Exhibit (c)(viii)
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Jefferies LLC Member SIPC The information provided in this document, including valuation discussions, represents the views of Jefferies Investment Banking. There is no assurance that the views expressed herein will be consistent with the views expressed by Jefferies Research or its Analysts. Nothing in this document should be understood as a promise or offer of favorable research coverage. Project WORLD Special Committee Discussion Materials November 4, 2023 / Confidential convert as provided. please add the tag. [1-14] add to submission as: EX-99.(c)(viii) Description: Exhibit (c)(viii) add tag: Exhibit (c)(viii) Jefferies LLC / November 2023
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Disclaimer Jefferies LLC / November 2023 2 The following pages contain material provided to the Special Committee (the “Special Committee”) of the Board of Directors (the “Board”) of WORLD (the “Company”) by Jefferies LLC (“Jefferies”) in connection with Project WORLD. These materials were prepared on a confidential basis in connection with an oral presentation to the Special Committee and not with a view toward complying with the disclosure standards under state or federal securities laws or otherwise. These materials are solely for use of the Special Committee in its evaluation of the proposed transaction and may not be used for any other purpose or disclosed to any party without Jefferies’ prior written consent. The information contained in this presentation was based solely on publicly available information or information furnished to Jefferies by the Company. Jefferies has relied, without independent investigation or verification, on the accuracy, completeness and fair presentation of all such information and the conclusions contained herein are conditioned upon such information (whether written or oral) being accurate, complete and fairly presented in all respects. None of Jefferies, its affiliates or its or their respective employees, directors, officers, contractors, advisors, members, successors or agents makes any representation or warranty in respect of the accuracy, completeness or fair presentation of any information or any conclusion contained herein. Jefferies, its affiliates and its and their respective employees, directors, officers, contractors, advisors, members, successors and agents shall have no liability with respect to any information or matter contained herein, or any oral information provided herewith or data any of them generates. Jefferies undertakes no obligation to update these materials. Neither Jefferies nor any of its affiliates is an advisor as to legal, tax, accounting or regulatory matters in any jurisdiction. This presentation is a preliminary analysis only and does not constitute a fairness opinion of Jefferies as to the value of the Company, and as such, should not be relied upon by the Company or by any other person as such. The financial data, analyses and assumptions reflected here remain subject to refinement and change based on further discussions and information regarding WORLD’s businesses and its financial and operating markets.
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WORLD Trading Performance - Public Market Perspective Stock Price Performance - Since SPAC Closing (June 2020) $16.00 ---------- 6000 : ROSWELL Estimated: 1Average Cost-Basis of 1 $14.00 I $5.47 I ShareW I Current: $3.53 Performance: (65.0%) Median: $7.46 5000 Jefferies Jefferies LLC / November 2023 3 $12.00 June 26, 2023 ROSWELL Offers $4.00 I Share to Acquire WORLD 4000 $10.00 April 18 - May 18, 2022 ROSWELL Begins Purchasing Shares in WORLD I I I I $8.00 3000 I I I I I I I I I I I June 21, 2023 ROSWELL Purchases 488,923 Shares. 130 Filing. Ownership is -21.08% $6.00 2000 March 14, 2022 Q4'21 andFull Year Earnings Release March 13, 2023 ROSWELL Purchases 1,900,000 Shares. ownership is -18.33% I March 14, 2023 ROSWELL Purchases 120,000 shares. ownership is -18.62% March"15, 2023 ROSWELL Purchases 580,000 Shares. 130 Filing. ownership is -19.99% $4.00 ma 1000 $2.00 $0.00 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 -Volume -Price Source: 130 and Form 4 filings and S&P Capital IQas of November I, 2023. Note: Represents Sababa Holdings FREE LLC purchases. Ownership percentage calculations include shares held by Sababa Holdings FREE and those held by Marpet, LLC. ROSWELL is the manager of this entity, and the Trust owns 75% of Marpet. See appendix for further detail. (I) Weighted average price.
