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Apax Global Alpha launches €30m share buyback as part of newly created distribution pool
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In a stock exchange notice on Wednesday (27 June), the board said it had updated the trust's capital allocation policy to create a distribution pool, which earmarks balance sheet funds for share buybacks. APAX said 100% of the 'excess cash flow' will be allocated to the pool, defined as private equity distributions, and cash income from the debt portfolio, less capital calls paid, costs and expenses, repayment of the RCF, and dividends paid. This allocation will continue until the pool reaches 5% of the net asset value. To launch an immediate share buyback, the pool will be initiall...
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