Trian Investors 1 Limited: Statement Regarding Investment in Ferguson plc
13 Giugno 2019 - 9:21AM
Business Wire
The board of Trian Investors 1 Limited (the “Company”; LSE: TI1)
today announces that funds managed by Trian Fund Management, L.P.
and Trian Investors Management, LLC (collectively, “Trian”),
including a fund managed by Trian in which the Company is the
principal investor (the “Partnership”), have acquired in aggregate
a 5.98% interest in the shares of Ferguson plc (LSE: FERG.L) as of
June 12, 2019, valued at approximately GBP 736 million (U.S. $935
million). Trian believes that Ferguson is an attractive business
that trades at a discount to comparable U.S. peers. Trian has
contacted members of Ferguson’s management team and looks forward
to working with them to explore and implement initiatives that it
believes can create long-term shareholder value.
The Company’s board notes that it previously approved Trian’s
recommendation of a potential investment in Ferguson, and as of
June 12, 2019, the Company has invested approximately GBP 250
million (U.S. $317 million) in Ferguson through the Partnership, at
an average cost basis of GBP 52.85 per share. Trian has advised the
Company that it may increase or decrease its investment in Ferguson
from time to time in the future based on various factors, including
market conditions and Trian’s evaluation of the investment
prospects of Ferguson. In addition, because Ferguson receives the
vast majority of its revenue in U.S. Dollars, Trian has advised the
Company that it currently expects to utilize a currency hedge to
offset a portion of the Company’s U.S. Dollar exposure as a result
of its investment in Ferguson, although there is no assurance that
such hedging transaction will be entered into, or will be effective
at managing currency exposure if entered into.
The Company’s board notes that Trian submitted a TR-1
notification to Ferguson that disclosed that as of June 10, 2019,
funds managed by Trian, including the Partnership, had acquired in
the aggregate a 5.14% interest in the shares of Ferguson.
This announcement includes inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
(“MAR”). Estera International Fund Managers (Guernsey) Limited, the
Company’s Administrator and Corporate Secretary, is responsible for
arranging for the release of this announcement on behalf of the
Company.
About Trian Investors 1 Limited
The Company is a Guernsey domiciled limited company with
ordinary shares admitted for trading on the Specialist Fund Segment
of the London Stock Exchange. Its investment manager is Trian
Investors Management, LLC, whose parent is Trian Fund Management,
L.P. The Company’s investment objective is to generate significant
capital appreciation through Trian’s operational and strategic
perspectives as a highly engaged shareowner.
Cautionary note regarding forward-looking statements
This announcement contain statements which are, or may be deemed
to be, “forward-looking statements” or “forward-looking
information” under applicable securities laws (collectively
referred to as “forward-looking statements”). Forward-looking
statements are prospective in nature and are not based on
historical facts, but rather on current expectations and
projections of future events, and are therefore subject to risks
and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements.
The forward-looking statements contained in this announcement
include statements relating to the creation of long-term
shareholder value in Ferguson and Trian’s decision to increase or
decrease the Company’s investment in Ferguson. Often, but not
always, forward-looking statements can be identified by the use of
forward-looking words such as “plans”, “expects” or “does not
expect”, “is expected”, “is subject to”, “intends”, “anticipates”
or “does not anticipate”, or “believes”, or variations of such
words and phrases or statements that certain actions, events or
results “may”, “could”, “should”, “would”, “might” or “will” be
taken, occur or be achieved. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, the Company can give no assurance that such
expectations will prove to be correct. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to events and depend on circumstances that will occur
in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements.
The Company is under no obligation, and expressly disclaims any
intention or obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190613005215/en/
Enquiries:Greenbrook Communications LimitedAndrew Honnor, Andrew
Dowler, Rob White+44 20 7952 2000
Trian Investors Management, LLCAnne A. Tarbell(212)
451-3030atarbell@trianpartners.com
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