TIDMAPQ
RNS Number : 0433B
APQ Global Limited
29 September 2022
APQ Global Limited
("APQ Global" or the "Company")
Interim results for the period from 1 January 2022 to 30 June
2022
HIGHLIGHTS
For the six months ended 30 June 2022
Financial highlights
Book Value at 30 June 2022 was $12.53m, a decrease of $11.06m
from $23.59m since the start of the period. The term "book value"
herein includes the assets of APQ Global Limited and its
subsidiaries net of any liabilities. The results include the net
assets of the Company and its subsidiaries, presented in US
dollars.
Book Value per share in the period decreased by 14.1 cents from
30.07 to 15.97 cents.
Loss per share for the period was -$0.14117 (loss for six months
ended 30 June 2021: -$0.06001).
The meaningful decline in book value was driven by the risk-off
mood in global markets. The liquid equity market positioning was
unchanged at the end of June, however equities and bonds suffered
from material price declines. The private investments are
unaffected by the market volatility and continue to perform well in
line with management expectations.
No dividends were paid in the 6 months period ended 30 June 2022
(6 months ended 30 June 2021: none).
There have been further AIM market trades since 30 June 2022,
details of these can be found on the London Stock Exchange website
by following the link below. Monthly book values are also made
available as they fall due.
http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GG00BZ6VP173GGGBXASQ1.html
For further enquiries, please contact:
APQ Global Limited
Bart Turtelboom - Chief Executive Officer
020 3478 9708
Singer Capital Markets Advisory LLP - Nominated Adviser and
Broker
James Maxwell / Justin McKeegan/ Oliver Platts
020 7496 3000
Carey Group - TISE sponsor
Claire Torode
01481 737 279
Investor Relations
IR@APQGlobal.com
Notes to Editors
APQ Global Limited
APQ Global (ticker: APQ LN) is an investment company
incorporated in Guernsey. The Company focuses its investment
activities globally (in Asia, Latin America, Eastern Europe, the
Middle East, Africa and the Channel Islands, particularly).
The objective of the Company is to steadily grow its earnings to
seek to deliver attractive returns and capital growth through a
combination of building growing businesses as well as earning
revenue from income generating operating activities in capital
markets [1] . APQ Global run a well-diversified and liquid
portfolio, take strategic stakes in selected businesses and plan to
take operational control of companies through the acquisition of
minority and majority stakes in companies with a focus on emerging
markets.
For more information, please visit apqglobal.com
Business highlights
Shortly after the 6-month period ended 30 June 2022 APQ received
MFSA approval for the 100% share purchase and acquisition of WDM
Advisory Limited and WDM Trustees Limited, both to be renamed
Promethean respectively. These 2 businesses are an addition to the
existing corporate service providers within the APQ Group. APQ is
continuing to review the market for strategic investments which
would provide further synergies with the current investment
portfolio.
There have been no changes to the board composition, or any key
market advisors and no changes are expected to be made at this
stage.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared
in accordance with IAS 34 Interim Financial Reporting as adopted by
the EU and gives a true and fair view of the assets, liabilities,
financial position and profit of the group as required by DTR
4.2.4R;
-- the half yearly report includes a fair review of the information required by:
o DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed
set of financial statements; and a description of the principal
risks and uncertainties for the remaining six months of the year;
and
o DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period.
For and on behalf of the Board
Wayne Bulpitt
Chairman, APQ Global Limited
Date: 28 September 2022
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(UNAUDITED)
For the six months ended 30 June 2022
For the For the
six months six months
Note ended ended
30 June 30 June
2022 2021
$ $
Turnover 4 5,519,712 3,184,587
Net loss on financial assets at fair value
through profit and loss 13 (16,679,054) (4,118,423)
Administrative expenses 5 1,310,886 (2,400,408)
Operating loss for the period before tax (9,848,456) (3,334,244)
Interest receivable 8 7,100 6,202
Finance costs 9 (1,227,892) (1,375,415)
Loss on ordinary activities before taxation (11,069,248) (4,703,457)
Tax on loss on ordinary activities - -
Loss on ordinary activities before taxation (11,069,248) (4,703,457)
Other comprehensive income - -
Total comprehensive loss for the period (11,069,248) (4,703,457)
Basic and diluted earnings per share 10 -0.14117 (0.06001)
The notes on pages 14 to 32 form an integral part of the
Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(UNAUDITED)----
As at 30 June 2022
30 June 31 December
2022 2021
Note $ $
Assets
Non-current assets
Property, plant and equipment 12 34,791 34,168
Right of use assets 21 40,093 80,187
Investments 13 44,454,997 59,734,052
-------------- --------------
Total non-current assets 44,529,881 59,848,407
Current assets
Trade and other receivables 14 411,289 940,428
Cash and cash equivalents 1,784,151 670,644
-------------- --------------
Total current assets 2,195,440 1,611,072
Total assets 46,725,321 61,459,479
============== ==============
Current liabilities
Trade and other payables 15 (477,694) (840,406)
-------------- --------------
Total current liabilities (477,694) (840,406)
Long term liabilities
3.5% Convertible Unsecured Loan Stock 16 (33,715,582) (37,025,083)
Total long-term liabilities (33,715,582) (37,025,083)
Net assets 12,532,045 25,593,990
============== ==============
Equity
Share capital 18 100,073,549 100,005,450
Equity component of 3.5% Convertible Unsecured
Loan Stock 16 6,919,355 6,919,355
Other capital reserves 19 106,535 167,331
Retained earnings (89,639,881) (78,570,633)
Exchange reserve (4,927,513) (4,927,513)
Total equity 12,532,045 23,593,990
============== ==============
Net asset value per ordinary share 15.97 30.07
============== ==============
The Financial Statements were approved by the Board of Directors
of APQ Global Limited and signed on 28 September 2022 on its behalf
by:
___________________ ___________________
Bart Turtelboom Philip Soulsby
Chief Executive Officer Director
The notes on pages 14 to 32 form an integral part of the
Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)
For the six months ended 30 June 2022
Convertible
preference
CULS shares Other
Share equity equity Share capital Retained Exchange
capital component component warrants reserves earnings reserve Total
$ $ $ $ $ $ $ $
At 1 January
2021 99,869,252 6,919,355 100,813 107,702 259,460 (71,085,642) (4,927,513) 31,243,427
Comprehensive
income
for the period
Loss for the
period - - - - - (4,703,457) - (4,703,457)
Total
comprehensive
income for
the period - - - - - (4,703,457) - (4,703,457)
Contributions
by and
distributions
to owners
Share based
payments - - - - 34,130 - - 34,130
Share based
payments
settled
in cash - - - - (6,736) - - (6,736)
Issue of share
awards 68,099 - - - (68,099) - - -
As at 30 June
2021 99,937,351 6,919,355 100,813 107,702 218,755 (75,789,099) (4,927,513) 26,567,364
============ ============ ============== ========== =========== ============== ============= =============
The notes on pages 14 to 32 form an integral part of the
Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED) (continued)
For the six months ended 30 June 2022
Convertible
preference
CULS shares Other
Share equity equity Share capital Retained Exchange
capital component component warrants reserves earnings reserve Total
$ $ $ $ $ $ $ $
At 1 January
2022 100,005,450 6,919,355 - - 167,331 (78,570,633) (4,927,513) 23,593,990
Comprehensive
income
for the period
Loss for the
period - - - - - (11,069,248) - (11,069,248)
Total
comprehensive
income for
the period - - - - - (11,069,248) - (11,069,248)
Contributions
by and
distributions
to owners
Share based
payments - - - - 14,039 - - 34,130
Share based
payments
settled
in cash - - - - (6,736) - - (6,736)
Issue of share
awards 68,099 - - - (68,099) - - -
As at 30 June
2022 100,073,549 6,919,355 - - 106,535 (89,639,881) (4,927,513) 12,532,045
============= ============ ============== ========== =========== ============== ============= ==============
The notes on pages 14 to 32 form an integral part of the
Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED)
For the six months ended 30 June 2022
For the For the
six months six months
ended ended
30 June 30 June
2022 2021
Cash flow from operating activities Note $ $
Cash generated from operations
Loss for the financial period (11,069,248) (4,703,457)
Adjustments for non-cash income and expenses
Equity settled share-based payments 19 14,039 34,130
Depreciation tangible fixed assets 12 8,405 4,633
Depreciation right of use assets 40,094 40,094
Net loss on financial assets at fair value
through profit and loss 13 16,679,054 4,118,423
Exchange rate fluctuations (3,811,117) 374,919
Changes in operating assets and liabilities
Increase in trade and other receivables 14 (31,628) (80,540)
Decrease in trade and other payables 15 (187,107) (28,202)
Decrease in receivables from group undertakings 14 560,767 292,468
(Decrease)/increase in payables from group
undertakings 15 (129,876) 19,140
-------------- -------------
Cash generated from operations 2,073,383 71,608
Interest receivable 8 (7,100) (6,202)
Finance costs 9 1,227,892 1,375,415
Net cash inflow from operating activities 2,744,176 1,440,821
Cash flow from investing activities
Payments to acquire investments 13 (1,400,000) (449,145)
Payments to acquire property, plant and
equipment 12 (9,028) (11,081)
Interest received 8 7,100 6,202
Net cash outflow from investing activities (1,401,928) (454,024)
Cash flow from financing activities
Equity dividends paid 11 - -
Preference share dividends paid 9 - (80,400)
Interest on CULS 16 (669,427) (729,107)
Cash settled share-based payments 19 (6,736) (6,736)
Payments for lease rental 21 (55,395) (44,213)
Net cash outflow from financing activities (731,558) (860,456)
Net increase / (decrease) in cash and cash
equivalents 1,160,689 126,341
Cash and cash equivalents at beginning of
period 670,644 509,928
Exchange rate fluctuations on cash and cash
equivalents (47,182) 10,152
Cash and cash equivalents at end of period 1,784,151 646,421
-------------- -------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED)
(CONTINUED)
For the six months ended 30 June 2022
For the For the
six months six months
ended ended
30 June 30 June
2022 2021
$ $
Reconciliation of cash flows to debt
Brought forward 37,108,863 37,734,253
Cash flows used in servicing interest payments
of CULS (669,427) (729,107)
Cash flows used in principal payments of
lease liabilities (55,395) (44,213)
Non cash flows - amortisation of discount
on CULS issue 1,225,319 1,288,720
Non cash flows - amortisation of discount
on lease liabilities 2,573 6,295
Exchange differences (3,858,300) 382,245
Closing balance 33,753,633 38,638,193
------------- -------------
Net debt comprises the following:
Convertible Unsecured Loan Stock 2024 33,715,582 37,166,854
6% convertible preference shares - 1,347,099
Lease liabilities 38,051 124,240
------------- -------------
33,753,633 38,638,193
------------- -------------
The notes on pages 14 to 32 form an integral part of the
Financial Statements.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
1. Corporate information
The interim consolidated financial statements of APQ Global
Limited (the "Group") for the six months ended 30 June 2022 were
authorised for issue in accordance with a resolution of the Board
of Directors on 29 September 2022. The Company is incorporated as a
limited company in Guernsey. The Company was incorporated on 10 May
2016 for an unlimited duration in accordance with the Companies
(Guernsey) Law, 2008 . The Company's registered office is at PO Box
142, Suite 2, Block C, Hirzel Court, St Peter Port, Guernsey, GY1
3HT.
The objective of the Company is to steadily grow its earnings to
seek to deliver attractive returns and capital growth through a
combination of building growing businesses in emerging markets as
well as earning revenue from income generating operating activities
[2] .
The Company and its subsidiaries have no investment restrictions
and no maximum exposure limits will apply to any investments made
by the Group, unless otherwise determined and set by the Board from
time to time. No material change will be made to the Company's or
subsidiaries objective or investing policy without the approval of
Shareholders by ordinary resolution.
The Group's investment activities are managed by the Board.
The shares are quoted on The International Stock Exchange for
informational purposes. The ordinary shares are admitted to trading
on AIM.
