Third Point Investors Results of 2022 Exchange Facility

 
TIDMTPOU TIDMTPOS 
 
18 March 2022 
 
               TPIL Announces Results of 2022 Exchange Facility 
 
  * Company received valid exchange requests of 6,136,895 TPIL shares, 
    representing an estimated $170 million worth of NAV 
  * Company intends to exchange $75 million of value as measured by the 31 
    March 2022 NAV 
 
Third Point Investors Limited ("TPIL" or the "Company") is pleased to announce 
the results of the 2022 exchange facility (the "Exchange Facility"), whereby 
eligible investors had the opportunity to elect to convert ordinary shares of 
TPIL ("TPIL Shares") into shares of Third Point's flagship Cayman Fund ("Master 
Fund Shares") at a 2 per cent. discount to NAV per TPIL Share. 
 
The Company has received valid exchange requests in respect of 6,136,895 TPIL 
Shares, worth in aggregate approximately $170 million using the estimate of NAV 
as at 16 March 2022.  As set out in the announcement made on 11 January 2022, 
the exchange facility will be available for TPIL Shares worth $75 million in 
aggregate and all valid exchange requests will, therefore, only be met in 
part. 
 
In determining the number of TPIL shares to be exchanged, the Board intends to 
use the NAV as at 31 March 2022 and the number of TPIL Shares to be exchanged 
will be calculated when the 31 March NAV is finalised. Each validly electing 
shareholder will then exchange that proportion of the number of TPIL Shares 
that its application bears to the total number of valid exchange applications 
received. 
 
Based on the current estimated NAV of both the Master Fund and TPIL, it is 
expected that approximately 44% of TPIL Shares subject to valid exchange 
requests will be exchanged into Master Fund Shares. 
 
It is expected that the TPIL Shares to be exchanged pursuant to the Exchange 
Facility will be redeemed, and that exchanging shareholders will be issued 
their Master Fund Shares, in the third week of April 2022, following 
finalisation of the NAV per Master Fund Share and per TPIL Share as at 31 March 
2022.  A further announcement confirming the number of Master Fund Shares to be 
issued in respect of each TPIL Share exchanged will be made at that time. 
 
Any TPIL Shares which are not being exchanged pursuant to the Exchange Facility 
due to the pro-rata allocation will be released from escrow following 
implementation of the redemption of TPIL Shares and issue of Master Fund 
Shares, as described above. 
 
TPIL announced in April 2021 a multi-pronged approach to managing down its 
discount to NAV. The Exchange Facility is one facet of this plan, and the Board 
will continue to review all of its strategic options in continuing to address 
the discount. 
 
                                   - Ends - 
 
Press Enquiries 
 
Third Point                          Buchanan PR 
Elissa Doyle, Chief Communications   Charles Ryland 
Officer and Head of ESG Engagement   charlesr@buchanan.uk.com 
edoyle@thirdpoint.com                Tel: +44 (0)20 7466 5107 
Tel: +1 212-715-4907                 Henry Wilson 
                                     henryw@buchanan.uk.com 
                                     Tel: +44 (0)20 7466 5111 
 
Notes to Editors 
 
 
About Third Point Investors Limited 
 
www.thirdpointlimited.com 
 
Third Point Investors Limited (LSE: TPOU) was listed on the London Stock 
Exchange in 2007 and is a feeder fund that invests in the Third Point Offshore 
Fund (the Master Fund), offering investors a unique opportunity to gain direct 
exposure to founder Daniel S. Loeb's investment strategy. The Master Fund 
employs an event-driven, opportunistic strategy to invest globally across the 
capital structure and in diversified asset classes to optimize risk-reward 
through a market cycle. TPIL's portfolio is 100% aligned with the Master Fund, 
which is Third Point's largest hedge fund. TPIL's assets under management are 
currently $900 million. 
 
About Third Point LLC 
 
Third Point LLC is an institutional investment manager that actively engages 
with companies across their lifecycle, using dynamic asset allocation and an 
ethos of continuous learning to drive long-term shareholder return. Led by 
Daniel S. Loeb since its inception in 1995, the Firm has a 37-person investment 
team, a robust quantitative data and analytics team, and a deep, tenured 
business team. As of 28 February 2022, Third Point manages approximately $16.4 
billion in assets for sovereign wealth funds, endowments, foundations, 
corporate & public pensions, high-net-worth individuals, and employees. 
 
 
 
END

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