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Name | Symbol | Market | Type |
---|---|---|---|
Invesco India ETF | AMEX:PIN | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.68 | 2.32% | 29.99 | 30.00 | 29.8301 | 29.93 | 108,884 | 22:54:49 |
For immediate release 29 October 2003 PANTHEON INTERNATIONAL PARTICIPATIONS PLC ASSET VALUE AT 30 SEPTEMBER 2003 The Board of Pantheon International Participations PLC (PIP) announces an unaudited diluted net asset value per share of 565.83p at 30 September 2003 (546.77p at 30 June 2003). The Board also announces an Adjusted Redemption Value of the Participating Loan Notes (PLNs) at 30 September 2003 of 555.24p (536.54p at 30 June 2003), reflecting the small discount to asset value upon redemption of the Participating Loan Notes. The unaudited net assets attributable to ordinary shareholders and PLN holders stood at £228.6m at 30 September 2003 (£220.9m at 30 June 2003). The Company wishes to draw attention to the following modification to the methodology of the operation of its accounting policy for secondary investments. This modification will be operated on an ongoing basis with immediate effect. The Company may acquire secondary interests at either a premium or a discount to the fund manager's valuation. Within the Company's portfolio, those fund holdings purchased at a premium are normally immediately revalued to their stated net asset values irrespective of the purchase price. Those fund holdings purchased at a discount are normally held at cost until the receipt of a valuation from the fund manager in respect of a date after acquisition, when they are revalued to their stated net asset values, unless a provision against a specific investment is considered appropriate. The Company's valuation policy for private equity funds is to base the valuation on the latest accounts produced by the fund managers. In the case of the valuation as at 30 September 2003 the majority of these accounts are dated 30 June 2003. *Cont'd Cont'd* Private equity funds may contain a proportion of quoted shares from time to time, for example where the underlying company investments have been taken public but the holdings have not yet been sold. The Directors, together with PIP's Manager, Pantheon Ventures Limited, have reviewed the quoted market holdings at the date of the latest fund accounts and has considered the value of those holdings at 30 September 2003. For more information: Pantheon International Participations PLC 020 7484 6200 Rhoddy Swire Pantheon Ventures 020 7484 6200 Andrew Lebus Alastair Bruce www.pipplc.com contactus@pipplc.com NOTES TO EDITORS PIP * Pantheon International Participations (`PIP') is a London quoted investment trust, managed by Pantheon Ventures Ltd., which uses an international fund-of-funds approach to private equity investment. * PIP has investments in some 300 private equity funds whose portfolios contain investments in over 3,000 companies. * The Company is the leading independent private equity fund-of-funds investor quoted on the London Stock Exchange. PIP enables individuals as well as institutions to gain access to a substantial portfolio of unquoted companies in the USA, UK, Continental Europe and Asia, within funds managed by experienced private equity managers. * Within its stated primary investment objective, the Company invests in private equity funds both by subscribing to new funds and by acquiring secondary interests. As an adjunct to this activity, the Company may occasionally acquire direct holdings in unquoted companies usually where a vendor is seeking to sell a combined portfolio of funds and direct holdings. PIP's investment policy also extends to investing directly in companies where there is a private equity manager well known to the Company investing on the same terms. Pantheon Ventures Limited * Pantheon has been active in the private equity sector since 1982. * Pantheon is the leading private equity fund-of-funds manager in Europe and currently manages over $6.7 billion. * Pantheon manages investments in 500 private equity funds in over 30 countries. * Pantheon has 63 staff, based at offices in London, San Francisco, Hong Kong and Brussels. END
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