Trian Investors 1 Limited Net Asset Value as at 31 January 2021 (4691P)
17 Febrero 2021 - 8:25AM
UK Regulatory
TIDMTI1
RNS Number : 4691P
Trian Investors 1 Limited
17 February 2021
17 February 2021
TRIAN INVESTORS 1 LIMITED
(the "Company")
Net Asset Value as at 31 January 2021
Trian Investors 1 Limited is pleased to announce its Net Asset
Value as at 31 January 2021 was GBP383 million, or 144.9 pence per
Ordinary Share.
Company Hedging Activities
As the Company has previously noted in its financial reports,
Ferguson plc ("Ferguson") receives the vast majority of its
revenues and profits in U.S. Dollars and therefore, from the
perspective of a Pound Sterling investor, the Company's Ferguson
investment may be adversely affected by the appreciation of Pounds
Sterling against the U.S. Dollar. In order to mitigate this risk,
the Company through Trian Investors 1, L.P. (the "Investment
Partnership") entered into a currency hedge in March 2020, in the
form of an option (the "March 2020 Option") to purchase
GBP125,000,000 Pounds Sterling for US$165,875,000, to offset a
portion of the Company's U.S. Dollar exposure resulting from its
investment in Ferguson. The March 2020 Option was originally
scheduled to expire in March 2021.
In light of the strengthening of Pounds Sterling against the
U.S. Dollar over the past several months, the Company through the
Investment Partnership recently took advantage of attractive
pricing conditions and sold the March 2020 Option for GBP5,200,000.
Simultaneously, the Company through the Investment Partnership
entered into a new option (the "February 2021 Option"), which
expires in 12 months, to purchase GBP125,000,000 Pounds Sterling
for US$181,250,000, for a premium of GBP1,743,750. Taken together,
these two transactions were designed to allow the Company to
recognize cash proceeds of GBP3,456,250 on a net basis, while still
providing it with protection against significant further
appreciation of Pounds Sterling against the U.S. Dollar during the
next 12 months. However, there is no assurance that the February
2021 Option will be effective at managing the Company's currency
exposure.
For further information, please contact:
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
Ocorian Administration (Guernsey) Limited
(Administrator and Company Secretary)
+44 (0)1481 742 742
Ian Smith
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February 17, 2021 09:25 ET (14:25 GMT)
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