PSHZF - Pershing Square Holdings: An Unsustainable Discount
It’s activist versus activist as Bill Ackman’s Pershing Square (PSHZF) is getting a taste of its own medicine. Asset Value Investors ((AVI)) and Metage Capital spoke out against PSH’s proposed issuance of a $400 million 20 year bond. As a result, several olive branches have been offered by PSH to shareholders post-bond issuance - this could be the catalyst to finally reduce the share price’s discount to NAV.
Mind the gap
Despite a 45.1% share price return year-to-date, PSH is still trading well below the fund’s NAV. As at 20 August 2019, this