Just days away now… the IVZ result we have been waiting for

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 5,896,999 IVZ shares and 2,833,212 IVZ options and the Company’s staff own 161,667 IVZ shares and 51,679 IVZ options at the time of publishing this article. The Company has been engaged by IVZ to share our commentary on the progress of our Investment in IVZ over time.

Major oil & gas exploration drilling events don’t come around often.

And we expect the results from this one in less than two weeks...

Within 14 days we should know if our Investment Invictus Energy (ASX:IVZ) has made a basin opening oil & gas discovery.

...on one of the largest conventional oil & gas prospects in onshore Africa.

A monster prospect called “Mukuyu” with a potential 20 Tcf of gas and 845 million barrels of oil.

This is a “swing for the fence” prospect.

If successful, it will also be the “basin opening” discovery in the entire Cabora Bassa basin.

We should find out in around 2 weeks...

(assuming drilling and testing continue to go smoothly, which it might not).

Then IVZ has a further 13 targets identified in the basin to drill.

(including 8 basin margin targets, also known as a “string of pearls” - more on this later).

Across the entire basin IVZ has a potential 5.5 billion barrels of oil equivalent prospective resource (gross mean unrisked).

(Source: IVZ September presentation)

We currently hold 5,896,999 IVZ shares and 2,833,212 IVZ options.

This makes IVZ one of the biggest holdings in our Portfolio.

Just like IVZ we try to swing for the fences too...

And we accept that frontier oil & gas exploration is risky (we list the risks at the end of this note).

While positive outcomes in oil & gas exploration are rare, we have had success investing in a similar frontier “basin opening” oils & gas explorer called Africa Oil Corp, back in 2012.

Over 10 years ago, Africa Oil Corp went from $1.50 to $12.50 on announcing its “basin opening” discovery in the Lokichar basin, Kenya.

So naturally (and perhaps nostalgically) we are very interested in any similar oil & gas explorer trying to make a “basin opening” discovery in the East African Rift System, like IVZ.

Africa Oil Corp’s success and share price performance on its basin opening discovery is NOT an indicator that IVZ will perform the same way. Oil & Gas exploration is high risk and many things can go wrong (risks listed at end of this note).

We have been Invested in IVZ for over 3 years and we will soon find out if IVZ’s current drilling campaign will deliver that all important, basin opening oil & gas “discovery”.

IVZ’s current drilling has been going for ~38 days now and so far we know the following:

• Elevated gas readings - 157x background levels in the Upper Angwa reservoirs & ~151x in the Lower Angwa reservoirs.
• Fluorescence in cuttings - Fluorescent blobs are typically a good sign there is oil and gas where a company is drilling - IVZ showed that its previously untested Lower Angwa reservoir is showing fluorescence in cuttings...
• Heavier hydrocarbons in mud gas readings - another good sign there is oil and gas where IVZ is drilling.

One final step is required for IVZ to declare a rare and coveted oil & gas “discovery” - IVZ needs to bring a hydrocarbon sample to the surface.

This would confirm the presence of “moveable” hydrocarbons.

Bringing a moveable hydrocarbon sample to surface is the standard, legal requirement around the world and the final step to allow an oil and gas explorer to officially declare a discovery:

(Source)

And with that, we will know if IVZ can declare a “discovery”.

We expect to find out if IVZ will successfully declare a discovery within 2 weeks (again, assuming that drilling and testing continue to run smoothly).

This upcoming result has been years in the making so even for those sitting out of IVZ it will be an interesting one to watch over the next couple of weeks.

IVZ has already proven a working hydrocarbon system and encountered multiple zones of fluorescence and elevated gas shows.

Once IVZ reaches total depth they will run a “wireline logging program” with the ultimate aim of bringing an oil/gas (hydrocarbon) sample to surface.

Our hope is that if IVZ can declare a basin opening “discovery”, the market will respond in a similar way to how it responded to Africa Oil’s basin opening “discovery” in Kenya back in 2012.

As long time Next Investors readers will know, around ten years ago Africa Oil drilled a basin opening well, confirmed a discovery, and saw its share price rise from $1.50 to a high of $12.50.

Africa Oil Corp’s success and share price performance on its basin opening discovery is NOT an indicator that IVZ will perform the same way. Oil & Gas exploration is high risk and many things can go wrong (risks listed at end of this note).

