APi Group Corporation Announces Commencement of Trading of its Common Stock on the New York Stock Exchange
-Requests Cancellation of Listing on London Stock Exchange
-Reiterates Long-Term Value Creation Targets
Apr 29, 2020, 07:00 ET
NEW BRIGHTON, Minn., April 29, 2020 /PRNewswire/ -- APi Group Corporation (NYSE: APG; LSE: JTWO) ("APi" or the "Company") announced that trading of its common stock is expected to commence on the New York Stock Exchange (NYSE) today under the ticker symbol "APG" and yesterday it completed its domestication into a Delaware corporation (the "Domestication").
APi has therefore today applied to the Financial Conduct Authority and the London Stock Exchange to request the cancellation of the listing of its ordinary shares and warrants from the Official List and the cancellation of the admission to trading of its ordinary shares and warrants from the Main Market of the London Stock Exchange. The cancellation is expected to take effect from 8:00 a.m. (London time) on May 30, 2020.
Russ Becker, President and CEO of APi, stated "First, I'd like to thank our employees for their continued leadership across our organization, as well as health care workers, first responders, and all other individuals that are helping us to navigate the global pandemic. Listing the shares of APi on the NYSE is another important step in the on-going evolution and growth of the Company. The reach of the NYSE to the investment community will help broaden our base of support and elevate the communication of our long-term value creation targets, which are:
- Deliver long-term organic growth above the industry average
- Continue to leverage our SG&A
- Expand adjusted EBITDA margins to 12%+ by 2023
- Adjusted free cash flow conversion of 80%+
- Generate high single digit average earnings growth
- Target long-term net leverage ratio of 2.0 to 2.5x"
John Tuttle, Vice Chairman and Chief Commercial Officer of the NYSE, said "We are very pleased to welcome APi, a leading provider of safety, specialty and industrial services, to the New York Stock Exchange. We look forward to working closely with APi and helping the company leverage the benefits of our unique market model, robust network and world-class services."
James E. Lillie, Co-Chairman of the Company, stated "We are excited about the long-term opportunities for the Company. We are confident in APi's operating model and the team's focus on driving higher margins as well as the Company's ability to generate cash. We believe we are prepared to seize both near and long-term opportunities and that our strong balance sheet and our new partnership with the NYSE will help allow us to take advantage of opportunities in 2020 and beyond."
APi is a market-leading business services provider of safety, specialty and industrial services in over 200 locations, primarily in North America. APi provides statutorily mandated services to a strong base of long-standing customers across industries. We have a winning leadership culture driven by entrepreneurial business leaders to deliver innovative solutions for our customers. More information can be found at https://www.apigroupinc.com/.
Forward-Looking Statements and Disclaimers
This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
This announcement contains forward-looking statements which are based on the Company's expectations, intentions and projections regarding (i) the date on which the APi common stock will begin trading on the New York Stock Exchange, (ii) the ability of the Company to achieve its long-term value creation targets including those relating to organic growth, adjusted EBITDA margin, adjusted free cash flow conversion, earnings growth and long-term leverage ratio, and (iii) the ability of the Company to drive higher margins, generate cash and capitalize on growth and expansion opportunities. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: (i) economic conditions, competition and other risks that may affect the Company's future performance, including the impacts of the COVID-19 pandemic on the Company's business, markets, supply chain, customers and workforce, on the credit and financial markets, and on the global economy generally; (ii) the ability of the Company to take advantage of strategic opportunities; (iii) the limited liquidity and trading of the Company's securities; (iv) changes in applicable laws or regulations; (v) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and (vi) other risks and uncertainties. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. This announcement contains inside information as defined in article 7 of the Market Abuse Regulation (EU) No 596/2014.
Investor Relations Inquiries:
Vice President of Investor Relations
email: [email protected]
email: [email protected]
SOURCE APi Group Corporation
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