5th Dec 2018 11:34
LONDON (Alliance News) - Third Point Offshore Investors Ltd on Wednesday said it has appointed Jefferies International Ltd to implement a share buyback programme on its behalf.
Furthermore, the investor said it will name two new members of its board in January, including a permanent chairman.
Buybacks will be made through the market at a price below net asset value per share, and all shares repurchased will be cancelled.
The exact price and number of repurchase shares has not been disclosed. The firm's estimated net asset value on November 30 was USD18.42.
Shares in TPOI were down 0.7% at USD14.10 on Wednesday in London.
The closed-end fund reiterated that will not sell any of the buyback shares currently held by its master fund other than at a price equal to, or above, its net asset value per share.
Depending on the master fund's performance, TPOI expects to redeem and cancel the remainder of these shares in 2019, or later if necessary.
TPOI also announced it has interviewed a number of candidates and expects to name its new board chair in early January.
Claire Whittet was appointed as interim chair in September while the company worked to find a permanent candidate.
Also in early January, TPOI said it expects to announce a replacement for Director Keith Dorrian, who will not seek re-election at the company's next annual general meeting.
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