Mubasher: British investment trust Pershing Square Holdings (PSH) has announced an additional share buyback programme for $100 million of the company’s outstanding public shares on the London Stock Exchange and Euronext Amsterdam.

The programme will commence following the completion of the previously announced $100 million share buyback programme, PSH said in a statement.

“The programme is accretive to [net asset value] NAV per share and will reduce PSH’s capital,” the company added.

PSH completed 49.5% of the previously announced $100 million share buyback programme, which commenced on 29 October 2019, and repurchased a total of 2.7 million public shares at an average price of $18.40.

“Shares repurchased by the company will be held in treasury. The company is holding shares in treasury to satisfy normal course conversion requests from management shareholders. Any such conversions will not change the number of shares outstanding as calculated on a fully diluted basis,” PSH noted.

PSH advised shareholders that the number of shares to be repurchased under its newly-announced programme is the maximum of $100 million, or 6 million, of public shares.