Third Point Offshore Corporate Update

 
TIDMTPOG TIDMTPOU 
 
Third Point Offshore Investors Limited (the "Company") 
 (a closed-ended investment company incorporated with limited liability under 
                                  the laws of 
 
                    Guernsey with registered number 47161) 
 
                           LEI: 549300WXTCG65AQ7V644 
 
                               Corporate Update 
 
                                 1 March 2018 
 
Third Point Offshore Investors Limited - Corporate Update 
 
1 March 2018 
 
The Board of Third Point Offshore Investors Limited ("TPOIL" or the "Company") 
is pleased to announce a series of actions to better reflect the strong 
risk-adjusted performance of Third Point Offshore Fund, Ltd. (the "Master 
Fund") in TPOIL's share price.  The Board is committed to maximising 
shareholder value and protecting the interests of all TPOIL stakeholders. 
 
TPOIL is a closed-end, London-listed feeder into the Master Fund, the flagship 
hedge fund managed by Daniel S. Loeb's Third Point LLC (the "Investment 
Manager"). The Master Fund returned +18.1% in 2017, net of fees and expenses. 
The TPOIL share price returned +26.3% in 2017 with better results reflecting 
the modest leverage the Company enjoys following previous share purchases by 
the Master Fund. 
 
The Board has been disappointed by the persistent discount in TPOIL's shares 
despite Master Fund performance, a frustration shared by many shareholders. 
The Board plans to address this by pursuing amendments to the Company's voting 
rights structure that are necessary to permit a transfer from the standard 
listing segment of the Official List to the premium listing segment of the 
Official List and potential inclusion in the FTSE UK Index Series.  At the same 
time, the Company plans to propose the conversion of its outstanding Sterling 
class of shares into USD shares and the adoption of a Sterling quote alongside 
the USD quote.  The Board believes that these steps will improve liquidity for 
all shareholders, thereby moderating the discount. 
 
The Board has also reviewed the Company's capital allocation policy and 
determined that the existing dividend policy is not aligned with the Company's 
corporate structure or the Investment Manager's strategy.  The Board plans to 
stop dividend payments and instead give the Investment Manager authority to 
make opportunistic share purchases on behalf of the Master Fund as an 
alternative means of future capital return, subject to Board guidance.  These 
purchases should allow the Company to more effectively manage any discount to 
net asset value.  The Master Fund has committed not to exercise any voting 
rights associated with the purchased shares.  Additional information about 
these policies is available on the TPOIL website. 
 
TPOIL has developed a new company website designed to make it easier for 
investors and prospective investors to learn about the Company and the Master 
Fund (www.thirdpointoffshore.com), reflecting the Investment Manager's 
commitment to additional transparency for investors.  The Investment Manager 
has also committed to increasing shareholder engagement and to providing more 
detailed reporting and disclosure.  The Company plans to make further 
announcements about these proposals shortly. 
 
Marc Antoine Autheman, Chairman of Third Point Offshore Investors Limited, 
commented: "The Board is fully committed to ensuring that the Company is 
best-positioned to deliver long-term value for all shareholders.  We believe 
TPOIL's transfer to a premium listing and the potential for share purchases by 
the Master Fund, alongside improved investor communication, will help improve 
the Company's rating, whilst continuing to showcase the Manager's successful 
strategy and portfolio." 
 
Daniel S. Loeb, the Investment Manager, said "We are committed to aligning our 
strong risk-adjusted returns with a best-in-class corporate structure for 
TPOIL's shareholders.  We believe the changes announced today will help to 
reduce the persistent share discount to NAV." 
 
 
 
END 
 

(END) Dow Jones Newswires

March 01, 2018 04:19 ET (09:19 GMT)