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WORLD Trading Performance - Public Market Perspective Stock Price Performance - Beginning Two Weeks Prior to ROSWELL Offer (June 26, 2023)<11 Price ,---------------: % R dsfu Roswfiioff;,---------------, $5.00 Jefferies Jefferies LLC / November 2023 3 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 June 26, 2023 ROSWELL Offers $4.00 I Share to Acquire WORLO ( -..-W. h-ile-~-83-% -of ,I 1 Trading Volume at 1 1 or Below $4.00 1 , Q.SytEJ;L_Off.e!:.. -------, ( -17% of Trading 1 1 Volume Above the 1 1 $4.00 ROSWELL 1 ' - - 9!t!!-:.:.- - Volume (000's) 6,000 5,000 -4,000 3,000 2,000 1,000 $0.50 $0.00 ............... . ....... . .........._._._..._..............._._........ ._.........._............_............................. ._.........._........_._........... ._._........ ._....... . .........._..........._..............._._........ ._.......... ......... 0 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 -Volume -Price Source: S&P Capital IQ asof November 1, 2023. (1) Date of 13D public filing.
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$2.90 $4.75 $4.25 $5.00 $4.35 $3.70 $3.50 $5.00 $2.10 $6.15 $8.65 $7.50 $8.80 $7.60 $5.00 $4.70 $8.50 $4.70 $2.00 $4.00 $6.00 $8.00 $10.00 Metrics Methodology Illustrative Valuation Benchmarks Presented to the Special Committee on October 16, 2023 Implied Enterprise Value / For Informational Purposes Only All Industries (1 day) Historical Premium Analysis 2023E EBITDA of $79.3M 2024P EBITDA of $94.7M Source: WORLD latest 10-Q filing (As of June 30, 2023), Management LRP provided by WORLD management. Note: Share prices are rounded to nearest $0.05. Fully Diluted Share Count includes 42,767,109 common shares, 3,192,834 RSUs, 116,608 RSAs, 2,358,504 PSUs (per 10Q as of 6/30/2023). Assumes debt balance of $438.6 million and cash balance of $24.1 million as of Q2 end numbers. Assumes debt balance of $436.7 million and cash balance of $23.8 million as of year end 2023E per Management LRP. Discounted Cash Flow Analysis Perpetuity Growth Method Selected Public Companies Analysis Selected Transactions Analysis 2023E Adj. EBITDA Multiple Discount rate of 11.0% - 12.5% and perpetuity growth rate of 2.0% - 3.0% 7.0x – 9.0x 2023E Adj. EBITDA ─ 2023E Mgmt Adj. EBITDA of $79.3M 7.8x – 9.8x 2023E Adj. EBITDA ─ 2023E Mgmt Adj. EBITDA of $79.3M 25th and 75th Percentile premiums to unaffected share price ($3.12), 1-day prior to 6/26/23 20% - 25% IRR, 8.0x – 10.0x exit multiple, 5.0x leverage 6.8x – 8.8x 2024P Adj. EBITDA ─ 2024P Mgmt Adj. EBITDA of $94.7M 6.4x 5.4x 7.7x 6.4x 8.9x 7.4x 10.1x 8.5x 11.3x 9.5x All Industries (30 days) 25th and 75th Percentile premiums to unaffected share price ($2.86), 30-days prior to 6/26/23 2023E Adj. EBITDA Multiple (1) 2024P Adj. EBITDA Multiple (1) (2) ROSWELL Proposal (6/26/23): $4.00 Unaffected Share Price (6/23/23): $3.12 Research Target Range Jefferies LLC / November 2023 6 52-Week Trading Range Range of price targets of research published after offer from Bidder 52-Week intra-day high and low share prices (For Reference Only) Financial Buyer Analysis
