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.

Antipodes Global Investment Company Limited (APL), Antipodes Partners Limited (Manager) and Pinnacle Fund Services Limited as responsible entity of Antipodes Global Shares (Quoted Managed Fund) (AGX1), have agreed to undertake a scheme of arrangement (Scheme).

The Scheme, which was approved by APL Shareholders at the Scheme meeting on 24 November 2021, will, subject to Court approval, result in APL Shareholders exchanging their APL Shares for units in AGX1, an existing open-ended active ETF quoted on the ASX.

On implementation of the Scheme (expected to be 17 December 2021), APL Shareholders will receive New AGX1 Units and will be able to trade those units on the ASX (trading is expected to commence on 23 December 2021).

The Scheme Booklet contains detailed information about the Scheme to help you understand what the Scheme means for your investment in APL. The Scheme Booklet registered by ASIC and dated 22 October 2021 can be found 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

Boardroom (APL Share Registry)
Phone (Australia): 1300 721 637
Phone (International): +61 2 8023 5428
Email: enquiries@boardroomlimited.com.au

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

APL’s last published Post-tax NTA*
$ 1.155
Date: 3 December
AGX1’s last published NAV
$5.8293
Date: 3 December
*The post-tax NTA takes account of all transaction related costs incurred by APL as at the relevant date. See also note 2 below.
Scheme Consideration formula
CU = (A/B) * D
where:

CU = the number of New AGX1 Units to be issued (subject to rounding) as Scheme Consideration.

A = the post-tax NTA per APL Share on the Calculation Date less the Retention Amount (estimated to be $0.0006 per APL Share, being cash retained to cover APL’s transaction related costs that, as at the Calculation Date, are not yet liabilities or otherwise accounted for in APL’s post-tax NTA).

B = the NAV per AGX1 Unit on the Calculation Date.

D = the number of APL Shares held on the Record Date.

Note:
1. The Calculation Date for the Scheme Consideration is expected to be 15 December 2021, being the date that is 2 Business Days prior to the Implementation Date.
2. Transaction related costs of $1,100,000 are expected to have been incurred prior to, and deducted in, the calculation of the post-tax NTA at the Calculation Date. See the Scheme Booklet for more details.
3. The Scheme Booklet includes a worked example (assuming the Calculation Date was 30 September 2021). APL Shareholders will be provided with updated worked examples of the Scheme Consideration (based on the latest published post-tax NTA and NAV available at the time of each announcement) via the ASX announcement platform before and after the Scheme Meeting. See the Important Dates at the front of the Scheme Booklet for further details.
4. The final Scheme Consideration will be provided after the Calculation Date.

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@antipodesone.flywheelstaging.com

Boardroom (APL Share Registry)
Phone (Australia): 1300 721 637
Phone (International): +61 2 8023 5428
Email: enquiries@boardroomlimited.com.au

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