AVI Global Trust PLC AVI requisitions Third Point Board to convene EGM (0722E)
05 Luglio 2021 - 2:00PM
UK Regulatory
TIDMAGT
RNS Number : 0722E
AVI Global Trust PLC
05 July 2021
05 July 2021
Asset Value Investors (AVI), which manages AVI Global Trust
(AGT.LN) publishes open letter to directors of Third Point
Investors Limited (TPOU.LN)
AVI and three other shareholders in Third Point Investors
Limited (TPIL) collectively owning over 17 per cent. of its
ordinary shares and over 10 per cent. of the voting rights have
today requisitioned the TPIL Board to convene an extraordinary
general meeting of TPIL to consider and if thought fit pass a
resolution to change its investment policy. The resolution is aimed
at fixing TPIL's persistent and entrenched trading discount to
NAV.
The proposed new investment policy would see TPIL use its
existing contractual authority to redeem shares in the Master Fund
and use the proceeds to fund redemptions of Ordinary Shares at NAV
less costs on a quarterly basis. We recommend that simultaneously,
Shareholders (whether existing Shareholders or not) should be
allowed to submit subscription requests at the same price at which
redemptions are made.
The proposed new investment policy would place no obligation on
any Shareholder to redeem any of its investment in TPIL - simply an
ability to do so, at a price close to NAV. Nor should it have any
material impact on NAV returns for those Shareholders who wish to
remain invested. Indeed, these are liquidity terms that Third Point
has had no problem honouring for other investors since the firm's
inception.
A letter providing some background to the action we are taking
can be found by clicking on the following link:
https://www.aviglobal.co.uk/campaign/avi-requisitions-third-point-investors-to-call-an-egm/
Contact:
Tom Treanor
Tom.treanor@assetvalueinvestors.com
+44 20 7659 4800
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