OK, thanks. Missed the 3.7m remaining shareholding in the rns.
So first Future Fund Board of Guardians sell their entire holding representing 6.66% of APAX shares in issue.
And now Lexington sell 20.7m shares (4.2% of APAX shares in issue) leaving them with just 3.7m shares (0.8%).
Has certainly introduced a question mark or two in my mind... |
Announcement says they still own another 3 million. That in itself is odd, why sell 95% of your holding? I think we should be worried, most unusual when I'm believing there is unlocked potential in the investments. A comment from the company would be helpful |
In March this year Future Fund Board of Guardians sold their entire holding of 32.7m shares at 180p. Now Lexington Partners have sold 20.7m shares at 188p with a 90-day lock-up on their remaining holding (no idea how many they have retained).
But should we read anything into these sales by major shareholders? |
Very disappointing! Management seem to be giving the company away at the expense of current shareholders. I wonder what some of the larger investors will have to say about it? |
188p. A bit disappointing maybe? |
Secondary placing (Lexington holding). Will be interesting to see price achieved. |
Attractive looking update, rather disappointing market reaction!
As a new holder who got in after the recent drop to 190 I am happy to hold for the medium term. |
Therein lies the opportunity. At least that's the hope! :o) |
A bit anomalous that 3i has a huge premium to its NAV, based on just one company investment, yet this is still at a significant discount. |
Quarterly results for the period ended 31 March 2021 -
Q1 Total NAV Return: 10.4% (6.8% constant currency)
NAV per share
31/3/21: EUR 2.65 (GBP 2.25)
31/12/20: EUR 2.45 (GBP 2.19) |
 Funds advised by Apax Partners invest in Guesty -
On 27 April 2021, The Apax Digital Fund ("ADF") and the AMI Opportunities Fund ("AMI", together with ADF, the "Apax Funds"), in which AGA is a limited partner, have announced an investment in Guesty, a leading short-term rental ("STR") and alternative property management software platform. The investment is part of a $50m Series D funding round led by ADF...
... Headquartered in Tel Aviv, Israel, Guesty provides professional hosts and property management companies with an end-to-end solution to automate and streamline the complex operational needs of managing flexible inventory. With Guesty, users can manage listings from multiple online travel agencies including Airbnb, Booking.com, Agoda, Vrbo and TripAdvisor, and use the company's guest-centric communication, billing and task management tools. Following a COVID-impacted 2020, Guesty has seen a significant rebound in demand for short-term rentals with 2021 summer reservation volumes in the US currently 282% higher compared to last year and 32% higher compared to pre-Covid, 2019 volumes.
The funding will be used to accelerate growth in key markets as the hospitality sector emerges from the Covid-19 pandemic, enhance product capabilities to serve diverse customer segments and provide capital for future M&A... |
was that the Rosemary Banyard interview? |
Opened but didn't hold. The ramifications of the sale still unwinding no doubt |
very nice uncrossing trade at 207.. hope it opens around there next week. |
Yes the sale was a huge disappointment and has weighed heavily. To be fair it was conducted swiftly and may in the long run be more satisfactory than having a seller lurking in the background over many months. I just wonder if APAX themselves could have done something about it. If someone of that size wants out and is willing to sell at below NAV is that not worth holding a tender for to buyback? |
The numbers on APAX look good to me. Yield, P/E, current price at disc to NAV. There's a lot to like. |
Welcome, I believe you have come in at a very good level. I'm hoping that the recent weakness caused by a substantial sale will reverse in time when we get NAV updates and realisations above NAV |
Well, my 192 limit order was executed yesterday so I guess I'm in now! |
Private Equity: Where are the real bargains? -
#APAX #CHRY #MNTN #GROW #III #HGT #HVPE #AUGM #SYNC #LMS #ICGT #PEY #OCI |
Funds advised by Apax to acquire Rodenstock Group -
On 24 March 2021, the Apax X Fund ("Apax X"), in which AGA is a limited partner, announced that it has entered into a definitive agreement to acquire a majority stake in Rodenstock Group ("Rodenstock"), a leading manufacturer of premium ophthalmic lenses. The transaction is expected to close by Q3 2021, subject to applicable regulatory requirements.
On a look through basis, AGA is expected to invest approximately €21.3m in the company. Note that these figures relate to AGA's look through position of Apax X's overall investment in Rodenstock and are stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable1.
Founded in 1877, Rodenstock has been a global leader in prescription lenses for over 140 years, with a strong track record of innovative product development and market leading technologies. Headquartered in Munich, Germany, Rodenstock employs around 4,900 people worldwide and is represented by sales subsidiaries and distribution partners in more than 85 countries. Rodenstock has a strong and growing pipeline of innovation; its patented DNEye Pro technology stands at the core of its business strategy and made Rodenstock the first company to measure the individual shape and size of each eye and use thousands of data points to produce individualised eyeglass lenses, called Biometric Intelligent Glasses (B.I.G. VISION™). The company's portfolio also includes eyewear under the Rodenstock and Porsche Design brands.
Apax X will support the Rodenstock management team's vision of accelerating the company's growth through innovation, commercial execution and digitalisation, whilst continuing to deliver the highest level of service to clients and partners. The Apax Healthcare team have a deep understanding of innovative MedTech through prior investments in the space, including companies such as Candela, a pioneering non-surgical aesthetic device company, and Acelity, the global leader in wound-care products. |
A good opportunity to acquire - great long term potential. |
I should imagine the seller is very disappointed with that price, given they were 220 in the market only a few days ago. |
Seems like a decent buy for sure. If private investors cant get into IPO's why not let someone else do it for you. Barriers for entry pretty high. Will buy more on any weakness, into the bottom drawer. Thanks |
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