Apax Global Alpha
Limited
Share Buyback
Programme
Further to the details provided on
capital allocation on 26 June 2024, the Board of Directors of Apax
Global Alpha ("AGA" or the "Company") today announces the
commencement of a Share Buyback Programme.
To execute the Share Buyback
Programme, the Company has entered into a non-discretionary
arrangement with Jefferies International Limited ("Jefferies") to
repurchase ordinary shares in the Company ("Shares"). The agreement
provides Jefferies with authority to carry out market purchases of
Shares independently of the Company within agreed
parameters.
Share buybacks under the Share
Buyback Programme will be made pursuant to the authority granted by
shareholders at the Company's annual general meeting held on 1 May
2024, which limits purchases of Shares by the Company in the market
to up to 14.99% of the Company's issued capital, being 73,616,005
Shares. All Shares purchased under the Share Buyback Programme will
be purchased within the price parameters specified in the agreement
with Jefferies.
A buy-back of Shares on any trading
day may represent a significant proportion of the daily trading
volume in the Shares on the London Stock Exchange (and could exceed
the 25% limit of the average daily trading volume of the preceding
20 business days as referred to in the Commission Delegated
Regulation (EU) No. 2016/1052 on buy-back programmes (as it forms
part of UK law by virtue of the European Union (Withdrawal) Act
2018)).
The Company will announce any market
repurchase of Shares on the business day following the calendar day
on which the repurchase occurred. The Company intends that the
repurchased shares will be held in Treasury.
END
Contact
details
Katarina Sallerfors, Investor
Relations - AGA
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Telephone: +44 207 666
6526
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Email:
Katarina.sallerfors@apax.com
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Notes
1.
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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"
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2.
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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
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3.
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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
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4.
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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.
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About Apax Global Alpha Limited
AGA is a Guernsey registered
closed-ended investment Company listed on the London Stock
Exchange. 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).
The Company makes Private Equity
investments in Apax Funds, and has a portfolio of primarily debt
investments, derived from the insights gained via Apax's Private
Equity activities.
Further information regarding the
Company and its publications are available on the Company's website
at www.apaxglobalalpha.com.
About Apax
Apax Partners LLP ("Apax") is a
leading global private equity advisory firm. For over 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 $77 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 is authorised and regulated by
the Financial Conduct Authority in the UK.