Moveable hydrocarbons brought to surface and the declaration of a “discovery” was the key announcement that started Africa Oil’s share price run and gained widespread media attention in Kenya and the global oil & gas industry.

Below is an image from a Kenyan Newspaper on 27 March 2012, a day after Africa Oil Corp declared a “discovery” on its basin opening well

The photo is of the Kenyan Energy Minister holding the movable hydrocarbon sample that was brought to surface, which allowed the declaration of Kenya’s first ever oil discovery:

Source: Kenya Nation News 2012 (print copy)

Such is the importance placed on attaining that movable hydrocarbon sample and declaring a discovery — we are hoping and praying that IVZ can achieve this in the next 2 weeks.

This wouldl be a huge result for IVZ investors.

The best case is that we will soon see photos of IVZ Managing Director Scott Macmillan and various Zimbabwe government officials showing off that precious little vial containing movable hydrocarbons, and that elusive D-word peppered through various global media.

Our view is that Africa Oil’s re-rate from $1.50 to a high of $12.50 was because it successfully announced a basin opening discovery, combined with multiple other identified targets in the same basin, meaning that the first discovery implied all other targets would likely be successful too.

Of course, there’s no guarantee that IVZ will deliver an Africa Oil Corp style price rise on a discovery on this well - this is the small cap market and we simply can’t predict how the share price will react. No one can.

We do note however due to the generally poor broader market sentiment in small cap markets, we think that most stocks do NOT have good news priced in like we usually see in bull market conditions.

In our opinion, the following factors set a good base for the IVZ share price to materially re-rate IF they successfully manage to announce discovery:

• The pre-discovery market cap of IVZ is $250M, similar to where Africa Oil Corp was pre-discovery... and this was all the way back in 2012.
• Interest rates are at historic highs and the small cap market has been rough for over 12-18 months now. We think a discovery is not priced in. This is likely to mean most of the investors who got nervous or simply went into risk-off mode may have already sold out and so there will be far less speculators looking to sell IF IVZ makes a new discovery. If successful, we could see a situation where there are a lot more buyers than sellers on that particular day.

So in our view IVZ’s modest pre-discovery market cap combined with generally poor market conditions mean less traders and speculators, sets IVZ up for a share price re-rate upwards on successful discovery.

However, this is the small cap exploration markets where anything can happen and market reaction to positive announcements can often be confusing and unexpected - we simply don’t know how the IVZ share price will react IF it announces a discovery.

In any case, within a couple of weeks we will know the result.

Like we did with IVZ’s first drill into the Mukuyu prospect in 2022, we are holding a relatively larger IVZ position into the result than we usually would at this stage of an oil & gas drill, and larger than is dictated by our usual oil & gas exploration investment strategy to Free Carry prior to the result being announced. (likely due to our Africa Oil Corp nostalgia).

(this is just our personal strategy and may not work for everyone, always seek professional advice before investing in any stock, especially high risk oil & gas explorers)

We have our fingers crossed for a discovery and significant share price reaction to usher in the holiday season... and to hopefully relive the experience we had with Africa Oil in 2012.

By our rough calcs, based on IVZs most recent announcement the drill should be days away from reaching total depth.

Typically after total depth in drilling is reached, wireline logging takes another ~5-7 days which means that results should be in toward the end of next week or early the week after.

IVZ’s goal is to bring an oil/gas sample to surface so that they can declare a new discovery.

A “basin opening” discovery in a basin that potentially contains 5.5 Billion barrels of oil (gross mean unrisked).

It's been a long wait for us, having been Invested in IVZ for over three years but we finally get to see the (hopefully) big news in a couple of weeks.

Here is how the drill has been progressing so far:

Progress on the current Drill (Mukuyu-2) -

On the 25th of October 2023, IVZ had drilled 3,296m of the planned ~3,750m for Mukuyu-2.

This means IVZ had ~454m of drilling left to complete to reach total depth (TD).

So far we have:

• Elevated gas readings - 157x background levels in the Upper Angwa reservoirs & ~151x in the Lower Angwa reservoirs.
• Fluorescence in cuttings - Fluorescent blobs are typically a good sign there is oil and gas where a company is drilling - IVZ showed that its previously untested Lower Angwa reservoir is showing fluorescence in cuttings...
• Heavier hydrocarbons in mud gas readings - another good sign there is oil and gas where IVZ is drilling.

