Pershing Square Holdings Finalizes Buyback of 33,465 Shares at $49.65 Average Price on July 23, 2026

Comprehensive Overview of Pershing Square Holdings’ Share Repurchase Programme

On 23 July 2026, Pershing Square Holdings, Ltd. completed a share buyback programme, acquiring 33,465 of its Public Shares through Jefferies International Limited, its appointed agent. The shares repurchased, identified by ISIN GG00BPFJTF46 and carrying no par value, were bought on a single trading day across the fund’s two primary listing venues. Following the transaction, these shares will be held in Treasury.

This buyback reflects Pershing Square Holdings’ proactive capital management strategy, aiming to enhance shareholder returns by repurchasing shares at attractive prices. Utilizing Jefferies International Limited ensures compliance with regulatory standards and best execution practices. The company’s transparent disclosure of prices paid across trading venues and share classes allows investors to evaluate the quality of execution.

Execution and Pricing Details on the London Stock Exchange

The repurchase encompassed two distinct share classes on the London Stock Exchange. Of the 33,465 shares bought on 23 July 2026, 22,964 were PSH shares (ticker PSH), and 10,501 were PSHD shares (ticker PSHD). PSH shares were repurchased at prices ranging from 3,674 pence ($48.90) to 3,786 pence ($50.39), averaging 3,731 pence ($49.66). PSHD shares traded within a narrower band, from $49.00 to $50.55, averaging $49.63. Overall, the weighted average price across both classes was $49.65. These figures reflect typical intraday market fluctuations and execution patterns. Jefferies International Limited verified these prices as part of the transaction process, providing an auditable record of costs.

Effect on Share Capital and Outstanding Shares

After the buyback, Pershing Square Holdings reports 173,649,590 Public Shares outstanding, excluding 37,307,160 Treasury shares accumulated from prior repurchases or capital management activities. This total issued share capital reflects the company’s historical capital raising and repurchase efforts. The distinction between outstanding and Treasury shares is important as it impacts dividend entitlements and voting rights according to company bylaws and regulations.

The July 23 buyback reduced shares eligible for dividends and voting, concentrating ownership among remaining shareholders. Treasury shares serve as a capital reserve for potential future corporate actions such as acquisitions or share issuances. The company confirmed that the special voting share held by PS Holdings Independent Voting Company Limited remains unaffected, preserving governance structures. The net asset value per Public Share used for valuation was $76.01 (£56.81) as of 21 July 2026.

Pershing Square Holdings’ Closed-Ended Fund Structure

Pershing Square Holdings, Ltd. operates as a closed-ended investment fund, distinct from open-ended funds like unit trusts. This structure features a fixed capital pool, with share buybacks and issuances used to manage capital. Incorporated in Guernsey, the fund lists two share classes on the London Stock Exchange—PSH and PSHD—both tied to the same investment portfolio. This dual-class setup offers investors options based on currency or market segment preferences.

The closed-ended format enables consistent investment management without daily redemption pressures typical of open-ended funds. The announcement does not provide details on assets under management, investment strategy, or target markets. For further information, investors should consult the fund’s prospectus, annual reports, and interim statements available via the company’s investor relations site and the London Stock Exchange’s regulatory news service.

Share Repurchase as a Strategic Capital Allocation Tool

Share buybacks directly return value to shareholders by reducing issued share capital and increasing economic interests for remaining shareholders. Purchasing shares below net asset value can accrete value per share. The net asset value per Public Share was $76.01 on 21 July 2026, compared to an average repurchase price of $49.65, indicating shares were acquired at a significant discount. This discount may reflect market conditions, liquidity, or investor sentiment about the fund’s portfolio.

Share repurchases are a common capital allocation approach among closed-ended funds, offering tax-efficient cash deployment and shareholder optionality. The announcement does not specify the frequency of past buybacks or future repurchase plans. Investors should monitor ongoing capital allocation decisions and any subsequent repurchase disclosures. Timing and pricing of buybacks provide insight into management’s valuation views relative to net asset value and market conditions.

Regulatory Compliance and Disclosure for Share Buybacks

Pershing Square Holdings’ share repurchase complies with Financial Conduct Authority (FCA) and London Stock Exchange regulations governing buybacks, requiring detailed disclosures. The announcement includes share quantities, prices across venues, agent identity, and impact on issued share capital, ensuring transparency for shareholders and potential investors.

Jefferies International Limited’s role as independent agent assures adherence to market conduct rules and best execution. Price calculations were independently verified by Jefferies. The announcement does not clarify whether the buyback was authorized under a general shareholder mandate or specific approval. Investors should review the company’s latest annual general meeting notices and shareholder resolutions for authority scope.

Dual Share Class Structure and Trading Characteristics

Pershing Square Holdings’ dual share classes, PSH and PSHD, offer investors alternative access to the fund. On 23 July 2026, PSH shares constituted approximately 68.6% of repurchased shares (22,964), while PSHD shares made up 31.4% (10,501). The slight price difference—$49.66 average for PSH and $49.63 for PSHD—may reflect investor preferences, currency factors, or trading dynamics. The announcement does not specify economic or dividend differences between classes.

This structure allows investors to select shares aligned with their investment and currency preferences. Repurchasing shares from both classes indicates the company’s commitment to balanced capital management. The special voting share held by PS Holdings Independent Voting Company Limited remains unaffected, maintaining governance integrity. Investors should understand share class characteristics and any differences in rights or valuations before investing.

Treasury Shares and Future Capital Management Flexibility

Following the buyback, Pershing Square Holdings holds 37,307,160 Treasury shares, representing a significant capital reserve for potential corporate uses such as acquisitions or employee schemes. Treasury shares generally lack voting rights and dividend entitlements until reissued. The company has not disclosed plans for these shares’ future use. Accumulating Treasury shares may indicate the company’s strategy to repurchase shares at attractive valuations relative to net asset value, enhancing shareholder value.

Holding Treasury shares provides flexibility in capital structure management and responsiveness to market or strategic opportunities. However, no guidance was given regarding policies on cancelling versus retaining repurchased shares or restrictions on reissuance. Investors should watch for future announcements on Treasury share utilization and capital management decisions that could influence shareholder composition. Continued Treasury accumulation may signal management’s view that shares trade below fair value or reflect a long-term capital optimization strategy.

Net Asset Value Assessment and Valuation Insights

The net asset value per Public Share related to this repurchase was $76.01 (£56.81) as of 21 July 2026, one trading day before the buyback. This figure provides a benchmark to evaluate the repurchase price, which averaged $49.65, indicating a roughly 34.7% discount to net asset value. Such a discount may be driven by market sentiment, liquidity, currency fluctuations, or concerns about the fund’s investments or management.

The announcement does not detail the net asset value calculation methodology, frequency, or audit status. Investors should consult the company’s latest net asset value reports and annual filings for comprehensive valuation information. The notable discount between share price and net asset value may present opportunities for value-focused investors but might also highlight underlying risks. No explanation for the discount’s persistence was provided; investors should conduct independent analysis to understand valuation drivers.