NEW BRIGHTON, Minn.,
April 29, 2020 /PRNewswire/ -- APi
Group Corporation (NYSE: APG; LSE: JTWO) ("APi" or the "Company")
announced that trading of its common stock is expected to commence
on the New York Stock Exchange (NYSE) today under the ticker symbol
"APG" and yesterday it completed its domestication into a
Delaware corporation (the
"Domestication").
APi has therefore today applied to the Financial Conduct
Authority and the London Stock Exchange to request the cancellation
of the listing of its ordinary shares and warrants from the
Official List and the cancellation of the admission to trading of
its ordinary shares and warrants from the Main Market of the London
Stock Exchange. The cancellation is expected to take effect from
8:00 a.m. (London time) on May 30,
2020.
Russ Becker, President and CEO of
APi, stated "First, I'd like to thank our employees for their
continued leadership across our organization, as well as health
care workers, first responders, and all other individuals that are
helping us to navigate the global pandemic. Listing the
shares of APi on the NYSE is another important step in the on-going
evolution and growth of the Company. The reach of the NYSE to the
investment community will help broaden our base of support and
elevate the communication of our long-term value creation targets,
which are:
- Deliver long-term organic growth above the industry
average
- Continue to leverage our SG&A
- Expand adjusted EBITDA margins to 12%+ by 2023
- Adjusted free cash flow conversion of 80%+
- Generate high single digit average earnings growth
- Target long-term net leverage ratio of 2.0 to 2.5x"
John Tuttle, Vice Chairman and
Chief Commercial Officer of the NYSE, said "We are very pleased to
welcome APi, a leading provider of safety, specialty and industrial
services, to the New York Stock Exchange. We look forward to
working closely with APi and helping the company leverage the
benefits of our unique market model, robust network and world-class
services."
James E. Lillie, Co-Chairman of
the Company, stated "We are excited about the long-term
opportunities for the Company. We are confident in APi's operating
model and the team's focus on driving higher margins as well as the
Company's ability to generate cash. We believe we are prepared to
seize both near and long-term opportunities and that our strong
balance sheet and our new partnership with the NYSE will help allow
us to take advantage of opportunities in 2020 and beyond."
About APi
APi is a market-leading business services provider of safety,
specialty and industrial services in over 200 locations, primarily
in North America. APi provides statutorily mandated services
to a strong base of long-standing customers across industries. We
have a winning leadership culture driven by entrepreneurial
business leaders to deliver innovative solutions for our customers.
More information can be found
at https://www.apigroupinc.com/.
Safe Harbor
Forward-Looking Statements and Disclaimers
This announcement does not constitute or form part of any offer
or invitation to purchase, otherwise acquire, issue, subscribe for,
sell or otherwise dispose of any securities, nor any solicitation
of any offer to purchase, otherwise acquire, issue, subscribe for,
sell, or otherwise dispose of any securities of the Company. The
release, publication or distribution of this announcement in
certain jurisdictions may be restricted by law and therefore
persons in such jurisdictions into which this announcement is
released, published or distributed should inform themselves about
and observe such restrictions.
This announcement contains forward-looking statements which are
based on the Company's expectations, intentions and projections
regarding (i) the date on which the APi common stock will begin
trading on the New York Stock Exchange, (ii) the ability of the
Company to achieve its long-term value creation targets including
those relating to organic growth, adjusted EBITDA margin, adjusted
free cash flow conversion, earnings growth and long-term leverage
ratio, and (iii) the ability of the Company to drive higher
margins, generate cash and capitalize on growth and expansion
opportunities. These statements are not guarantees of future
performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements, including: (i) economic conditions,
competition and other risks that may affect the Company's future
performance, including the impacts of the COVID-19 pandemic on the
Company's business, markets, supply chain, customers and workforce,
on the credit and financial markets, and on the global economy
generally; (ii) the ability of the Company to take advantage of
strategic opportunities; (iii) the limited liquidity and trading of
the Company's securities; (iv) changes in applicable laws or
regulations; (v) the possibility that the Company may be adversely
affected by other economic, business, and/or competitive factors;
and (vi) other risks and uncertainties. Given these risks and
uncertainties, prospective investors are cautioned not to place
undue reliance on forward-looking statements. Forward-looking
statements speak only as of the date of such statements and, except
as required by applicable law, the Company undertakes no obligation
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or
otherwise. This announcement contains inside information as
defined in article 7 of the Market Abuse Regulation (EU) No
596/2014.
Investor Relations Inquiries:
Olivia Walton
Vice President of Investor Relations
+1 814-312-3981
email: investorrelations@apigroupinc.us
Media Contact:
Liz Cohen
Kekst CNC
+1 212-521-4845
email: Liz.Cohen@kekstcnc.com
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SOURCE APi Group Corporation