All we need now is for the wireline tests to bring a moveable hydrocarbon sample to the surface,

IVZ still needs to drill to total depth (TD) - this is the announcement we are expecting next.

Then IVZ will run its wireline logging program and hopefully show the project has moveable hydrocarbons.

That's the final step before IVZ can officially declare a new discovery...

The originally planned total depth for the well was ~3,750M.

BUT, IVZ said that the lower Angwa reservoir is looking so good that the well could continue being drilled until the reservoir section ends.

With everything IVZ has been hitting so far, we think there wouldn't be any other reason to keep drilling OTHER than that IVZ’s management likes what it sees.

The lower Angwa was always one of the primary targets for this well, especially because it wasn't tested with IVZ’s Mukuyu-1 well last year.

Assuming IVZ drills for another ~5 days and wireline logging takes another ~5 or so days we should know if IVZ have made a discovery in two weeks (again, assuming there is no technical issues, which is always a risk):

Our key takeaways from Wednesday’s announcement:

1. IVZ has mobilised a liner so that the well can be flow tested in the future.

This was a surprise for us...

The ultimate goal for Mukuyu-2 was to confirm moveable hydrocarbons and declare a discovery.

The fact that IVZ is now considering a potential flow test at Mukuyu-2 is a good sign that it is confident with what the well is delivering so far.

Typically, a company only chooses to spend money lining the well if the well can be flow tested.

AND the only time a company knows it can be flow tested is if it is sure there are ‘moveable hydrocarbons’...

So IVZ must be pretty confident it can get that important milestone ticked off and declare a discovery.

These things aren't cheap either, so it isn't something IVZ would be doing just for the sake of it.

Here is what “lining the well” looks like:

(Source)

2. Previously untested Lower Angwa reservoir is looking stronger and stronger as IVZ drills deeper

One of the biggest surprises from this weeks announcement came from the Lower Angwa reservoir target, which IVZ hadn't managed to test with Mukuyu-1 last year.

Managing Director Scott Macmillan said:

“Results to date have been extremely encouraging through the Upper Angwa and additional positive indications of the play potential in the previously untested Lower Angwa is exciting.”

IVZ managed to show fluorescent blobs in cuttings from the Lower Angwa, which is usually a good sign that IVZ is getting closer to an oil & gas system.

At a very high level, fluorescence is a precursor to hydrocarbons.

So, if IVZ is seeing these fluorescent blobs in the cuttings, there is a stronger chance hydrocarbons will be there when it comes time to wireline log the well.

Long time readers will remember when one of our other oil & gas exploration Investments, 88 Energy produced fluorescent blobs from its Merlin-1 well in 2021...

The market took that as a sign that there was a good chance a discovery was coming, and 88 Energy’s share price ran from ~0.9c to 10c per share - a ~1,000%+ move in a matter of weeks.

This happened during peak bull market conditions where investors and speculators piled into 88E BEFORE a discovery was declared (anticipating success) - ultimately a discovery was not declared.

In the current bear market sentiment, most investors appear to be unwilling to speculate on a positive result, which means the IVZ share price has not had a notable run up pre-result, implying that the potential buyers are waiting for confirmation of a discovery first.

IF IVZ can add to this week’s positive drilling update and deliver an official discovery, then it would be a company making catalyst.

3. Results looking stronger than Mukuyu-1

So far, results across Mukuyu-2 have looked a lot better than Mukuyu-1

Mukuyu-1 was drilled back in 2022 and while it delivered a lot of positives (including proving a working hydrocarbon system) it missed out declaring a discovery because IVZ couldn't get that precious movable hydrocarbon sample to surface (due to a lot of technical issues and then deteriorating hole conditions).

Below is everything IVZ had after Mukuyu-1 and the Mukuyu-1 sidetrack well:

(The bolded text is new information that has come so far from Mukuyu-2).

We also note that IVZ is experiencing far fewer technical issues than it did with Mukuyu-1.

Last year drill bits got stuck, expensive logging while drilling tools broke, and the well had to be sidetracked.

Here is how the technical issues played out in the first Mukuyu-1 well:

We think that the IVZ team learned a lot from that first well, and Mukyu-2 has run A LOT smoother.

Managing Director Scott Macmillan highlighted that contingencies had been put in place to account for all of the learnings from Mukuyu-1.

