2nd May 2018 14:17
LONDON (Alliance News) - Third Point Offshore Investors Ltd on Wednesday said it has begun the process to move its shares onto the premium listing segment of the London Stock Exchange.
Third Point said as part of this move, it is to propose converting its outstanding sterling class shares in US dollar shares, but will nevertheless keep a sterling quote.
The company also said it will implement a "more traditional" buyback method. Previously, its Master Fund purchased the shares which it then held for the company, but the company is now to buy them directly and then cancel them.
Third Point is to buy and cancel 5% of outstanding shares from the Master Fund, and it will buy all of the rest in 2019, although "if necessary" it will buy them after that.
This new policy will replace its previous dividend policy which has resulted in a total return of USD194.0 million to shareholders since 2012.
Shares were down 0.3% on Wednesday at 1,599.90 pence each.
Related Shares:
Third Poi. $