Antipodes Global Investment Company (ASX:APL)

  • Overview
  • Company
  • APL Options
  • Registry & Contacts

About the Company

Antipodes Global Investment Company Limited (‘the Company’) offers investors access to a long-short global securities investment portfolio with a currency overlay. The Company’s portfolio will be constructed in accordance with the investment approach of Antipodes Partners Limited (‘the Manager’), which aspires to grow wealth over the long-term by generating positive returns in excess of the benchmark at below market levels of risk. The Manager seeks to purchase securities in what it considers to be great businesses that are not valued as such, and build a high conviction portfolio with a capital preservation focus. The Company listed on the Australian Stock Exchange (ASX) on 18 October 2016:

  • Fully Paid Ordinary Shares (ASX Code : APL / ISIN AU000000APL8)
  • APL Options, $1.10, Expiry date 15 October 2018 (ASX Code : APLO / ISIN AU00000APLO4)

Investment objective

The Company’s investment objectives are to:

  • provide capital growth and income through investing in a concentrated portfolio, predominantly comprised of long and short positions in international listed securities, that will be actively managed with a focus on capital preservation; and
  • achieve returns in excess of the benchmark, MSCI All Country World Net Index in AUD, with reduced levels of risk,

in each case, over a full investment cycle (which the Manager and the Company consider to be a period of typically 3 to 5 years).

Monthly NTA and investment update

The Company’s monthly Investment Update & Net Tangible Assets Report will available by the 14th of each month.

Financial results

Research reports

Receive the latest Zenith and Lonsec research reports for the Company. Available to Financial Advisers only.

Board of Directors

Jonathan Trollip – Chairman

Jonathan Trollip is an experienced Director with over 30 years of commercial, corporate, governance, legal and transaction experience. Jonathan is currently non-executive chairman of ASX listed Global Value Fund Limited, Future Generation Investment Company Limited and Plato Income Maximiser Limited, and a non-executive director of ASX listed Kore Potash Limited. He holds commercial private company directorships with Meridian International Capital Limited and BCAL Diagnostics Pty Ltd.

In the philanthropy area he is chairman of Science of Wildlife Limited, and a director of the The Watarrka Foundation and the University of Cape Town Australia Alumni Trust. Jonathan has worked as a principal of Meridian for the past 22 years. Prior to that, he was a Partner with law firm Herbert Smith Freehills. He holds postgraduate degrees in economics and law, was admitted as a qualified lawyer in England and Australia.

Chris Cuffe – Independent Director

Chris has more than 25 years of experience in building successful wealth management practices.

Most notably he joined Colonial First State in 1988 and became its CEO two years later, leading the company from a start-up operation to Australia’s largest investment manager.

In 2003 Chris became the CEO of Challenger Financial Services Group Limited and subsequently headed up Challenger’s Wealth Management business. Chris is now involved in a portfolio of activities including a number of directorships, managing public and private investments and in various roles assisting the non-profit sector.

Chris is currently a non-executive director of ASX listed Global Value Fund Limited. He is Chairman of UniSuper (the $50 billion superannuation scheme servicing the staff of universities and related institutions across Australia), Chairman of Fitzpatrick Private Wealth (a national advisory and wealth management firm) and a founder/producer of online weekly financial newsletter Cuffelinks.

Chris holds a Bachelor of Commerce from the University of NSW and a Diploma from the Securities Institute of Australia. He is a Fellow of the Institute of Chartered Accountants in Australia, a Fellow of the Institute of Company Directors and an Associate of the Financial Services Institute of Australasia.

In October 2007 Chris was inducted into the Australian Fund Manager’s RBS Hall of Fame for services to the investment industry.

Lorraine Berends  – Independent Director

Loraine has worked for 30 years in the pension and investment industries, and possesses extensive experience in both the investment management and superannuation fields. Lorraine serves on the BT Financial Group Superannuation Board, the Board of the MDC Foundation and is a member of the investment committee of Qsuper. She served on the Board of the Association of Superannuation Funds of Australia for 12 years and the Board of the Investment Management Consultants Association for 13 years, and has been awarded Life Membership of both associations. Lorraine is a Fellow of the Institute of Actuaries of Australia, a fellow of ASFA, a member of the Australian Institute of Directors and holds a BSc from Monash University Melbourne.

