The closed-end fund aims to boost net asset value per share by repurchasing up to $100M of its own stock.
Pershing Square Holdings, the closed-end fund led by Bill Ackman, announced a $100M share buyback program. The move is expected to increase the fund’s net asset value per share by reducing the number of outstanding shares.
The fund, listed on the London Stock Exchange under the ticker PSHZF, did not disclose a timeline for the repurchases. Previous buyback programs have been used to enhance shareholder value during periods of market volatility or undervaluation.
No immediate market reaction was reported following the announcement.