Petershill Partners PLC Share Buyback Programme of up to USD$50 Million (6310Z)
17 Mai 2023 - 8:00AM
UK Regulatory
TIDMPHLL
RNS Number : 6310Z
Petershill Partners PLC
17 May 2023
SHARE BUYBACK PROGRAMME OF UP TO USD$50 MILLION
LONDON - 17 May 2023 - Petershill Partners plc (the "Company")
(LSE: PHLL) announced on 28(th) March 2023 as part its year-end
results communication that the board of directors intended to carry
out a new USD$50 million share buyback programme (the "Programme").
The board of directors is focused on the efficient and disciplined
management of capital with the overriding objective of driving
shareholder value. The conclusion to undertake a further buyback
programme involved careful consideration by the Board after
evaluating the likely impact on the Company's net asset value per
share, capital structure and leverage as well as the cost
associated with the Programme. The Company announces today that in
accordance with the direction of the board of directors, the
Programme will commence today, 17 May 2023, and will end no later
than 17 July 2024 (the "Engagement Period").
The Company has entered into an engagement letter with Merrill
Lynch International ("MLI") under which it has issued a
non-discretionary irrevocable instruction to MLI to manage the
Programme in accordance with the desired outcome. MLI will carry
out the instruction through the acquisition of ordinary shares in
the Company for subsequent repurchase by the Company. MLI will make
trading decisions in relation to the Company's ordinary shares
repurchased under the buyback programme independently of, and
uninfluenced by, the Company.
MLI may undertake transactions in shares (which may include
sales and hedging activities, in addition to purchases which may
take place on any available trading venue or on an over-the-counter
basis) during the Engagement Period in order to manage its market
exposure under the Programme. Disclosure of such transactions will
not be made by MLI as a result of or as part of the Programme, but
MLI will continue to make any disclosures it is otherwise legally
required to make.
This arrangement is in accordance with Chapter 12 of the
Financial Conduct Authority's Listing Rules, the Market Abuse
Regulation (EU) 596/2014 as it forms part of the law of the United
Kingdom by virtue of the European Union (Withdrawal) Act 2018 and
as amended by the Market Abuse (Amendment) (EU Exit) Regulations
2019 and the Company's general authority to repurchase shares. Any
purchases of ordinary shares by the Company in relation to this
announcement will be made in accordance with certain pre-set
parameters set out in the terms of the engagement letter between
the Company and MLI, and in accordance with the authority conferred
by the Company's shareholders at a general meeting of the Company
on 31 May 2022 (pursuant to which the Company has authority to
purchase a maximum of 115,669,602 ordinary shares).
The Board considers the arrangements entered into with MLI are
the most efficient and effective method of conducting the Programme
and selected MLI through a competitive process in which it
evaluated offers from other potential service providers.
The sole purpose of the Programme is to reduce the share capital
of the Company and therefore the Company intends to cancel the
shares it purchases through the Programme.
Analyst / Investor enquiries:
Gurjit Kambo +44 (0) 207 051 2564
PHP-Investor-Relations@gs.com
Media enquiries :
+44 (0) 207 404 5959
Brunswick Group phll@brunswickgroup.com
Simone Selzer
Issued by Petershill Partners plc LEI: 213800HTCF8A7XM22A32
Registered in England and Wales no. 13289144
Registered office: 5th Floor 20 Fenchurch Street, London,
England, EC3M 3BY
ABOUT PETERSHILL PARTNERS plc.
Petershill Partners plc (the "Company" or "Petershill Partners")
and its Subsidiaries (the "Group") is a diversified, global
alternatives investment group focused on private equity and other
private capital strategies. Through our economic interests in
alternative asset management firms ("Partner-firms"), we provide
investors with exposure to the growth and profitability of the
alternative asset management industry. The Company completed its
initial acquisition of the portfolio of Partner-firms on 28
September 2021 and was admitted to listing and trading on the
London Stock Exchange on 1 October 2021 (ticker: PHLL). The Company
is operated by Goldman Sachs Asset Management ("Goldman Sachs" or
the "Operator") and is governed by a diverse and fully independent
Board of Directors (the "Board").
Through our Partner-firms, we have exposure to $283 billion of
Aggregate Partner-firm AuM, comprising a diverse set of more than
200 long-term private equity and other private capital funds where
capital is typically locked in over a multi-year horizon. These
underlying funds generate recurring management fees and the
opportunity for meaningful profit participation over the typical 8+
year lifecycles of such funds. We believe our approach is aligned
with the founders and managers of our Partner-firms and, as a
result, allows the Company to participate in these income streams
in a way that provides high-margin, diversified and stable cash
flows for our shareholders.
For more information, visit
https://www.petershillpartners.com/homepage.html. Information on
the website is not incorporated by reference into this press
release and is provided merely for convenience.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that
involve substantial risks and uncertainties. You can identify these
statements by the use of forward-looking terminology such as "may,"
"will," "should," "expect, " "anticipate," "project," "target,"
"estimate," "intend," "continue," or "believe" or the negatives
thereof or other variations thereon or comparable terminology. You
should read statements that contain these words carefully because
they discuss our plans, strategies, prospects and expectations
concerning the business, operating results, financial condition and
other similar matters. These statements represent the Company's
belief regarding future events that, by their nature, are uncertain
and outside of the Company's control. There are likely to be events
in the future, however, that we are not able to predict accurately
or control. Any forward-looking statement made by us in this press
release is based upon information known to the Company on the date
of this press release and speaks only as of such date. Accordingly,
no assurance can be given that any particular expectation will be
met and readers are cautioned not to place undue reliance on
forward looking statements. Additionally, forward looking
statements regarding past trends or activities should not be taken
as a representation that such trends or activities will continue in
the future. Other than in accordance with its legal or regulatory
obligations (including under the UK Listing Rules and the
Disclosure Guidance and Transparency Rules of the Financial Conduct
Authority), the Company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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END
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May 17, 2023 02:00 ET (06:00 GMT)
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