2. Significant accounting policies
2.1 Basis of preparation
These interim consolidated financial statements have been
prepared in accordance with IAS 34 Interim Financial Reporting.
They do not include all disclosures that would otherwise be
required in a complete set of financial statements and should be
read in conjunction with the 2021 Annual Report.
Taking account of the financial resources available to the
Company, the directors believe that the Company is well placed to
manage its business risks successfully despite the current
uncertain economic outlook. After making enquiries the directors
have a reasonable expectation that the Company has adequate
resources for the foreseeable future, a period of not less than
twelve months from the date of this report. Accordingly, they
continue to adopt the going concern basis in preparing the
condensed financial statements.
2.2 Basis of accounting
APQ Global Limited has applied the same accounting policies and
methods of computation in its interim consolidated financial
statements as in its 2021 annual financial statements.
2.3 Functional and presentational currency
The Company's presentational and functional currency is US
Dollars.
2.4 Fair value measurement
The Company measures its investments in APQ Cayman Limited, APQ
Corporate Services Limited, APQ Knowledge Limited and BARTR
Holdings Limited at fair value at each reporting date.
For APQ Cayman Limited this is considered to be the carrying
value of the net assets of APQ Cayman Limited. APQ Cayman Limited
measures its underlying investments at fair value.
Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to
sell the asset or transfer the liability takes place either in the
principal market for the asset or liability or, in the absence of a
principal market, in the most advantageous market for the asset or
liability. The principal or the most advantageous market must be
accessible to the Company. The fair value of an asset or a
liability is measured using the assumptions that market
participants would use when pricing the asset or liability,
assuming that market participants act in their economic best
interest.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
2. Significant accounting policies (continued)
2.4 Fair value measurement (continued)
The fair value for financial instruments traded in active
markets at the reporting date is based on their quoted price (bid
price for long positions and ask price for short positions),
without any deduction for transaction costs.
For all other financial assets, not traded in an active market,
including APQ Corporate Services Limited, APQ Knowledge Limited and
BARTR Holdings Limited, the fair value is determined by using
valuation techniques deemed to be appropriate in the circumstances.
These have been determined in accordance with the International
Private Equity and Venture Capital Valuation (IPEV) Guidelines.
These guidelines require the valuer to make judgements with regards
to the most appropriate valuation method to be used and the results
and inputs used to determine these valuations. Valuation methods
that may be used include:
-- The income approach - valuation through discounted cash flow
forecast of future cash flows or earnings, using appropriate
discount rates.
-- The market approach - valuation by comparing the asset being
valued to comparable assets for which price information is readily
available. This price information can be in the form of
transactions that have occurred or market information on companies
operating in a similar industry.
-- The cost approach - valuation based on the cost of
reproducing or replacing the asset being valued.
The use of these guidelines requires management to make
judgements in relation to the inputs utilised in preparing these
valuations. These include but are not limited to:
-- Determination of appropriate comparable assets and benchmarks; and
-- Adjustments required to existing market data to make it more
comparable to the asset being valued.
The use of these guidelines additionally requires management to
make significant estimates in relation to the inputs utilised in
preparing these valuations. These include but are not limited
to:
-- Future cash flow expectations deriving from these assets; and
-- Appropriate discount factors to be used in determining the discounted future cash flows.
Where an assets fair value cannot be determined the Company
measures these assets at a valuation of $nil. For assets and
liabilities that are measured at fair value on a recurring basis,
the Company identifies transfers between levels in the hierarchy by
re-assessing the categorisation (based on the lowest level input
that is significant to the fair value measurement as a whole), and
deems transfers to have occurred at the beginning of each reporting
period.
2.5 6% Convertible preference shares
APQ Capital Services Limited, a subsidiary of the Company,
issued 6% convertible preference shares ("CPS"). The CPS contain a
perpetual 6% dividend rate and a conversion option for ordinary
shares of APQ Global Limited. On initial issue the CPS were
recognised as a liability comprising a liability held at amortised
cost and a derivative conversion option held at fair value through
profit and loss.
At the date of issue, the fair value of the liability component
held at amortised cost was estimated by assuming that an equivalent
non-convertible obligation of the Company would have a coupon rate
of 7.9%. The fair value of the derivative component, containing a
variable conversion rate, is derived from the difference between
the value of the consideration determined for the acquisition of
Parish Group Limited and the fair value assigned to the liability
held at amortised cost.
The terms of the CPS were amended on the 30 June 2020, to amend
the conversion option to a fixed ratio of CPS to ordinary shares.
Subsequent to this amendment to the CPS are regarded as a compound
instrument, comprising of a liability component and an equity
component. Due to the significant change in the terms of the CPS
the initial instrument was derecognised and then recognised at the
new fair value. Any gain/loss on the derecognition of the liability
is recognised in the statement of comprehensive income.
On amendment, the fair value of the liability component was
estimated by assuming that an equivalent non-convertible obligation
of the Company would have a coupon rate of 11.9%. The fair value of
the equity component was determined in based on the present value
of the average gain on conversion based on a range of simulated
share prices.
The dividends on the convertible preference shares are taken to
the statement of comprehensive income as finance costs.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
2. Significant accounting policies (continued)
2.6 Share warrants
Share warrants issued are measured at fair value at the date of
issue using the Black-Scholes pricing model, which incorporates
certain input assumptions including the warrant price, risk-free
interest rate, expected warrant life and expected share price
volatility. The fair value is included as a component of equity and
is transferred from the share warrant equity reserve to share
capital on exercise. If the warrants expire then the fair value is
transferred from the share warrant equity reserve to retained
earnings.
3. Segment Information
For management purposes, the Group is organised into one main
operating segment, which invests in equities and credit, government
and local currency bonds. All of the Group's activities are
interrelated, and each activity is dependent on the others.
Accordingly, all significant operating decisions are based upon
analysis of the Group as one segment. The financial results from
this segment are equivalent to the financial statements of the
Group as a whole.
The following table analyses the Group's assets by geographical
location. The basis for attributing the assets are the place of
listing for the securities or for non-listed securities, country of
domicile.
