APQ Global Limited - Book Value and Market Update
Book Value and Market Update
The Company experienced very difficult trading conditions during the month of February, due to extreme market movements in emerging markets currencies, bonds and equities, while putting pressure on the outlook for its private direct investments.
During March, the Company continued to experience difficult trading conditions and volatility in emerging markets, resulting from the COVID-19 pandemic. This resulted in a further deterioration of the value of the Company's unaudited book value per share.
During this time, the Company took decisive action to mitigate further risk to the its balance sheet, de-risking its portfolio of liquid market securities, with the current portfolio comprising:
As such, as at the close of business on
The Company has met all its payment obligations to various counterparties and is not in breach of any debt covenants.
Furthermore, with the ongoing uncertainty faced by emerging markets due to COVID-19, the Board has decided to implement the following further cash preservation measures, which are intended to facilitate a smooth recovery:
• Suspension of dividends paid to ordinary shareholders until further notice;
• The management bonus scheme to be cut from 20% of profits to 10%;
• Significant cost reduction across all of the Company; and
• Move to quarterly reporting of key metrics in the Company's income statement and balance sheet, an increase from semi-annually, starting for the reporting period Q2 2020.
"This has been the most challenging environment in my career and an exceptionally difficult environment for the Company. Our first priority has been to ensure the safety and well-being our all our employees, partners and stakeholders. We have focused on maximising liquidity in the balance sheet, which was recently achieved. Having stabilised the Company's finances, management is now fully committed to exploring further opportunities in line with the Company's business strategy and investment policy. "
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For further enquiries, please contact:
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020 3478 9708
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N+1 Singer - Nominated Adviser and Broker
020 7496 3000
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01481 737 279
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*The term 'book value' herein includes the assets of
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 therefor 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.
**USD Carrying Value at
Notes to Editors
This information is provided by RNS, the news service of the
Quick facts: APQ Global
Market Cap: £13.7 m
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