TIDMAPQ
RNS Number : 2221O
APQ Global Limited
29 September 2023
APQ Global Limited
("APQ Global") or the "Company")
Interim results for the period from 1 January 2023 to 30 June
2023
HIGHLIGHTS
For the six months ended 30 June 2023
Financial highlights
Book Value at 30 June 2023 was $5.56m, a decrease of $1.67m from
$7.23m 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.
The key driver behind the decrease in the book value is the
foreign exchange losses on the CULS of $2m.
Book Value per share in the period decreased by 2.14 cents from
9.21 to 7.07 cents.
Loss per share for the period was $ 0.01978 (six months ended 30
June 2022: $0.14117).
Dividends paid are considered a Key Performance Indicator (KPI)
of the business. No dividends were paid in the 6 months period
ended 30 June 2023 (6 months ended 30 June 2022: none).
For further enquiries, please contact:
APQ Global Limited
Bart Turtelboom, Chief Executive Officer 020 3478 9708
Wayne Bulpitt, Non-Executive Chairman
Singer Capital Markets - Nominated
Adviser and Broker
James Maxwell / Justin McKeegan 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 emerging markets 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.
(1) Where we refer to revenue from income generating operating
activities this relates to the revenue of our investee
companies.
Business highlights
APQ Global, via its subsidiaries Delphos MMJ 1, LLC and Delphos
MMJ 2, LLC acquired 100% of MMJ Partners LP, a limited partnership
incorporated in United States of America for a total consideration
of $100 and made further capital contributions to that entity
totalling $500,000 during the period ended 30 June 2023.
During April 2023, the Company announced a tender offer for up
to 100% of the Company's CULS at a discount of 50%. 80 of the 6,000
units of CULS with a nominal value of $503,704 were validly
tendered and were settled for an amount of $249,380 resulting in a
gain on settlement of $254,324.
Financial position
The Company's financial position at 30 June 2023 is summarised 30 June 2023
as:
$
Investments 26,606,775
Fixed assets 65,391
Cash at banks/brokers 9,567,521
Short term receivables 4,189,450
Private loans 850,000
Other assets 1,077,925
Total assets 42,357,062
--------------
CULS liability 35,991,301
Other liabilities 807,710
--------------
Total liabilities 36,799,011
--------------
Total equity 5,558,051
==============
HIGHLIGHTS
For the six months ended 30 June 2023
Financial position (continued)
The group investments are made up of:
30 June 2023
$
Deutsche Lufthansa-Reg 1,230,648
HSBC Holdings Plc 2,292,155
Ishares MSCI Brazil ETF 3,405,150
Standard Chartered Plc 911,749
Anglo American Plc 823,288
Glencore Plc 1,299,765
Rio Tinto Plc 1,457,813
Intesa Sanpaolo 856,500
Banco Santander Sa 886,328
ARGTES 15 1/2 10/17/26 Corp 508,865
FX Hedges (151,562)
Palladium Trust Services (Private Company) 30,254
New Markets Media & Intelligence (Private Company) 744,595
Parish Group (Private Company) 3,611,106
Delphos International Ltd (Private Company) 6,263,000
Delphos Canada Limited (Private Company) 705,556
Promethean Trustees (Private Company) 27,939
Promethean Advisory (Private Company) 582,768
Delphos MMJ (Private Company) 500,000
Delphos Services Limited (Private Company) 620,858
Total equity 26,606,775
==============
Notes:
1. The figures in the table above are estimates only and are
based on unaudited estimated valuations in accordance with the
Company's valuation policy. Such estimates may differ materially
from any actual results.
2. Publicly traded securities are valued using close prices on
the relevant exchange as at 30 June 2023 (source: Bloomberg).
3. Direct investments valuation provided by an independent third party as at 31 December 2022.
4. All non-USD balances converted to USD using the WM/Refinitiv
FX benchmark rates with 4.00 p.m. fixing on 30 June 2023 (source:
Bloomberg).