30 June 30 June
2022 2021
Group $ $
Cayman 28,971,027 49,687,720
United Kingdom 480,794 497,397
Guernsey 15,092,820 11,979,620
Europe 2,180,678 3,501,488
46,725,319 65,666,225
============ ============
4. Analysis of turnover
For the For the
six months six months
ended ended
30 June 30 June
2022 2021
$ $
Dividends received from APQ Cayman Limited 5,519,712 3,087,885
Dividends received from APQ Knowledge - 96,702
5,519,712 3,184,587
============= =============
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
5. Analysis of administrative expenses
For the For the
six months six months
ended ended
30 June 30 June
2022 2021
$ $
Personnel expenses 420,954 522,525
Depreciation of tangible fixed assets expenses 8,405 4,633
Depreciation of right of use assets 40,094 40,661
Payments on short term leases 61,556 -
Audit fees 78,205 85,489
Nominated advisor fees - 34,364
Administration fees and expenses 107,651 87,436
Director's remuneration 115,180 84,668
Other expenses 232,732 98,691
Professional fees 1,564,016 1,262,868
Share based payment expenses 14,039 34,130
Insurance 8,988 5,586
Recharge of expenses to APQ Cayman Limited (180,577) (242,529)
Net exchange (gains)/losses (3,782,129) 381,886
(1,310,886) 2,400,408
============= =============
6. Directors' remuneration
For the For the
six months six months
ended ended
30 June 30 June
2022 2021
$ $
Directors' remuneration 115,180 84,668
Share based payment expenses 11,231 27,304
126,411 111,972
============= =============
The highest paid director was Bart Turtelboom
(2021: Bart Turtelboom) 26,701 43,959
============= =============
Average number of directors in the year 4 4
============= =============
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
7. Personnel expenses
For the For the
six months six months
ended ended
30 June 30 June
2022 2021
$ $
Short term benefits - wage and salaries 133,295 184,094
Short term benefits - social security
costs 10,695 15,701
Short term benefits - other benefits 271,632 314,273
Short term benefits - Share based payment
expenses 2,808 6,826
Post-employment benefits 5,332 8,457
423,762 529,351
=============== ==============
Personnel expenses include expenses per note 5 and the portion of share
based payments relating to individuals who are not directors of the Company.
Key management personnel expenses, excluding director's remuneration
detailed in note 6, is as follows:
Short term benefits - other benefits 264,656 272,024
Short term benefits - Share based payment
expenses 2,808 6,826
--------------- --------------
267,464 278,850
=============== ==============
8. Interest receivable
For the For the
six months six months
ended ended
30 June 30 June
2022 2021
$ $
Loan interest receivable from Palladium
Trust Services Limited 7,100 6,202
7,100 2,515
============= =============
9. Finance costs
For the For the
six months six months
ended ended
30 June 30 June
2022 2021
$ $
Interest on 3.5% Convertible Unsecured
Loan Stock 2024 1,225,319 1,288,720
Discount on unwinding of lease liability 2,573 6,295
Dividends paid on 6% convertible preference
shares - 80,400
1,227,892 1,375,415
============= =============
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
10. Earnings Per Share
The basic and diluted earnings per shares are calculated by
dividing the profit or loss by the average number of ordinary
shares outstanding during the period.
For the For the
six months six months
ended ended
30 June 30 June
2022 2021
$ $
Total comprehensive income for the period (11,069,248) (4,703,457)
Average number of shares in issue 78,408,067 78,382,601
Earnings per share (0.14117) (0.06001)
============== =============
The Group had share awards vested but not yet issued, which are
not dilutive in 2022, as the impact of dilution would be to
decrease the loss per share. The impact of these share awards would
have no impact on the total comprehensive income/loss for the year.
They would increase the weighted average number of shares by 58,414
(30 June 2021: 204,450).
The Group has 6,000 (30 June 2021: 6,000) units of Convertible
Loan Stock which are potentially dilutive if converted into
ordinary shares. This would increase the weighted average number of
shares by 6,000 (30 June 2021: 6,000) exercise price on these
conversion options currently exceeds the traded share price of APQ
Global. These are not currently dilutive (30 June 2021:
dilutive).
11. Dividends
No dividends were declared in the period ended 30 June 2022 nor
the period ended 30 June 2021.
The stated dividend policy of the Company is to target an
annualised dividend yield of 6% based on the Placing Issue Price.
Due to the impact of market volatility on the Company's book value,
it has ceased all dividends until further notice.
There is no guarantee that any dividends will be paid in respect
of any financial period. The ability to pay dividends is dependent
on a number of factors including the level of income returns from
the Group's investments. There can be no guarantee that the Group
will achieve the target rates of return referred to in this
document or that it will not sustain any capital losses through its
activities.
12. Property, plant and equipment
Office Furniture Leasehold
equipment and fixtures improvements Total
$ $ $ $
Cost
At 1 January 2022 104,703 20,251 34,588 159,542
Additions during the
period 9,028 - - 9,028
At 30 June 2022 113,731 20,251 34,588 168,570
============ =============== =============== =========
Accumulated depreciation
At 1 January 2022 71,689 19,097 34,588 125,374
Charge for the period 7,789 616 - 8,405
At 30 June 2022 79,478 19,713 34,588 133,779
============ =============== =============== =========
Net book value
At 30 June 2022 34,253 538 - 34,791
============ =============== =============== =========
At 31 December 2021 33,014 1,154 - 34,168
============ =============== =============== =========
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
13. Investments
Unlisted investments
APQ Corporate
Services APQ Knowledge Delphos BARTR Evergreen
APQ Limited Limited Holdings Holdings Impact Listed
Cayman Limited Limited Limited Limited Investments Total
$ $ $ $ $ $ $
At 1
January
2022 44,555,286 4,632,220 1,437,071 5,901,149 - - 3,208,326 59,734,052
Additions - - - 1,400,000 - - - 850,000
Fair value
movement (15,584,259) - - (67,148) 1 - (1,027,648) (16,679,054)
Disposal - - - - (1) - - (1)
At 30 June
22 28,971,027 4,632,220 1,437,071 7,234,001 - - 2,180,678 44,454,997
==================== =================== =================== =========== ========== ============= ==================== ====================
The Company meets the definition of an investment entity, it is
therefore required to measure its investments, including its
subsidiary undertakings at fair value. Subsidiary undertakings
whose primary purpose is to support the investment activities of
the Company are consolidated on a line for line basis. Subsidiary
undertakings which act as an investment holding company are valued
based on the underlying trading investment companies they hold.
