APL exchange into AGX1: scheme of arrangement

 

Overview of Scheme

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.

Key points:

  • 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) ​​

Timings:

  • The timeline for implementation date is early to mid-December of 2021.


Compare APL and AGX1

View the APL and AGX1 comparison >

Further information

Read more about the Scheme rationale for APL shareholders, voting intentions, and next steps >

Contact

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

Phone: 1300 010 311

Email: invest@antipodespartners.com