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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 10 slides",
  "authorId": "goldman-sachs",
  "authorName": "Goldman Sachs",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-09-01 00:00:00",
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  "pageNumber": 6,
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  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a bar chart to compare a proposed settlement value against hypothetical market-based valuations derived from historical multipliers.",
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      "kind": "chart",
      "text": "Implications for Conversion Value",
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      "text": "The Series B optional conversion mechanic is disclosed to the market, which therefore means that investors are able to calculate the conversion value of the Series B units. AMGP regularly discloses an actuarially-based valuation of the Series B units, which is significantly higher (the \"multiplier\") than the conversion value. The \"multiplier\" reflects the incremental value of the imbedded options on projected dividends and future increases in AMGP's market capitalization attributable to increases in AMGP's share price and/or share count through December 2026. The \"multiplier\" has averaged 2.0 over the past five quarters and was 2.0 as of June 30, 2018, reflecting a Series B valuation of $183mm vs. the conversion value of the underlying shares of $90mm.",
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      "text": "The contemplated settlement of the Series B units into 17.35mm shares (worth $300mm as of September 22nd) represents a significant discount to either: Immediate conversion of the Series B units into the underlying (23.6mm) AMGP shares (worth $407mm at September 22nd); or The Series B units remain outstanding at a premium valuation to that of the underlying shares (potentially worth $610-$814mm assuming the historical \"multiplier\" of 1.5-2.0x).",
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      "text": "If the pre-deal conversion mechanics can be calculated, investors are able to calculate the conversion value in a pro-forma-combined scenario. After the simplification, investors can also safely assume that the Series B units will be worth more than the conversion value into the underlying shares for the same economic reasons as in status quo (i.e., option on future dividends and market cap increases), and consequently would not be converted.",
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      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg market data as of 21-Sep-2018",
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      "kind": "title",
      "text": "Implications of Disclosed Information for Series B Pro Forma Value",
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      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
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      "evidence": "Implications and supporting calculations for the proposed deal terms.",
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