Pershing Square plans $200,000 share buyback

Investment firm Pershing Square intends to launch an additional share buyback programme for $200,000 of the group's outstanding public shares on the London Stock Exchange and Euronext Amsterdam.

Pershing Square said on Friday that the programme will commence following the completion of its previously announced $100,000,000 share buyback, which it has already completed 87.9% of, with the larger size of the programme intended to reduce risks that it is exhausted during a period when trading window restrictions on new authorisations were in place.

The FTSE 100-listed group stated the programme was expected to be accretive to its net asset value per share and will reduce its overall capital.

Jefferies will continue in its role as sole buyback agent for the programme, which will enable the purchase of shares during closed periods. Shares repurchased by the company will be held in Treasury.

As of 0820 BST, Pershing Square shares were down 1.11% at 2,551.38p.

Reporting by Iain Gilbert at Sharecast.com