Petershill Partners (OTCPK:PHLLF), an investment vehicle created by Goldman Sachs (NYSE:GS), on Thursday proposed retreating from the public market as the firm’s shares have traded at a deep discount to its book value.
The company is offering to return to public shareholders $4.15 per share, for a total of $921M, to cancel shares of all free-float shareholders. It would then delist the company from the London Stock Exchange.
Petershill (OTCPK:PHLLF), which invests in private equity firms and hedge funds, proposed to fund the capital return with cash, deferred disposal proceeds, and new debt.
Including its interim dividend, the total payment comes to $4.202 per share, a premium of 35% to the previous close’s share price, the company said.