Share Name Share Symbol Market Type Share ISIN Share Description
Pershing Square LSE:PSH London Ordinary Share GG00BPFJTF46 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +12.00p +1.04% 1,162.00p 1,150.00p 1,154.00p 1,154.00p 1,140.00p 1,144.00p 28,413 16:35:28
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial - - - - 1,160.45

Pershing Square Share Discussion Threads

Showing 151 to 173 of 175 messages
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Noted. Nick Train's views on (big holding for him and PSH) Mondelez in LTI's recent annual report: Mondelez International. Confectionary and biscuits are "good" food brands - affordable treats that have successfully resisted own-label copycats. What's more, over 70% of Mondelez' sales are outside the US, meaning it is less exposed to the malign pressures on processed food brands there. Roughly 40% of sales derive from Emerging Markets. Our appreciation of all this has encouraged us to add more to LTL's holdings of the company over the last 18 months at lower and lower prices. I persist in regarding this as good news - that we are buying more of a good thing at better values - but it is disconcerting to see the shares drift in this way. Investors have got really quite bearish about food. The company hopes to generate $2.8bn of free cash in 2018. I would value that at a 3% discount rate, for a warranted equity value of MDLZ of $93bn - compared to the current $55bn market value.
Pershing Square Holdings, Ltd. Announces Results of $300 million Tender Offer for Own Shares Pershing Square Holdings, Ltd. Pershing Square Holdings, Ltd. (“PSH” or the “Company”) (LN:PSH) (NA:PSH) today announces that the tender offer (the "Tender Offer") for up to $300 million in value of the Company's public shares (the "Public Shares") closed at 1:00 p.m. BST on 10 May 2018. Terms used in this announcement have the meaning given in the circular regarding the Tender Offer issued by the Company on 25 April 2018 (the "Tender Document"). The Strike Price for the Tender Offer is $13.47 per Public Share. A total of 22,271,714 Public Shares will be acquired by the Company in the Tender Offer. The Strike Price was determined on the basis of the Reference NAV per Public Share on 9 May 2018 of $16.94 per Public Share and the numbers of Public Shares validly tendered at each tender price, as described in the Tender Document. The Strike Price for the Tender Offer represents a 20.5% discount to the Reference NAV.
I bought a few at the lows recently. Will not be bothering with the tender. htTps:// Recent AR: httPs://
Things are going downhill in general at the moment. Sorry, they call the phenomenon "volatility" nowadays. This type of fund is likely to get dumped first. Sure, the shenanigans about the tender are not helping but British Empire is still believing in it...
Just so unloved this. Discount now looks around 25%. Strength of sterling not helping. The tender offer doesn't seem to be working
Liberum; Pershing Square Holdings (Mkt Cap £2,251m) Up to $300m tender offer directly by the company Event The Board of Directors of Pershing Square Holdings (PSH) intends that PSH should conduct a tender offer to purchase up to an aggregate amount of $300m of its publicly traded shares (Tender). PSH anticipates that the Tender would be structured as a Dutch auction which is priced at a discount to PSH’s prevailing NAV per share. This is after PSCM Acquisition (PSCMAC) withdraw its previously proposed tender offer due to the Dutch Authority for Financial Markets interpretation of certain applicable rules regarding the proposed tender offer, which, in PSCMAC’s view, make the tender offer not feasible. The Tender will be subject to applicable shareholder approvals, including a vote to remove the current 4.99% shareholder ownership limit, which will be sought at PSH's upcoming AGM on 24 April 2018. It is expected that the Tender would be launched shortly following the AGM and would be financed from PSH's cash on hand. PSH is trading at a 19.7% discount to its 20 February 2018 NAV per share.
