LONDON - Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH), a closed-ended investment holding company, today announced a new share buyback program valued at $100 million. The repurchase initiative will target the company's Public Shares on the London Stock Exchange (LON:LSEG) and Euronext (EPA:ENX) Amsterdam, aiming to be accretive to the net asset value (NAV) per share and to reduce the company's capital.
The buyback program is not a first for Pershing Square Holdings. Since the inception of its initial repurchase plan on May 2, 2017, the company has bought back approximately 65.95 million PSH Public Shares. This amounts to a total expenditure of $1.4 billion, averaging a purchase price of $20.81 per share.
Jefferies International Limited has been appointed as the sole buyback agent for the program. The agent will have the authority to buy shares even during closed periods. Any shares acquired under the program will be held in Treasury.
The company outlined that the buyback will not exceed the lesser of $100 million or 5 million PSH Public Shares. The duration of the program is anticipated to stretch until Pershing Square's next Annual General Meeting, although it may conclude sooner if dictated by market liquidity.
This buyback program is part of Pershing Square Holdings' corporate actions and is stated to be based on a press release statement from the company. The program's impact on the market and the company's capital structure will be watched closely by investors and market analysts.
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