Trian Investors 1 Limited Financial Reporting Update (3564H)
24 Marzo 2020 - 10:59AM
UK Regulatory
TIDMTI1
RNS Number : 3564H
Trian Investors 1 Limited
24 March 2020
24 March 2020
TRIAN INVESTORS 1 LIMITED
(the "Company")
In light of COVID-19, on 22 March 2020, the Financial Conduct
Authority ("FCA") strongly requested that all listed companies
observe a moratorium on the publication of preliminary financial
statements for at least two weeks. Accordingly, the Company intends
to release its 2019 Annual Report and Financial Statements
following the moratorium. The Company expects to continue to
periodically announce its net asset value in the ordinary course,
and is now providing the following update on its hedging
activities:
Company Hedging Activities
As the Company has previously noted in its financial reports,
Ferguson plc ("Ferguson") receives the vast majority of its
revenues and profits in U.S. Dollars and therefore, from the
perspective of a Pound Sterling investor, the Company's Ferguson
investment may be adversely affected by the appreciation of Pounds
Sterling against the U.S. Dollar. In order to mitigate this risk,
the Company through Trian Investors 1, L.P. (the "Investment
Partnership") entered into a currency hedge in June 2019, in the
form of an option to purchase GBP125,000,000 Pounds Sterling for
US$165,875,000, to offset a portion of the Company's U.S. Dollar
exposure resulting from its investment in Ferguson. This option
expires in June 2020.
The Company through the Investment Partnership recently took
advantage of attractive pricing of option premiums following a
sharp decline of Pounds Sterling in March 2020, and entered into a
second option to purchase GBP125,000,000 Pounds Sterling for
US$165,875,000, expiring in March 2021. Trian believes that
Ferguson will continue to have significant U.S. Dollar exposure for
the foreseeable future, and the second option is designed to extend
the existing hedge of a portion of Ferguson's U.S. Dollar exposure
for an additional nine months. However, there is no assurance that
either option will be effective at managing the Company's currency
exposure.
For further information, please contact:
Numis Securities Limited
(Joint corporate broker)
+44 (0)20 7260 1000
David Benda
Jefferies International Limited
(Joint corporate broker)
+44 (0)20 7029 8000
Stuart Klein
Estera International Fund Managers (Guernsey) Limited
(Administrator and Company Secretary)
+44 (0)1481 742 742
Mariana Enevoldsen
Cautionary note regarding forward-looking statements
This announcement contains 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 Company's expectations about
declaring future dividends. 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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March 24, 2020 05:59 ET (09:59 GMT)
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