29th Jan 2020 15:08
(Alliance News) - APQ Global Ltd on Wednesday said it has acquired fellow Guernsey-based fiduciary and corporate services provider Parish Group Ltd for GBP2.7 million cash.
As part of the deal consideration, the company's unit APQ Capital Services Ltd will also issue 268,000 convertible preference shares to sellers of Parish Group at USD10 per share. In addition, APQ Global will also issue 1.0 million warrants with an exercise price equal to the most recently announced book value per share of 70.94 pence.
The acquisition is an excellent strategic fit for APQ Global and will accelerate the company's growth plan in the corporate services sector with a focus on emerging markets, the company said.
Parish Group, which offers its services in over 30 jurisdictions, including Israel, South Africa, the UAE and Qatar, generated GBP1 million revenue and GBP400,000 pretax profit in 2018.
Shares in the emerging markets-focused fund manager were untraded at 68.50 pence each in London on Wednesday afternoon.
By Tapan Panchal; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Apq Global