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: 29 September 2023
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(UNAUDITED)
For the six months ended 30 June 2023
For the For the
six months six months
Note ended ended
30 June 30 June
2023 2022
$ $
Turnover 4 6,375,876 5,519,712
Net loss on financial assets at fair value
through profit and loss 13 (2,822,709) (16,679,054)
Administrative expenses 5 (4,242,288) 1,310,886
Operating loss for the period before tax (689,121) (9,848,456)
Interest receivable 8 73,612 7,100
Finance costs 9 (1,191,861) (1,227,892)
Net gain on financial liabilities at fair
value through profit and loss 16 254,324 -
Loss on ordinary activities before taxation (1,553,046) (11,069,248)
Tax on loss on ordinary activities - -
Loss on ordinary activities before taxation (1,553,046) (11,069,248)
Other comprehensive income - -
Total comprehensive loss for the period (1,553,046) (11,069,248)
Basic and diluted earnings per share 10 (0.01978) (0.14117)
The notes on pages 16 to 32 form an integral part of the
Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(UNAUDITED)----
As at 30 June 2023
30 June 31 December
2023 2022
Note $ $
Assets
Non-current assets
Property, plant and equipment 12 23,955 26,982
Right of use assets 21 41,436 82,872
Investments 13 35,839,865 38,162,574
--------------- --------------
Total non-current assets 35,905,256 38,272,428
Current assets
Trade and other receivables 14 5,733,751 3,055,956
Cash and cash equivalents 552,429 586,040
--------------- --------------
Total current assets 6,286,180 3,641,996
Total assets 42,191,436 41,914,424
=============== ==============
Current liabilities
Trade and other payables 15 (642,084) (756,296)
--------------- --------------
Total current liabilities (642,084) (756,296)
Long term liabilities
3.5% Convertible Unsecured Loan Stock 16 (35,991,301) (33,922,606)
Total long-term liabilities ( 35,991,301) (33,922,606)
Net assets 5,558,051 7,235,522
=============== ==============
Equity
Share capital 17 100,141,648 100,141,648
Equity component of 3.5% Convertible Unsecured
Loan Stock 16 6,832,347 6,919,355
Other capital reserves 18 - 37,417
Retained earnings (96,488,431) (94,935,385)
Exchange reserve (4,927,513) (4,927,513)
Total equity 5,558,051 7,235,522
=============== ==============
Net asset value per ordinary share (cents) 7.07 9.21
=============== ==============
The Financial Statements were approved by the Board of Directors
of APQ Global Limited and signed on September 2023 on its behalf
by:
___________________ ___________________
Bart Turtelboom Philip Soulsby
Chief Executive Officer Director
The notes on pages 16 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
Other
CULS equity capital Retained Exchange
Share capital component 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 - - - (89,639,881) - 12,524,742
Contributions by and
distributions to
owners
Share based payments - - 14,039 - - 14,039
Share based payments
settled in cash - - (6,736) - - (6,736)
Share reversal - - - - - -
Equity Dividends 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 16 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 2023
Other
CULS equity capital Retained Exchange
Share capital component reserves earnings reserve Total
$ $ $ $ $ $
At 1 January 2023 100,141,648 6,919,355 37,417 (94,935,385) (4,927,513) 7,235,522
Comprehensive income
for the period
Loss for the period - - - (1,553,046) - (1,553,046)
Total comprehensive
income for the period - - - (1,553,046) - (1,553,046)
Contributions by and
distributions to
owners
Share based payments
settled in cash - - (3,368) - - (3,368)
Reversal of
share-based payment
expense
recognised in prior
periods - - (34,050) - - (34,050)
Settlement of CULS - (87,008) - - - (87,008)
As at 30 June 2023 100,141,648 6,832,347 - (96,488,431) (4,927,513) 5,558,051
=============== =============== ============ ============== ============= =============
