Scheme to exchange APL shares for units in Antipodes Global Shares (Quoted Managed Fund) (ASX:AGX1)
- APL, Antipodes Partners Limited (Manager) and Pinnacle Fund Services Limited (Responsible Entity) as responsible entity of Antipodes Global Shares (Quoted Managed Fund) (ASX: AGX1), have agreed to undertake a scheme of arrangement (Scheme), conditional upon APL shareholder and Court approval.
- The Scheme if implemented will result in APL shareholders exchanging their APL shares for units in AGX1, an open-ended active ETF quoted on the ASX.
- The number of units received for each APL share will be based on APL’s net tangible assets (NTA) relative to AGX1’s net asset value (NAV) at the time of implementation.
- APL’s Independent Board Committee (IBC) unanimously considers the Scheme to be in the best interests of APL shareholders and considers the proposal to be a straightforward and very low-cost means of enabling shareholders to exit APL at close to NTA and to access the Manager’s investment strategy via an exchange traded fund.
- The IBC considers the Scheme superior to the Conditional Tender Offer (CTO) approved at APL’s November 2020 AGM. Consequently the CTO will be suspended pending APL shareholders’ consideration of the Scheme.
- The Scheme, if implemented, will enable APL shareholders to:
- continue to access to the Manager’s value-oriented global investment strategy via an ASX-listed vehicle with similar benchmark, fees and objective to APL; and
- hold a security that will trade close to NAV; or
- sell that security at close to NAV (subject to a bid-ask spread)