AVI Global Trust PLC AVI requisitions Third Point Investors Ltd Board (7534J)
25 Août 2021 - 2:00PM
UK Regulatory
TIDMAGT
RNS Number : 7534J
AVI Global Trust PLC
25 August 2021
AVI Global Trust plc ( the "Company" )
LEI: 213800QUODCLWWRVI968
25 August 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 pursuant to which the Board is
required to consider steps and actions that should be taken to
address the discount and to propose the following ordinary
resolution by way of advisory vote (the "Advisory Vote"):
THAT the Company put in place arrangements whereby, at the
discretion of the Directors, Shareholders are provided with the
opportunity (but without obligation) to redeem their shareholdings
in the Company on terms (as regards frequency and percentage of
shareholding) that match as closely as possible those available to
investors who hold the same class of shares in Third Point Offshore
Fund, Ltd (the "Master Fund") in which the Company has invested a
majority of its assets.
We accept that the holding of the Advisory Vote will not be
binding on the Company and/or the Directors but likewise it being
put to a General Meeting will not contravene the provisions of the
Company's Articles of Incorporation.
The resolution is aimed at establishing shareholders' views on a
solution to TPIL's persistent and entrenched trading discount to
NAV. As we have made clear in previous letters, we harbour grave
concerns as to the integrity of the process of TPIL's Strategic
Review and its conclusions. As such, we believe it is in the best
interests of Shareholders and the Company that Shareholders have an
opportunity for their voices to be heard in the fully transparent
fashion provided by the holding of a meeting to discuss the
discount and the holding of the Advisory Vote. We believe the TPIL
Board should welcome such an opportunity to resolve the issues we
have highlighted and allow the Company to move forwards.
A letter providing some background to the action we are taking
can be found by clicking on the following link:
https://www.assetvalueinvestors.com/content/uploads/2021/08/AVI-Letter-to-TPIL-Board-25Aug21.pdf
Contact:
Tom Treanor
Head of Research/Executive Director
AVI
020 7659 4806
tom.treanor@assetvalueinvestors.com
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END
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