With the drill nearing total depth we are hoping that the rest of the drill program is smooth sailing from a technical and mechanical point of view.

For those who missed the podcast where Scott talks about the plans for Mukyu-2 you can check out our summary here: The latest from Scott Macmillan, IVZ’s Managing Director.

The next three announcements we are looking out for:

1. The well reaches total depth (TD) - IVZ has drilled down to ~3,296m. IVZ should reach its planned total depth (TD) of 3,750m in the next few days. IVZ did mention it would keep drilling beyond the planned TD so it could take a few extra days to finish up.
2. Wireline logging program commenced and completed - Wireline logging should take 3-6 days to complete (assuming no technical issues). This should start straight after the well reaches TD.
3. Final results (fingers crossed we get a “discovery” announcement here) - Assuming IVZ drills for another ~5 days and wireline logging takes another ~5 or so days, we should know if IVZ have made a discovery in early November.

The final announcement will be the one that (we hope) delivers a material positive re-rate in IVZ’s share price because a discovery is made (or the share price will fall if no discovery is declared...)

All IVZ needs is for one of the six stacked targets to produce an oil/gas sample to surface for a discovery to be declared.

Ultimately we are hoping IVZ can get an oil/gas sample to surface, declare a discovery and achieve our Big Bet which is as follows:

Our IVZ Big Bet:

“To see IVZ make a basin opening oil/gas discovery in Zimbabwe and re-rate by over 700%, similar to the move Africa Oil experienced after making its basin opening discovery in Kenya”

NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is a lot of work to be done, many risks involved - just some of which we list in our IVZ Investment Memo. Success will require a significant amount of luck. There is no guarantee that our Big Bet will ever come true.

IVZ also has a basin margin "string of pearls” - a what?

While IVZ is currently drilling the giant (Mukuyu) prospect INSIDE the basin, which is certainly exciting enough to keep everyone entertained, another key reason we like IVZ is it’s multiple drill targets ALONG the basin margin.

In the future, IVZ is expected to drill the first target in one of 8 similar targets along the “basin margin”, all sharing similar geological and structural properties.

What this means is that IF this basin margin drill target delivers a discovery, that implies that the other 7 targets have a similar chance of success.

This is known in the industry as a “string of pearls” (because the targets look like a string of pearls):

Basin margin “strings of pearls” plays are rare.

Especially undrilled.

Our last Investment that drilled a string of pearls was over 10 years ago when Africa Oil Corp went from $1.50 to $12.50 after successfully declaring a discovery on its first target in their “string of pearls” in Kenya.

Remember, just because Africa Oil Corp was successful doesn’t mean IVZ will do the same, early stage exploration is high risk and many things can and do go wrong.

Investors over the age of 30 will likely remember Hardman Resources, who successfully drilled a “string of pearls” target in Uganda back in 2006 and went from 2c to over $2.

(Unfortunately for us we weren’t invested in Hardman Resources, we just jealously watched this one from the sidelines.)

Remember, just because Hardman Resources was successful doesn’t mean IVZ will do the same, early stage exploration is high risk and many things can and do go wrong.

This 2006 Hardman Resources discovery was also along a basin margin in the East African Rift System.

Same as the one as Africa Oil Corp successfully drilled in 2012.

We also have another Investment Noble Helium (ASX: NHE), who are about to start drilling (any day now...) their first target in their string of pearls, on the hunt for helium gas:

All of the above basins are in the East African Rift System - a giant, ancient geological structure that spans multiple East African countries and has hosted many resource discoveries over the last 30 years.

The East African Rift System (EARS) is an active continental rift zone in East Africa.

Some of Africa’s biggest oil and gas discoveries have been made across basins in the East African Rift System (EARS).

Nearly 40 exploration wells proved more than 4 billion barrels of oil and gas in two EARS basins - the Albertine Graben in Uganda and South Lokichar Basin in Kenya.

Of the 40 wells drilled ~14 were drilled across Basin Margin Fault Closure targets with a 100% discovery rate - the 14 wells were part of a “string of pearls” system which resulted in a string of discoveries.

One of the key reasons we like IVZ is because it has its own “string of pearls” inside the East African Rift System (EARS) - where the success rate for oil & gas explorers has been good so far.

IVZ is yet to drill a single one of its “pearls” because it is focusing on the giant Mukuyu prospect inside the basin first.

