The hedge fund’s decision to delist from Euronext Amsterdam and use the LSE alone comes after star trader Bill Ackman on X last month advocated delisting on moral, as well as financial, grounds following the antisemitic violence against Israeli football supporters at a match in Amsterdam.
Guernsey investment trust Pershing Square Holdings (PSH) is to remove its listing from Euronext Amsterdam, to focus solely on the London Stock Exchange trading.
The move follows the company’s recently reviewing the cost of keeping the Euronext listing, as well as how many shares are traded on the exchange.
It comes after star trader Bill Ackman posted on X last month his outrage at the antisemitic violence between Dutch football supporters and fans of Israeli football club Maccabi Tel Aviv at a match held in Amsterdam.
Ackman, the founder, CEO and holder of a 23% stake in the company, said at the time he would ask the board to remove the listing for moral, as well as financial, reasons.
The Times quoted him as posting on X: “Concentrating the listing on one exchange, the London Stock Exchange, and leaving a jurisdiction that fails to protect its tourists and minority populations combine both good business and moral principles … We can also save money and improve liquidity for shareholders to boot.”
It is also reported that the billionaire CEO and founder of Pershing Square, which is managed from New York but began by being listed solely in Amsterdam in 2014, also wants the Universal Music Group label to delist from Amsterdam. PSH is a major shareholder in the business and Ackman sits on its board.
Revealing the decision to delist, PSH chairman Rupert Morley said in a press release: “The Board has been monitoring the Company’s listing arrangements for some time and in January 2024 engaged outside advisors to review the Company’s listing on the Euronext Amsterdam in light of the fact that the majority of the trading of PSH’s shares occurs on the London Stock Exchange.
“We concluded that delisting from Euronext Amsterdam and consolidating trading on the London Stock Exchange would reduce regulatory complexity and improve liquidity of PSH’s shares which would be to the benefit of PSH shareholders.”
Pershing Square Holdings will be submitting a formal delisting application to Euronext in the coming days, after which, PSH investors who own shares being traded on Euronext Amsterdam, will be able to trade them on London Stock Exchange instead.