The notes on pages 16 to 32 form an integral part of the
Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED)
For the six months ended 30 June 2023
For the For the
six months six months
ended ended
30 June 30 June
2023 2022
Cash flow from operating activities Note $ $
Cash generated from operations
Loss for the financial period (1,553,046) (11,069,248)
Adjustments for non-cash income and expenses
Equity settled share-based payments 19 (34,049) 14,039
Depreciation tangible fixed assets 12 8,794 8,405
Depreciation right of use assets 41,436 40,094
Net loss on financial assets at fair value
through profit and loss 13 2,822,709 16,679,054
Net gain on financial liabilities at fair
value through profit and loss 16 (254,324) -
Exchange rate fluctuations 1,904,726 (3,811,117)
Changes in operating assets and liabilities
Decrease/(increase) in trade and other receivables 14 19,947 (31,628)
Decrease in trade and other payables 15 (77,585) (187,107)
Increase/(decrease) in receivables from
group undertakings 14 (2,697,742) 560,767
Increase/(decrease) in payables from group
undertakings 15 2,595 (129,876)
------------- --------------
Cash generated from operations 183,461 2,073,383
Interest receivable 8 (73,612) (7,100)
Finance costs 9 1,191,861 1,227,892
Net cash inflow from operating activities 1,301,710 2,744,176
Cash flow from investing activities
Payments to acquire investments 13 (500,000) (1,400,000)
Payments to acquire property, plant and
equipment 12 (5,767) (9,028)
Interest received 8 73,612 7,100
Net cash outflow from investing activities (432,155) (1,401,928)
Cash flow from financing activities
Equity dividends paid 11 - -
Preference share dividends paid 9 - -
Interest on CULS 16 (643,080) (669,427)
Settlement of CULS as a discount 16 (249,380) -
Cash settled share-based payments 18 (3,368) (6,736)
Payments for lease rental 19 (44,112) (55,395)
Net cash outflow from financing activities (939,940) (731,558)
Net (decrease)/increase in cash and cash
equivalents (70,385) 1,160,689
Cash and cash equivalents at beginning of
period 586,040 670,644
Exchange rate fluctuations on cash and cash
equivalents 36,774 (47,182)
Cash and cash equivalents at end of period 552,429 1,784,151
------------- --------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED)
(CONTINUED)
For the six months ended 30 June 2023
For the For the
six months six months
ended ended
30 June 30 June
2023 2022
$ $
Reconciliation of cash flows to debt
Brought forward 34,005,478 37,108,863
Cash flows used in servicing interest payments
of CULS (643,080) (669,427)
Cash flows used in principal payments of
lease liabilities (44,112) (55,395)
Cash flows used in settlement of CULS (162,372) -
Non cash flows - gain on settlement of CULS (254,324) -
issue
Non cash flows - amortisation of discount
on CULS issue 1,189,156 1,225,319
Non cash flows - amortisation of discount
on lease liabilities 2,705 2,573
Exchange differences 1,941,500 (3,858,300)
Closing balance 36,034,951 33,753,633
------------- -------------
Net debt comprises the following:
Convertible Unsecured Loan Stock 35,991,301 33,715,582
Lease liabilities 43,650 38,051
------------- -------------
36,034,951 33,753,633
------------- -------------
The notes on pages 16 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 2023
1. Corporate information
The interim consolidated financial statements of APQ Global
Limited (the "Group") for the six months ended 30 June 2023 were
authorised for issue in accordance with a resolution of the Board
of Directors on 29 September 2023. 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 2022 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 2022 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, Delphos Holdings
Limited and Evergreen Impact 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 2023
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,
Delphos Holdings Limited and Evergreen Impact 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.