These investments are held solely for capital appreciation and
investment income and measured at fair value through profit and
loss ("FVTPL").
Investments in subsidiaries
The following tables outlines the subsidiary undertakings of the
Company:
Country Immediate Acquisition/
of Registered Parent Holding Incorporation
Name incorporation Office Company % Date Activity Recognition
APQ England 22a St. APQ 100 10 August Investment Consolidated
Partners and Wales James's Global 2016 support
LLP Square, Limited
London,
SW1Y 4JH
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
13. Investments (continued)
Investments in subsidiaries
The following tables outlines the subsidiary undertakings of the
Company:
Country Immediate Acquisition/
of Registered Parent Holding Incorporation
Name incorporation Office Company % Date Activity Recognition
APQ Cayman Cayman Mourant APQ 100 10 August Investment FVTPL
Limited Islands Ozannes Global 2016 entity
Corporate Limited
Services
(Cayman)
Limited,
94 Solaris
Avenue,
Camana
Bay, PO Box
1348, Grand
Cayman
KY1-1108
APQ Guernsey PO Box 142, APQ 100 10 January Investment FVTPL
Corporate Suite 2, Global 2019 holding
Services Block Limited company
Limited C, Hirzel
Court, St
Peter
Port,
Guernsey,
GY1 3HT
APQ Guernsey PO Box 142, APQ 100 1 March Investment FVTPL
Knowledge Suite 2, Global 2019 holding
Limited Block Limited company
C, Hirzel
Court, St
Peter
Port,
Guernsey,
GY1 3HT
New Markets England 22a St. APQ 100 26 February Trading FVTPL
Media & and Wales James's Knowledge 2019(1) investment
Intelligence Square, Limited company
Ltd London,
SW1Y 4JH
Palladium Seychelles Global APQ 100 22 February Trading FVTPL
Finance Gateway 8, Corporate 2019(2) investment
Group Rue Services company
Limited de la Limited
Perle,
Providence,
Seychelles
Palladium New Zealand Level 8, APQ 100 22 February Trading FVTPL
Trust AIG Corporate 2019(2) investment
Company Building, Services company
(NZ) Limited 41 Limited
Shortland
Street,
Auckland,
New Zealand
1010
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
13. Investments (continued)
Country Immediate Acquisition/
of Registered Parent Holding Incorporation
Name incorporation Office Company % Date Activity Recognition
Palladium England 22a St. APQ 100 22 February Trading FVTPL
Trust Services and Wales James's Corporate 2019(2) investment
Ltd Square, Services company
London, Limited
SW1Y 4JH
Parish Guernsey PO Box 142, APQ 100 29 January Trading FVTPL
Corporate Suite 2, Corporate 2020 investment
Services Block Services company
Limited C, Hirzel Limited
Court, St
Peter
Port,
Guernsey,
GY1 3HT.
Parish Group Guernsey PO Box 142, APQ 100 29 January Trading FVTPL
Limited Suite 2, Corporate 2020 investment
Block Services company
C, Hirzel Limited
Court, St
Peter
Port,
Guernsey,
GY1 3HT.
Parish Guernsey PO Box 142, APQ 100 29 January Trading FVTPL
Nominees Suite 2, Corporate 2020 investment
Limited Block Services company
C, Hirzel Limited
Court, St
Peter
Port,
Guernsey,
GY1 3HT.
Parish Guernsey PO Box 142, APQ 100 29 January Trading FVTPL
Trustees Suite 2, Corporate 2020 investment
Limited Block Services company
C, Hirzel Limited
Court, St
Peter
Port,
Guernsey,
GY1 3HT.
Delphos Guernsey PO Box 142, APQ 100 13 August Investment FVTPL
Holdings Suite 2, Global 2021 holding
Limited(1) Block Limited company
C, Hirzel
Court, St
Peter
Port,
Guernsey,
GY1 3HT.
Delphos United States 2121 K St, Delphos 100 3 March 2020 Trading FVTPL
International, N 2121 K Holdings investment
Ltd St, Limited company
NW, Suite
1020,
Washington,
DC 20037
Delphos FMA Canada 202-230 ch. Delphos 70 20 January Trading FVTPL
- Frontier du Golf, Holdings 2021 investment
Markets Montreal, Limited company
Advisors QC H3E 2A8,
Inc Canada
Delphos Impact Guernsey PO Box 142, Delphos 100 18 August Trading FVTPL
Limited(2) Suite 2, Holdings 2021 investment
Block Limited company
C, Hirzel
Court, St
Peter
Port,
Guernsey,
GY1 3HT.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
13. Investments (continued)
Country Immediate Acquisition/
of Registered Parent Holding Incorporation
Name incorporation Office Company % Date Activity Recognition
Delphos England 22a St. Delphos 97 6 October Trading FVTPL
Partners and Wales James's Holdings 2021 investment
LLP Square, Limited company
London,
England,
SW1Y
4JH
Delphos Guernsey PO Box Delphos 100 27 September Trading FVTPL
Services 142, Suite Holdings 2021 services
Limited 2, Block Limited company
C, Hirzel
Court, St
Peter
Port,
Guernsey,
GY1 3HT.
Evergreen Guernsey PO Box APQ 50 10 August Trading FVTPL
Impact 142, Suite Global 2021 management
Limited 2, Block Limited consultancy
C, Hirzel
Court, St
Peter
Port,
Guernsey,
GY1 3HT.
(1) The Company made capital contributions to Delphos Holdings
Limited in order to meet working capital requirements of its
subsidiaries Delphos International, Ltd ($550,000 contributed) and
Delphos Impact Limited ($850,000 contributed).
(2) Delphos Capital Limited changed its name to Delphos Impact
during the period.
