Pershing Square Activist Presentation Deck
PSTH Price Performance Since IPO
Including pro-rata distributed warrants, PSTH declined 31% in 2021, and
has increased 1% year-to-date in 2022(¹)
PSTH price performance from 7/21/2020 to 2/8/2022:
Share price
$36
$34
$32
$30
$28
$26
$24
$22
$20
$18
7/21/20: PSTH prices IPO at
$20.00 per unit. Each unit
consists one share, one-ninth
of a Distributable
Redeemable Warrant, and the
right to receive additional
Tontine Warrants (²)
Jul-2020
Bügel
May
6/4/21: PSTH confirms
discussions to acquire 10%
stake in Universal Music
Group ("UMG")
9/11/20: Each PSTH unit separated into one share
and one-ninth of a Distributable Redeemable
Warrant, which began trading separately (3)
Apr-2021
Oct-2020
7/19/21: PSTH's board of
directors announce decision to
not to proceed with the UMG
transaction, and to assign
PSTH's share purchase
agreement to Pershing
Square's core funds
Jan-2021
Oct-2021
PSTH incl. Pro Rata Warrant
PSTH Share (post-Warrant Distribution)
Note: The performance of PSTH unit, share, and warrant prices is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.
(1) As of 2/8/2022.
(2) Right to receive additional Tontine Warrants remains with the shares.
(3) Reflects the PSTH unit price prior to September 11, 2020 and the PSTH share price plus the price of one-ninth of one distributable redeemable warrant from that date onwards.
Jul-2021
IPO Price of $20 per unit =
Current NAV of $20 per share
$19.97
Jan-2022
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