<p>伦敦 --（商业资讯）--Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD)（“PSH”）今天宣布已签署一份股权承诺函，以认购最多 10 亿美元的无投票权可交换永久优先股，由 Howard Hughes Holdings Inc. (NYSE: HHH)（“HHH”）发行（“PSH 优先股”）（“PSH 投资”），与 HHH 间接收购 Vantage Group Holdings, Ltd.（“Vantage”）的协议相关，Vantage 是一家由 Carlyle 和 Hellman &amp; Friedman 等公司出售的私营专业保险和再保险公司，交易金额约为 21 亿美元现金。HHH 关于收购 Vantage 的公告可在此处查看 https://investor.howardhughes.com/news-events/news-releases。</p>
<p>PSH 的董事会（“PSH 董事会”）注意到 HHH 管理层对收购 Vantage 的看法，并认为这为 HHH 及其最大股东 PSH 及其股东提供了良好的前景。</p>
<p>HHH 收购 Vantage 的资金将通过 HHH 的现金和对 PSH 优先股的认购组合来融资。PSH 优先股的认购金额将由 HHH 决定（最高不超过 10 亿美元），并在收购完成时发行。PSH 优先股将分为 14 个相等的部分，HHH 有权在收购 Vantage 后的前七个财政年度结束后的规定时间内回购。PSH 优先股的回购价格将等于以下两者中的较大者：（a）Vantage 前一年末或季度末账面价值的 1.5 倍，乘以相应部分的 PSH 优先股所代表的所有权百分比（按可交换基础计算）；（b）PSH 优先股的原始发行价格加上自回购日期起每年 4% 的增幅。</p>
<p>如果在发行后第七个财政年度结束后的 60 天内未完全回购，PSH 优先股将可兑换为 Vantage 的普通股。在未获得 HHH 大多数无利益董事的批准的情况下，PSH 对 Vantage 的持股将限制在 Vantage 普通股的 49%。</p>
<p>PSH 优先股通常与 HHH 普通股平等排名，并且没有清算优先权，但在 HHH 或 Vantage 发生控制权变更交易等情况下，将受到 HHH 的强制回购。PSH 优先股将具有惯常的保护条款，包括在 PSH 优先股发行后，任何人提议向 Vantage 增资时的按比例优先认购权、对 Vantage 额外股权证券主要出售的同意权，以及对任何提议的 Vantage 股权证券二级出售的优先购买权。</p>
<p>如果 HHH 未能完全回购 PSH 优先股，PSH 有权将 PSH 优先股兑换为 Vantage 的普通股（如上所述）。此外，PSH 有权要求 HHH 和 Vantage 尽合理最大努力在该兑换时同时进行 Vantage 的首次公开募股或直接上市。</p>
<p>PSH 拥有 HHH 约 28% 的普通股。Pershing Square Holdco, L.P.、PSH 及其他 Pershing Square 基金（统称 “Pershing Square”）共同拥有 HHH 约 46.9% 的普通股。Pershing Square 已普遍同意将其投票权限制在 40%，其实益拥有权限制在 47%，而 HHH 已同意将 PSH 优先股的收购作为上述限制的例外。</p>
<p>Pershing Square Capital Management, L.P.（“PSCM”）根据服务协议向 HHH 提供投资、顾问及其他辅助服务。PSH 根据与 PSCM 的投资管理协议支付的管理费将适用费用减免安排，减免金额等于 HHH 支付给 PSCM 的与 PSH 持有的 HHH 普通股相关的费用。</p>
<p>该交易预计将在 2026 年第二季度完成，需遵循惯常的监管批准和成交条件。</p>
<p><strong>关联方交易</strong></p>
<p>PSH 投资构成 UKLR 8.2.1R 规定的关联方交易，因为 PSCM 是 PSH 的关联方，且 PSCM 的控股公司 Pershing Square Holdco, L.P.能够行使或控制对 HHH 在所有或几乎所有事项上的 30% 或更多投票权。</p>
<p>PSH 董事会（在此目的上包括所有董事，除了 Halit Coussin 女士和 Jean-Baptiste Wautier 先生）认为，PSH 投资对 PSH 的股东而言是公平合理的，并确认董事会已获得 N.M. Rothschild &amp; Sons Limited 的建议，作为 PSH 投资的赞助商。</p>
<p><strong>前瞻性声明</strong></p>
<p>本公告中的任何内容均不应被视为对未来的承诺或陈述。本公告可能包含某些前瞻性声明。这些声明基于各种假设和预期，可能会或可能不会被证明是正确的。任何人均不对这些声明的准确性作出任何陈述或保证。</p>
<p><strong>关于 Pershing Square Holdings, Ltd.</strong></p>
<p>Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) 是一家结构为封闭式基金的投资控股公司。</p>
<p>类别：（PSH：其他）</p>
<p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMTg4NjczMzdyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMTg4NjczMzdyMQ"/></p>
<p>在 businesswire.com 上查看源版本：https://www.businesswire.com/news/home/20251218867337/en/</p>
<p><strong>媒体联系</strong></p>
<p><strong>Camarco</strong></p>
<p>Ed Gascoigne-Pees / Julia Tilley +44 (0) 20 3781 8339, mediainquiries@pershingsquareholdings.com</p>
<p>来源：Pershing Square Holdings, Ltd.</p>

PSHZF

<p>Pershing Square Holdings, Ltd. (PSH) 宣布将承诺投资最多 10 亿美元，认购 Howard Hughes Holdings Inc. (HHH) 发行的非投票可交换永久优先股，以融资 HHH 收购 Vantage Group Holdings, Ltd.。PSH 优先股将分为 14 个批次，HHH 拥有回购权。如果在七年内未被回购，PSH 优先股可以兑换为 Vantage 普通股。该交易预计将在 2026 年第二季度完成，需获得监管批准</p>

