Trian Investors 1 Limited Share Repurchase (1964H)
02 Diciembre 2020 - 1:00AM
UK Regulatory
TIDMTI1
RNS Number : 1964H
Trian Investors 1 Limited
02 December 2020
2 December 2020
TRIAN INVESTORS 1 LIMITED
(the "Company")
Company Share Repurchase
Announcement of Ferguson Dividend
On 29 September 2020, after taking into account Ferguson plc's
("Ferguson's") prospects and financial position, the Ferguson board
of directors announced a final dividend of 208.2 US cents per
share, to be paid on 11 December 2020 to all shareholders of record
at 13 November 2020. The dividend effectively reinstates the
Ferguson interim dividend that was previously withdrawn in April
2020 and is in line with the total dividends paid by Ferguson to
its shareholders in 2019. Ferguson stated that dividend payments in
2021 will revert back to the normal one third/two thirds split
between an interim and final dividend.
The payment of the dividend is expected to result in Trian
Investors 1, L.P. (the "Investment Partnership") receiving
approximately $9.8 million (or approximately GBP7.3 million) in the
aggregate.
Company Share Repurchase
In anticipation of the Ferguson dividend payment, the Investment
Partnership recently informed the Company's board of directors (the
"Board") that it intends to distribute approximately GBP4 million
in excess cash reserves to the Company.
After considering the prevailing discount to net asset value at
which the Company's shares currently trade and feedback provided by
shareholders to Trian Investors Management, LLC (the "Investment
Manager") and the Company's corporate brokers, the Board believes
that using excess cash reserves to fund a share repurchase, as
opposed to a dividend, would provide the greater benefit to the
Company's shareholders.
As such, the Board today announces that the Company intends to
use the GBP4 million in excess cash reserves it expects to receive
from the Investment Partnership to repurchase ordinary shares of
the Company (the "Share Repurchase"), as and when the Board deems
it to be in the best interests of the Company, with a view to,
among other things, managing imbalances between the supply and
demand for Company shares. The Board retains absolute discretion as
to the execution, pricing and time of the Share Repurchase, subject
to the conditions set out in the authority to make market purchases
conferred at the Company's 2020 Annual General Meeting, and there
should be no presumption that the Share Repurchase will form part
of an ongoing programme. The Company intends that any shares bought
back through the Share Repurchase will be held in treasury.
For further information, please contact:
Ocorian Administration (Guernsey) Limited
(Administrator and Company Secretary)
+44 (0)1481 742 742
Ian Smith
Numis Securities Limited
(Joint corporate broker)
+44 (0)20 7260 1000
David Benda
Jefferies International Limited
(Joint corporate broker)
+44 (0)20 7029 8000
Stuart Klein
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END
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(END) Dow Jones Newswires
December 02, 2020 02:00 ET (07:00 GMT)
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