Goldman Sachs Asset Management’s alternative investments trust Petershill Partners has proposed to return up to $100m to shareholders through a tender offer.
In a stock exchange notice today (23 April), the £3.8bn trust said the offer would be made for up to 37.9 million shares, or 3.4% of issued share capital, at 214p per share. This represents a premium of 15% to the closing price of 186p on Monday (22 April). The move offers an exit route for shareholders, as the FTSE 250 trust contends with a double-digit discount to net asset value. According to the Association of Investment Companies, Petershill Partners is trading at a 45.9% discount. Pershing Square Holdings manager slashes performance fee as Ackman eyes US launch The tender off...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
