Royal Wolf is a leading provider of portable container solutions to the resources, construction, logistics, retail and manufacturing industries in Australia and New Zealand. Royal Wolf has grown steadily through expanding the size of its fleet, the breadth of its product offering, its geographic footprint and the size and diversity of its customer base. The Offer will recapitalise Royal Wolf’s financial position and see that it is well placed to continue its growth programme.

The Offer is expected to raise approximately $91.5m. The proceeds of the Offer will be used by Royal Wolf to:
• repay debt, including amounts outstanding to General Finance Corporation (“GFN”);
• pay outstanding accrued trademark licence fees to GFN; and
• pay costs of the Offer

Pricing $1.83 per share
FY12 PE1 of 11.5x
FY12 EV/ EBITDA2 of 7.1x
FY12 dividend yield of 4.1%
Market capitalisation The market capitalisation of Royal Wolf upon Listing is expected to be $183.7m, based on 100.4m Shares on issue at the Offer Price
Shares post Offer - 100.4m shares on issue comprising 50.0m new shares to be issued, the retained indirect holding of GFN and certain shares to be issued to the Directors and senior management
ASX ticker Proposed listing ticker: RWH

Existing Shareholder Major shareholder GFN (currently with c.86% indirect holding) will indirectly retain majority ownership post the Offer (c.50% holding) and will be bound by a voluntary escrow arrangement until release of Company FY12E audited financial accounts to the ASX