More Bill Ackman/Pershing Square in the FT... and they still do not like him! :) Bill Ackman/Pershing: the biter bit Champion of shareholder rights should know how to treat his own shareholders Bill Ackman finds himself in an uncomfortable position © Bloomberg January 18, 2018 Bill Ackman has a history of lambasting underperforming businesses. A revolt by investors in Pershing Square Holdings, the activist fund he manages, is giving him a taste of his own medicine. Their anger will not be quelled by concessions over a plan to more than double management’s stake in the $3.4bn vehicle, which is listed in London and Amsterdam. The proposal has enraged some shareholders, who claim it puts the interests of Mr Ackman and his fellow fund managers ahead of everyone else. They want PSH to do big buybacks instead. Their view is coloured by a 42 per cent drop in the shares of PSH, a closed-end fund, since it floated in 2014. The stock regularly trades at a 20 per cent discount to net asset value. Indignation is emanating from the Ackman camp, too. Managers believe they would be registering a vote of confidence by spending $300m on PSH shares. They blame the rebellion on “closed-end fund arbitrageurs”, who buy fund shares while shorting stocks the fund has invested in. These smooth operators make a profit when a buyback narrows the price gap between the two. Mr Ackman’s position nevertheless looks uncomfortable. A champion of shareholder rights should be beyond reproach in his treatment of his own shareholders. That is not consistent with getting a board waiver to breach a 4.9 per cent ownership limit, even if other investors can apply as well. Mr Ackman has, meanwhile, narrowed the price range at which he is willing to buy shares from the market. Cynics will suspect that means he was seeking to buy stock too cheaply before. In another concession, there will be a shareholder vote on whether to abolish the 4.9 per cent ownership limit. But this should ideally precede rather than follow the tender. The row involves mind-bending arguments over price signalling. The lesson is simple; no underperforming boss is immune from shareholder dissent. Activist, heal thyself.
The NAV continues to drop whilst the US indices make record highs....BA losing his touch?!?
Improved tender offer in response to the obvious point above
If you hold these you do so in the hope that a)Mr Ackman gets his groove back (as the FT note above) and b) that the discount will narrow. On the latter it is currently narrower than it has been at some points since the float at c. 18%. Why would you tender your shares for a maximum 3% gain on todays market price and potentially less than the market price if the discount from NAV was towards the 24% end? Makes no sense
Today's announcement gives a tender range of 24% - 16% discount. At 16% discount to NAV the tender price would be £10.84 vs current NAV of £12.90 and a current share price of £10.54.
Historically it traded at under a 10% discount to NAV. If these are the current aspirations then a significant price rise is on the cards.
Anyone got any thoughts on the proposed tender offer? Looks like it is for roughly 10% of the current stock. Current NAV of GBP 12.90 and underlying price of GBP 10.48 as I type.
A nice rise in the weekly NAV; at the time or writing the fund is trading at a 25% discount to NAV. The daily investment of circa GBP 100,000 doesn't seem to be doing much to close the 3GBP odd discount per share; looks like plenty of patience needed.
Hi select few.... I'm a holder in BTEM so only became aware of this from the recent posts on the BTEM thread. Certainly looks to be value here - value being an increasingly difficult thing to track down; so bought in yesterday.
riverman77 has just posted on the British Empire thread that he had sold off his BTEM holdings a few months ago when he realised Bauernfreund was moving into PSH. People seem to be very sanguine about this stock! :) [edit] Oops, I was spreading rumours, the internet is not the place to do so after all! He has clarified his post since and has nothing against PSH.
Yes funny you should mention but it is on my radar and seems to have a much better thought out strategy, and you get a discount on a discount ... I must say that most of these superstar managers are not all they are made out to be, just been reading grants piece on dallio .....
@catsick Giving it a look every now and then too, but still not willing to commit anything either. Getting slightly more exposure to it indirectly through British Empire as Bauernfreund is a bit more bullish than us, as per the latest BTEM factsheet: Http://
I bought in on friday having been attracted by the big discount and fact the ongoing buyback should close it down, however the more I have looked at the underlying holdings the less I like it, he has a massive holding in qsr which is just too big to be able to sell down, any kind of poor performance in qsr, which is very rich already in my opinion is going to really hurt and if that leads to redemptions on his non listed funds and he will not be able to sell these shares in an orderly fashion, I have thus bailed out after only a few days, I guess I need to do my homework before buying in ...
Little rally last week. Reversing again now?
Well its under £10 this morning
This could become a big winner if the Herbalife bet pays offThe Chinese regulator could tread where the US one failed and declare it an illegal pyramid selling scheme in the next three to six months. That would potentially kill HLF and make a brilliant return. Coupled with the share buyback scheme and existing discount to a NAV built on assets which are generally blue chip stocks I think this is looking a good edged investment. Ackman has had a torrid few years but historically he has been quite sound. If this dips below ten pounds I may be tempted
Trading at large discount to nav !
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