SEC Form 4 · accession 0000899243-15-000166
Howard Hughes Corp · HHC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owners
William A Ackman
Director · 10% Owner
PS Management GP, LLC
Director · 10% Owner
Pershing Square Capital Management, L.P.
Director · 10% Owner
Period of report
Jun 30, 2015
Accepted (ET)
Jul 2, 2015 · 5:01 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001498828
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash Settled Total Return Swaps (call equivalent position)F4,F1,F2,F3,F5,F6 | $143.54 | Jun 30, 2015 | J | 3 | D | — | Oct 29, 2015 | Common stock, par value $0.01 per share | 1,250,836 | 0 | I |
| Cash Settled Total Return Swaps (call equivalent position)F4,F1,F2,F3,F5,F6 | $143.54 | Jun 30, 2015 | J | 3 | A | — | Dec 29, 2017 | Common stock, par value $0.01 per share | 1,250,836 | 3 | I |
| Cash Settled Total Return Swaps (call equivalent position)F4,F1,F2,F3,F5,F6 | $143.54 | Jun 30, 2015 | J | 4 | D | — | Dec 31, 2015 | Common stock, par value $0.01 per share | 1,501,003 | 0 | I |
| Cash Settled Total Return Swaps (call equivalent position)F4,F1,F2,F3,F5,F6 | $143.54 | Jun 30, 2015 | J | 4 | A | — | Jun 30, 2017 | Common stock, par value $0.01 per share | 1,501,003 | 4 | I |
Explanation of responses
- F1In addition to Pershing Square Capital Management, L.P., a Delaware limited partnership ("Pershing Square"), this Form 4 is being filed jointly by PS Management GP, LLC, a Delaware limited liability company ("PS Management"), and William A. Ackman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Pershing Square and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities").
- F2Pershing Square advises the accounts of Pershing Square, L.P., a Delaware limited partnership ("PS"), Pershing Square II, L.P., a Delaware limited partnership ("PS II"), Pershing Square International, Ltd., a Cayman Islands exempted company (together with its wholly-owned subsidiary PSRH, Inc., a Cayman Islands exempted company, "PS International"), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey ("PSH" and together with PS, PS II and PS International, the "Pershing Square Funds").
- F3Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. As the general partner of Pershing Square, PS Management may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). By virtue of William A. Ackman's position as Chief Executive Officer of Pershing Square and managing member of PS Management, William A. Ackman may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.
- F4This Form 4 is being filed as a result of the extension of certain swaps and ordinary course rebalancing transactions in which the Pershing Square Funds unwound certain swaps in part and established corresponding new swaps. All of these transactions were effected at the same time. There were no changes in aggregate economic exposure or number of Subject Securities beneficially owned by the Pershing Square Funds as a result of such transactions.
- F5William A. Ackman, a member of the board of directors of the Issuer of the Subject Securities, was elected to that board as a representative of the Reporting Persons, the Pershing Square Funds and Pershing Square GP, LLC. As a result, each of those persons are directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934.
- F6The total return swaps referred to in Table II do not give the Reporting Persons or the Pershing Square Funds direct or indirect voting, investment or dispositive control over any securities of the issuer and do not require the counterparties thereto to acquire, hold, vote or dispose of any securities of the issuer.