Pantheon Share Discussion Threads

[etacarinae] 10/9/2005 20:08

This is my quietest BB does anyone have anything interesting to say?

[samg99] 15/6/2005 09:25

Quite irrational when you think about it - I bet no-one would worry about a penny share that was quoted at 64-66 - a bigger percentage than PIN. Plus, improvements through most stockbrokers would shave a further couple of pence or so off that spread, whereas with the penny share they might not get anything.

BTW, pleased to see that PIN is not included in the first tranche of smallcaps going on to SETSMM next month, although presumably it'll be going over with all the others in December. Regrettably, I suspect that this will have the effect of making spreads still wider during quiet times, contrary to the LSE's claims.

[etacarinae] 15/6/2005 09:05

This spread must be putting off a lot of potential investors!

[damanko] 06/5/2005 15:34

Not really, this just seems to be the way that PIN performs, regardless of the way the market is heading on any particular day. To be honest, for the first time in 15 or so years I'm thinking of selling a few. Not sure whether this price is sustainable..... though, when I put the wine glass down, no chance. This is far and away one of the best little stocks on the market. Could be that fact is just being recognised. If you log-on to their website, check the array of venture capital opportunities that PIN is involved in (worldwide), you'll see why I will sell only when Norwich win the Premiership, and follow that with a swift, victorious campaign in the Champion's League.

Er.........., so I won't be selling in the near future....................

[etacarinae] 06/5/2005 15:25

Very little action for weeks and now a series of regular buys all in one day...? Does someone know something I don't..?

[samg99] 12/4/2005 18:12

damanko - many thanks for all that info. It's a nice smooth 'un isn't it - there can't be many ITs that have gone up today!

Regards.

[damanko] 12/4/2005 17:58

Okay. These are redeemable shares issued by PIN last year. They replaced loan notes, as a there was a potential tax liability for loan note holders. Shareholders were given the choice of converting their loan notes (originally issued to us in 2000) into either redeemable shares, which should track the NAV, or ordinary shares. I chose ordinaries, as I'm a simple fellah.

Pantheon's capital structure now is:

26,471,013 ordinary shares
16,353,199 redeemable shares

From those figures it is easy to track the market cap of Pantheon.
FYI it has net debt/gearing of circa £31.5 million.
You should be able to download the annual report from:

www.pipplc.com

Regards

[samg99] 12/4/2005 17:31

Anyone know what relationship "Pantheon Int. Rd" (PINR) has to PIN? It's obviously related as the price moves broadly in line with PIN, but any other information gratefully received! It's only been going since September last year, and seems incredibly lightly traded.

[etacarinae] 12/4/2005 16:42

Looks like the buy out 2004 re-vitalised the company, as it seems they were struggling for a while there. Seems to tick up nicely this one.

[etacarinae] 11/4/2005 14:43

Just looking at listed firms in this sector..just was not sure if they were same outfit. Not holding.

[damanko] 10/4/2005 23:49

Yes, PIN is Pantheorn Intl. Participations Inv. Trust, headed (forever.....) by Swire. Used to be GT Ventures, bought out in around 1989 by Roddy Swire, though sold last year to an American outfit, same management team though. Why.....?
Regards

[etacarinae] 08/4/2005 15:59

Is PIN pantheon ventures headed by R Swire...or a different Pantheon company?

[acol] 22/3/2005 22:25

I don't have much knowledge of the oil majors but what I know leads me to share your conclusion. I too have been looking at building some stock in Shell rather than BP. I think that most if not all the bad news is out in the open and there are also signs of a possible shake-up of the corporate structure. There is an interesting article which makes persuasive reading as to why the oil price will remain high for the forseeable future.

[damanko] 21/3/2005 16:14

Fair comments Acol. I keep thinking of late '99 at the moment. 2 reasons. I sold IT's then, that I'd held for the best part of 10 years, good old solid ones like City of London, F&C, F&C Euro, Fleming Mid-Cap and a few others. And put a fair wedge into a venture capital trust. Er..... at the top of the bassted market. No fool like an old one..... Anyway, having sat on paper losses for 5 years, looks like I held my nerve. See my recent postings on FTVC, they were involved in a large way in the recent placings on AIM of Sarantel (cost to FTVC £0.35p) and ANT (cost to FTVC £0.71), and have Oxonica on the blocks, should place/float in May.