Other investments
On the 19 November 2018, APQ Global Limited acquired a capital
interest represents a 40% shareholding and equivalent voting rights
BARTR Holdings Limited, a company incorporated in England and
Wales, whose registered office is Tobias House St. Marks Court,
Thornaby, Stockton-On-Tees, United Kingdom, TS17 6QW. BARTR
Holdings Limited wholly owns two subsidiaries, BARTR Connect
Limited, whose registered office is Tobias House St. Marks Court,
Thornaby, Stockton-On-Tees United Kingdom, TS17 6QW, and BARTR
Technologies Limited, whose registered office is 156 Great Charles
Street Queensway, Birmingham, England, B3 3HN. On 19 May 2020, the
capital interest was converted from ordinary shares to preference
shares which have no voting rights, but preferential dividends and
preferential rights on assets on wind up of BARTR Holdings Limited.
BARTR Holdings Limited is held as an investment at fair value
through profit or loss. On 3 February 2022, APQ Global exited its
investment in BARTR Holdings Limited for a total consideration of
GBP1.
The Company has made direct investments in equities that are
freely traded on international stock exchanges. These investments
are highly liquid and measured at fair value through profit and
loss.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
13. Investments (continued)
Valuation techniques
APQ Cayman Limited has a portfolio of tradable assets and
liabilities which it values at fair value using the same policies
as the Company. The Company is able to redeem its holding of APQ
Cayman Limited at its net asset value. Fair value of the investment
in APQ Cayman Limited is therefore measured at its Net Asset Value
("NAV"). NAV is determined based on the observable market values of
its portfolio of assets and liabilities.
Fair value of the investment in APQ Corporate, has been
determined by determining the valuation of its underlying
investments. The underlying investments have been valued through
the income approach, incorporating comparison with external sources
and the expected cash flows of the investment. The income approach
was determined to be the most appropriate as the underlying
investments are revenue generating businesses.
The investment in APQ Knowledge Limited was completed on 1 March
2019. Fair value has been determined by determining the valuation
of its underlying investments. The underlying investments have been
valued through the income approach, incorporating comparison with
external sources and the expected cash flows of the investment. The
income approach was determined to be the most appropriate as the
underlying investments are revenue generating businesses.
The fair value of BARTR Holdings Limited is nil. This is due to
BARTR Holdings Limited being a pre-revenue technology start-up
company for which future revenue is highly uncertain, and without
comparable companies to benchmark the valuation against. The income
approach and market approach therefore do not produce a reliable
valuation and management has therefore determined the valuation to
be $nil.
Listed investments are measured at fair value using the current
market bid price for the underlying equity as quoted on the
applicable stock exchange the security is traded on.
Unlisted managed funds
The Company classifies its investments into the three levels of
the fair value hierarchy based on:
Level 1: Quoted prices in active markets for identical assets or
liabilities;
Level 2: Those involving inputs other than quoted prices
included in Level 1 that are observable for the asset or liability,
either directly (as prices) or indirectly (derived from prices);
and
Level 3: Those with inputs for the asset or liability that are
not based on observable market data (unobservable inputs).
The Company has classified its investments in BARTR Holdings
Limited, APQ Corporate Services Limited and APQ Knowledge Limited
as level 3 as the inputs utilised in valuing the investments are
deemed to be unobservable, as they are private investments. The
most significant unobservable input used in the fair value of the
investments in APQ Corporate Services Limited and APQ Knowledge
Limited are the future expected cash flows of the investments these
companies hold, used in deriving a valuation using discounted cash
flows. Valuation is determined for these holding companies by the
value of the underlying investments held. The Company has valued
its investment in BARTR Holdings Limited as $nil. The unobservable
inputs of future cash flows could not be reliably determined due to
the pre-revenue nature of the business and therefore the most
reliable fair value to be determined was $nil. The movement in the
investments in the year are shown above.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
13. Investments (continued)
Unlisted managed funds
The Company has classified its investments in APQ Cayman Limited
as level 3. Valuation is determined based on the NAV. The majority
of underlying assets and liabilities of APQ Cayman Limited are held
at fair value based on observable markets.
The listed investments are designated as Level 1 instruments in
the fair value hierarchy as fair value can be determined by the
quoted market price for these assets. The movement of investments
classified by level is as per the below.
The movement of investments classified by level is as per the
below.
Level
Level 1 2 Level 3 Total
$ $ $ $
At 1 January 2022 3,208,326 - 56,525,726 59,734,052
Additions - - 1,400,000 1,400,000
Fair value movement (1,027,648) - (3,940,482) (16,679,054)
Disposals - - (1) (1)
At 30 June 2022 2,180,678 - 42,274,319 44,454,997
============= =========== ============= ===================
14. Trade and other receivables
30 June 31 December
2022 2021
$ $
Trade debtors 95,982 128,526
Amounts due from group
undertakings 157,490 718,257
Prepayments and accrued
income 46,980 50,138
Other debtors 110,837 43,507
411,289 940,428
========= =============
15. Trade and other payables
30 June 31 December
2022 2021
$ $
Trade creditors 96,365 146,060
Amounts due to group
undertakings 185,892 315,768
Other creditors 16,918 21,605
Accruals 140,468 273,193
Lease liability 38,051 83,780
477,694 840,406
========= =============
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
16. 3.5% Convertible Unsecured Loan Stock 2024
Nominal Liability Equity
number component component
of CULS
$ $ $
As at 1 January 2022 41,446,167 37,025,083 6,919,355
Amortisation of discount on issue 1,225,319
and issue expenses - -
Interest paid during the period - (669,427) -
Exchange differences - (3,865,393) -
As at 30 June 2022 41,446,167 33,715,582 6,919,355
============ ============= ============
At an Extraordinary General Meeting held on 4 September 2017,
Resolutions were passed approving the issue of 4,018 3.5 per cent.
convertible unsecured loan stock 2024 ("CULS") to raise
GBP20,090,000 before expenses. The CULS were admitted to trading on
the International Securities Market, the London Stock Exchange's
market for fixed income securities and dealings commenced at 8.00
a.m. on 5 September 2017.
