Pershing Square Activist Presentation Deck
PSH Corporate Action History
December 31, 2012
October 13, 2014
June 26, 2015
April 19, 2017
May 2, 2017
May 2, 2017 to
January 2, 2018
May 10, 2018
► Launched as private fund
► Listed on Euronext Amsterdam
Issued $1 billion of Senior Notes due 2022
at an interest rate of 5.50% per annum,
rated investment grade by S&P and Fitch
▸ Announced buyback program of up to
5% of outstanding PSH Public Shares
► Gained premium listing on the Main
Market of the London Stock Exchange
► Repurchased $77 million at an average
cost per share of $14.10 (average discount
to NAV of 20.1%); program ended in
anticipation of company tender offer
► $300 million company tender executed at
$13.47 per share (20.5% discount to NAV)
reducing effective free float by 9.5%¹
February 13, 2019
June 19, 2019
July 25, 2019
October 29, 2019
December 13, 2019
June 20, 2019 to
February 4, 2020
(1) Effective free float refers to the number of Public Shares not owned by affiliates of Pershing Square.
(2) PSH share price at close ($15.70) on the London Stock Exchange as of February 12, 2019
7
Announced ongoing quarterly dividend
of $0.10 per share, a 2.5% yield to the
PSH share price at the time²
Announced share buyback program of
$100 million
Issued $400 million of Unsecured
Bonds due 2039 at interest rate of
4.95% per annum, rated investment
grade by S&P and Fitch
▸ Announced additional share buyback
program of $100 million
Announced additional share buyback
program of $100 million
▸ Under the 2019 share buyback
programs, PSH has executed share
buybacks totaling $224 million at an
average cost per share of $18.84
(average discount to NAV of 28.0%)View entire presentation