The other reason? A mate of mine put £25K into Dragon Oil. November 1999, he and I were on a cricket trip abroad, he was "losing" hundreds of pounds as each day rolled on. Funnily enough, we lost 5 out of the 6 matches as well. C'est la vie. I think Dragon recovered, I hope he held his nerve as well. My point about energy/oil stocks is that you have to live with a lot of volatility, when one minnow suffers, they're all tarred. My partner is opening a SIPP next month with Alliance, I think Shell is a little undervalued, a monthly pop into them over the next year or too may look okay in 10 years time.

Wonder if she'll take my advice.....................?

[acol] 19/3/2005 21:25

damanko

Thanks. I too make it a point of never recommending a share - DYOR etc.

Interesting that you obviously find oils so speculative. There are many small oil shares where I would agree with you wholeheartedly. Many of them justify the well known definition of a mine as being a hole in the ground owned by a liar. White Nile especially come to mind as a mega speculative punt which does not own as much as an egg cup full of oil. A reckless spin of the roulette wheel IMHO.

IMO Dana is a completely different kettle of fish with solid revenue producing assets - mostly in the North Sea. The more speculative non-producing assets in less stable areas are largely in the balance sheet for nothing. From a personal perspective I think that the days of cheap oil are over and that as a conservative guesstimate the price will unlikely fall below $40 a barrel for the forseeable future. I'm also pretty sure that analysts have not valued oil shares at anything like these prices. In fact the more flambuoyant valuations have only factored in a price of about $30 a barrel.

There is no denying the fact that many small oils have rocketted way above their true value and any bad news will see the shares plummet to a more realistic value - with badly scorched fingers. SOCO is arguably more speculative but with much higher potential rewards.

Regarding my holding in IT'S. I am quite tempted to cash some of them in and possibly buy back into my ISA. I say possibly, because the other side of the high oil price equation is a more depressed world economy. Going full circle this scenario is also likely to lead to a dampening of the oil price. At the end of the day it boils down to a question of timing and personally I find this aspect of investment much more difficult than individual stock selection.

Good luck with your investments.

Regards
Acol

[acol] 15/3/2005 22:18

damanko

Somewhat arrogant of me to say that 'great minds think alike' but I too invest in an Alliance SIPP for my wife. Incredible value with the very low costs.

Aside from investing in F & C Smaller Companies IT (which has also done quite well over the last year or so) I also have a sizeable holding in a couple of smaller oil companies - Dana and Soco.

Quite a while ago I used to have a holding in RIT Capital Partners. No longer follow that share but agree that it is a quality outfit.

Aside from that I have done very well out of Discovery Trust - especially the warrants in around 1999.

[acol] 11/2/2005 13:36

damanko

I guess its just you and me sticking this this boring IT. Quite happy to be bored to death with these steady rises to its old highs. Regular monthly purchases in the low cost savings scheme has done me proud over the years.

[damanko] 27/11/2004 09:30

Historic stuff: PIP (or PIN as the epic has it) was formed from GT Ventures, an
eighties fund specialising in looking after pension funds for (mostly, then) publicly
owned utilities. It floated at £1.00 per share in 1987. Since then as well as paying special cash dividends/buybacks to the tune of around £3.00 per share, it has reached a share price high of around £9.00.

The last published net asset value per share (June 2016) is: £17.39.

As the few regulars on this thread will know, I've recently sold my remaining holding in PIN. What a star it has been. If only in the late 80's I'd put all the cash I had at that time into Pantheon ..... Ho hum. Luckily I'm not perfect, and neither is life. Very best of luck to all holders (as football managers always say: Going forward....

See my earlier posting on same subject, old thread. Any other supporters of this quality company out there, or is making money, returning good results year on year just too boring for the BB's? It is probably the most mature "fund of funds" on the London market, and currency issues notwithstanding, is heavily exposed to an upturn in both US & global markets. Do your own research etc, but I'd be interested to hear what any "serious" investors out there think.....

[damanko] 27/11/2004 09:23

This one is set to run, IMO....... I've bought a few here and there, been buying since '89, when it was known as "GT Ventures". Since those days it has steadily returned 20%+ per annum, as well as a hefty cash return to shareholders in 2000. It does make me think, when the BB is full of the old, usual suspects, while stocks like Pantheon make little noise, they just carry on increasing returns. Unheralded.....

[m.t.glass] 02/1/2004 20:32

Always good fun to see boasters come unstuck ;-)
(I do normally prefer it to be someone else though!)