AVI Global Trust plc ( the "Company" ) 

LEI: 213800QUODCLWWRVI968

25 August 2021

Asset Value Investors (AVI), which manages AVI Global Trust (AGT.LN), publishes open letter to directors of Third Point Investors Limited (TPOU.LN)

AVI and three other shareholders in Third Point Investors Limited (TPIL) collectively owning over 17 per cent. of its ordinary shares and over 10 per cent. of the voting rights have today requisitioned the TPIL Board pursuant to which the Board is required to consider steps and actions that should be taken to address the discount and to propose the following ordinary resolution by way of advisory vote (the "Advisory Vote"):

THAT the Company put in place arrangements whereby, at the discretion of the Directors, Shareholders are provided with the opportunity (but without obligation) to redeem their shareholdings in the Company on terms (as regards frequency and percentage of shareholding) that match as closely as possible those available to investors who hold the same class of shares in Third Point Offshore Fund, Ltd (the "Master Fund") in which the Company has invested a majority of its assets.

We accept that the holding of the Advisory Vote will not be binding on the Company and/or the Directors but likewise it being put to a General Meeting will not contravene the provisions of the Company's Articles of Incorporation.

The resolution is aimed at establishing shareholders' views on a solution to TPIL's persistent and entrenched trading discount to NAV.  As we have made clear in previous letters, we harbour grave concerns as to the integrity of the process of TPIL's Strategic Review and its conclusions. As such, we believe it is in the best interests of Shareholders and the Company that Shareholders have an opportunity for their voices to be heard in the fully transparent fashion provided by the holding of a meeting to discuss the discount and the holding of the Advisory Vote. We believe the TPIL Board should welcome such an opportunity to resolve the issues we have highlighted and allow the Company to move forwards.

A letter providing some background to the action we are taking can be found by clicking on the following link:

https://www.assetvalueinvestors.com/content/uploads/2021/08/AVI-Letter-to-TPIL-Board-25Aug21.pdf

Contact:

Tom Treanor

Head of Research/Executive Director

AVI

020 7659 4806

[email protected]