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Illustrative Analysis at Various Prices ($Millions, except price per share data) Sources: WORLD latest 10-Q filing (As of June 30, 2023) and Management LRP provided by WORLD management. Includes 42,767,109 common shares, 3,192,834 RSUs, 116,608 RSAs, 2,358,504 PSUs (per 10Q as of 6/30/2023). VWAP calculated based on calendar days. Premiums represent those presented to the committee on October 16, 2023. Please reference pages 11 and 12. Illustrative Analysis at Various Prices Unaffected 6/23/23 Proposal Illustrative Stock Price per Share $3.12 $4.00 $4.25 $4.50 $4.75 $5.00 $5.25 $5.50 $5.75 $6.00 Fully Diluted Shares Outstanding(1) 48.435 48.435 48.435 48.435 48.435 48.435 48.435 48.435 48.435 48.435 Fully Diluted Market Capitalization $151 $194 $206 $218 $230 $242 $254 $266 $278 $291 Term Loan (as of 6/30/23) 367 367 367 367 367 367 367 367 367 367 Revolving Credit Facility (as of 6/30/23) 72 72 72 72 72 72 72 72 72 72 Less: Cash and Cash Equivalents (as of 6/30/23) (24) (24) (24) (24) (24) (24) (24) (24) (24) (24) Implied Enterprise Value $566 $608 $620 $632 $645 $657 $669 $681 $693 $705 Implied Premiums Premium to ROSWELL Proposal $4.00 (22%) - 6% 13% 19% 25% 31% 38% 44% 50% Premium to Unaffected (06/23) $3.12 - 28% 36% 44% 52% 60% 68% 76% 84% 92% Premium to 20 day VWAP (06/23) (2) $3.05 2% 31% 40% 48% 56% 64% 72% 81% 89% 97% Premium to VWAP since ROSWELL Proposal (06/26) (2) $3.62 (14%) 11% 17% 24% 31% 38% 45% 52% 59% 66% Premium / (Discount) to 52-Week High $4.72 (34%) (15%) (10%) (5%) 1% 6% 11% 17% 22% 27% Management Adjusted EBITDA Multiples EBITDA LTM June 2023A $77 7.4x 7.9x 8.1x 8.3x 8.4x 8.6x 8.7x 8.9x 9.1x 9.2x FY2023E $79 7.1x 7.7x 7.8x 8.0x 8.1x 8.3x 8.4x 8.6x 8.7x 8.9x FY2024E $95 6.0x 6.4x 6.6x 6.7x 6.8x 6.9x 7.1x 7.2x 7.3x 7.4x Consensus Adjusted EBITDA Multiples EBITDA FY2023E $77 7.4x 7.9x 8.1x 8.3x 8.4x 8.6x 8.7x 8.9x 9.1x 9.2x FY2024E $85 6.7x 7.2x 7.3x 7.5x 7.6x 7.7x 7.9x 8.0x 8.2x 8.3x Take-Private *Bump* Premium (3) Unaffected Premium (3) Median – Top Quartile 3% - 22% 37% - 60% $4.12 Jefferies LLC / November 2023 6 $4.27 $4.88 $4.99
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Illustrative Theoretical Future Stock Price as Presented to the Special Committee on October 16, 2023 Illustrative Present Value of Theoretical Future Stock Price Summarym $14 NTM Consensus EBITDA Multiple: 6.9x (Current) $13.05 Theoretical Future Price - PV of Theoretical Future Price $12 $10.75 $10 $8.75 $8 $6.80 • • $6 $4.95 • $6.95 • $6.30 $6.65 $3.29 $5.65 $4 .. rt $4.80 $2 $3.29 Today (10/13/2023) 2023P 2024P 2025P 2026P 2027P WORLD NTM Adjusted EBITDA Net Debt $94.7M $102.5M $110.7M $117.9M $125.4M $412.9M $379.0M $339.BM $291.7M $233.0M $18 $16 NTM EBITDA Multiple: 7.8x (3 Year Average) - Theoretical Future Price PV of Theoretical Future Price $15.40 $14 $12.95 $12 $10.80 $10 $8.70 $8 $6 $6.70 • $7.25 • $7.80 • $8.05 • $8.20 $4 $2 Today {10/13/2023) 2023P Source: Management LRP provided by WORLD management. WORLD current stock price as of 10/13/2023. (1) Present value of future stock price discounted at cost of equity of 16.1%. 2024P 2025P 2026P 2027P Jefferies LLC / November 2023 7 Jefferies
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Jefferies LLC / November 2023 Process Summary to Date Signed NDA / Received CIM (12)(1) Contacted Strategics (15) Financial Sponsors (47) *Participating in ROSWELL Group Still Active (2) Declined Post NDA (10) (1) 8
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Project WORLD - Post-NOA Decline Detail Contact Decline Reasons Jefferies LLC I November 2023 Jefferies
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Jefferies LLC / November 2023 Buyer Feedback Prior to Bid Date Attractions Considerations 10
