12 September 2022
Update on TPIL Buyback Facility
Third Point Investors Limited (“TPIL” or the “Company”), the closed-end, London-listed opportunistic investment strategy managed by Daniel S. Loeb’s Third Point LLC, announces an update to its ongoing share buyback facility.
This original $200 million buyback facility, announced on 26 September 2019, is shortly to be completed. In this three-year period, more than 9.5 million shares have been repurchased for a total value of $196 million and at a weighted average discount to NAV of approximately 19%. This facility has been highly accretive, adding $1.26 per share, and the discount has narrowed from approximately 20% at its outset to 15% as at 7 September 2022.
As part of its multi-pronged approach to continue addressing the Company’s discount to NAV, the TPIL Board of Directors remains committed to continuing this facility, and therefore expects to allocate in the order of $50 million to buying back shares over the next 12 months.
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Notes to Editors
About Third Point Investors Limited
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 investment strategy. TPIL’s assets under management are currently $700 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. Third Point currently manages approximately $14.0 billion in assets for sovereign wealth funds, endowments, foundations, corporate & public pensions, high-net-worth individuals, and employees.