Purchase of Ordinary Shares under IM Agreement

RNS Number : 1736F

Apax Global Alpha Limited

05 March 2020

 

Apax Global Alpha Limited ("AGA" or the "Company")

Purchase of Ordinary Shares under Investment Management Agreement  

Further to the announcement of AGA's Annual Results on 3 March 2020, the Board of the Company announces that, in accordance with the terms of the Company's investment management fee arrangements with Apax Guernsey Managers Limited (the "Investment Manager"), 3,607,299 Ordinary Shares have been acquired in the secondary market to satisfy the performance fee payable to the Investment Manager as at 31 December 2019 (the "Performance Shares"). The Performance Shares were acquired at an average price of 167.61 pence per share.

Under the terms of the Investment Management Agreement, the total amount of any performance fee will be payable to the Investment Manager in Ordinary Shares. The Investment Manager may transfer all or a portion of the Performance Shares to certain individuals of the Apax Group.  Any Performance Shares awarded to the Investment Manager, and any transferred to individuals of the Apax Group, shall, save in the event of certain limited circumstances such as to fund the payment or discharge of any liability to tax or social security payments arising , not be sold or otherwise transferred or disposed of for a minimum period of 12 months.  

For further information please contact:

Investor relations Sarah Page IR Manager - AGA Telephone: [phone] Email: [e-mail]

Media enquiries Andrew Kenny Head of Communications Telephone: [phone] Email: [e-mail]

Company secretary Lewis Germain/ Sarah Felmingham Company Secretary Telephone: [phone] Email: [e-mail]

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.	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.

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 debt and equities 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 is a leading global private equity advisory firm and over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.€40 billion. 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.

 

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