<p>LONDON--(BUSINESS WIRE)--Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (“PSH”) today announces that it has entered into an equity commitment letter to subscribe for up to $1 billion of non-voting exchangeable perpetual preferred stock to be issued by Howard Hughes Holdings Inc. (NYSE: HHH) (“HHH”) (the “PSH Preferred”) (the “PSH Investment”) in connection with HHH's agreement to indirectly acquire Vantage Group Holdings, Ltd. (“Vantage”), a privately held specialty insurance and reinsurance company being sold by, among others, Carlyle and Hellman &amp; Friedman, for approximately $2.1 billion in cash. HHH's announcement of its agreement to acquire Vantage is available here https://investor.howardhughes.com/news-events/news-releases.</p>
<div class="lb-trans"><p>伦敦 --（商业资讯）--Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD)（“PSH”）今天宣布已签署一份股权承诺函，以认购最多 10 亿美元的无投票权可交换永久优先股，由 Howard Hughes Holdings Inc. (NYSE: HHH)（“HHH”）发行（“PSH 优先股”）（“PSH 投资”），与 HHH 间接收购 Vantage Group Holdings, Ltd.（“Vantage”）的协议相关，Vantage 是一家由 Carlyle 和 Hellman &amp; Friedman 等公司出售的私营专业保险和再保险公司，交易金额约为 21 亿美元现金。HHH 关于收购 Vantage 的公告可在此处查看 https://investor.howardhughes.com/news-events/news-releases。</p>
</div><p>The board of directors of PSH (the “PSH Board”) note the views of HHH's management in relation to the Vantage acquisition and believe that it offers attractive prospects for HHH and, accordingly, for PSH, HHH’s largest shareholder, and its shareholders.</p>
<div class="lb-trans"><p>PSH 的董事会（“PSH 董事会”）注意到 HHH 管理层对收购 Vantage 的看法，并认为这为 HHH 及其最大股东 PSH 及其股东提供了良好的前景。</p>
</div><p>The acquisition of Vantage by HHH will be financed by a combination of HHH's cash on hand and the subscription for the PSH Preferred. The quantum of the PSH Preferred to be subscribed will be decided by HHH (up to the $1 billion cap), and the stock issued, on the closing of the acquisition. The PSH Preferred will be split into 14 equally sized tranches which HHH will have the right to repurchase during a prescribed window following the end of each of the first seven fiscal years post-closing of the Vantage acquisition. The repurchase price for the PSH Preferred will be equal to the greater of (a) 1.5 times the preceding year-end or quarter-end book value of Vantage multiplied by the corresponding ownership percentage represented by the applicable tranche(s) of PSH Preferred (on an as-exchanged basis) and (b) the original issue price for the PSH Preferred plus a 4% per annum increase through the date of repurchase.</p>
<div class="lb-trans"><p>HHH 收购 Vantage 的资金将通过 HHH 的现金和对 PSH 优先股的认购组合来融资。PSH 优先股的认购金额将由 HHH 决定（最高不超过 10 亿美元），并在收购完成时发行。PSH 优先股将分为 14 个相等的部分，HHH 有权在收购 Vantage 后的前七个财政年度结束后的规定时间内回购。PSH 优先股的回购价格将等于以下两者中的较大者：（a）Vantage 前一年末或季度末账面价值的 1.5 倍，乘以相应部分的 PSH 优先股所代表的所有权百分比（按可交换基础计算）；（b）PSH 优先股的原始发行价格加上自回购日期起每年 4% 的增幅。</p>
</div><p>The PSH Preferred will become exchangeable into the common stock of Vantage if not fully repurchased within 60 days following the end of the seventh fiscal year post-issuance. Without the approval of a majority of disinterested directors of HHH, PSH’s ownership of Vantage will be limited to 49% of Vantage’s common stock.</p>
<div class="lb-trans"><p>如果在发行后第七个财政年度结束后的 60 天内未完全回购，PSH 优先股将可兑换为 Vantage 的普通股。在未获得 HHH 大多数无利益董事的批准的情况下，PSH 对 Vantage 的持股将限制在 Vantage 普通股的 49%。</p>
