Third Point Offshore Investors Limited, a newly formed Guernsey incorporated and registered, closed-ended investment company, has announced the details of its initial public offering (IPO) of ordinary shares.
The company has raised USD525 million through the IPO. In addition, UBS, the Global Coordinator and stabilising manager, has been granted an over-allotment option over further Shares with a value of up to USD48m exercisable until 17 August 2007. Assuming the over-allotment option is take up in full, the Company will raise a total of USD573 million
The public offer of the shares comprises 8.6 million Euro Shares at EUR10 per share, 36.4 million US Dollar Shares at USD10 per share and two million Sterling Shares at GBP10 per share .Conditional dealings are expected to commence on the London Stock Exchange at 08:00 on 20 July, 2007, under the three ticker symbols - 'TPOE' for Euro Shares, 'TPOU' for US Dollar Shares and 'TPOG' for Sterling Shares. Admission to the Official List of the UK Listing Authority and commencement of unconditional dealings on the LSE is expected to take place at 08:00 on 25 July 2007.
The global offer was made via a public offer of the Shares in the UK, with the prospectus published in connection with the offer passported into certain European countries, plus private placements elsewhere. The net proceeds of the offer will be immediately invested into Third Point Offshore Fund Limited, with the investment manager - Third Point LLC - bear ingall fees and expenses payable in respect of the Global Offer. The company's objective is to provide shareholders with consistent long-term capital appreciation utilising the investment skills of the Investment Manager and its portfolio team headed by Daniel S Loeb.
'We are pleased with the results of the offering, which represents a significant milestone for Third Point LLC and has been supported by a broad group of high quality investors across Europe, the Middle East and the United States,' says Loeb. 'We believe that this approach to raising capital will play an important role in the future of the hedge fund industry. We are delighted to have been able to give a broad range of investors direct access to our investment expertise."
UBS Investment Bank acted as Global Co-ordinator, Bookrunner and Joint Lead Manager to the Global Offer and Société Générale Corporate & Investment Banking acted as Joint Lead Manager.