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
2023 2022
Group $ $
Cayman 22,753,789 28,971,027
United Kingdom 480,794 480,794
Guernsey 18,956,853 15,092,820
Europe - 2,180,678
42,191,436 46,725,319
============ ============
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2023
4. Analysis of turnover
For the For the
six months six months
ended ended
30 June 30 June
2023 2022
$ $
Dividends received from APQ Cayman Limited 6,375,876 5,519,712
============= =============
5. Analysis of administrative expenses
For the For the
six months six months
ended ended
30 June 30 June
2023 2022
$ $
Personnel expenses 370,503 420,954
Depreciation of tangible fixed assets expenses 8,794 8,405
Depreciation of right of use assets 41,436 40,094
Payments on short term leases 94,141 61,556
Audit fees 99,263 78,205
Nominated advisor fees 30,591 -
Administration fees and expenses 154,722 107,651
Director's remuneration 107,448 115,180
Other expenses 640,773 232,732
Professional fees 943,729 1,564,016
Share based payment expenses (34,050) 14,039
Insurance 5,794 8,988
Recharge of expenses to APQ Cayman Limited (185,617) (180,577)
Net exchange (gains)/losses 1,964,761 (3,782,129)
4,242,288 (1,310,886)
============= =============
6. Director's remuneration
For the For the
six months six months
ended ended
30 June 30 June
2023 2022
$ $
Director's remuneration 107,448 115,180
Share based payment expenses - 11,231
107,448 126,411
============= =============
The highest paid director was Bart Turtelboom
(2022: Bart Turtelboom)* 14,912 26,701
============= =============
Average number of directors in the year 4 4
============= =============
* Full breakdown of Director remuneration is shown in note 21,
including director remuneration from other group entities.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2023
7. Personnel expenses
For the For the
six months six months
ended ended
30 June 30 June
2023 2022
$ $
Short term benefits - wage and salaries 142,911 133,295
Short term benefits - social security
costs 11,561 10,695
Short term benefits - other benefits 210,314 271,632
Short term benefits - Share based payment
expenses - 2,808
Post-employment benefits 5,717 5,332
370,503 423,762
=============== ==============
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 206,027 264,656
Short term benefits - Share based payment
expenses - 2,808
--------------- --------------
206,027 267,464
=============== ==============
8. Interest receivable
For the For the
six months six months
ended ended
30 June 30 June
2023 2022
$ $
Loan interest receivable from Palladium
Trust Services Limited - 7,100
Loan interest receivable from Delphos
Holdings Limited 28,333 -
Loan interest receivable from Delphos
International Limited 41,919 -
Loan interest receivable from Promethean
Advisory Limited 2,811 -
Bank Interest Receivable 549 -
73,612 7,100
============= =============
9. Finance costs
For the For the
six months six months
ended ended
30 June 30 June
2023 2022
$ $
Interest on 3.5% Convertible Unsecured
Loan Stock 2024 1,189,156 1,225,319
Discount on unwinding of lease liability 2,705 2,573
1,191,861 1,227,892
============= =============
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2023
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
2023 2022
$ $
Total comprehensive income for the period (1,553,046) (11,069,248)
Average number of shares in issue 78,514,452 78,408,067
Earnings per share (0.01978) (0.14117)
============= ==============
The Group had share awards vested but not yet issued, which are
not dilutive in 2023, 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 2022: 58,414).
The Group has 5,920 (30 June 2022: 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 5,920 (30 June 2022: 6,000) exercise price on these
conversion options currently exceeds the traded share price of APQ
Global. These are not currently dilutive (30 June 2022: not
dilutive).
11. Dividends
No dividends were declared in the period ended 30 June 2023 nor
the period ended 30 June 2022.
