Apax Global confirms chairman's retirement, kicks off buyback

26th Jun 2024 11:39

(Sharecast News) - Apax Global Alpha confirmed the retirement of Tim Breedon CBE from his position as chairman and director on Wednesday, effective 1 July.

The London-listed firm said Breedon had served as chairman since its initial public offering in 2015, and had played a pivotal role in overseeing its growth over the past nine years.

His departure was part of the company's succession planning and board rotation strategy.

Karl Sternberg, who was appointed to the Apax board on 1 March, will succeed Breedon as chairman.

On assuming the role of chairman, Sternberg would step down from his position on the audit committee.

Apax said Sternberg would bring extensive investment trust experience, adding that he currently serves as chairman of Clipstone Industrial REIT and Monks Investment Trust.

"In his role as chairman of AGA, Tim has overseen the company's strategic direction since its initial public offering in 2015," commented Karl Sternberg.

"During that time, AGA has grown adjusted net asset value from €878m at 30 June 2015 to €1.3bn at 31 March 2024.

"The board would like to express its gratitude for his contribution."

Apax Global Alpha also announced the start of a share buyback programme on Wednesday, as part of its capital allocation strategy.

The company said it had entered into a non-discretionary agreement with Jefferies International to repurchase shares in the market, granting Jefferies the authority to conduct market purchases of AGA's shares independently, within agreed parameters.

It said the programme was authorised by shareholders at the annual general meeting on 1 May, permitting the firm to buy back up to 14.99% of its issued capital, equivalent to 73,616,005 shares.

At 1124 BST, shares in Apax Global Alpha were up 2.86% at 158p.

Reporting by Josh White for Sharecast.com.