Cobas AM: Nueva Gestora de Francisco García Paramés

 PSH Versus PSTH’s

Valuation Interestingly, but not surprisingly in our view, PSTH currently trades at 106% of its NAV, which is comprised entirely of cash. PSTH trades at a premium to its cash NAV because the market believes that it is probable that we will fi nd an attractive merger candidate and complete a transaction that creates signifi cant shareholder value. We believe that PSTH’s share price refl ects the compound probability of our completing a transaction, the potential increase in the stock price at the time of announcement, and the timing of transaction announcement and closure. Pershing Square Holdings, Ltd. Unaudited Condensed Interim Financial Statements 11 The fact that PSTH trades at 106% of NAV is particularly notable when it is compared with the 33% discount to NAV (comprised of cash and marketable securities) at which PSH trades, as PSH is managed by the same investment team, owns 91% of the PSTH Sponsor Warrants, and is a minimum $1 billion forward purchaser, alongside the two Pershing Square private funds, of PSTH common stock and shareholder warrants, with the right to increase its forward purchase investment by up to an additional $2 billion.a While the Sponsor Warrants are valued at $84 million today,b in the event PSTH completes a successful merger, the Sponsor Warrants would be worth 1.5% to 2% of the equity market capitalization of the merged company at the time of completion of the merger (based on a Black Scholes valuation) depending on its stock price volatility. As PSTH is targeting a company with a post-merger market cap of $15 billion to as much as $30 billion or more, the Sponsor Warrants could become a material asset to PSH. This becomes even more likely if, as we expect, the merged company stock price increases above the initial transaction value, as the warrants, in that event, will become much more valuable. At PSH’s current 33% discount to NAV, PSH shareholders are getting all of PSH’s $1.7 billion of net free cash, the Sponsor Warrants, the Forward Purchase commitment, the option to increase the Forward Purchase commitment, plus hundreds of millions of additional value for free. PSH’s undervaluation has enhanced the benefi ts of our ongoing buyback program that endeavors each day to purchase the maximum number of shares permitted under the buyback regulatory regime. It is important to note that all of the economics of PSTH are going to PSH shareholders and our private fund investors. This is an unusual approach as nearly every other SPAC sponsor has chosen to keep all or substantially all of the founder economics of launching a SPAC for the individuals that control the sponsor, rather than for the other funds they manage on behalf of their investors. As the largest investors in PSH and in the Pershing Square funds, 23% of the capital invested in PSTH will indirectly come from the employees of Pershing Square Capital Management, which we believe provides the best form of alignment for both our investors and PSTH’s shareholders. 

 Creo que bill lo deja bien claro. Bien es cierto que hay compañías que yo quizas no tendria en mi cartera, probablemente por ignorancia porque es indudable que este señor esta a años luz de cualquiera de nosotros. Simplemente confio en el y lo que veo me gusta, no me veo invirtiendo en la SPAC pero si beneficiandome de ella a traves del holding. Sus resultados lo avalan, esto no es suerte.