Third Point Investors shareholders clash over 'persistent and entrenched' discount

AVI calls for EGM and raises regulatory questions

Mike Sheen
clock • 4 min read

Asset Value Investors (AVI) and three other shareholders, representing over 17% of Third Point Investors’ (TPIL) ordinary shares and 10% of voting rights, have called for an emergency general meeting to instigate a new investment policy aimed at fixing the trust’s “persistent and entrenched trading discount to NAV”.

The calls come amid a clash between AVI and TPIL's board over concerns regarding the trust's dual share class structure, which the asset manager believes creates issues around conflicts of interest and has been in contact with the Financial Conduct Authority (FCA) regarding these concerns. UK hedge fund managers' confidence levels up 60% since Q4 2020 The London-listed, closed-ended fund managed by hedge fund veteran Daniel Loeb's Third Point offers investors exposure to the firm's primary strategy. TPIL's objective is to "provide shareholders with long term, attractive risk-ad...

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