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Illustrative Premiums Paid Analysis - Equity Values $ lOOM - $500M as Presented to the Special Committee on October 16, 2023 U.S. and Canada All Cash M&A Majority Transactions, Announced Since January 2018 One-Day & 4-Week Premiums Selected Statisticsm 75% 60% E 45% .:E, ., ct 30% 60% 64% 37% 40% 19% 22% 15% 0% 25th Percentile Median 4-Week Premium 75th Percentile One-Day Premium One-Day & 4-Week Premiumsm 45% 39.3% 32.2% 30% >. .'c-:,': :, r:::r ., Lt 15% 7.3% 7.3% 0% <0% 15.8%15.2% 6.8% 5.6% 11.3%9.6% 0-10% 13.6o/°l.2.4% 13.0% 10.7% 10-20% 20-30% Premium Intervals 30-40% 40-50% 50%+ One-Day Premium 4-Week Premium Source: Thomson Reuters as of October 6, 2023. (1} 4-week premium based on closing stock price 4 weeks prior to announcement. Jefferies LLC / November 2023 11 Jefferies
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Based on price bump of final offer price to initial offer price. Casper had negative EBITDA at time of transaction. Initial offer price used represents midpoint of initial offer range provided of $14.00 - $15.00. Jefferies LLC / November 2023 Consumer Retail US Sponsor-Led Take-Private Transactions Over $200M as Presented to the Special Committee on October 16, 2023 (1) Source: Thomson SDC, S&P Capital IQ and Company Filings. Note: * Represents transaction was leaked before announcement. (5) (1) Includes US sponsor-led leveraged buyouts with transaction values greater than $200 million since 1/1/2013.(6) Initial offer price used represents midpoint of initial offer range provided of $9.50 - $10.00. Initial offer price used represents midpoint of initial offer range provided of $7.00 - $8.00. Initial offer price used represents midpoint of initial offer range provided of $37.00 - $40.00. Initial offer price used represents midpoint of initial offer range provided of $12.00 - $13.00. Initial offer price used represents midpoint of initial offer range provided of $17.25 - $19.00. 12 Consortium Led by Management Group 21%* 03/17/23 $2,534 0% 32% (0%) 8.2x 12/12/22 $3,700 29% 24% 15% 100.1x 11/15/21 $330 (15%) 94% 64% NM(3) 06/19/21 $13,700 25% 61% 59% 12.7x 05/06/21 $4,214 19% 18% 37% 6.6x 03/03/21 $3,222 0% (4) 22% 44% 4.8x 06/24/19 $622 (11%)(5) 19% 15% 18.8x 06/07/19 $670 0% 9%* 28% 4.8x 1%* 0% (6) 2% (7) 5% (8) 10% (9) Announcement Date Implied Enterprise Value ($mil) Price Bump(2) Premium 1-Day Premium 1-Mo. EV / LTM EBITDA 04/17/19 $1,119 27% 13.2x 11/06/18 $736 (8%) (2%) 11.2x 09/25/18 $2,249 19% 26% 16.0x 02/20/18 $560 25% 15% 10.5x 07/09/17 $2,180 31% 25% 10.7x 06/29/17 $337 27% 34% 31% 7.7x 12/07/15 $13,900 8% 78% 76% 13.2x Mean: $3,338 6.1% 32.5% 30.7% 17.0x Median: $2,180 1.8% 23.8% 27.2% 11.0x
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Investor Name Position Shares ($mm) % Outstanding Equity Assets ($MM) Style Shareholder Base Analysis Armistice Capital LLC 2,150,000 $7.1 5.0% $4,070 Hedge Fund Investor Breakdown Regional Breakdown Insiders Mid-West 30% 11% MA lnt'I Retail 8% 10% 27% CA Other 10% 10% Institutions 43% The Vanguard Group, Inc. 1,930,800 6.4 4.5% 4,876,609 Index Pacific Ridge Capital Partners LLC 1,706,801 5.6 4.0% 456 Value Clearline Capital LP 1,482,266 4.9 3.5% 809 Hedge Fund Ionic Capital Management LLC 1,266,967 4.2 3.0% 233 Hedge Fund Scoggin Management LP 1,000,000 3.3 2.3% 76 Hedge Fund Millennium Management LLC 916,852 3.0 2.1% 99,905 Hedge Fund Brandywine Global Investment Management LLC 782,740 2.6 1.8% 12,174 Value BlackRock Fund Advisors 646,447 2.1 1.5% 2,918,482 Index Dimensional Fund Advisors LP 505,012 1.7 1.2% 468,957 Index Hudson Bay Capital Management LP 500,000 1.6 1.2% 9,599 Hedge Fund Ancora Advisors LLC 456,219 1.5 1.1% 1,328 Value JPMorgan Investment Management, Inc. 430,247 1.4 1.0% 