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AVI requisitions Third Point Investors to call an EGM

OPEN LETTER       REQUISITION NOTICE

AVI and three other shareholders in Third Point Investors Limited (TPIL) collectively owning over 17 per cent. of its ordinary shares and over 10 per cent. of the voting rights have today requisitioned the TPIL Board to convene an extraordinary general meeting of TPIL to consider and if thought fit pass a resolution to change its investment policy. The resolution is aimed at fixing TPIL’s persistent and entrenched trading discount to NAV.

The proposed new investment policy would see TPIL use its existing contractual authority (at the discretion of the directors of the company) to redeem shares in the Master Fund and use the proceeds to fund redemptions of Ordinary Shares at NAV less costs on a quarterly basis.  We recommend that simultaneously, Shareholders (whether existing Shareholders or not) should be allowed to submit subscription requests at the same price at which redemptions are made.

The proposed new investment policy would place no obligation on any Shareholder to redeem any of its investment in TPIL – simply an ability to do so, at a price close to NAV.Nor should it have any material impact on NAV returns for those Shareholders who wish to remain invested. Indeed, these are liquidity terms that Third Point has had no problem honouring for other investors since the firm’s inception.

Please read the letter and Requisition Notice for more details.

Yours sincerely,

Tom Treanor
Executive Director

AVI Global Trust

Key facts

  • Total assets:
    £1.3 billion*
  • Launch date:
    1 July 1889
  • Average annual return:
    12.0%**
  • Ongoing Charges Ratio:
    0.89%***

* As at 31 August 2021
** Source: Morningstar, performance period 30 June 1985 to 31 August 2021, TR net of fees, GBP
*** As at 30 September 2020, includes: management fee 0.70%, marketing and administration costs

AVI Global Trust p.l.c is referred to as ‘AVI Global’ throughout the website. AVI Global’s investment managers, Asset Value Investors are referred to as ‘AVI’

AVI Global currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (“IFAs”) in the UK to ordinary retail investors in accordance with the Financial Conduct Authority (“FCA”) rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an authorised investment trust. © AVI Global Trust plc. 2019 Registered in England No: 00028203. An investment company under Section 833 of the Companies Act 2006. Registered Office: Beaufort House, 51 New North Road, Exeter, EX4 4EP. Managed by Asset Value Investors Ltd. which is authorised and regulated by the Financial Conduct Authority. Past performance should not be seen as an indication of future performance. The price of investments and the income may fall as well as rise and investors may not get back the full amount invested. AVI Global uses gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details of the risks affecting your investment. Performance figures are cumulative and based on Price total return and do not include Plan charges. For more information, please call 03458 500181. Tax treatment depends on the individual circumstances and may be subject to change in the future. Asset Value Investors Ltd do not offer Innovative Finance ISAs.

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The website is directed only at Professional Clients in the UK. The website is issued by Asset Value Investors Limited (“AVI”), in respect of AVI Global Trust plc (“AVI Global”). AVI is authorised and regulated by the UK Financial Conduct Authority (“FCA”). AVI Global is a public company listed and traded on the London Stock Exchange.

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