Alex Ihlenfeldt – Non-Independent Director

Alex Ihlenfeldt has over 25 years commercial experience in financial services in Australia and overseas and has proven expertise in the provision of the full suite of turn-key, institutional quality non-investment services for investment managers. He is experienced in operating across the full spectrum, from start- up boutiques to mature investment managers. Alex is currently Chief Operating Officer and Chief Financial Officer of Pinnacle Investment Management Limited with whom he has been associated since inception in 2006. Prior to joining Pinnacle in 2011, he spent 10 years with the Wilson HTM Investment Group as Chief Operating Officer, Chief Financial Officer and Head of Wealth Management. Alex has a Bachelor of Commerce (Hons) and is a member of the Institute of Chartered Accountants Australian and New Zealand as well as a Fellow of the Australian Institute of Company Directors. Alex is a Director of each of Pinnacle Investment Management Limited, Pinnacle Fund Services Limited, Plato Investment Management Limited, Solaris Investment Management Limited, Antipodes Partners Limited, an Alternate Director of Resolution Capital Limited and he is Chairman of the Pinnacle Fund Services Limited Compliance Committee.

Andrew Findlay – Non-Independent Director

Andrew has over 20 years financial services experience in Australia and overseas, with a focus on product development, marketing and distribution. Andrew is currently a senior executive at Pinnacle Investment Management which he joined in 2009.  His primary responsibility is to assist the principals of each investment firm to establish, manage and grow their business. In addition to his business development and client responsibilities, Andrew is a Director of Antipodes Partners Limited and Pinnacle Fund Services Limited, which acts as responsible entity or trustee for various pooled funds managed by Pinnacle’s affiliates. Before joining Pinnacle, Andrew worked at Macquarie Bank for over 5 years and was based in both Sydney and Hong Kong. Whilst at Macquarie, Andrew led the establishment of the ‘Macquarie Professional Series’, a suite of partnerships with world-class, specialist investment managers. Prior to Macquarie Andrew worked in a variety of financial marketing roles with Deutsche Bank in Australia, and with UBS in Zurich and London. Andrew has a Bachelor of Commerce from the University of New South Wales.

Investment Manager

Antipodes Partners Limited (ABN 29 602 042 035) has been appointed as the Manager for the implementation of the Company’s investment strategy. Antipodes Partners Limited is a boutique fund manager specialising in global equities.

Investment team

The Manager’s investment team (Antipodes Investment Team) comprises experienced investment professionals all with deep expertise across different markets. With over 100 years of collective global investment experience, the members of the investment team have each seen multiple market cycles. The Company will draw upon and benefit from this depth and breadth of experience in the construction and maintenance of the Company’s portfolio. The Antipodes Investment team biographies can be found here

Corporate governance

Prospectus

Corporate governance statement

Corporate governance charter covering:

  • Board Policy
  • Continuous Disclosure Policy
  • Code of Conduct
  • Share Trading Policy
  • Insider Trading Policy

Dividend re-investment plan

Dividend policy

The Company’s investment objective is to maximise total shareholder return via a combination of capital growth and income, with the aim of allowing fully franked dividends to be paid to shareholders when possible.  Whether dividends are declared is at the full discretion of the Board.  The Board will only exercise its discretion if the Company has sufficient profit reserves and franking credits available and it is within prudent business practice to do so. The Company intends to pay a dividend to shareholders at least annually, subject to available profits, cash flow and franking credits. The Company has suspended the dividend reinvestment plan and it will not operate for dividend announced on 23 August 2018.

Document archive

Annual reports

Other documents

FMA – Election Notice

APL Guide

What is a company option?

A company option gives the right, but not the obligation, to buy new company shares at a set price known as the “strike price” before the “expiry date”. If an option holder decides to buy the security underlying the option contract, it is known as “exercising” the option.

What is the APL Option (APLO)?

Antipodes Global Investment Company Limited (APL) issued free options to APL share subscribers during the IPO (initial price offering) of APL. These company options have been trading on the ASX under the ticker APLO since listing in October 2016. The holder of one APL Option has the right to acquire one APL share (i.e. exercise the option) at $1.10 per share (the APLO strike price). These options will expire on 15 October 2018 (last date to exercise) and stop trading on the ASX at the close of market on the 9th October 2018.

Why would I exercise the option?

Option holders have the potential to profit by exercising the options when they are “in the money”.

What is “in the Money”?

The term “in the money”, refers to when an option contract would be profitable upon exercising it. For example, APL Options have a strike price of $1.10 (this is a fixed price). Hypothetically, if APL was trading at $1.20 on the ASX, the holder of one APL Option would be able to exercise the option and receive one APL share at $1.10. Given the assumed market price of the shares is $1.20, if exercised, the option holder would be “in the money” by $0.10 per share ($1.20-$1.10=$0.10).

