AP Alternative Assets, L.P.
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Publicatie datum
02 aug 2012 - 01:54
Statutaire naam
AP Alternative Assets, L.P.
Titel
AP Alternative Assets Releases Financial Results for the Three and Six Months Ended June 30, 2012
Bericht
Guernsey, Channel Islands, August 2, 2012: AP Alternative Assets, L.P. (“AAA”, Euronext Amsterdam: AAA) today released its financial results for the three and six months ended June 30, 2012. AAA invests its capital through, and is the sole limited partner of, AAA Investments, L.P., which is referred to as the “Investment Partnership.”
Highlights
Net Asset Value for AAA
• Net asset value at June 30, 2012 was $1,514.6 million, or $18.88 per unit, representing a net decrease in net assets of $65.6 million during the quarter and a net increase in net asset value per unit of $0.33 during the quarter.
Operating Results for the Investment Partnership
• The net (loss) gain from investments was $(9.1) million and $143.9 million for the three and six months ended June 30, 2012.
• The Investment Partnership had $219.5 million in cash and cash equivalents at June 30, 2012.
Capital Management Initiatives
• On April 20, 2012, AAA commenced an offer to purchase common units or restricted depositary units at prices ranging from $9.00 to $10.50 per unit. Under the terms of this tender offer, which was oversubscribed, AAA purchased 4,967,462 units at a price per unit of $10.00, or $49.7 million in total ($49.8 million including expenses).
Management Commentary
Marc Rowan, Senior Managing Director of AAA’s investment manager, said “As we have indicated previously, we believe that AAA has a significant amount of embedded value that is not reflected in the market price of its units. With AAA currently trading at a discount to net asset value of over 40%, we continue to view purchases of our own units as the most attractive investment alternative to deliver value to AAA’s unitholders. To that end, during the first half of 2012 we successfully completed two tender offers, both of which were oversubscribed, for a total of approximately $100 million of AAA’s units.”
See attached press release for details.
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