</div><p>The PSH Preferred will generally rank pari passu with HHH common stock and will not have a liquidation preference, but will be subject to mandatory repurchase by HHH in the event of, among other things, a change of control transaction of HHH or Vantage. The PSH Preferred will have customary protective provisions, including a pro rata pre-emptive right in the event that any person proposes to contribute additional capital to Vantage following the issuance of the PSH Preferred, a consent right over the primary sale of additional equity securities of Vantage, and a right of first refusal with respect to any proposed secondary sale of any equity securities of Vantage.</p>
<div class="lb-trans"><p>PSH 优先股通常与 HHH 普通股平等排名，并且没有清算优先权，但在 HHH 或 Vantage 发生控制权变更交易等情况下，将受到 HHH 的强制回购。PSH 优先股将具有惯常的保护条款，包括在 PSH 优先股发行后，任何人提议向 Vantage 增资时的按比例优先认购权、对 Vantage 额外股权证券主要出售的同意权，以及对任何提议的 Vantage 股权证券二级出售的优先购买权。</p>
</div><p>In the event that HHH does not fully repurchase the PSH Preferred, PSH has the right to exchange of the PSH Preferred for the common stock of Vantage (as described above). Additionally, PSH has the right to require HHH and Vantage to use reasonable best efforts to conduct an initial public offering or direct listing of Vantage concurrently with such exchange.</p>
<div class="lb-trans"><p>如果 HHH 未能完全回购 PSH 优先股，PSH 有权将 PSH 优先股兑换为 Vantage 的普通股（如上所述）。此外，PSH 有权要求 HHH 和 Vantage 尽合理最大努力在该兑换时同时进行 Vantage 的首次公开募股或直接上市。</p>
</div><p>PSH owns approximately 28% of the common stock of HHH. Pershing Square Holdco, L.P., PSH and other Pershing Square funds (together, “Pershing Square”) collectively own approximately 46.9% of the common stock of HHH. Pershing Square has generally agreed to limit its voting power to 40% and its beneficial ownership to 47%, and HHH has agreed to approve the acquisition of PSH Preferred as an exception to the foregoing limitation.</p>
<div class="lb-trans"><p>PSH 拥有 HHH 约 28% 的普通股。Pershing Square Holdco, L.P.、PSH 及其他 Pershing Square 基金（统称 “Pershing Square”）共同拥有 HHH 约 46.9% 的普通股。Pershing Square 已普遍同意将其投票权限制在 40%，其实益拥有权限制在 47%，而 HHH 已同意将 PSH 优先股的收购作为上述限制的例外。</p>
</div><p>Pershing Square Capital Management, L.P. (“PSCM”) provides investment, advisory and other ancillary services to HHH pursuant to the terms of a services agreement. Fee reduction arrangements apply to the management fee paid by PSH under its investment management agreement with PSCM equal to the fees paid by HHH to PSCM which are attributable to the HHH common stock held by PSH.</p>
<div class="lb-trans"><p>Pershing Square Capital Management, L.P.（“PSCM”）根据服务协议向 HHH 提供投资、顾问及其他辅助服务。PSH 根据与 PSCM 的投资管理协议支付的管理费将适用费用减免安排，减免金额等于 HHH 支付给 PSCM 的与 PSH 持有的 HHH 普通股相关的费用。</p>
</div><p>The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions.</p>
<div class="lb-trans"><p>该交易预计将在 2026 年第二季度完成，需遵循惯常的监管批准和成交条件。</p>
</div><p><strong>Related party transaction</strong></p>
<div class="lb-trans"><p><strong>关联方交易</strong></p>