What is “out of the Money”?

The term “out the money”, refers to when an option contract has no intrinsic value and the option holder would be at a disadvantage upon exercising it. For example, APL Options have a strike price of $1.10 (this is a fixed price). Hypothetically, if APL was trading at $1.00 on the ASX, the holder of one APL Option would be able to exercise the option and purchase one APL share at $1.10. Given the assumed market price of the shares is $1.00, the option would be “out of the money” by $0.10 per share ($1.00-$1.10=-$0.10). The option holder would be better off by buying the share directly on market for $1.00 than exercising his option for the strike price of $1.10.

What is “at the Money”?

The term “at the money”, refers to when an option contract has the same strike price as the price the share price on market. For example, APL Options have a strike price of $1.10 (this is a fixed price). Hypothetically, if APL was trading at $1.10 on the ASX, the holder of one APL Option would be able to exercise the option and purchase one APL share at $1.10. Given the assumed market price of the shares is $1.10, is the same as the strike price, the option would be “at the money”. In the case of APL Options, the option holder would be better off exercising his option, since no brokerage costs would be incurred.

APLO Chart

Illustrative Diagram – for reference only

How do I know if I have APL Options?

One APL Option (APLO), was given to investors for every APL share purchased during the Initial Public Offering (IPO) and both APL and APLO started trading on 18 October 2016. If you participated in the IPO, the APL Option will be in the same location as your APL shares. This will either be on a CHESS subregister maintained by ASX Settlement (you would be allocated a Holder Identification Number (HIN) from your sponsoring broker) or on the issuer sponsored subregister (you would be allocated a unique Securityholder Reference Number (SRN) for each holding). In the case of APL, the subregister is administered by Boardroom Pty Limited (‘Boardroom’).
If you have sold your APL shares after the IPO in October 2016, it is possible that you still own the APL Options that were given to you as part of the IPO. If you are unsure whether you have APL Options, please contact Boardroom on 1300 737 760.

APL Options Expiry

Antipodes Global Investment Company (ASX:APL) options, over the Company’s shares (ASX:APLO) will cease trading on the ASX on 9 October 2018 and expire on 15 October 2018 at 5pm AEDT.

By exercising options on or before expiry, option holders are entitled to subscribe for one APL share at $1.10 (the exercise price) for each option exercised. No brokerage costs will be incurred by choosing to exercise.


Your APL Option Choices

Your choices to consider before your options expire include:

1. Exercise your options
To exercise your options, calculate the amount payable (the number of options you wish to exercise multiplied by $1.10). Then either:

a) Pay this amount by BPAY – the simplest way to exercise your options is to make a BPAY payment using the biller code and reference number located on your options exercise form. If you do this, you do not need to send in any forms. For a copy of your personalised options exercise form please contact Boardroom OR

b) Complete the ‘Application for Shares on Exercise on Options’ form.

If you have any enquiries completing the form, please call Boardroom Pty Limited, directly on 1300 737 760 or by email at corporateactions@boardroomlimited.com.au and pay by cheque (made payable to ‘Antipodes Global Investment Company Limited’).

Return the form and cheque to Boardroom as outlined below.

Once your funds have cleared, new shares in the Company will be allotted to your account and you will receive an updated holding statement.

2. Sell your options on market

In the event you choose not to exercise your options, you may sell your options on market before market close on 9 October 2018. The options that were allotted to shareholders as part of the IPO represent a value; please click here to view the current option price.

If you wish to sell your options, please contact your broker or trading platform.

3. Take no action

If you do not sell your options before market close on 9 October 2018 or exercise your options prior to 5pm AEDT on 15 October 2018, the options will expire.

Contact Boardroom

For a copy of your personalised ‘Application for Shares on Exercise on Options’ form, please visit the portal www.investorserve.com.au. Alternatively contact Boardroom Registry on 1300 737 760 or email corporateactions@boardroomlimited.com.au.

If you are sending in your completed form and cheque, please post to the mailing address below and allow enough time for postal delivery. Your completed form and payment must be received by no later than 5pm (AEDT) on 15 October 2018.

Depending on your location in Australia regular post can take between 3 and 6 days.

