Pershing Square Holdings Finalizes Repurchase of 35,400 Shares at $50.89 Average Price

Details of Share Buyback Across Dual London Stock Exchange Listings

On 20 July 2026, Pershing Square Holdings completed a targeted share repurchase, acquiring 35,400 public shares through its appointed agent Jefferies International Limited. The shares were purchased across two separate trading lines on the London Stock Exchange, under the tickers PSH and PSHD, reflecting the company’s dual capital class structure with independently traded share categories.

The majority of the buyback was executed on the PSH ticker line, with 24,132 shares acquired at an average price of 3,791 pence ($50.87) per share. The PSH shares traded within a range of 3,742 pence ($50.21) to 3,846 pence ($51.61) on the buyback date. Meanwhile, the PSHD ticker line saw 11,268 shares repurchased at an average price of $50.92, with trading prices ranging between $50.25 and $51.80. The orderly execution across both listings resulted in an overall average purchase price of $50.89 per share.

Capital Management and Net Asset Value Discount Insights

The net asset value (NAV) per public share was recorded at $77.06 (57.55 GBP) as of 14 July 2026, providing important context for the repurchase decision. The shares were bought at approximately 66% of NAV, indicating a significant discount to the fund’s underlying asset value.

This discount is typical of closed-ended funds and can persist during market volatility or shifts in investor sentiment. By repurchasing shares below NAV, Pershing Square Holdings aims to enhance shareholder value by consolidating the asset base among fewer shares, potentially benefiting remaining shareholders through accretion. Such buyback programs are a common strategy for closed-ended funds to address persistent trading discounts.

Treasury Shares and Outstanding Share Capital Post-Repurchase

Following the buyback, Pershing Square Holdings has 173,752,385 public shares outstanding and holds 37,204,365 shares in treasury from current and prior repurchases. The repurchased shares will be retained in treasury rather than cancelled, providing the company with flexibility to reissue, hold indefinitely, or cancel these shares at the board’s discretion.

The substantial treasury shareholding reflects an active capital management approach aimed at optimizing the equity structure over time. Retaining shares in treasury reduces the number of shares eligible for distributions and corporate actions while preserving future capital management options.

Closed-Ended Fund Structure of Pershing Square Holdings

Pershing Square Holdings, Ltd. operates as a closed-ended investment fund listed on the London Stock Exchange with dual ticker lines, PSH and PSHD. Unlike open-ended funds, it issues a fixed number of shares that trade independently on the secondary market, leading to possible divergence between share price and NAV, as observed in the current discount.

This structure allows the company to maintain long-term investments without redemption pressures and to use leverage if required. Market-driven share price fluctuations reflect investor sentiment and liquidity rather than subscription or redemption activity. The fund’s governance includes a special voting share held by PS Holdings Independent Voting Company Limited, which was unaffected by this buyback.

Role of Jefferies International Limited as Buyback Agent

Jefferies International Limited, a prominent investment bank in European capital markets, acted as the appointed agent for the buyback. Jefferies executed the share purchases on the London Stock Exchange on 20 July 2026, ensuring arm’s length transactions compliant with regulatory requirements governing share repurchases.

Jefferies determined and reported the purchase prices, facilitating an orderly and transparent execution aligned with the company’s authorisation. Their involvement assures market participants of the fairness and integrity of the buyback process.

Execution and Price Stability on the London Stock Exchange

The entire buyback of 35,400 shares was completed in a single trading day, suggesting a pre-planned or market-responsive execution strategy. Price ranges during the buyback were relatively narrow, with PSH shares trading between 3,742 and 3,846 pence (a 2.8% range) and PSHD shares between $50.25 and $51.80 (a 3.1% range), indicating stable pricing and minimal market impact during the transaction.

Capital Allocation Strategy and Shareholder Value Enhancement

The board’s decision to repurchase shares at a substantial discount to NAV reflects a strategic capital allocation aimed at increasing shareholder value. By reducing the share count through below-NAV purchases, the company potentially enhances the intrinsic value per remaining share.

This approach assumes the investment portfolio’s intrinsic value exceeds market prices. Shareholders maintaining their positions stand to benefit from any future appreciation and accretion resulting from the buyback. The announcement does not specify the funding source for the repurchase or whether further buybacks are planned, leaving investors to monitor future capital allocation moves.

Governance and Independent Voting Share Considerations

The special voting share held by PS Holdings Independent Voting Company Limited remained unaffected by the buyback, underscoring the fund’s governance framework designed to safeguard investor interests. This independent voting share is a common feature in investment funds to ensure balanced governance and prevent undue influence from any single party or shareholder group.

Maintaining this governance structure intact during the buyback reassures stakeholders about the fund’s oversight and decision-making integrity.

Currency Pricing and Exchange Rate Context

The buyback prices were disclosed in both pounds sterling and US dollars, reflecting the fund’s dual-currency listings and international investor base. PSH shares traded in sterling at an average of 3,791 pence ($50.87), while PSHD shares traded in US dollars at an average of $50.92.

The implied exchange rate on 20 July 2026 was approximately 1 GBP = 1.343 USD, highlighting the currency considerations investors should factor in when trading or holding shares across the two listings.

Market Environment and Future Buyback Prospects

The announcement does not specify the authorisation parameters for the buyback, total shares authorised for repurchase, or whether this transaction is part of a broader program. The significant 34% discount to NAV at the time of repurchase indicates a strategic move to address valuation disparities.

Absent commentary on market conditions or portfolio outlook, investors should watch for further updates on capital allocation and potential continuation of buyback activities to gauge management’s approach to navigating market dynamics and enhancing shareholder returns.