TIDMAPAX
RNS Number : 2407E
Apax Global Alpha Limited
06 July 2021
Apax Global Alpha Limited
Initial Public Offering of Baltic Classifieds Group
The Apax IX Fund ("Apax IX"), in which AGA is a limited partner,
is an indirect shareholder in Baltic Classifieds Group PLC ("BCG"),
the leading online classifieds group in the Baltics. Following
BCG's announcement on 30 June 2021 of the pricing of its initial
public offering ("IPO"), shares in BCG started conditional trading
on the London Stock Exchange on 30 June 2021. The closing price per
ordinary share at the end of the first day of unconditional trading
(5 July 2021) was GBP2.10 ("Closing Price").
At the Closing Price and based on closing exchange rates(1) ,
AGA's remaining look through position in BCG is valued at
c.EUR20m(2) . In addition, AGA's pro rata share of IPO proceeds
received by a subsidiary of Apax IX on closing of the IPO is
c.EUR10.8m(2) . Together with the remaining value, this represents
an uplift of c.76%(2) or c.EUR13.1m(2) to BCG's fair value at 31
March 2021 and an uplift of c.1.0% of AGA's Adjusted NAV (or
EUR0.03 per share) at 31 March 2021.
Note that these figures relate to AGA's look through position of
Apax IX's overall indirect investment in BCG and are stated before
taking into account any fees, costs, and carried interest.
AGA, whose shares are listed on the London Stock Exchange,
provides investors with access to a diversified portfolio of
private equity funds advised by Apax Partners as well as a focused
portfolio of debt and equity investments ("Derived Investments").
In May 2016, AGA made a commitment of c.EUR302m to Apax IX.(3)
END
Contact details
Investor Relations - AGA
Katarina Sallerfors
T: +44 207 872 6526
E: katarina.sallerfors@apax.com
Footnotes
1. Based on Bloomberg closing EUR/USD FX rate on 2 July 2021
of 1.1865
2.
Assumes that the current greenshoe agreement is exercised
at agreed rate
3. Represents AGA's commitment of EUR154.5m in Apax IX euro
tranche and $175.0m in Apax IX USD tranche translated to
euro using latest closing FX rate of 1.1865 on 2 July 2021.
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.
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 LLP ("Apax") is a leading global private equity
advisory firm. For nearly 50 years, Apax has worked to inspire
growth and ideas that transform businesses. The firm has raised and
advised funds with aggregate commitments of more than $60 billion.
The Apax Funds invest in companies across four global sectors of
Tech, Services, Healthcare and Internet/Consumer. These funds
provide long-term equity financing to build and strengthen
world-class companies. For further information about Apax, please
visit www.apax.com .
Apax Partners is authorised and regulated by the Financial
Conduct Authority in the UK.
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END
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