Third Point Delays Listing By 24 Hours; Orders Still Coming

Jul 18 2007 | 1:17pm ET

Activist hedge fund Third Point has pushed back its planned publicly-listed fund, the London Stock Exchange said today. The Wall Street Journal reports that the firm will try again tomorrow.

The New York-based fund, led by Daniel Loeb, had planned to raise €500 million (US$689 million) for its Third Point Offshore Investors Fund, which was to begin trading on the LSE today. In a note posted on its Web site, the exchange said the listing was delayed until further notice, and did not say what prompted Loeb’s change of heart.

But the Journal reports that, like a recent Carlyle Group private equity fund IPO, Third Point has fallen short of its target. The newspaper wrote that orders continue to come in and that the fund may reach its target, and that the issuance of shares had been postponed 24 hours to facilitate the former.

Proceeds from the IPO, whenever it happens, will be invested in the Offshore Investors fund, an already-extent offering registered in the Cayman Islands.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…