(Source)

String of Pearls History: Our first 10 bagger back in 2012- What a previous successful drill campaign looks like

As mentioned earlier, an analogue for exploration success on basin margin targets inside the East African Rift System is Africa Oil Corp between 2011 and 2013.

At the time, Africa Oil Corp also had a basin margin string of pearls in the East African Rift System, where one target drilled successfully would imply that the rest of the targets would likely be successful too.

Africa Oil Corp’s share price went from $1.50 to $12.50 over a few months in the lead up to and into the company’s first discovery.

This is just a case study of an explorer with a similar exploration target that had exploration success.

Here is what the Africa Oil Corp share price looked like from 2011 to 2013, which includes:

• Pre-drill work leading up to the first well
• A multi zone discovery on the first well that drove up the share price
• And then subsequent drilling and other key announcements

Remember, just because Africa Oil Corp performed this way doesn’t mean IVZ will do the same, early stage exploration is high risk and many things can and do go wrong.

Like IVZ, Africa Oil’s share price traded sideways/down leading up to the drill program as the company increased its resource estimates and got ready to drill its first well.

Africa Oil’s three big moves (totalling ~1,000%) happened over a period of ~3 months where Africa Oil announced discoveries across multiple different reservoir units.

Africa Oil drilled a section then evaluated, then drilled another section and evaluated.

IVZ is approaching things a little differently, they are drilling to total depth first THEN running wireline evaluation across all the primary targets at once...

IVZ’s approach is certainly building a bit more suspense compared to Africa Oil’s segmented approach.

After that first Africa Oil Corp well and a ~1,000% move in its share price Africa Oil drilled five wells back to back.

Three of those wells (on the basin margin) led to new discoveries and Africa Oil raised ~US$675M off the back of the drill programs.

How did the Africa Oil Corp share price respond as each announcement came out during its drilling of its own “string of pearls”:

All of the announcements for Africa Oil that happened between 2011 and 2013 including the three announcements after the first well was spudded which led to that ~1,000% move for us in its share price (we had invested well before drilling at sub $1).

First spud was on the 16th of January 2022 and it took almost ~4 months until the discovery was first announced.

The oil discovery announcement came on the 26th of March 2012 and then the two following announcements almost two months later in May.

• 2012 Jan 16 [share price $1.49] - First well in string of pearls spudded
• 2012 Mar 26 [share price $3.35] - Oil discovery 20m oil column at 1040m drilling to continue
• 2012 May 07 [share price $7.82] - More oil discovered at 1500m, oil column in excess of 100m
• 2012 May 25 [share price $9.94] - Another 140m of oil from 1800m to 1940m

Again, IVZ is approaching things a little differently, they are drilling to total depth first THEN running wireline evaluation across all the primary targets at once...

We have collated all of Africa Oil corps key announcements from its basin opening discovery and the successful follow up wells

(we hope IVZ has a similar set of announcements over the next few years)

We renamed the announcements in the following format:

[YYYY MM DD] [share price at end of day] [Announcement Summary]

You can access all the announcements here.

IVZ’s “String Of Pearls” haven’t been drilled yet....

IVZ’s Mukuyu-2 is the second well the company has drilled at its project in Zimbabwe.

all of the focus has been on the company’s ‘central fairway’ prospects.

For us, the basin margin targets are a big part of the IVZ too story, though.

IVZ has its own ‘string of pearls’ across a ~90km basin margin where it has a prospective resource of ~1.2 billion barrels of oil equivalent.

IVZ’s “String Of Pearls” are yet to see a single drillhole into them...

For context - Basin margin targets across the East African Rift System (EARS) have an extremely high discovery rate.

Across Basin Margin Fault Closures in the EARS - the success rate is 100% (14 from 14) since 2006.

The back-to-back discoveries on similar basin margin targets is what gave this style of prospects the nickname “string of pearls”.

The success rate on oil and gas exploration across the EARS including the basin margin discoveries is closer to ~80%...

So technically, IVZ is taking the “higher risk - higher reward” approach to unlocking its basin...

Especially noting that Africa Oil’s success came by drilling the smaller basin margin target first, then moving to the riskier (larger) central fairway prospects the company had.

IVZ is instead looking to unlock the basin through the much larger central fairway prospect then move to its smaller basin margin targets.

