Last checked at 23 Jan 2018 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA OR SOUTH AFRICA.
APQ Global Limited ("APQ" or the "Company")
Successful Fundraising
Placing of £10.21 million of 3.5 per cent. convertible unsecured loan stock 2024 (the "Placing") at £5,150 per £5,000 nominal
APQ, the emerging markets diversified income company incorporated in Guernsey which is listed on The International Stock Exchange Limited and admitted to trading on AIM, is pleased to announce that further to the announcements of 1 December and 22 December 2017, it has successfully raised £10,207,300 through the issue of 1,982 units of 3.5 per cent. convertible unsecured loan stock 2024 (the "CULS") in denominations of £5,000 nominal each, at an issue price of £5,150 per unit (the "Placing").
The requisite authority to issue the CULS was sought and granted at the Company's extraordinary general meeting held on 21 December 2017. Application has been made for admission to trading on the International Securities Market, the London Stock Exchange's segment for fixed income securities, of the CULS with dealings expected to commence on 26 January 2018 ("Admission").
The issue of the CULS pursuant to the Placing builds upon the successful fundraising of £20.09 million through the issue of the Company's existing CULS in September 2017, which provided the Company with attractive long-term structural gearing at a fixed cost. The Placing strengthens the Board's confidence that employing gearing on this basis will enable the Company to generate increased total returns over the longer term.
The interest rate on the CULS will be 3.5 per cent. per annum, payable quarterly in arrear on 31 March, 30 June, 30 September and 31 December in each year on the nominal amounts, with the first interest payment due in early April 2018 for the period from Admission to 31 March 2018.
Holders of the CULS will be entitled to convert their CULS into Ordinary Shares on a quarterly basis throughout the life of the CULS, commencing 31 March 2018, and all outstanding CULS will be repayable at par (plus any accrued interest) on 30 September 2024. The initial conversion price is 105.358 pence, being a 10 per cent. premium to the unaudited Book Value per Ordinary Share on 31 July 2017.
The Directors intend to apply the net proceeds of the Placing, expected to be approximately £9.8 million, in line with the Company's business and investment strategy.
Old Mutual, a substantial Shareholder of the Company (as defined in the AIM Rules), is investing in the Placing, with such participation constituting a related party transaction for the purposes of the AIM Rules. The Directors consider, having consulted with the Company's nominated adviser, N+1 Singer, that the terms of the Placing with Old Mutual are fair and reasonable insofar as the Shareholders are concerned.
The Company also announces that it has today published admission particulars required to be produced under the rules of the International Securities Market and containing details of the Placing and the CULS ("Admission Particulars"). The Admission Particulars are available to download from the Company's website, apqglobal.com.
N +1 Singer is acting as placing agent, nominated adviser and broker to the Company.
Enquiries:
APQ Global LimitedBart Turtelboom - Chief Executive Officer | 020 3478 9708 |
N+1 Singer - Nominated Adviser and BrokerJames Maxwell / Lauren Kettle / Jens Ehrenberg | 020 7496 3000 |
Carey Group - TISE sponsorRebecca Booth / Claire Torode | 01481 737 285 / 01481 737 277 |
Buchanan Communication - Financial PRCharles Ryland / Victoria Hayns | 020 7466 5000 |
Expected Timetable
Admission Particulars published | 23 January 2018 |
Admission and commencement of dealings in CULS on the London Stock Exchange's International Securities Market | 8.00 a.m. on 26 January 2018 |
CREST stock accounts credited with CULS issued in uncertificated form | 8.00 a.m. on 26 January 2018 |
Definitive certificates for CULS issued in certificated form | within 10 Business Days of Admission |
TIDM and ISIN of the CULS
TIDM: APQ1
ISIN: GG00BF7PL093
Notes to Editors
APQ Global Limited
APQ Global (ticker: APQ LN) is a global emerging markets income company with interests across Asia, Latin America, Eastern Europe, the Middle East and Africa. The Company's objective is to steadily grow earnings to deliver attractive returns and capital growth to shareholders. This objective is achieved through a combination of revenue generating operating activities and investing in growing businesses across emerging markets. APQ Global manages a well-diversified and liquid portfolio of equities and bonds. In addition, APQ Global takes strategic stakes in selected businesses and plans to take operational control of companies through the acquisition of minority and majority stakes in companies with a focus on emerging markets.
For more information, please visit apqglobal.com.