Third Poi. $ Regulatory News (TPOS)

Third Point Investors Ltd - Results of 2022 Exchange Facility

PR Newswire

London, March 18

18 March 2022

TPIL Announces Results of 2022 Exchange Facility

Third Point Investors Limited (“TPIL” or the “Company”) is pleased to announce the results of the 2022 exchange facility (the “Exchange Facility”), whereby eligible investors had the opportunity to elect to convert ordinary shares of TPIL (“TPIL Shares”) into shares of Third Point’s flagship Cayman Fund (“Master Fund Shares”) at a 2 per cent. discount to NAV per TPIL Share.

The Company has received valid exchange requests in respect of 6,136,895 TPIL Shares, worth in aggregate approximately $170 million using the estimate of NAV as at 16 March 2022. As set out in the announcement made on 11 January 2022, the exchange facility will be available for TPIL Shares worth $75 million in aggregate and all valid exchange requests will, therefore, only be met in part.

In determining the number of TPIL shares to be exchanged, the Board intends to use the NAV as at 31 March 2022 and the number of TPIL Shares to be exchanged will be calculated when the 31 March NAV is finalised. Each validly electing shareholder will then exchange that proportion of the number of TPIL Shares that its application bears to the total number of valid exchange applications received.

Based on the current estimated NAV of both the Master Fund and TPIL, it is expected that approximately 44% of TPIL Shares subject to valid exchange requests will be exchanged into Master Fund Shares.

It is expected that the TPIL Shares to be exchanged pursuant to the Exchange Facility will be redeemed, and that exchanging shareholders will be issued their Master Fund Shares, in the third week of April 2022, following finalisation of the NAV per Master Fund Share and per TPIL Share as at 31 March 2022. A further announcement confirming the number of Master Fund Shares to be issued in respect of each TPIL Share exchanged will be made at that time.

Any TPIL Shares which are not being exchanged pursuant to the Exchange Facility due to the pro-rata allocation will be released from escrow following implementation of the redemption of TPIL Shares and issue of Master Fund Shares, as described above.

TPIL announced in April 2021 a multi-pronged approach to managing down its discount to NAV. The Exchange Facility is one facet of this plan, and the Board will continue to review all of its strategic options in continuing to address the discount.

- Ends –

Press Enquiries

Notes to Editors

About Third Point Investors Limited

www.thirdpointlimited.com

Third Point Investors Limited (LSE: TPOU) was listed on the London Stock Exchange in 2007 and is a feeder fund that invests in the Third Point Offshore Fund (the Master Fund), offering investors a unique opportunity to gain direct exposure to founder Daniel S. Loeb’s investment strategy. The Master Fund employs an event-driven, opportunistic strategy to invest globally across the capital structure and in diversified asset classes to optimize risk-reward through a market cycle. TPIL’s portfolio is 100% aligned with the Master Fund, which is Third Point’s largest hedge fund. TPIL’s assets under management are currently $900 million.

About Third Point LLC

Third Point LLC is an institutional investment manager that actively engages with companies across their lifecycle, using dynamic asset allocation and an ethos of continuous learning to drive long-term shareholder return. Led by Daniel S. Loeb since its inception in 1995, the Firm has a 37-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. As of 28 February 2022, Third Point manages approximately $16.4 billion in assets for sovereign wealth funds, endowments, foundations, corporate & public pensions, high-net-worth individuals, and employees.