QuotedData’s morning briefing 2 April 2024 – TPOU, RSE, SONG

a stack of newspapers next to a mug of tea 230601 morning 2

In QuotedData’s morning briefing 2 April 2024:

  • Third Point Investors (TPOU) has announced a redemption offer to shareholders for up to 25% of the issued share capital of the company at a discount of 2% NAV after its average discount over the six-month period ended 31 March 2024 exceeded 10%. Shareholders will be entitled to tender a number of ordinary shares in excess of 25% of the ordinary shares held by them. However, the extent to which any such excess will be satisfied will be dependent on the extent to which other shareholders have tendered less than their basic entitlement. Daniel Loeb has undertaken to the company that he and his family interests will participate in the redemption offer to the full extent of their basic entitlement. Mr. Loeb and his family interests currently hold 23% of the issued share capital of the company. A further announcement including full details of the redemption offer will be made in due course.
  • Riverstone Energy (RSE) provided an update regarding its tender offer announced on 23 February 2024. Each share acquired by the company in the tender offer was purchased at the tender price of £10.50 per share. These have now been cancelled. As at 31 March 2024, the company’s total issued share capital consists of 27,148,170 shares of no par value. The company does not hold any shares in treasury.
  • Hipgnosis Songs Fund (SONG) announced its final due diligence findings that has been conducted on the company’s assets as part of the Strategic Review. The valuation report confirms that the fair market value of the company’s portfolio is $1.948 bn, which represents the midpoint of a final concluded range of $1.83 billion and $2.07 billion. This represents a multiple of trailing 12-month net cash revenue after royalty and administration costs of 16.0x as of 30 June 2023.

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