REG - APQ Global Limited - Book Value Report

APQ GlobalAnnouncement

23/12/2024 15:30

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RNS Number : 1720R  APQ Global Limited  23 December 2024

 

APQ Global Limited

("APQ Global" or the "Company")

 

Book value report

APQ Global is a company incorporated in Guernsey (company registration number
62008) which is listed on The International Stock Exchange and admitted to
trading on AIM.

The Company hereby announces that as at the close of business on 29(th)
November 2024, the unaudited book value per Ordinary Share was 22.75 US Dollar
cents, equivalent to 17.90 Pounds Sterling pence.

At the end of November, the Group held approximately USD 4.4mln in cash versus
USD 4.3mln at the end of October 2024.

The Company continues to execute on its strategy to generate sufficient cash
to repay the remaining outstanding CULS principal through a combination of
realizing success fees from its existing pipeline as well as exploring various
refinancing options. The Company is engaged with multiple parties and
discussions are progressing at pace. Both avenues, while inherently uncertain,
appear in the Board's opinion to hold sufficient promises to achieve the full
repayment objective by the CULS Settlement Date on 31 March 2025.

The Company, via its subsidiary Delphos is currently executing 47 capital
raising mandates (versus 46 at the end of November) in addition to various
transaction advisory mandates. The table below shows management's revised
estimates for revenue for the month of December 2024. The Company also
confirms that management's estimates for the months following December 2024
remain in line with the guidance provided by the Company in its trading update
contained within the interim results published on 29 November 2024.

 December 2024 Revenue Estimate (in US$)  2,732,439

 

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Enquiries:

ir@apqglobal.com (mailto:ir@apqglobal.com)

IMPORTANT INFORMATION

Important Notice:

*The term 'book value' herein includes the assets of APQ Global and its
subsidiaries net of any liabilities. The figure in this announcement is an
estimate and is based on unaudited estimated valuations in accordance with the
Company's valuation policy as stated in the Company's AIM Admission Document.
The Group has measured its private investments in accordance with IFRS 9
Financial Instruments. In September 2017, APQ Global Ltd issued 4,018 units of
£5,000 nominal 3.5 per cent convertible unsecured loan stock 2024 ("CULS") to
raise £20.09 million. In January 2018, APQ Global Ltd issued a further 1,982
CULS units at a price of £5,150 per £5,000 nominal to raise £10.21 million.
Under IFRS, the CULS is a financial instrument and has been accounted for
under IAS 32 Financial Instruments: Presentation and IFRS 9 (as effective for
periods beginning on or after 1st January 2018). Therefore, the fair value of
the CULS liability component has been calculated, with the difference between
this and the fair value of the compound financial instrument as a whole being
taken to equity. Following completion of the buy back and cancellation of CULS
in April 2023, there are currently 5,920 units of CULS outstanding. Following
a resolution passed at a CULS Holders meeting on the 30(th) September 2024,
the final settlement date of the CULS was extended to no later than 31(st)
March 2025, the coupon was increased to 6% per annum and, on redemption of the
CULS the Company will pay a premium redemption of 1% per month on the
outstanding principal value. On 31(st) October 2024, the Company paid an
initial payment of £3.5 million (£591.21 per CULS) to CULS Holders and the
nominal value of each CULS was reduced to £4,408.79 from £5,000.
Additionally, on January 28th, 2020, the Group issued 1,000,000 Warrants and
268,000 Convertible Preference Shares (CPS). In October 2021, the Group
entered into an agreement to repurchase the entire amount of CPS and cancel
all of the warrants outstanding. Under IFRS, the Warrants and the CPS were
also Financial Instruments and were accounted for per the above guidance. This
figure also includes the amounts awarded in accordance with the Company's
Share-Based compensation scheme as adopted by the board on 19th April 2017 and
accounted for in accordance with IFRS 2. Shares awarded under the scheme vest
quarterly across 5 years. As of 29(th) March 2024, the total shares issued
under the scheme amounted to 504,983.

Estimated results, performance or achievements may differ materially from any
actual results, performance or achievements. No person has authority to give
any representations or warranties (express or implied) as to, or in relation
to, the accuracy, reliability or completeness of the information in this
release, and all liability therefore is expressly disclaimed. Accordingly,
none of the Company, the Corporate Services Provider or any of its/their
respective members, directors, officers, agents, employees or advisers take
any responsibility for, or will accept any liability whether direct or
indirect, express or implied, contractual, tortious, statutory or otherwise,
in respect of, the accuracy or completeness of the information or for any
loss, howsoever arising, from the use of this release. Except as required by
applicable law, the Company expressly disclaims any obligations to update or
revise the above estimates to reflect any change in expectations, new
information, subsequent events or otherwise.

 

 

 

Notes to Editors

APQ Global Limited

APQ Global (ticker: APQ LN) is an investment company incorporated in Guernsey.
The Company focuses its investment activities globally (in Asia, Latin
America, Eastern Europe, the Middle East, Africa and the Channel Islands,
particularly).

The objective of the Company is to steadily grow its earnings to seek to
deliver attractive returns and capital growth through a combination of
building growing businesses as well as earning revenue from income generating
operating activities in capital markets 1 . APQ Global run a well-diversified
and liquid portfolio, take strategic stakes in selected businesses and plan to
take operational control of companies through the acquisition of minority and
majority stakes in companies with a focus on emerging markets.

(1) Where we refer to revenue from income generating operating activities this
relates to the revenue of our investee companies.

 

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