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 residual impact of Covid-19 and unrest in Ukraine, the
Company 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 2023 114,600 20,251 34,588 169,439
Additions during the
period 5,767 - - 5,767
At 30 June 2023 120,367 20,251 34,588 175,206
============ =============== =============== =========
Accumulated depreciation
At 1 January 2023 88,043 19,826 34,588 142,457
Charge for the period 8,682 112 - 8,794
At 30 June 2023 96,725 19,938 34,588 151,251
============ =============== =============== =========
Net book value
At 30 June 2023 23,642 313 - 23,955
============ =============== =============== =========
At 31 December 2022 26,557 425 - 26,982
============ =============== =============== =========
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2023
13. Investments
APQ Corporate
Services APQ Knowledge Delphos
APQ Limited Limited Holdings
Cayman Limited Limited Total
$ $ $ $ $
At 1
January
2023 26,197,356 4,252,067 744,595 6,968,556 38,162,574
Additions - - - 500,000 500,000
Fair value
movement (3,443,567) - - 620,858 (2,822,709)
At 30 June
23 22,753,789 4,252,067 744,595 8,089,414 35,839,865
==================== =================== ================= =========== ====================
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 2023
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, 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, 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 2023
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
Delphos United States 2121 K St, Delphos 100 3 March 2020 Trading FVTPL
International, NW STE 620, Holdings investment
Ltd Suite 1020, Limited company
Washington,
DC 20037
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, GY1
3HT
Parish Group Guernsey PO Box 142, APQ 100 29 January Trading FVTPL
Limited(1) Suite 2, Corporate 2020 investment
Block Services company
C, Hirzel Limited
Court , St
Peter
Port, 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, 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, GY1
3HT
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 Guernsey PO Box 142, APQ 100 13 August Investment FVTPL
Holdings Suite 2, Global 2021 holding
Limited Block Limited company
C, Hirzel
Court , St
Peter
Port, GY1
3HT
Delphos Impact Guernsey PO Box 142, Delphos 100 18 August Trading FVTPL
Limited Suite 2, Holdings 2021 investment
(formerly Block Limited company
Delphos C, Hirzel
Capital Court , St
Limited) Peter
Port, GY1
3HT
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2023
13. Investments (continued)
Evergreen Guernsey PO Box 142, APQ Global 50 10 August Trading FVTPL
Impact Suite 2, Limited 2021 management
Limited Block consultancy
C, Hirzel
Court , St
Peter
Port, GY1
3HT
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 142, Delphos 100 27 Trading FVTPL
Services Suite 2, Holdings September services
Limited Block Limited 2021 company
C, Hirzel
Court , St
Peter
Port, GY1
3HT
Promethean Malta 35/14 Salvu APQ 100 4 July 2022 Trading FVTPL
Trustees Psaila Corporate investment
Limited Street, Services company
(previously Birkirkara, Limited
WDM BKR 9072,
Trustees Malta
Limited)(1)
Promethean Malta 35/14 Salvu Promethean 100 4 July 2022 Trading FVTPL
Advisory Psaila Trustees services
Limited Street, Limited company
(previously Birkirkara,
WDM Lex BKR 9072,
Advisory Malta
Ltd)(1)
Delphos MMJ United The Delphos 100 18 March Trading FVTPL
1, LLC(2) States Corporation Holdings 2022 investment
of America Trust Limited company
Center,
1209 Orange
Street,
Wilmington,
Delaware
19801
Delphos MMJ United The Delphos 100 18 March Trading FVTPL
2, LLC(2) States Corporation Holdings 2022 investment
of America Trust Limited company
Center,
1209 Orange
Street,
Wilmington,
Delaware
19801
MMJ United The Delphos 99.67 20 February Trading FVTPL
Partners States Corporation MMJ 2023 management
LP(2) of America Trust 1, LLC(4) consultancy
Center,
1209 Orange
Street,
Wilmington,
Delaware
19801
MMJ United The Delphos 0.33 20 February Trading FVTPL
Partners States Corporation MMJ 2023 management
LP(2) of America Trust 2, LLC(4) consultancy
Center,
1209 Orange
Street,
Wilmington,
Delaware
19801
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2023
13. Investments (continued)
(1) On 4 July 2022, APQ Corporate Services Limited, a wholly
owned subsidiary of the Company, acquired 100% of the equity in
Promethean Trustees Limited (previously WDM Trustees Limited) and
its subsidiary Promethean Advisory Limited (previously WDM Lex
Advisory Ltd) for a cash consideration of EUR500,000
($538,404).
