17th Apr 2014 11:49
LONDON (Alliance News) - Third Point Offshore Investors Ltd Thursday said it has achieved excellent net asset value returns for its three classes and narrowed its discount to NAV by roughly two-thirds in 2013.
The investment company said its USD class tranche achieved a NAV total return increase of 28.6% to USD16.87, its EUR class tranche increased 28.9% to EUR16.16 and its GBP class tranche increased 30.0% to GBP13.08.
As a result, the company said that overall its NAV increased 22.9% to USD854.1 million from USD694.9 million the previous year.
"The company has continued to perform well through 2013, with another period of significant NAV growth. The result has been driven by the Investment Manager's ability to deliver consistent performance across all geographies and strategies," Chairman Marc Antoine Autheman said in a statement.
Third Point said it saw a significant narrowing of its discount to NAV of roughly two-thirds during the year and it has maintained its positive performance into 2014.
The company announced in November a second annual dividend and said on Thursday that it expects to continue to declare an annual dividend equivalent to 4-5% of the NAV of the Company.
"The Board continues to monitor the discount closely, and we were pleased to see it narrow significantly during the year," Autheman added. "This reflects both the performance of the Master Fund and our commitment to an ongoing dividend distribution."
Third Point Offshore shares were up 0.7% to 16.7 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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