May 11, 2016 / 10:32 PM / 2 years ago

BRIEF-Pershing Square releases Q1 letter to shareholders

May 11 (Reuters) - Pershing Square Holdings Ltd In Letter To Shareholders

* PSH NAV Per Share As Of Close Of Business On 10 May 2016 Was USD16.88

* There Is Much Work To Do At Valeant, Including Restoring The Dermatology Business To Growth

* “Believe That Valeant Has Some Of The Best And Most Durable Assets In The Pharmaceutical Industry”

* “It Will Take Time For Valeant To Regain Its Stakeholders’ Trust”

* Valeant Does Not Require Aggressive Pricing In Order To Generate Growth And Substantial Free Cash Flow

* Continue To Have “Tremendous Confidence” In Canadian Pacific’s Management, But Have Sold Shares For Portfolio Management Reasons

* Expect FTC To Demand Similar Safeguards, Restrictions For Herbalife As It Has Required In The Vemma Case

* While $200 Million Settlement Would Be One Of Highest Ever In FTC Consumer Protection Action, It Would Be Immaterial To Herbalife

* Believe Howard Hughes Corp Trades At Discount To Assets; Increased Transparency Will Help Investors More Appropriately Value Company

* Expect The FTC To Demand Similar Safeguards And Restrictions For Herbalife As It Has Required In The Vemma Case

* Expect That Relief Imposed By FTC Will Require Modifications To Co’S Business Practices Which Will Be Materially Adverse To Hlf

* Pershing Square Holdings Releases Q1 Letter To Shareholders And Provides Weekly Net Asset Value As Of May 10, 2016 Source text for Eikon: Further company coverage:

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