Following Admission there were 4,018 CULS in issue. Holders of
the CULS are entitled to convert their CULS into Ordinary Shares on
a quarterly basis throughout the life of the CULS, commencing 31
December 2017, and all outstanding CULS will be repayable at par
(plus any accrued interest) on 30 September 2024. The initial
conversion price is 105.358 pence, being a 10 per cent. premium to
the unaudited Book Value per Ordinary Share on 31 July 2017.
Following conversion of 80 per cent. or more of the nominal amount
of the CULS originally issued, the Company will be entitled to
require remaining CULS Holders to convert their outstanding CULS
into Ordinary Shares after they have been given an opportunity to
have their CULS redeemed.
On 22 January 2018, the Company raised a further GBP10,207,300
($14,492,418) before expenses through the issue of 1,982 units of
3.5 per cent. convertible unsecured loan stock 2024 in
denominations of GBP5,000 ($7,099) nominal each, at an issue price
of GBP5,150 ($7,312) per unit.
17. 6% convertible preference shares
The 268,000 convertible preference shares, issued on 29 January
2020, were repurchased on 9 November 2021 at a rate of 2.9851 US
dollars per convertible preference share. This resulted in a gain
on repurchase of $647,912 which has been recognised in the profit
and loss. The convertible preference shares were cancelled
subsequent to repurchase.
18. Share Capital
As at 30 June 2022, the authorised and issued share capital of
the Company is 78,506,827 ordinary shares of no par value listed on
The International Stock Exchange and AIM. All shares are fully paid
up.
Quantitative information about the Company's capital is provided
in the statement of changes in equity and in the tables below.
Holders of ordinary shares are entitled to dividends when
declared and to payment of a proportionate share of the Companies
net asset value on any approved redemption date or upon winding up
of the Company. They also hold rights to receive notice, attend,
speak and vote at general meetings of the Company.
The Company's objectives for managing capital are:
-- To invest the capital in investments meeting the description,
risk exposure and expected return indicated in its listing
documents.
-- To maintain sufficient liquidity to meet the expenses of the
Company, pay dividends and to meet redemption requests as they
arise.
-- To maintain sufficient size to make the operation of the Company cost-efficient.
-- The Board has authority to purchase up to 14.99 percent. of
the issued Ordinary Share capital of the Company. The Board intends
to seek a renewal of this authority at each annual general meeting
of the Company. No buy backs occurred during the period under
review.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
18. Share Capital (continued)
Ordinary
shares
No GBP $
At 1 January 2022 78,453,671 76,999,179 100,005,450
Shares issued from share awards
during the period 12,848 50,3401 68,099
At 30 June 2022 78,466,519 77,049,520 100,073,549
============ ============ =============
During the period ended 30 June 2022, 12,848 (period ended 30
June 2021: 53,156) shares were issued as part of the share award
scheme as detailed in note 19.
19. Share awards
On 19 April 2017 (and amended 17 July 2018), the Company
established a share award scheme for the employees of the Company.
The scheme grants the Board the authority to allot share awards or
share options with service conditions attached. Share awards or
options can only be awarded for performance periods whereby the
book value per share (excluding dividend transactions) exceeds the
book value per share for all previous performance period ends. The
maximum amount of share awards or options is determined by
reference to 20% of the increased performance of the current book
value per share against all previous performance periods. The Board
retains the right to settle these awards in either shares or cash.
As the Company does not have a present obligation to settle in cash
the awards are all recognised as equity settled share awards.
The first share awards were granted in 2018 with respect to the
performance period ended 31 December 2017.
Fair value
of instrument Final
Type No. of granted vesting
Grant date of award instruments pence Vesting conditions date
Awards vest quarterly
over 5 years provided
the employee is
1 January still in service 31 December
2018 Shares 584,141 128.11 of the Group. 2022
Fair value for the award dated 1 January 2018 is calculated by
reference to the fixed value of cash per share that the Board is at
discretion to pay rather than settle the award in shares.
2022 2021
Weighted Weighted
average of average of
Number of fair value Number of fair value
awards of instrument awards of instrument
cents cents
Outstanding at 1
January 146,036 128.11 262,864 128.11
Settled in equity (53,156) 128.11 (53,156) 128.11
Settled in cash (5,258) 128.11 (5,258) 128.11
Outstanding at 30
June 87,622 128.11 204,450 128.11
=========== ================ =========== ================
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
19. Share awards (continued)
Charge for
awards to be Charge for Total charge
settled in awards settled for share
Equity in Cash based awards
$ $ $
Period ended 30 June 2022 6,735 7,304 14,039
Period ended 30 June 2021 27,394 6,736 34,130
The unvested portion of the share awards currently granted is
$5,711 (At 30 June 2021: $46,161). Of the awards outstanding, the
number vested that are available for settlement amount to 29,207
(At 30 June 2021: 29,207).
20. Share warrants
On 29 January 2020, the Company issued 1,000,000 warrants as
part of the acquisition of Parish Group Limited. The share warrants
were cancelled during November 2021 and an amount of GBP107,702
transferred to retained earnings from the share warrants
reserve.
21. Leases
Finance lease commitments
The Company's subsidiary, APQ Partners LLP, leases rental space
and information with regards to this lease is outlined below:
Right of use asset Land and
buildings
$
Cost
At 1 January 2022 295,392
------------
At 30 June 2022 295,392
------------
Accumulated depreciation
At 1 January 2022 215,205
Charge for the period 40,094
------------
At 30 June 2022 255,299
------------
Net book value
At 30 June 2022 40,093
============
At 31 December 2021 80,187
============
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
21. Leases (continued)
30 June 31 December
Lease liability 2022 2021
$ $
Leased asset on 1 January 83,780 160,376
Interest on lease liability 2,573 10,773
Payments for lease (55,395) (88,016)
Exchange differences 7,093 647
At 30 June 38,051 83,780
---------- -------------
The lease falls due:
Within 1 year 38,051 83,780
38,051 83,780
========== =============
22. Capital Management
The Group can raise new capital which may be implemented through
the issue of a convertible debt instrument, or such other form of
equity or debt as may be appropriate. It also has a buy-back
authority subject to a maximum buy-back of 14.99 per cent of the
issued Ordinary Shares.