(2) On 18 March 2022, APQ Global Limited incorporated Delphos
MMJ 1, LLC and Delphos MMJ 2, LLC for the purposes of acquiring MMJ
Partners LP, an investment broker in United States of America. The
acquisition was concluded on 20 February 2023 for a consideration
of $100 with a further $500,000 being contributed to MMJ Partners
LP.
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 Services Limited,
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.
Fair value of the investment in Delphos Holdings Limited, 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.
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 APQ Corporate
Services Limited, Delphos Holdings Limited, Evergreen Impact 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,
Delphos Holdings 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.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2023
13. Investments (continued)
Unlisted managed funds
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 movements in the investments in the year are shown above.
Sensitivity to these inputs are discussed in Note 25.
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.
Level
Level 1 2 Level 3 Total
$ $ $ $
At 1 January 2023 - - 38,162,574 38,162,574
Additions - - 500,000 500,000
Fair value movement - - (2,822,709) (2,822,709)
- - 35,839,865 35,839,865
=========== ============= ============= =============
14. Trade and other receivables
30 June 31 December
2023 2022
$ $
Trade debtors 544,097 554,265
Amounts due from group
undertakings 5,039,450 2,341,708
Prepayments and accrued
income 40,519 45,255
Other debtors 109,685 114,728
5,733,751 3,055,956
=========== =============
15. Trade and other payables
30 June 31 December
2023 2022
$ $
Trade creditors 81,382 127,716
Amounts due to group
undertakings 312,617 310,022
Other creditors 20,548 23,862
Accruals 183,887 211,824
Lease liability 43,650 82,872
642,084 756,296
========= =============
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2023
16. 3.5% Convertible Unsecured Loan Stock
Nominal Liability Equity
number component component
of CULS
$ $ $
As at 1 January 2023 41,446,167 33,922,606 6,919,355
Amortisation of discount on issue 1,189,156
and issue expenses - -
Interest paid during the period - (643,080) -
CULS settled during the period (416,696) (87,008)
Exchange differences - 1,939,315 -
As at 30 June 2023 41,446,167 35,991,301 6,832,347
============ ============ ============
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.
During April 2023, the Company announced a tender offer for up
to 100% of the Company's CULS at a discount of 50%. 80 of the 6,000
units of CULS with a nominal value of $503,704 were validly
tendered and were settled for an amount of $249,380 resulting in a
gain on settlement of $254,324.
17. Share Capital
The authorised and issued share capital of the Company is
78,559,983 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 2023
17. Share Capital (continued)
Ordinary
shares
No GBP $
At 1 January 2023 78,559,983 77,099,861 100,141,648
At 30 June 2023 78,559,983 77,099,861 100,141,648
============ ============ =============
During the period ended 30 June 2023, no (period ended 30 June
2022: 12,848) shares were issued as part of the share award scheme
as detailed in note 18.
18. 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.
2023 2022
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 29,208 128.11 146,036 128.11