</div><p>The PSH Investment constitutes a related party transaction for the purposes of UKLR 8.2.1R as PSCM is a related party of PSH, and PSCM’s holding company, Pershing Square Holdco, L.P., is able to exercise or control the exercise of 30% or more of the votes able to be cast at general meetings on all, or substantially all, matters of HHH.</p>
<div class="lb-trans"><p>PSH 投资构成 UKLR 8.2.1R 规定的关联方交易，因为 PSCM 是 PSH 的关联方，且 PSCM 的控股公司 Pershing Square Holdco, L.P.能够行使或控制对 HHH 在所有或几乎所有事项上的 30% 或更多投票权。</p>
</div><p>The PSH Board (comprising for these purposes all directors with the exception of Ms. Halit Coussin and Mr. Jean-Baptiste Wautier) considers that the PSH Investment is fair and reasonable as far as shareholders of PSH are concerned and confirms that the Board has been so advised by N.M. Rothschild &amp; Sons Limited in its role as PSH's sponsor in connection with the PSH Investment.</p>
<div class="lb-trans"><p>PSH 董事会（在此目的上包括所有董事，除了 Halit Coussin 女士和 Jean-Baptiste Wautier 先生）认为，PSH 投资对 PSH 的股东而言是公平合理的，并确认董事会已获得 N.M. Rothschild &amp; Sons Limited 的建议，作为 PSH 投资的赞助商。</p>
</div><p><strong>Forward-Looking Statements</strong></p>
<div class="lb-trans"><p><strong>前瞻性声明</strong></p>
</div><p>Nothing in this announcement is, or should be relied on as, a promise or representation as to the future. This announcement may include certain forward-looking statements. Such statements are based on various assumptions and expectations which may or may not prove to be correct. No representations or warranties are made by any person as to the accuracy of such statements.</p>
<div class="lb-trans"><p>本公告中的任何内容均不应被视为对未来的承诺或陈述。本公告可能包含某些前瞻性声明。这些声明基于各种假设和预期，可能会或可能不会被证明是正确的。任何人均不对这些声明的准确性作出任何陈述或保证。</p>
</div><p><strong>About Pershing Square Holdings, Ltd.</strong></p>
<div class="lb-trans"><p><strong>关于 Pershing Square Holdings, Ltd.</strong></p>
</div><p>Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) is an investment holding company structured as a closed-ended fund.</p>
<div class="lb-trans"><p>Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) 是一家结构为封闭式基金的投资控股公司。</p>
</div><p>Category: (PSH:Other)</p>
<div class="lb-trans"><p>类别：（PSH：其他）</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMTg4NjczMzdyMQ" alt="" original-src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20251218867337r1&amp;sid=acqr8&amp;distro=nx&amp;lang=en"/></p>
<p>View source version on businesswire.com: https://www.businesswire.com/news/home/20251218867337/en/</p>
<div class="lb-trans"><p>在 businesswire.com 上查看源版本：https://www.businesswire.com/news/home/20251218867337/en/</p>
</div><p><strong>Media Contact</strong></p>
<div class="lb-trans"><p><strong>媒体联系</strong></p>
</div><p><strong>Camarco</strong></p>
<div class="lb-trans"><p><strong>Camarco</strong></p>
</div><p>Ed Gascoigne-Pees / Julia Tilley +44 (0) 20 3781 8339, mediainquiries@pershingsquareholdings.com</p>
<div class="lb-trans"><p>Ed Gascoigne-Pees / Julia Tilley +44 (0) 20 3781 8339, mediainquiries@pershingsquareholdings.com</p>
</div><p>Source: Pershing Square Holdings, Ltd.</p>
<div class="lb-trans"><p>来源：Pershing Square Holdings, Ltd.</p>
</div>

Pershing Square Holdings, Ltd. 宣布投资于 Howard Hughes Holdings Inc. 的优先股 | HHH 股票新闻