Important information on the Scheme to exchange APL into AGX1 and overview of AGX1

Important information on the Scheme to exchange APL into AGX1 and overview of AGX1

APL exchange into AGX1.

Following Shareholder approval at the Scheme Meeting held on 24 November 2021, and Court approval on 7 December 2021, the Scheme of Arrangement (Scheme) between APL and AGX1 has now been implemented.

What does this mean for me?

As a result of the implementation of the Scheme, your shares in APL have been exchanged into AGX1 and you have been issued, in consideration, fully paid ordinary units in AGX1. Your Transaction Confirmation will be sent to you via the post for security reasons and provides the units in AGX1 that have been issued to you. Trading of these new units on the ASX is expected to commence on 23 December 2021.

Full details of the Scheme is set out in the Scheme Booklet dated 22 October 2021 and is available below.

 

Scheme documents

 

Contact us

If you would like to discuss the Scheme, please contact us:

Shareholder Information Line
Phone (Australia): 1300 010 311
Phone (International): +61 2 8970 7750
Email: invest@antipodespartners.com

Automic (AGX1 Registry)
Phone (Australia): 1300 902 587
Phone (International): +61 2 7208 4521
Email: hello@automic.com.au

How were my consideration units calculated?

The number of AGX1 Units issued to you depends on the number of APL shares you held on 10 December 2021 (Record Date). The post-tax NTA per APL Share and NAV per AGX1 Unit on 15 December 2021 (Calculation Date) was used to determine the number of AGX1 units you received (Scheme Consideration).

Values on the Calculation Date

The Calculation Date to determine the Scheme Consideration was 15 December 2021.
As at 15 December 2021, transaction related costs totalling $0.0017 per APL Share had been incurred by APL and accounted for in the post-tax NTA per APL Share (APL had originally estimated it would incur transaction related costs of $0.0023 by the Calculation Date).
The actual Retention Amount used in the formula is $0.0005 (APL had originally estimated a Retention Amount of $0.0006).
In the above formula:

  • “A” is $1.1855 being the post-tax NTA per APL Share on 15 December 2021 (of $1.186) minus the Retention Amount of $0.0005 per APL Share.
  • “B” is $5.9154 being the NAV per AGX1 Unit on 15 December 2021.

Worked example

To show how the above formula operates, the following is a worked example for an APL Shareholder who held 1,000 APL Shares on 10 December 2021 (“D”).

The number of New AGX1 Units (“CU”) is calculated as follows:
CU = (A/B) * D
CU = ($1.1855/$5.9154) * 1000
CU = 0.20041 * 1000
CU = 200.41

As CU is not a whole number, and the fractional entitlement is less than 0.5 of a New AGX1 Unit, it must be rounded down to the nearest whole number.
Accordingly, in this worked example, the APL Shareholder will receive 200 New AGX1 Units as Scheme Consideration in exchange for their 1,000 APL Shares.

Antipodes Global Shares (Quoted Managed Fund) (AGX1) is an active ETF, that follows the highly-rated strategy of Antipodes Global Fund – Long.

AGX1 is similar to the Antipodes Global Investment Company (APL); both follow the Manager’s value-oriented global investment strategy by the same investment team, have very similar investment objectives, are benchmarked against MSCI All Country World Net Index in AUD, and have the same management fees and pay performance fees on returns above the same Benchmark.

The key difference between APL and AGX1 is that AGX1 has no short positions. The long holdings of APL and AGX1 are generated from the same investment team and research process and are therefore substantially the same. AGX1 has delivered superior investment returns relative to APL since inception of the underlying strategy for each.

 

Welcome APL shareholders to AGX1:
Interview with Jacob Mitchell, Antipodes Founder & CIO.

Comparison of performance between investment strategies for APL and AGX1

The above graph reflects the period commencing 30 June 2015 and ending 30 September 2021. The long-short strategy performance history is represented by the Antipodes Global Fund (Class P, net of fees) until 10 October 2016 after which the Antipodes Global Investment Company Limited (net of fees, gross of tax) performance series is used. The long strategy performance history is represented by the Antipodes Global Fund – Long (Class I, net of fees) for the month of July 2015. From 1 August 2015 the Antipodes Global Fund – Long (Class P, net of fees) is shown until 2 November 2018 after which the Antipodes Global Shares (Quoted Managed Fund) (AGX1) performance series is used.

 

Contact us

If you would like to discuss AGX1 or the Scheme, please contact us:

Shareholder Information Line
Phone (Australia): 1300 010 311
Phone (International): +61 2 8970 7750
Email: invest@antipodespartners.com

Automic (AGX1 Registry)
Phone (Australia): 1300 902 587
Phone (International): +61 2 7208 4521
Email: hello@automic.com.au