April Third Point News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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IMITATION GAME. Activists are trying to turn the tables on corporate agitator Dan Loeb at his London investment vehicle. Asset Value Investors, which owns 10% of Loeb’s $858 million Third Point Offshore Investors (TPOGu.L), has criticised a lacklustre plan to raise the fund’s uninspiring valuation. They have a point: shares trade at a 14% markdown to net asset value, a discount which has broadly persisted over the past five years. By contrast, AVI claims the median NAV discount for comparable London-listed closed-end funds is just 4%.
Loeb at least recognises the problem. In April Third Point put forward a plan to reduce the discount to 7.5%. But measures including adding extra leverage and increasing the proportion of assets in unlisted private equity are unconvincing. And two proposed offers to buy back shares at a mere 2% discount to NAV would only take place in 2024 and 2027. Such weak suggestio ....

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