TIDMAPAX
RNS Number : 9914V
Apax Global Alpha Limited
31 July 2018
(LSE: APAX)
Apax Global Alpha Limited
Apax Funds' Valuations as at 30 June 2018
Apax Global Alpha Limited ("AGA" or the "Company") has a
portfolio of Private Equity and Derived Investments. Under its
Private Equity strategy, AGA is a limited partner in Private Equity
funds advised by Apax Partners LLP (the "Apax Funds").
AGA is pleased to announce it has received the Apax Funds'
valuations as at 30 June 2018. These valuations are set out below
at an individual fund level (net of relevant fees and carried
interest estimates). AGA holds exposures to the Apax Funds via
various individual holdings which also have different fee
structures.
Details on the composition and valuation of the AGA portfolio as
at 30 June 2018 (which may differ to those shown in the table below
due to the various holding structures) will be included in AGA's
2018 Interim Report, which is expected to be released on 14 August
2018.
Valuations for the Apax Funds to which AGA has an exposure to,
have reported the following movements for the period from 31 March
2018 to 30 June 2018:
Valuation Capital (Distributions) Unrealised Valuation Like-for-like
as at 31 Calls Gain / as at 30 % change(2)
March 2018(1) (Loss) June 2018(1)
Apax Europe
VI EURm 762 - - 11 773 1%
--------------- -------- ---------------- ----------- -------------- --------------
Apax Europe
VII EURm 2,178 - (149) 329 2,358 15%
--------------- -------- ---------------- ----------- -------------- --------------
Apax VIII EURm 2,993 - (51) 324 3,266 11%
--------------- -------- ---------------- ----------- -------------- --------------
Apax VIII $m 4,370 - (64) 253 4,559 6%
--------------- -------- ---------------- ----------- -------------- --------------
AMI $m 299 - (1) 32 330 11%
--------------- -------- ---------------- ----------- -------------- --------------
Apax IX EUR
EURm 970 - (9) 80 1,041 8%
--------------- -------- ---------------- ----------- -------------- --------------
Apax IX USD
$m 3,251 - (31) 117 3,337 4%
--------------- -------- ---------------- ----------- -------------- --------------
Apax Digital
$m (12) - - (12) (24) NM(3)
--------------- -------- ---------------- ----------- -------------- --------------
Contact details
Investor enquiries Media enquiries
Sarah Wojcik Andrew Kenny
IR Manager - AGA Head of Communications
Telephone: +44 (0)20 7666 6573 Telephone: +44 (0) 20 7872 6371
Email: sarah.wojcik@apax.com Email: andrew.kenny@apax.com
Footnotes
1. Where relevant, the valuations are expressed net of any
estimated carried interest payable should the funds hypothetically
be liquidated as at 30 June 2018 or 31 March 2018
2. The like-for-like change represents the change in valuation
from the prior to the current reporting date, adjusting for changes
due to calls and distributions. Any calls made during the period
are added to the prior valuation and distributions are added back
to the current valuation.
3. Not Meaningful as Apax Digital has drawn down on the capital
call facility as a bridge to the first capital call for fund costs
and investments in the fund.
Notes
1. Note that references in this announcement to Apax Global
Alpha Limited have been abbreviated to "AGA" or "the Company".
References to Apax Partners LLP have been abbreviated to "Apax
Partners" or "the Investment Adviser"
2. Please be advised that this announcement may contain inside
information as stipulated under the Market Abuse Regulations (EU)
NO. 596/2014 ("MAR")
3. This announcement is not for release, publication or
distribution, directly or indirectly, in whole or in part, into or
within the United States or to "US persons" (as defined in
Regulation S under the United States Securities Act of 1933, as
amended (the "Securities Act")) or into or within Australia,
Canada, South Africa or Japan. Recipients of this announcement in
jurisdictions outside the UK should inform themselves about and
observe any applicable legal requirements in their jurisdictions.
In particular, the distribution of the announcement may be
restricted by law in certain jurisdictions.
