API Group Corporation APi Announces Commencement of Trading on NYSE (2812L)
April 29 2020 - 7:00AM
UK Regulatory
TIDMJTWO TIDMJTOW
RNS Number : 2812L
API Group Corporation
29 April 2020
-APi Group Corporation Announces Commencement of
Trading of its Common Stock on the New York Stock Exchange
-Requests Cancellation of Listing on London Stock Exchange
-Reiterates Long-Term Value Creation Targets
NEW BRIGHTON, Minnesota, April 29, 2020 - 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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April 29, 2020 07:00 ET (11:00 GMT)
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