REG - AVI Global Trust PLC - AVI Statement on announcement by Third Point

AVI Global TrustAnnouncement

21/05/2025 18:15

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RNS Number : 6768J  AVI Global Trust PLC  21 May 2025

AVI Statement on this morning's announcement by Third Point Investors (TPOU)

 

London, 21 May 2025 - Asset Value Investors (AVI), manager of the £1.3bn AVI
Global Trust (AGT), notes the announcement this morning of the proposed merger
of London-listed investment company, Third Point Investors (TPOU), with Third
Point's 100%-owned US reinsurance business, Malibu Life Reinsurance. We
understand Dan Loeb, principal at Third Point, will be voting his 25% stake in
favour of the merger.

 

AVI, which holds a 7.1% stake in TPOU on behalf of AGT, has been actively
engaged with the Board on the company's strategy and future since 2017 and now
issues the following statements:

 

"Third Point Investors (TPOU) has for some time been the poster child for
appalling corporate governance and today's announcement of an egregious
related-party deal thoroughly cements that well-deserved reputation. Long
suffering shareholders who've endured the Manager's persistent record of
underperformance now face being dragged into Third Point's latest costly
misadventure into insurance, noting that Third Point Reinsurance (now
rebranded as SiriusPoint) has delivered a shareholder total return of less
than 4% annualised since its creation in 2013, woefully underperforming peers
and market indices.

 

We do not see how any Board, claiming to act independently, could conclude
that such fundamental changes to the company should not involve shareholders
being offered a full exit at NAV.

 

Compounding this governance horror-show, we note the Chairman of the Strategy
Committee that has recommended this transaction to the Board, will be chairing
the new business.

 

 

We'll be voting against this proposal and urge other shareholders to do
likewise."

 

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