For some perspective, IVZ’s central fairway prospect has a prospective resource of ~4.3 billion barrels of oil equivalent (compared to the ~1.2 billion barrels of oil equivalent along the basin margin).

(Source)

All that this means is that if IVZ can make a discovery with Mukuyu-2 then it ends up unlocking a MUCH larger resource for its first discovery in a whole new oil & gas basin.

AND it leaves all of the (technically lower risk) wells across the basin margin “String Of Pearls” play as bonus upside for future exploration programs.

The approach is technically riskier BUT if it works out for IVZ then we think the company is in a much stronger position when it comes time to talk with any interested parties that want a piece of what we hope is a newly unlocked oil & gas basin in East Africa.

Another positive difference to note is that IVZ went for the option of retaining their full ownership by NOT doing a farm out and self funding the first two drills. Africa Oil Corp had already farmed out a 50% share on the key blocks BEFORE its first drill...

POST-discovery Africa Oil Corp farmed out another 25% for almost $1 billion in back costs repayments and free carry on its remaining 25%.

So IF IVZ manages to deliver a discovery in the next couple of weeks, it owns a way bigger chunk of the total project to work with compared to if it had farmed out before.

Instead of having to negotiate off the back of a smaller discovery, IVZ can negotiate with a much larger discovery and all of the upside of the “String Of Pearls” targets as a sweetener for any potential future deal.

In the short-term IVZ will be judged based on its success/failure with Mukuyu-2 BUT we plan to follow through our Investment until the company drills at least one of its basin margin targets.

Invictus Energy
ASX:IVZ

So What’s next for IVZ?

The big one: Mukuyu-2 drill results 🔄

Drilling started on the 20th of September, and IVZ re-affirmed it would be completed within the initial 50-60 days it guided.

As of IVZ’s last update we were ~36 days into the program (3,296m of the ~3,750m total depth).

By IVZ’s estimates, drilling and the wireline logging program should be finished between the 9th and 19th of November.

By our rough calcs, we think it could be as soon as the first week of November - more details why here

2D seismic results 🔄

Earlier in the year IVZ completed a 2D seismic program across the eastern part of its project.

The results from the seismic program are expected in November.

Prospective resource upgrade 🔄

After the 2D seismic program’s results come in and IVZ has completed drilling Mukuyu-2, we expect to see IVZ put out an updated prospective resource estimate for its project.

What are the risks?

In the short term, the key risk for IVZ is exploration risk.

Mukuyu-2 may not deliver the desired results and in that scenario, we would expect the company’s share price to drop significantly.

Below is a list of the key risks we listed in our IVZ Investment Memo:

Exploration risk

IVZ is planning two wells, the first is an appraisal well and the second is a new exploration well.

While the appraisal well is somewhat derisked (because it is targeting a known hydrocarbon system) there is still a risk that nothing commercial is found.

There is also a risk of technical failure while exploring.

Commercialisation risk

If gas is found it doesn't guarantee that it can be economically produced, there is a risk that the water content of the gas flows is too high making it uneconomic to extract.

Flow-rates will need to prove that any gas found can be economically produced.

Commodity Price Risk

Ultimately demand for gas and its price will dictate the economic viability of IVZ’s project.

Market risk

If the broader market sells off there is a chance that investors shy away from high risk investment opportunities like oil and gas explorers.

IVZ is a pre-revenue explorer and may be impacted by these market wide sell offs.

Funding risk

IVZ does not generate any revenues and so is reliant on fresh funding for its exploration programs.

This means IVZ is reliant on access to capital, if the markets are unwilling to finance IVZ’s exploration programs the company may need to go slow on its operations or offer large discounts to its share price when raising capital.

Geopolitical Risk

The project is located in Zimbabwe which has a history of political and economic instability, there is always a risk that geopolitical issues make it difficult to advance the gas project.

IVZ has a preliminary Production Sharing Agreement Finalised but the second half is not completed, there is a risk that the agreement is delayed or that IVZ gives up a portion of the project as part of the agreement.

Our IVZ Investment Memo

In our IVZ Investment Memo, you can find the following:

• Our IVZ Big Bet
• Why we are Invested in IVZ
• Key objectives we want to see IVZ achieve
• The key risks to our Investment thesis
• Our Investment plan

Best of luck to any IVZ investors out there for the result we are all hoping for.