Cazoo SPAC Presentation Deck
Transaction summary
Key Transaction Highlights
Headline Valuation
$7,000m
Pro Forma Enterprise Value
$805m
SPAC size
$6,985m
Value to Cazoo Shareholders(1)
1.3x/ 12.6x
23F Revenue / GP Multiple
$8,075m
Pro Forma Equity Value
79%
Cazoo Shareholder Ownership(2)
Financing Details
$800m
PIPE size
Represents,
in aggregate,
8.7% of existing
shareholder
value
Implied Sources & Uses
Sources [$m]
Existing Shareholders Rollover Equity
Cash in Trust (4)
PIPE
Total
6,380
805
800
7,985
Pro Forma Ownership(6)
Pro Forma Ownership
SPAC Investors
PIPE Investors
Sponsors
Existing Cazoo Shareholders
Total
Uses [$m]
Existing Shareholders Rollover Equity
Primary Proceeds
Secondary Proceeds
(5)
Transaction Fees
Total
%
10.0%
9.9%
1.1%
79.0%
100%
6,380
895
605
105
7,985
Value ($m)
805
800
89
6,380
8,075
$895m
$605m¹3)
Secondary proceeds
Primary proceeds
Note: Presentation on this page represents current expectations relating to transaction structure and is subject to further discussion and negotiation of definitive documentation in its entirety. [1] Total value including
secondary. [2] Total shareholder ownership post transaction. [3] Any redemptions will impact the value of secondary proceeds. Secondary proceeds represent c.38% of total SPAC and PIPE proceeds. [4] Estimated Ajax cash-
in-trust at closing. Assumes no Ajax stockholder has exercised its redemption rights. This amount will be reduced by the amount of cash used to satisfy any redemptions. [5] Estimated transaction fees of c.$105m, exact value
to be finalised. Additional estimated stamp duty of c.$35m to be funded from primary proceeds post transaction. [6] Illustrative $10 share price, assuming 0% redemption rate on the SPAC Shares.
CAZOO Investor Presentation - March 2021
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