<p>倫敦 --（商業資訊）--Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD)（“PSH”）今天宣佈已簽署一份股權承諾函，以認購最多 10 億美元的無投票權可交換永久優先股，由 Howard Hughes Holdings Inc. (NYSE: HHH)（“HHH”）發行（“PSH 優先股”）（“PSH 投資”），與 HHH 間接收購 Vantage Group Holdings, Ltd.（“Vantage”）的協議相關，Vantage 是一家由 Carlyle 和 Hellman &amp; Friedman 等公司出售的私營專業保險和再保險公司，交易金額約為 21 億美元現金。HHH 關於收購 Vantage 的公告可在此處查看 https://investor.howardhughes.com/news-events/news-releases。</p>
<p>PSH 的董事會（“PSH 董事會”）注意到 HHH 管理層對收購 Vantage 的看法，並認為這為 HHH 及其最大股東 PSH 及其股東提供了良好的前景。</p>
<p>HHH 收購 Vantage 的資金將通過 HHH 的現金和對 PSH 優先股的認購組合來融資。PSH 優先股的認購金額將由 HHH 決定（最高不超過 10 億美元），並在收購完成時發行。PSH 優先股將分為 14 個相等的部分，HHH 有權在收購 Vantage 後的前七個財政年度結束後的規定時間內回購。PSH 優先股的回購價格將等於以下兩者中的較大者：（a）Vantage 前一年末或季度末賬面價值的 1.5 倍，乘以相應部分的 PSH 優先股所代表的所有權百分比（按可交換基礎計算）；（b）PSH 優先股的原始發行價格加上自回購日期起每年 4% 的增幅。</p>
<p>如果在發行後第七個財政年度結束後的 60 天內未完全回購，PSH 優先股將可兑換為 Vantage 的普通股。在未獲得 HHH 大多數無利益董事的批准的情況下，PSH 對 Vantage 的持股將限制在 Vantage 普通股的 49%。</p>
<p>PSH 優先股通常與 HHH 普通股平等排名，並且沒有清算優先權，但在 HHH 或 Vantage 發生控制權變更交易等情況下，將受到 HHH 的強制回購。PSH 優先股將具有慣常的保護條款，包括在 PSH 優先股發行後，任何人提議向 Vantage 增資時的按比例優先認購權、對 Vantage 額外股權證券主要出售的同意權，以及對任何提議的 Vantage 股權證券二級出售的優先購買權。</p>
<p>如果 HHH 未能完全回購 PSH 優先股，PSH 有權將 PSH 優先股兑換為 Vantage 的普通股（如上所述）。此外，PSH 有權要求 HHH 和 Vantage 盡合理最大努力在該兑換時同時進行 Vantage 的首次公開募股或直接上市。</p>
<p>PSH 擁有 HHH 約 28% 的普通股。Pershing Square Holdco, L.P.、PSH 及其他 Pershing Square 基金（統稱 “Pershing Square”）共同擁有 HHH 約 46.9% 的普通股。Pershing Square 已普遍同意將其投票權限制在 40%，其實益擁有權限制在 47%，而 HHH 已同意將 PSH 優先股的收購作為上述限制的例外。</p>
<p>Pershing Square Capital Management, L.P.（“PSCM”）根據服務協議向 HHH 提供投資、顧問及其他輔助服務。PSH 根據與 PSCM 的投資管理協議支付的管理費將適用費用減免安排，減免金額等於 HHH 支付給 PSCM 的與 PSH 持有的 HHH 普通股相關的費用。</p>
<p>該交易預計將在 2026 年第二季度完成，需遵循慣常的監管批准和成交條件。</p>
<p><strong>關聯方交易</strong></p>
<p>PSH 投資構成 UKLR 8.2.1R 規定的關聯方交易，因為 PSCM 是 PSH 的關聯方，且 PSCM 的控股公司 Pershing Square Holdco, L.P.能夠行使或控制對 HHH 在所有或幾乎所有事項上的 30% 或更多投票權。</p>
<p>PSH 董事會（在此目的上包括所有董事，除了 Halit Coussin 女士和 Jean-Baptiste Wautier 先生）認為，PSH 投資對 PSH 的股東而言是公平合理的，並確認董事會已獲得 N.M. Rothschild &amp; Sons Limited 的建議，作為 PSH 投資的贊助商。</p>
<p><strong>前瞻性聲明</strong></p>
<p>本公告中的任何內容均不應被視為對未來的承諾或陳述。本公告可能包含某些前瞻性聲明。這些聲明基於各種假設和預期，可能會或可能不會被證明是正確的。任何人均不對這些聲明的準確性作出任何陳述或保證。</p>
<p><strong>關於 Pershing Square Holdings, Ltd.</strong></p>
<p>Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) 是一家結構為封閉式基金的投資控股公司。</p>
<p>類別：（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>媒體聯繫</strong></p>
<p><strong>Camarco</strong></p>
<p>Ed Gascoigne-Pees / Julia Tilley +44 (0) 20 3781 8339, mediainquiries@pershingsquareholdings.com</p>
<p>來源：Pershing Square Holdings, Ltd.</p>

