Pershing Square Holdings, Ltd. (LN:PSH) announced a $100 million share buyback program on the London Stock Exchange.
The company stated the program will reduce capital and expects it to be accretive to net asset value per share. The buyback is capped at $100 million or 5 million public shares.
Shares currently trade at $54.20, down ~16% year-to-date, with a market capitalization of $9.58 billion.
Jefferies International Limited will act as the sole buyback agent. Repurchased shares will be held in treasury.
Since May 2, 2017, Pershing Square has repurchased 74,924,531 public shares for $1.9 billion at an average price of $24.99. According to Bond.az analysis, the stock trades with low price volatility and is near its 52-week low of $49.06.
Pershing Square Holdings is a closed-ended investment company.
