Trian Investors 1 Limited Compulsory Share Redemption Update (0160M)
January 09 2023 - 2:00AM
UK Regulatory
TIDMTI1
RNS Number : 0160M
Trian Investors 1 Limited
09 January 2023
TRIAN INVESTORS 1 LIMITED
(the "Company")
Compulsory Share Redemption Update
9 January 2023
Further to the Company's announcement on 2 September 2022, Trian
Investors Management, LLC (the "Investment Manager") has notified
the Board that Trian Investors 1, L.P. (the "Investment
Partnership") has distributed all of the Ferguson plc ("Ferguson")
shares which it holds to its partners, effective as of the close of
business on 6 January 2023. This distribution resulted in Trian
Investors 1 SLP, L.P. (the "Trian Special Limited Partner")
receiving an Incentive Allocation with respect to the Ferguson
investment, which it elected to receive in the form of Ferguson
shares.
The Board anticipates completing a partial share redemption and
in specie distribution of the Ferguson shares which it received
from the Investment Partnership to shareholders, representing
approximately 90 per cent. of the Company's net asset value, as
soon as practicable. Further details of the redemption will be
announced shortly.
The Investment Manager communicated to the Board that it elected
to distribute the Ferguson shares in light of the upcoming 30 June
2023 redemption deadline ("Redemption Deadline") and the recent
improvement in Ferguson's trading volumes, as Ferguson has gained
increased attention from investors and analysts following the
completion of its U.S. relisting in May 2022. By effecting the
distribution, the Investment Manager anticipates each shareholder
will be able to determine the most opportune time to realize its
exposure, or to remain invested, in Ferguson after receiving
Ferguson shares from the Company. The Board has been advised by
Trian Subscriber (which is the Company's largest shareholder) and
the Trian Special Limited Partner that they currently expect to
retain, together with their respective partners and affiliates, the
substantial majority of the Ferguson shares that they have received
or will receive as a result of the foregoing distributions, subject
to market conditions and obligations to satisfy tax
liabilities.
The Board remains on track to announce the share redemption and
in-specie distribution of the Unilever Plc shares by no later than
30 June 2023.[1]
LEI: 213800UQPHIQI5SPNG39
Terms not defined in this announcement shall have the meaning
defined in the Company's prospectus dated 21 September 2018.
For further information, please contact:
Numis Securities Limited
(Corporate Broker)
+44 (0)20 7260 1000
David Benda
Nathan Brown
Vicki Paine
Greenbrook
(Communications Adviser)
+44 (0)20 7952 2000
Andrew Honnor
Rob White
Bree Taylor
Ocorian Administration (Guernsey) Limited
(Administrator and Company Secretary)
+44 (0)1481 742 742
Chezi Hanford
[1] Subject to compliance with any restrictions on dealings in
the Unilever shares under any applicable laws and regulations.
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END
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