Trian Investors 1 Ltd - offers exposure to investment activity of Trian Investors Management LLC - Posts details of redemption plan. Says it believes investments in Ferguson PLC and Unilever PLC have further to run, but acknowledges that ‘a significant portion of the current shareholder base would like the opportunity to exit their shareholding at or around net asset value.’
The Guernsey-based firm plans to redeem at least 95% of shares by June 30, 2023. It plans to do this via a distribution of its underlying assets, including an in specie distribution of shares, at a value equivalent to the board’s estimate of the then prevailing net asset value.
After that, Trian Investors 1 will wind-up. Remaining net assets will be returned to shareholders in cash, it adds.
86% of shareholders have indicated support for the redemption and wind-up.
‘The share redemption scheme recognises the significant potential future upside from the company’s core holdings, while meeting the desire of certain investors for greater liquidity and of the company’s board to see its discount to fair value unwind,’ Chair Mark Thompson says.
Current stock price: 152.50 pence, up 15% on Friday
12-month change: up 17%
Copyright 2022 Alliance News Limited. All Rights Reserved.
