TIDMAPAX

RNS Number : 9324L

Apax Global Alpha Limited

16 September 2021

Apax Global Alpha Limited

Initial Public Offering of Thoughtworks

The Apax IX Fund ("Apax IX"), in which AGA is a limited partner, is an indirect shareholder in Thoughtworks, a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. Following Thoughtworks' announcement on the 14 September 2021 of the pricing of its initial public offering of common stock ("IPO"), shares of Thoughtworks started trading on the Nasdaq on the 15 September 2021. The closing price per share of common stock on the 15 September was $29.29 ("Closing Price").

At the Closing Price, and based on latest exchange rates(1) , AGA's remaining look through position in Thoughtworks is valued at approximately EUR158m. In addition, AGA's pro-rata share of IPO proceeds to be received by a subsidiary of Apax IX on closing of the IPO is c. EUR15m. Together with the remaining value, this represents an uplift of c. 89% or c.EUR82m to Thoughtworks' fair value at 30 June 2021 and an uplift of c.5.9% of AGA's Adjusted NAV (or EUR0.17 per share) at 30 June 2021.

Note that these figures relate to AGA's look through position of Apax IX's overall investment in Thoughtworks 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 as well as a focused portfolio of debt and equity investments ("Derived Investments"). In May 2016, AGA made a commitment of c.EUR303m to Apax IX.(2)

For more information about the transaction, please visit: https://www.apax.com/news/press-releases/

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 14 September 
        2021 of 1.1803 
  2.    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 1.1803 on 14 September 
         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" 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.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCEADNSFEPFEAA

(END) Dow Jones Newswires

September 16, 2021 02:00 ET (06:00 GMT)

Apax Global Alpha (LSE:APAX)
Historical Stock Chart
From Nov 2021 to Dec 2021 Click Here for more Apax Global Alpha Charts.
Apax Global Alpha (LSE:APAX)
Historical Stock Chart
From Dec 2020 to Dec 2021 Click Here for more Apax Global Alpha Charts.