PSHZF

<p>Pershing Square Holdings, Ltd. (PSH) 宣佈將承諾投資最多 10 億美元，認購 Howard Hughes Holdings Inc. (HHH) 發行的非投票可交換永久優先股，以融資 HHH 收購 Vantage Group Holdings, Ltd.。PSH 優先股將分為 14 個批次，HHH 擁有回購權。如果在七年內未被回購，PSH 優先股可以兑換為 Vantage 普通股。該交易預計將在 2026 年第二季度完成，需獲得監管批准</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>倫敦 --（商業資訊）--Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD)（“PSH”）今天宣佈已簽署一份股權承諾函，以認購最多 10 億美元的無投票權可交換永久優先股，由 Howard Hughes Holdings Inc. (NYSE: HHH)（“HHH”）發行（“PSH 優先股”）（“PSH 投資”），與 HHH 間接收購 Vantage Group Holdings, Ltd.（“Vantage”）的協議相關，Vantage 是一家由 Carlyle 和 Hellman &amp; Friedman 等公司出售的私營專業保險和再保險公司，交易金額約為 21 億美元現金。HHH 關於收購 Vantage 的公告可在此處查看 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 的董事會（“PSH 董事會”）注意到 HHH 管理層對收購 Vantage 的看法，並認為這為 HHH 及其最大股東 PSH 及其股東提供了良好的前景。</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 收購 Vantage 的資金將通過 HHH 的現金和對 PSH 優先股的認購組合來融資。PSH 優先股的認購金額將由 HHH 決定（最高不超過 10 億美元），並在收購完成時發行。PSH 優先股將分為 14 個相等的部分，HHH 有權在收購 Vantage 後的前七個財政年度結束後的規定時間內回購。PSH 優先股的回購價格將等於以下兩者中的較大者：（a）Vantage 前一年末或季度末賬面價值的 1.5 倍，乘以相應部分的 PSH 優先股所代表的所有權百分比（按可交換基礎計算）；（b）PSH 優先股的原始發行價格加上自回購日期起每年 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>如果在發行後第七個財政年度結束後的 60 天內未完全回購，PSH 優先股將可兑換為 Vantage 的普通股。在未獲得 HHH 大多數無利益董事的批准的情況下，PSH 對 Vantage 的持股將限制在 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 優先股通常與 HHH 普通股平等排名，並且沒有清算優先權，但在 HHH 或 Vantage 發生控制權變更交易等情況下，將受到 HHH 的強制回購。PSH 優先股將具有慣常的保護條款，包括在 PSH 優先股發行後，任何人提議向 Vantage 增資時的按比例優先認購權、對 Vantage 額外股權證券主要出售的同意權，以及對任何提議的 Vantage 股權證券二級出售的優先購買權。</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 未能完全回購 PSH 優先股，PSH 有權將 PSH 優先股兑換為 Vantage 的普通股（如上所述）。此外，PSH 有權要求 HHH 和 Vantage 盡合理最大努力在該兑換時同時進行 Vantage 的首次公開募股或直接上市。</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 擁有 HHH 約 28% 的普通股。Pershing Square Holdco, L.P.、PSH 及其他 Pershing Square 基金（統稱 “Pershing Square”）共同擁有 HHH 約 46.9% 的普通股。Pershing Square 已普遍同意將其投票權限制在 40%，其實益擁有權限制在 47%，而 HHH 已同意將 PSH 優先股的收購作為上述限制的例外。</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”）根據服務協議向 HHH 提供投資、顧問及其他輔助服務。PSH 根據與 PSCM 的投資管理協議支付的管理費將適用費用減免安排，減免金額等於 HHH 支付給 PSCM 的與 PSH 持有的 HHH 普通股相關的費用。</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>該交易預計將在 2026 年第二季度完成，需遵循慣常的監管批准和成交條件。</p>
</div><p><strong>Related party transaction</strong></p>
<div class="lb-trans"><p><strong>關聯方交易</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 投資構成 UKLR 8.2.1R 規定的關聯方交易，因為 PSCM 是 PSH 的關聯方，且 PSCM 的控股公司 Pershing Square Holdco, L.P.能夠行使或控制對 HHH 在所有或幾乎所有事項上的 30% 或更多投票權。</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 董事會（在此目的上包括所有董事，除了 Halit Coussin 女士和 Jean-Baptiste Wautier 先生）認為，PSH 投資對 PSH 的股東而言是公平合理的，並確認董事會已獲得 N.M. Rothschild &amp; Sons Limited 的建議，作為 PSH 投資的贊助商。</p>
</div><p><strong>Forward-Looking Statements</strong></p>
<div class="lb-trans"><p><strong>前瞻性聲明</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>本公告中的任何內容均不應被視為對未來的承諾或陳述。本公告可能包含某些前瞻性聲明。這些聲明基於各種假設和預期，可能會或可能不會被證明是正確的。任何人均不對這些聲明的準確性作出任何陳述或保證。</p>
</div><p><strong>About Pershing Square Holdings, Ltd.</strong></p>
<div class="lb-trans"><p><strong>關於 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) 是一家結構為封閉式基金的投資控股公司。</p>
</div><p>Category: (PSH:Other)</p>
<div class="lb-trans"><p>類別：（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>媒體聯繫</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>來源：Pershing Square Holdings, Ltd.</p>
</div>

Pershing Square Holdings, Ltd. 宣佈投資於 Howard Hughes Holdings Inc. 的優先股 | HHH 股票新聞