REG - Pacific Horizon - Performance-triggered Tender Offer

Pacific Horizon Investment TrustAnnouncement

16/04/2025 09:30

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RNS Number : 2777F  Pacific Horizon Investment Tst PLC  16 April 2025

Pacific Horizon Investment Trust PLC ('PHI')

Legal Entity Identifier: VLGEI9B8R0REWKB0LN95

 

 

Commitment to future performance-triggered tender offer

 

The Board of Pacific Horizon Investment Trust PLC (the "Company") announces
that it proposes to introduce a five-year performance-related conditional
tender offer for up to 25% of the Company's issued share capital (excluding
treasury shares) (the "Tender Offer").

The Tender Offer will be conditional on the Company's net asset value ("NAV")
total return underperforming against its reference index, currently the MSCI
All Country Asia Ex Japan Index total return in sterling (the "Reference
Index"), over the five-year period from close of business on 31 March 2025 to
close of business on 31 March 2030 (the "Performance Period").

The Board has confidence that the Company's Investment Manager will outperform
the Company's reference index over the Performance Period, as it has done in
the five year period to 31 March 2025, where it outperformed the Reference
Index total return by 74.5%*. Nonetheless, in consultation with the Investment
Manager, the Board has decided that, should performance be below the Reference
Index, there should be a mechanism for shareholders to realise up to 25% of
their interests in the Company at a price near to NAV.

In addition to the introduction of the Tender Offer, the Board will continue
to exercise its authority to buy back shares when it believes this to be in
shareholders' interests, with the ambition that the discount at which the
Company's shares trade relative to the NAV per share may ultimately be
maintained in single digits in normal market conditions on a sustainable
basis.

 

16 April 2025

 

Regulated Information Classification: Additional regulated information
required to be disclosed under the applicable laws and regulations.

*Source: Morningstar, MSCI, total return in sterling.

 

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