Shares vested and
exercised in a prior
period (26,579) 128.11 - 128.11
Settled in equity - 128.11 (53,156) 128.11
Settled in cash (2,629) 128.11 (5,258) 128.11
Outstanding at 30
June - - 87,622 128.11
=========== ================ =========== ================
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2023
18. 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 2023 - - -
Period ended 30 June 2022 6,735 7,304 14,039
The unvested portion of the share awards currently granted is
$nil (At 30 June 2022: $5,711). Of the awards outstanding, the
number vested that are available for settlement amount to nil (At
30 June 2022: 29,207).
19. 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 2023 378,264
------------
At 30 June 2023 378,264
------------
Accumulated depreciation
At 1 January 2023 295,392
Charge for the period 41,436
------------
At 30 June 2023 336,828
------------
Net book value
At 30 June 2023 41,439
============
At 31 December 2022 82,872
============
30 June 31 December
Lease liability 2023 2022
$ $
Balance at start of the period 82,872 83,780
Interest on lease liability 2,705 3,263
Payments for lease (44,112) (79,490)
Exchange differences 2,185 (7,553)
New lease liability - 82,872
Balance at end of the period 43,650 82,872
---------- -------------
The lease falls due:
Within 1 year 43,650 82,872
43,650 83,782
========== =============
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2023
20. 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
2023 2022
$ $
Share capital 100,141,648 100,141,648
Equity component of 3.5% Convertible Unsecured
Loan Stock 2024 6,832,347 6,919,355
Other capital reserves - 37,417
Retained earnings (96,488,431) (94,935,385)
Exchange reserve (4,927,513) (4,927,513)
Total shareholders' funds 5,558,051 7,235,522
============== ==============
21. 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 2023
21. 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 six the six the six the six
six six six six six six six six six months months months months months
months months months months months months months months months ended ended ended ended ended
ended ended ended ended ended ended ended ended ended 30 June 30 June 30 June 30 June 30 June
30 30 June 30 30 30 30 30 30 June 30 2022 2023 2022 2023 2022
June 2022 June June June June June 2022 June
2023 2023 2022 2023 2022 2023 2023
Chief
Bart Executive
Turtelboom Officer 14,912 15,470 - 11,231 59,718 62,139 - - - - - - 74,630 88,840
Wayne Non-Executive
Bulpitt Chairman 20,840 25,117 - - - - - - - - - - 20,840 25,117
Wesley Executive
Davis Director 22,500 22,500 - - 22,500 22,500 1,309 417 107 107 1,365 443 47,781 45,967
Philip Non-Executive
Soulsby Director 18,615 19,328 - - - - - - - - - - 18,615 19,328
Al Wadhah Non-Executive
Al Adawi Director 12,547 12,659 - - - - - - - - - - 12,547 12,659
89,414 95,074 - 11,231 82,218 84,639 1,309 417 107 107 1,365 443 174,413 191,911
======== ========== ======= ========= ======== ========= ======== ========== ======== ============ ========= ========== ========= =========
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 $102,510 (six months ended 30 June 2022: $74,174) of fees
and expenses to Parish Group Limited as administrator of the
Company. As at 30 June 2023 the balance owed to Parish Group
Limited was $nil (31 December 2022: $nil).
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the six months ended 30 June 2023
21. 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 $937,252 (six months
ended 30 June 2022: $525,525) to APQ Global Limited during the
period. As at 30 June 2023, APQ Global Limited was owed $99,410
from APQ Partners LLP (31 December 2022: $1,050,377). 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 $nil (six months ended 30 June 2022: $192,355) and was
recharged expenses of $nil (six months ended 30 June 2022: $11,778)
from APQ Cayman Limited. During the six months period to 30 June
2023, APQ Global Limited received dividends from APQ Cayman Limited
of $6,375,876 (six months ended 30 June 2022: $5,519,712).
During the period, APQ Global Limited provided capital
contributions to Delphos Holding Limited totalling $nil (six months
ended 30 June 2022: $1,400,000).
As at 30 June 2023, APQ Global Limited owed $264,410 (6 Months
ended 30 June 2022: $ 264,410) to APQ Corporate Services
Limited.
As at 30 June 2023 APQ Global Limited owed $48,207 (31 December
2022: $52,382) to New Markets Media & Intelligence Ltd.
[2] Where we refer to revenue from income generating operating
activities this relates to the revenue of our investee
companies.
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END
IR MZGZLFLFGFZM
(END) Dow Jones Newswires
September 29, 2023 09:30 ET (13:30 GMT)
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