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
Elissa Doyle, Chief Communications Officer and Head of ESG
Engagement
edoyle@thirdpoint.com
Tel: +1 212-715-4907 |
Buchanan PR
Charles Ryland
charlesr@buchanan.uk.com
Tel: +44 (0)20 7466 5107
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.