Pershing Square Holdings Completes Buyback of 33,489 Shares at $50.64 Average Price

Details of Pershing Square Holdings’ Share Repurchase on the London Stock Exchange

Pershing Square Holdings executed a share repurchase on 27 July 2026, acquiring 33,489 of its Public Shares through Jefferies International Limited, acting as the company’s agent. The buyback was split across two trading venues where PSH shares are listed. On the London Stock Exchange under the PSH ticker, 22,936 shares were purchased, comprising the majority of the buyback. The remaining 10,553 shares were acquired under the PSHD ticker on the same date. Both transactions occurred on the same trading day, reflecting coordinated activity across the dual-listed share classes.

Pricing data indicates that PSH shares traded between 3,766 pence (50.10 USD) and 3,836 pence (51.03 USD), while PSHD shares ranged from 50.50 USD to 51.00 USD during the buyback. The overall average price paid for all 33,489 shares was 50.64 USD. These narrow trading ranges highlight efficient pricing for both share classes on the day. Jefferies, as the executing broker, calculated these price points.

Net Asset Value Context and Treasury Share Holdings Post-Buyback

At the time of the repurchase, Pershing Square Holdings reported a net asset value per Public Share of 76.01 USD (56.81 GBP), based on valuations from 21 July 2026. The average purchase price of 50.64 USD reflects a significant discount to NAV, suggesting management viewed the shares as undervalued at the time. This discount provides insight into the company’s capital allocation strategy and its potential benefits for remaining shareholders.

Following the buyback, Pershing Square Holdings has 173,582,768 Public Shares outstanding and holds 37,373,982 shares in Treasury, including the 33,489 shares acquired in this transaction. Treasury shares represent a substantial portion of issued capital, offering flexibility for future capital management such as cancellation, reissuance, or use in acquisitions. The special voting share held by PS Holdings Independent Voting Company Limited remains unaffected.

Dual Listing Structure and Trading Dynamics of PSH and PSHD Shares

Pershing Square Holdings operates a dual-listing on the London Stock Exchange under tickers PSH and PSHD, both representing Public Shares with ISIN Code GG00BPFJTF46. The 27 July 2026 buyback saw 22,936 shares repurchased under PSH and 10,553 under PSHD, a 2.17-to-1 ratio. The average prices were closely aligned at 50.65 USD for PSH and 50.61 USD for PSHD, indicating minimal arbitrage and efficient pricing across listings.

This dual-listing provides investors with flexible access to the fund’s portfolio. Both share classes represent identical economic interests, and the simultaneous buyback across both listings illustrates a comprehensive approach to capital management. The slight price differences reflect minimal currency or liquidity premiums.

Investment Holding Company Structure and Capital Allocation Approach

As a closed-ended investment holding company, Pershing Square Holdings does not issue or redeem shares daily at NAV; shares trade on secondary markets based on supply and demand. The buyback represents a discretionary capital allocation decision rather than a redemption obligation. Holding repurchased shares in Treasury grants management optionality for future use, including cancellation or reissuance.

Repurchasing shares at a discount to NAV supports remaining shareholders by reducing outstanding shares while maintaining the asset base, thereby increasing NAV per share. The 27 July 2026 buyback at 50.64 USD against a NAV of 76.01 USD demonstrates management’s confidence in the valuation opportunity. Although the 33,489 shares represent approximately 0.019% of outstanding shares, the buyback reflects a measured capital return strategy.

Execution of Buyback Through Jefferies International Limited

Jefferies International Limited acted as the executing broker for the share repurchase on 27 July 2026, responsible for purchasing shares and calculating detailed pricing metrics. Employing a professional broker ensures execution quality, regulatory compliance, and transparency. Jefferies provided volume-weighted average prices and price reporting across both PSH and PSHD listings, underscoring a rigorous and accountable execution process.

Regulatory Compliance and Governance of Treasury Share Holdings

The announcement complies with regulatory and governance standards for listed investment companies, disclosing share quantities, prices, and Treasury share decisions. The specific ISIN Code GG00BPFJTF46 clarifies the securities involved. The special voting share held by PS Holdings Independent Voting Company Limited remains unaffected, preserving governance structure.

Maintaining repurchased shares in Treasury rather than cancelling immediately provides flexibility for future capital management, including potential cancellation, reissuance, or use in acquisitions. The 37,373,982 Treasury shares represent about 17.7% of total issued share capital, indicating a significant reserve for potential capital activities. Treasury holdings are regularly reviewed and reported to shareholders.

Valuation Discount and Impact on Shareholders

The average buyback price of 50.64 USD represents a 33.4% discount to the 76.01 USD NAV as of 21 July 2026. Such discounts are common in closed-ended funds, influenced by market factors. Management’s decision to repurchase at this discount signals a belief that market prices undervalue the fund’s assets, making buybacks an attractive capital use. For remaining shareholders, the buyback is accretive to NAV per share by reducing share count while maintaining total net assets.

Assuming net assets remain stable, the NAV per share should increase post-buyback. With total net assets around 13.2 billion USD (173.6 million shares multiplied by 76.01 USD NAV), the reduction of 33,489 shares is incremental but meaningful. Although the announcement does not quantify NAV accretion, investors can monitor future NAV updates to assess impact. Regular buybacks at discounts can enhance shareholder value over time, contingent on portfolio performance.

Future Capital Management and Treasury Share Utilization

With 37,373,982 shares held in Treasury after this buyback, Pershing Square Holdings demonstrates an active capital management approach. Treasury shares offer options such as cancellation to reduce share count, reissuance to raise capital without dilution, use in acquisitions, or distribution as dividends or capital returns. While no specific plans were disclosed, investors should watch for future communications on Treasury share deployment.

The timing and scale of buybacks reflect management’s confidence in valuation and capital allocation. The 27 July 2026 buyback at a NAV discount is a targeted strategy. Monitoring future repurchase announcements will provide insight into management’s ongoing valuation assessments. The substantial Treasury share balance allows flexibility to respond to market conditions or strategic opportunities without external capital raising. The professional execution via Jefferies and detailed disclosures highlight strong governance standards.

Summary of Share Repurchase Programme and Investor Guidance

Pershing Square Holdings’ 27 July 2026 share repurchase of 33,489 shares at an average price of 50.64 USD versus a NAV of 76.01 USD exemplifies a disciplined capital allocation approach. The dual-listing buyback executed through Jefferies, with transparent pricing and transaction details, reflects robust governance and transparency. Holding repurchased shares in Treasury maintains management’s flexibility for future capital activities and strategic responses.

Investors should monitor the frequency and scale of future buybacks, NAV discount trends, and management’s plans for Treasury shares. The 37,373,982 Treasury shares represent a significant capital reserve that may influence future capital structure. Key metrics for evaluating shareholder value creation include changes in shares outstanding, portfolio composition, and NAV per share. Although no guidance on future buybacks was provided, market participants may track announcements as part of the fund’s capital management strategy.