IN BRIEF: Apax Global Alpha suffers negative total return in half-year
Apax Global Alpha Ltd - closed-ended investment company providing access to the private equity funds of investment adviser Apax Partners LLP - Adjusted and unadjusted net asset value on June 30 is €1.24 billion, down from adjusted NAV of €1.29 billion a year before. This translates to 2.52 euro cents or 2.13 pence per share. NAV total return in the first half of 2024 is negative 1.4%, or negative 3.3% at constant currency. In the second quarter alone, NAV total return is negative 1.0%, or 1.5% at constant currency.
Apax Global Alpha says the negative total return is due to writedowns in the value of Vyaire Medical Inc, an Apax VIII fund portfolio company, due to weak trading. Excluding Vyaire, NAV total return in the half-year would have been positive 1.5%, though still negative 0.3% at constant currency.
Separately, Apax Global Alpha notes that Thoughtworks Inc, an Apax IX fund portfolio company that provides technology consultancy, agrees to be taken private by Apax funds. The $1.75 billion deal is at $4.40 per Thoughtworks share. This represents a 55% uplift to its valuation in Apax Global Alpha’s books, adding about €0.02 per share in NAV.
Apax Global Alpha notes it has started a €30 million share buyback as part of the new capital allocation framework that it announced back in June.
Apax Global Alpha will report its full half-year results on September 5.
Current stock price: 143.76p, up 1.2% in London on Tuesday
12-month change: down 17%
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