Apax announces an interim dividend of 4.87 pence per share declared, equivalent to 2.5% of the euro NAV as at 30 June 2020

DividendMax Ltd.

Apax announces an interim dividend of 4.87 pence per share declared, equivalent to 2.5% of the euro NAV as at 30 June 2020

AGA's objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total Return, across economic cycles, of 12-15% (net of fees and expenses) including a dividend yield of 5% of Net Asset Value.

Other financial highlights include:

H1 2020 Total NAV Return was broadly flat at (0.5)% (0.6% constant currency). Following a negative return of 11.9% in the first quarter of 2020 reflecting general market weakness, valuations strongly recovered during the second quarter at 13.3%, especially in the Private Equity portfolio.

Contributions to Total NAV Return1 of (0.5)% were:

o Private Equity 2.0%

o Derived Debt (0.2)%

o Derived Equity (0.9)%

o Costs, FX and other movements (1.4)%

Adjusted NAV grew back to over €1bn at 30 June 2020, at €1,060.7m, with NAV and Adjusted NAV2 per share of €2.16/ £1.96.

At 30 June 2020, the Invested Portfolio was split 72% Private Equity and 28% Derived Investments and it is expected that AGA will maintain the majority of its assets invested in Private Equity going forward.

AGA follows the four Apax core sectors. As at 30 June 2020, the Invested Portfolio was split 44% Tech & Telco and Digital, 28%3 Services, 19% Healthcare and 9%3 Consumer.

Companies mentioned