Good progress, dividend on track
APQ Global (APQ) remains on track to pay a 6% dividend for FY 2017E. Its Q3 comment and its outlook for Q4 2017 provided an informative update on the progress of APQ and its portfolios. During the third quarter, APQ issued £20.09 million of Convertible Unsecured Loan Stock (CULS), the proceeds of which have already been fully invested. APQ ended October 2017 with a book value of 96.3p ex the Q3 2017 dividend of 1.5p (making a total dividend of 4.5p for the current financial year so far). Following these updates and September’s interim results, we adjust estimates for FY 2017E to reflect IPO costs and the H1 loss on investments – neither of which affect our adjusted numbers. We note the pleasing additions to book value and the dividend payments made so far in 2017.