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LONDON - Third Point Investors Limited announced Thursday the results of its redemption offer and an update on its acquisition of Malibu Life Reinsurance SPC, following shareholder approval at an extraordinary general meeting held on August 14.
Based on a reference NAV of $32.64 calculated as of August 31, the company will redeem 4,376,750 ordinary shares, representing approximately 45.8% of the 9,557,296 shares submitted for redemption. Shareholders will receive an initial redemption consideration of $28.56 per share, with additional deferred consideration to follow based on the net realization proceeds of the illiquid redemption portfolio.
The company also confirmed it will issue 2,165,614 new ordinary shares to third-party investors at the same price of $28.56 per share. The largest allocation will go to Third Point Opportunities, which will receive 1,050,420 shares.
All necessary regulatory approvals for the acquisition of Malibu Life Reinsurance SPC have been received, with completion expected on September 12. The number of consideration shares to be issued to Malibu Life Holdings SPC will be announced once the reference tangible book value of Malibu has been determined.
As part of the transaction, Third Point Investors will migrate from Guernsey to the Cayman Islands, effective September 10. Trading of the company’s shares on the London Stock Exchange will be suspended on September 10, with admission to the Exchange Specialist Fund Segment expected by September 12.
The initial redemption consideration is expected to be paid to redeeming shareholders on September 19, according to the company’s statement based on a press release.
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