Pershing Square announces another $100m share buyback

Pershing Square Holdings announced an additional share buyback programme on Tuesday, for $100m of its outstanding public shares on the London Stock Exchange and Euronext Amsterdam.

The FTSE 250 company said the programme would begin following the completion of its previously-announced $100m share buyback programme.

It explained that the programme would be accretive to net asset value per share, and would reduce the firm’s capital.

As at 28 October, Pershing Square had completed 99.3% of the previously-announced share buyback programme, in which it had repurchased a total of 5,346,389 public shares at an average price of $18.57.

Since it commenced its first share buyback program on 2 May 2017, the company said it had repurchased a total of $476m of public shares, representing 33,092,276 shares at an average price of $14.40.

Jefferies International would continue in its role as sole buyback agent for the programme, the board confirmed, which would enable the purchase of shares during closed periods.

“Shares repurchased by the company will be held in treasury,” the Pershing Square board said in its statement.

“The company is holding shares in treasury to satisfy normal course conversion requests from management shareholders.

“Any such conversions will not change the number of shares outstanding as calculated on a fully diluted basis.”

As at 1204 GMT, shares in Pershing Square Holdings were unchanged in London at 1,444p.