
0.0%
0.0%
Project Bronco |
Page 6View entire presentation