Investor Presentaiton
PSH Corporate Action History
December 31, 2012
➤ Launched as private fund
October 13, 2014
► Listed on Euronext Amsterdam
February 13, 2019
June 19, 2019
June 26, 2015
▸ Issued $1 billion of Senior Notes due 2022
at an interest rate of 5.50% per annum,
rated investment grade by S&P and Fitch
July 25, 2019
April 19, 2017
▸ Announced buyback program of up to
5% of outstanding PSH Public Shares
▸ Announced ongoing quarterly dividend
of $0.10 per share, a 2.5% yield to the
PSH share price at the time²
▸ Announced share buyback program of
$100 million
Issued $400 million of Unsecured
Bonds due 2039 at interest rate of
4.95% per annum, rated investment
grade by S&P and Fitch
May 2, 2017
Gained premium listing on the Main
Market of the London Stock Exchange
October 29, 2019
Announced additional share buyback
program of $100 million
May 2, 2017 to
January 2, 2018
▸ Repurchased $77 million at an average
cost per share of $14.10 (average discount
to NAV of 20.1%); program ended in
anticipation of company tender offer
May 10, 2018
$300 million company tender executed at
$13.47 per share (20.5% discount to NAV)
reducing effective free float by 9.5%¹
December 13, 2019
Announced additional share buyback
program of $100 million
June 20, 2019 to
February 4, 2020
► Under the 2019 share buyback
programs, PSH has executed share
buybacks totaling $224 million at an
average cost per share of $18.84
(average discount to NAV of 28.0%)
(1) Effective free float refers to the number of Public Shares not owned by affiliates of Pershing Square.
(2) PSH share price at close ($15.70) on the London Stock Exchange as of February 12, 2019
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