Third Point Investors commits to 25% tender offer after discount hits double-digits

Manager Daniel Loeb to tender shares

Third Point Investors (TPOU) has committed to returning up to 25% of issued share capital to shareholders after its discount widened to double-digits.

In a stock exchange notice on Tuesday (2 April), the £664m London-listed closed-ended fund, which invests directly in Daniel Loeb's flagship hedge fund, said the tender offer would be undertaken at a discount of 2% of net asset value.  The tender offer was triggered due to the trust's average discount trading above 10% during the six-month period ended 31 March, as set out in a condition put in place by the board in April 2021.  The board said shareholders will be entitled to tender in excess of their basic entitlement of 25% of ordinary shares held, but this will only be satisfied if...