Mailing Address:
Boardroom Pty Ltd
GPO Box 3993
Sydney NSW 2001

Delivery Address:
Boardroom Pty Ltd
Level 12
225 George Street
Sydney NSW 2000

Or call Boardroom on:
1300 737 760
+61 2 9290 9600
(outside Australia)


APL FAQS

Key Dates For Options Exercise

Event

Date

Option letters despatched to option holders who have their address recorded on Registry

23 March 2018

Option emails despatched to option holders who have their email recorded on Registry

21 March 2018

Last day to sell options

No later than 4pm (AEDT) on 09 October 2018

Last day to exercise options

No later than 5pm (AEDT) on 15 October 2018


A1

How do I complete the application form & how do I pay for my options?

The quickest way to exercise and pay for your options is by making a BPay payment. Please follow the instructions on your Application for Shares on Exercise of Options form to make payment by BPay. If you pay via BPay you are not required to return your form.

If you pay by cheque, bank draft or money order, you must complete the Application for Shares on Exercise of Options form in accordance with the instructions on that form. Return that form to the Registry together with a cheque, bank draft or money order for the full Application Monies, being $1.10 multiplied by the number of options you wish to exercise.

The Registry must receive your completed Application for Shares on Exercise of Options form and cheque, bank draft or money order by no later than 5pm (AEDT) on 15 October 2018.


A2

Who do I make the cheque payable to?

Make your cheque, bank draft or money order payable to: Antipodes Global Investment Company Limited.


A3

Who must sign the form? / Is a signature required?

When payment is being made by cheque, draft or money order the form must be signed by the option holder(s).

Where the option holder is an individual, a single signature is required. In the case of a joint holding, the signatures of each holder are required.


A4

Where do I send my completed personalised exercise options form and payment?

Please return your Exercise Form and cheque, bank draft or money order to:

Antipodes Global Investment Company Limited
Boardroom Pty Limited
GPO Box 3993
Sydney NSW 2000

Or hand deliver to:

Antipodes Global Investment Company Limited Boardroom Pty Limited
Level 12, 225 George Street
Sydney NSW 2000

Please allow enough time for postal delivery and collection – your completed Application for Shares on Exercise of Options form and payment must be received by no later than 5pm (AEDT) on 15 October 2018. Depending on your location in Australia, regular post can take between 3 and 6 days.


A5

Can I pay via BPay?

Yes, you can pay via BPay, please follow the instructions on the personalised Application for Shares on Exercise of Options form (which includes the Biller Code and your unique Reference Number).

If you choose to pay via BPay you do NOT need to return your form, this is the quickest way to exercise your options.


B1

What are the option terms?

You are entitled to subscribe for one APL share at $1.10 (the exercise price).


B2

What are the option terms?

The number of options you can exercise is on your personalised Application for Shares on Exercise of Options form which can be found close to the top on the right-hand side of the form.

For a copy of your personalised Application for Shares on Exercise of Options form please contact Boardroom Registry on 1300 737 760 or email corporateactions@boardroomlimited.com.au


B3

When do my options need to be exercised?

Your options will expire if they are not exercised prior to 5pm (AEDT) on 15 October 2018.


B4

Can I sell my options?

Yes, options can be traded through a broker under ASX code APLO or via your online broking platform. Please visit the ASX to view the current APL options price by clicking below.


B5

Can I buy additional options?

Yes, options can be traded through a broker or online broking service under ASX code APLO, to exercise further purchased options please use the same BPay reference details or contact our share registry to request a new form.


B6

What if I do nothing?

If you do not sell your options before close of trading on 9 October 2018 or exercise your options prior to 15 October 2018, the options will expire.


LIC Shareholder Enquiries

Antipodes Global Listed Investment Company Limited

If you have your Shareholder Reference Number (SRN) or Holder Identification Number (HIN) you can access your shareholding online to update any of the following: bank details, TFN/ABN, FATCA/CRS status, email address, phone number and communication preferences.

If you have any further queries relating to your investment, please visit the Share Registry www.boardroomlimited.com.au or make contact via the following:

Mailing Address:
Boardroom Pty Ltd
GPO Box 3993
Sydney NSW 2001

Delivery Address:
Boardroom Pty Ltd
Level 12
225 George Street
Sydney NSW 2000

Call Boardroom on:
Telephone: 1300 737 760
Telephone Outside Australia: +61 2 9290 9600

Email general enquiries: enquiries@boardroomlimited.com.au

Email regarding APL options: corporateactions@boardroomlimited.com.au

We encourage you to provide us with your preferred phone number and email for future correspondence, as well as update your bank details for any potential future payments.

Stock exchange: Australian Securities Exchange (ASX) www.asx.com.au
ASX short code:

  • Fully Paid Ordinary Shares – APL
  • APL Options, $1.10, expiry 5pm (AEDT) on 15 October 2018 – APLO

Find out more about APL options here: