Petershill Partners PLC Announces Plans to Delist from London Stock Exchange and Return $932 Million to Shareholders

Strategic Insights -

Petershill Partners PLC, the investment company managed by Goldman Sachs, has shared plans to delist from the London Stock Exchange and return $932 million to shareholders. The board believes the share price has not accurately reflected the company's value, despite strong financial performance and strategic initiatives. The company's ordinary shareholders will receive a total payout per share of $4.202, which is a 35% premium to the closing price.

Key Takeaways:

  • Petershill Partners PLC plans to delist from the London Stock Exchange and return $932 million to shareholders.
  • The company's ordinary shareholders will receive $4.202 per share in cash and a $0.052 dividend.
  • The board believes the share price has not accurately reflected the company's value, despite strong financial performance and strategic initiatives.
  • The company has been trading at a material discount to the sector, with an average discount of 34% since January 2024.
  • Partner distributable earnings came in at $152 million, up 9% year-on-year, and $265 million was returned through the 2024 final dividend and a special dividend payment.
  • Partner-firms raised $19 billion of fee-eligible assets in the first half, despite volatile markets earlier in the year.
  • Ali Raissi-Dehkordy and Robert Hamilton Kelly, co-heads of Goldman Sachs Petershill Group, believe the return of capital and delisting is in the best interests of the company, free-float shareholders, and shareholders as a whole.
  • The board of Petershill and operator Goldman Sachs Asset Management believe the company has been consistently undervalued despite strong delivery of its strategy.

Statistics:

  • $932 million to be returned to shareholders
  • $4.202 per share payout in cash and dividend
  • 35% premium to the closing price
  • 34% average discount to sector since January 2024
  • 37% discount to book value
  • $152 million partner distributable earnings (up 9% year-on-year)
  • $265 million returned through 2024 final dividend and special dividend payment
  • $19 billion of fee-eligible assets raised by partner-firms in the first half

Sources:

  • [Petershill Partners PLC, plans to delist from London Stock Exchange and return $932 million to shareholders]