The Group's objectives for managing capital are:
-- To invest the capital into investments through its subsidiaries.
-- To maintain sufficient liquidity to meet the expenses of the
Group and pay dividends.
-- To maintain sufficient size to make the operation of the Group cost-effective.
The Group may utilise borrowings in connection with its business
activities. Although there is no prescribed limit in the Articles
or elsewhere on the amount of borrowings that the Group may incur,
the Directors will adopt a prudent borrowing policy and oversee the
level and term of any borrowings of the Group and will review the
position on a regular basis.
The Group's capital comprises:
30 June 31 December
2022 2021
$ $
Share capital 100,073,549 100,005,450
Equity component of 3.5% Convertible Unsecured
Loan Stock 2024 6,919,355 6,919,355
Other capital reserves 106,535 167,331
Retained earnings (89,639,881) (78,570,633)
Exchange reserve (4,927,513) (4,927,513)
Total shareholders' funds 12,532,045 23,593,990
============== ==============
23. Related party transactions
Wayne Bulpitt founded the Active Group, now renamed the Aspida
Group, who acted as administrator until 10 June 2020; he is also a
shareholder of the Company.
Bart Turtelboom founded APQ Partners LLP and is also a director
of APQ Cayman Limited as well as the largest shareholder of the
Company.
The Directors are remunerated from the Company in the form of
fees, payable monthly in arrears. Bart Turtelboom was entitled to
an annual salary of GBP120,000 as Chief Executive Officer of the
Company. From 1 April 2018 this was split between the Company and
APQ Cayman Limited.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
23. Related party transactions (continued)
APQ Global APQ Global APQ Cayman APQ Capital APQ Knowledge APQ Corporate Total
Limited - Limited - Limited - Services Limited Limited - Services Limited
remuneration Share based remuneration - remuneration remuneration - remuneration
remuneration
$ $ $ $ $ $ $
For For For For For For For For For For For For For For
the the the the the the the the the the six the the six the six the six
six six six six six six six six six months six months months months
months months months months months months months months months ended months ended ended ended
ended ended ended ended ended ended ended ended ended 30 June ended 30 June 30 June 30 June
30 30 June 30 30 30 30 June 30 30 June 30 2021 30 2021 2022 2021
June 2021 June June June 2021 June 2021 June June
2022 2022 2021 2022 2022 2022 2022
Chief
Bart Executive
Turtelboom Officer 15,470 16,655 11,231 27,304 62,139 66,679 - - - - - - 88,840 110,638
Wayne Non-Executive
Bulpitt Chairman 25,117 27,712 - - - - - - - - - - 25,117 27,712
Wesley Executive
Davis Director 22,500 22,500 - - 22,500 22,500 417 1,313 107 1,597 443 1,692 45,967 49,602
Philip Non-Executive
Soulsby Director 19,328 12,157 - - - - - 1,042 - - - - 19,328 13,199
Al Wadhah Non-Executive
Al Adawi Director 12,659 - - - - - - - - - - - 12,659 -
95,074 79,024 11,231 27,304 84,639 89,179 417 2,355 107 1,597 443 1,692 191,911 201,151
======== ========== ======== ========= ======== ========== ======== ========== ======== ============ ======== ========== ========= ===========
The directors represent key management personnel. Additional key
management personnel are the partners of the LLP, details of their
remuneration is disclosed in Note 6.
The Company's administrator is Parish Group Limited, a wholly
owned subsidiary of APQ Global Limited. APQ Global Limited has
incurred $74,174 (six months ended 30 June 2021: $43,584) of fees
and expenses to Parish Group Limited as administrator of the
Company. As at 30 June 2022 the balance owed to Parish Group
Limited was $nil (31 December 2021: $nil).
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2022
23. Related party transactions (continued)
As described in the Listing Document, and under the terms of the
Services Agreement, APQ Partners LLP assist the Board and the
Group's management based in Guernsey with the implementation of its
business strategy, provide research on business opportunities in
emerging markets and provide support for cash management and risk
management purposes. APQ Partners LLP are entitled to the
reimbursement of expenses properly incurred on behalf of APQ Global
Limited in connection with the provision of its services pursuant
to the agreement.
APQ Partners LLP has recharged expenses of $525,525 (six months
ended 30 June 2021: $250,868) to APQ Global Limited during the
period. As at 30 June 2022, APQ Global Limited was owed $104,671
from APQ Partners LLP (31 December 2021: $32,891). In both the
current and prior period amounts have been eliminated on
consolidation.
During the period, the Group recharged expenses to APQ Cayman
Limited of $192,355 (six months ended 30 June 2021: $250,868) and
was recharged expenses of $11,778 (six months ended 30 June 2021:
$8,339) from APQ Cayman Limited. During the six months period to 30
June 2022, APQ Global Limited received dividends from APQ Cayman
Limited of $5,519,712 (six months ended 30 June 2021:
$3,087,885).
During the period, APQ Global Limited provided capital
contributions to Delphos Holding Limited totalling $1,400,000 (six
months ended 30 June 2021: $nil).
As at 30 June 2022, APQ Global Limited owed $264,410 (31
December 2021: $ 264,410) to APQ Corporate Services Limited.
During the period, APQ Global Limited received dividends of $nil
(six months ended 30 June 2021: $96,702) from APQ Knowledge
Limited.
In 2021, APQ Global provided a loan to Palladium Trust Services
Limited, a group undertaking, of $nil (31 December 2020 - $77,849).
In addition, the loan attracts interest at a rate of 10%. During
the period, APQ Global charged interest of $7,099 (six months ended
30 June 2021: $6,202). As at 30 June 2022, APQ Global Limited was
owed $157,490 (31 December 2021: $168,257) from Palladium Trust
Services Limited.
As at 30 June 2022 APQ Global Limited owed $46,050 (31 December
2021: $52,382) to New Markets Media & Intelligence Ltd.
[1] Where we refer to revenue from income generating operating
activities this relates to the revenue of our investee
companies.
[2] Where we refer to revenue from income generating operating
activities this relates to the revenue of our investee
companies.
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