4. The information presented herein is not an offer for sale
within the United States of any equity shares or other securities
of Apax Global Alpha Limited ("AGA"). AGA has not been and will not
be registered under the US Investment Company Act of 1940, as
amended (the "Investment Company Act"). In addition, AGA's shares
(the "Shares") have not been and will not be registered under the
Securities Act or any other applicable law of the United States.
Consequently, the Shares may not be offered or sold or otherwise
transferred within the United States, or to, or for the account or
benefit of, US Persons, except pursuant to an exemption from the
registration requirements of the Securities Act and under
circumstances which will not require AGA to register under the
Investment Company Act. No public offering of the Shares is being
made in the United States
5. This announcement may include forward-looking statements. The
words "expect", "anticipate", "intends", "plan", "estimate", "aim",
"forecast", "project" and similar expressions (or their negative)
identify certain of these forward-looking statements. These
forward-looking statements are statements regarding AGA's
intentions, beliefs or current expectations concerning, among other
things, AGA's results of operations, financial condition,
liquidity, prospects, growth and strategies. The forward-looking
statements in this presentation are based on numerous assumptions
regarding AGA's present and future business strategies and the
environment in which AGA will operate in the future.
Forward-looking statements involve inherent known and unknown
risks, uncertainties and contingencies because they relate to
events and depend on circumstances that may or may not occur in the
future and may cause the actual results, performance or
achievements of AGA to be materially different from those expressed
or implied by such forward looking statements. Many of these risks
and uncertainties relate to factors that are beyond AGA's ability
to control or estimate precisely, such as future market conditions,
currency fluctuations, the behaviour of other market participants,
the actions of regulators and other factors such as AGA's ability
to continue to obtain financing to meet its liquidity needs,
changes in the political, social and regulatory framework in which
AGA operates or in economic or technological trends or conditions.
Past performance should not be taken as an indication or guarantee
of future results, and no representation or warranty, express or
implied, is made regarding future performance. AGA expressly
disclaims any obligation or undertaking to release any updates or
revisions to these forward-looking statements to reflect any change
in AGA's expectations with regard thereto or any change in events,
conditions or circumstances on which any statement is based after
the date of this announcement, or to update or to keep current any
other information contained in this announcement. Accordingly,
undue reliance should not be placed on the forward-looking
statements, which speak only as of the date of this
announcement
About Apax Global Alpha Limited
AGA is a Guernsey registered closed-ended collective investment
scheme incorporated as a non-cellular company that listed on the
London Stock Exchange on 15 June 2015. It is regulated by the
Guernsey Financial Services Commission.
AGA's objective is to provide shareholders with capital
appreciation from its investment portfolio and regular dividends.
The Company is targeting an annualised Total Return, across
economic cycles, of 12-15% (net of fees and expenses) including a
dividend yield of 5% of Net Asset Value.
The investment policy of the Company is to make Private Equity
investments in Apax Funds, and Derived Investments which are
investments in equities and debt derived from the insights gained
via Apax Partners' Private Equity activities. The Company's
portfolio is expected to be allocated in approximately equal
proportions between Private Equity and Derived Investments,
although the investment mix will fluctuate over time due to market
conditions, investment opportunities, cash flow requirements, the
dividend policy and other factors. Further information regarding
the Company and its publications are available on the Company's
website at www.apaxglobalalpha.com.
About Apax Partners LLP
Apax Partners is a leading global private equity advisory firm
and over its more than 35-year history, Apax Partners has raised
and advised funds with aggregate commitments of almost EUR43
billion as at 30 June 2018. Funds advised by Apax Partners invest
in companies across four global sectors of Tech & Telco,
Services, Healthcare and Consumer. These funds provide long--term
equity financing to build and strengthen world--class companies.
For further information about Apax Partners, please visit
www.apax.com.
Apax Partners is authorised and regulated by the Financial
Conduct Authority in the UK.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUBRARWSABUAR
(END) Dow Jones Newswires
July 31, 2018 02:00 ET (06:00 GMT)
Apax Global Alpha (LSE:APAX)
Historical Stock Chart
From Apr 2024 to May 2024
Apax Global Alpha (LSE:APAX)
Historical Stock Chart
From May 2023 to May 2024