596,464 Generalist Assenagon Asset Management SA (Germany) 422,460 1.4 1.0% 30,622 Index Russell Investment Management LLC 399,939 1.3 0.9% 57,558 Generalist Fort Baker Capital Management LP 375,536 1.2 0.9% 686 Hedge Fund Ownership Summaryby Fund Type No. of No. of %of Institutions Shares Institutional Geode Capital Management LLC 374,347 1.2 0.9% 982,908 Index RBF Capital LLC 325,000 1.1 0.8% 1,641 Index JPMorgan Alternative Asset Management, Inc. 285,794 0.9 0.7% 614 Hedge Fund Squarepoint OPS LLC 225,590 0.7 0.5% 17,915 Hedge Fund Renaissance Technologies LLC 215,500 0.7 0.5% 68,844 Hedge Fund Institutions Value Value GARP Growth other Hedge Fund Index Fund Generalist Specialty Total 7 3,101,252 16.8% 5 3,077,752 16.7% 2 23,500 0.1% 2 39,637 0.2% 79 15,327,778 83.0% 28 9,149,954 49.5% 10 4,447,019 24.1% 40 1,692,685 9.2% 1 38,120 0.2% 88 18,468,667 100.0% Invesco Capital Management LLC 151,229 0.5 0.4% 188,171 Generalist SSgA Funds Management, Inc. 129,817 0.4 0.3% 1,955,309 Index Systematic Financial Management LP 112,355 0.4 0.3% 3,197 Value Orion Portfolio Solutions LLC 94,578 0.3 0.2% 9,252 Generalist First Trust Advisors LP 92,919 0.3 0.2% 94,021 Generalist GSA Capital Partners LLP 84,623 0.3 0.2% 999 Hedge Fund AQR Capital Management LLC 83,502 0.3 0.2% 51,598 Hedge Fund Alden Global Capital LLC 80,178 0.3 0.2% 24 Hedge Fund Cubist Systematic Strategies LLC 72,041 0.2 0.2% 8,965 Hedge Fund Total of Top 30 Institutions: 17,299,759 $56.9 40.5% Martin Franklin 8,905,223 $29.3 20.8% Steel Partners Holdings LP 1,571,125 5.2 3.7% Irwin Simon 1,262,970 4.2 3.0% Albert Manzone 295,737 1.0 0.7% Ira Lamel 190,405 0.6 0.4% Jefferies Jefferies LLC / November 2023 14 Current Stockholder Overview as Presented to the Special Committee on October 16, 2023 NasdaqCM: FREE Total of Top 5 Insiders: 12,225,460 $40.2 28.6% Source: FactSet; Bloomberg. Account holdings are based on 13F filings(as of 06/30/23 or most recent available). Insider holdings based on Proxy and Form 4 filings.
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Purchase Date Purchasing Entity Number of Shares Weighted Average Price Weighted Value Price Range 4/18/2022 - 5/18/2022 Sababa Holdings FREE 5,766,300 $6.81(1 $39,268,503 Marpet, LLC 50,000 6.81'1 340,500 3/13/2023 Sababa Holdings FREE 1,900,000 2.97 5,643,000 $2.77 to $3.10 3/14/2023 Sababa Holdings FREE 120,000 2.95 354,000 $2.86 to $3.00 3/15/2023 Sababa Holdings FREE 580,000 2.79 1,618,200 $2.67 to $2.87 6/16/2023 Sababa Holdings FREE 488,923 -- -- - - 3...00_ 1,466,671 $2.97 to $3.00 Total 8,905,223 $5.47 $48,690,874 Jefferies Jefferies LLC / November 2023 14 Average Purchase Price per Share Calculation for ROSWELL Affiliated Entities as Presented to the Special Committee on October 16, 2023 1 2 3 4 5 Stock Performance since April 2022 Price per Share $9.00 1 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 Current Price: $3.29 $0.00 +---.---.-----,----,----,----,,----,.----,---, Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 -WORLD Stock Price Description of Affiliated Entities Entity Relationship with ROSWELL Sababa Holdings FREE LLC Sababa Holdings FREE owns 8,855,223 shares of WORLD ROSWELL is the manager of this entity Marpet, LLC Source: 13D Filings, Bloomberg. WORLD stock price data as of 10/1312023. (1) Represents VWAP of WORLD stock for period beginning 4/1/2022 and ending 6130/2022, per Bloomberg. Does not represent VWAP of individual purchases of securities. Marpet owns 50,000 shares of WORLD ROSWELL is the manager of this entity and his Trust owns 75% of Marpet