Pantheon Share Discussion Threads

[riverman77] 17/3/2023 10:20

They desperately need to start paying a small dividend - a mere 2% of the NAV each year would give you a 4% dividend yield at current 50% discount. This would surely bring in the discount to a more tolerable level. They typically make 12% annual returns, so such a distribution would only be a sixth of their returns - hardly unreasonable. I wonder if someone like AVI will push for this - I believe they hold PIN and are quite activist these days.

[jonwig] 17/3/2023 10:07

Hardman interview:



Will the D-word be raised? Answer, no.

[skyship] 15/3/2023 09:36

The presentation excellent - but just a re-run of the other recent presentations. Nothing new at all.

PIN is an impressive outfit; but the lack of a dividend rankles more than somewhat - though my views are very well known on this score. Without a return for shareholders, tell me simply - Why should the discount close?

[rambutan2] 15/3/2023 04:04

Yes, will proven to have been a very good time to buy.

Yesterday's presentation:

[topvest] 14/3/2023 14:57

Good presentation. I have doubled-up in my SIPP. I don't like buying shares without a dividend, but I am prepared to make exceptions. This is an exception. Excellent manager. 12% long-term annual return at a 50% discount. It's difficult to see anything other than a very good total return over a 3-5 year timeframe.

[spangle93] 08/3/2023 19:03

Meanwhile, Pantheon is doing an investor meet web call for their interim results on 14 March at 2pm

Register at

[spangle93] 07/3/2023 08:09

Hardman's report, as RNS'd this morning

I searched on "dividend"... but it didn't return anything ;-)

[rambutan2] 28/2/2023 21:16

I recently bought back in for first time since 2017 when the loan notes ended. The 45% discount is plain silly, and the portfolio split now offers something a tad more interesting and should prove to be a bit more punchy, whilst also incurring lower fees.

[rambutan2] 28/2/2023 21:09

And the 31/01 nav etc:

[rambutan2] 28/2/2023 21:09

Last week's interim report/video/presentation available:

[cwa1] 26/2/2023 08:47

Well, this thread is certainly living up to its original title...

[my retirement fund] 26/2/2023 08:26

Yea, sure you did!

[tournesol] 25/2/2023 23:25

Plus high energy prices in Holland where produce is grown under glass. They consider the Brexit question and conclude that it's not a significant factor in the current difficulties. To quote your words, it's stunningly naive to imagine that you know better than the people who actually import produce.

[my retirement fund] 25/2/2023 23:23

ammons, it sounds to me like you're one of life's loosers as what you've said is a bit like I wanted my team to win a football today, but now that they've lost I think I would prefer they never win again and hopefully get demoted by the end of the seasons! Insane really. The reality is that when the old gits are dead and the younger generations are in charge, they will rejoin, and if they. There's no way on earth we'll have a hard border in 20 years time! It's just insanity!!

[tournesol] 25/2/2023 23:22

AppleThe Fresh Produce Consortium is the trade body for those who import foodstuffs. They have released a statement which rebuts your comments. They say Brexit related bureaucracy is a factor in the current shortages but only a small factor. They say that the problem is bad weather in spain and Morocco.

[apple53] 25/2/2023 22:46

It's also stunningly naive to claim that a shortage of (immigrant) labour and more expensive border procedures have no impact on food supply.
The shortages are (please correct me) UK specific.
Imagine what it would be like if the government actually persuaded us to eat 7 portions a day!?
Anyway I have seen no shortages at the alleged affected shops in London, so I would guess at this stage the story has been heavily overblown (and not just by remoaners).
The sad thing is that high energy prices should indeed naturally cause a reduction in UK production (more inefficient) and a steady increase in imports. ('Food miles' is stunningly wrong headed-most energy use is in production not transport). However much higher barriers make this natural adjustment harder.

[apple53] 25/2/2023 22:26

I am disappointed that there is little recognition that there were a range of Brexits. Neither "side" really clarified this, so the vote was not meaningful in the end, except as a vague "let's reduce EU interference and maybe immigration". Certainly there would have been no majority for a hard Brexit.
Small company exporters (and importers) have been hammered. Some of the blame lies with the stupidity of British hard ball negotiations wanting to paint a an evil empire picture rather than thinking about practical issues and negotiating how to avoid the massively inefficient customs situation we ended up with. I believe a lot of good jobs were lost as companies downsized to domestic market (or went bust), but I don't have stats.
x pats (esp not yet established ones) are heavily impacted (but unlike small companies probably don't deserve much sympathy).
I am still trying to put my finger on what it is about Brexit that has caused many talented, contributing and higher rate tax paying Europeans to leave. It might be a sort of coincidence and although they tell me it was Brexit I am not sure they can prove it.
The Irish issue was never solvable and still isn't. This was entirely predictable (I attended serious debates on the topic well before the vote) and I have no idea why the remain camp didn't explain this. Another reason that a hard Brexit was a terrible idea.

Anyway much of the damage has been done and can't be reversed. Let's see if some of the opportunities can be exploited and ultimately offset at least part of this damage.

The other thing I don't understand is why there is little honesty that ultimately Brexit has been a left wing development on what I see as the most important metric- trade. I see free trade and lower non tariff barriers as the natural territory of the right (I consider myself right wing so maybe I would say that) and Brexit did the complete opposite. Even massive lowering of NTBs (and tariffs) to the rest of the world cannot arithmetically offset this damage on a 20 year view.

[skyship] 25/2/2023 16:41

Meantime - as for PIN:

[skyship] 25/2/2023 16:39

That lorry driver anecdote is 2-3yrs out of date. It was a problem then - not now.

[tournesol] 25/2/2023 16:34

Spittingbarrel

R4 also interviewed management from the big supermarkets, representatives from the NFU and specialists in the importation of foodstuffs.

The BBC's bias was on full and open display as they desperately sought confirmation of their confected story that the current problems stemmed from Brexit. Every speaker that I heard said "No, the current problems have little to do with Brexit and everything to do with recent abnormal weather in Spain and North Africa".

As for your anecdote about lorry drivers, it's obviously incorrect. For one thing, If the appalling bureaucracy so vindictively imposed by the EU (with different coloured pens and all the rest of the nonsense) was disincentivising lorry drivers from bringing in fresh food, then we'd have seen the effects years ago. For another, it's not the lorry drivers who have to fill in the forms it's the importers and they have got their act together.

There is a temporary shortage of fresh produce across Europe. Consumers in the EU pay higher prices than we do so the growers are sending their limited products to the European market. It's basic market economics. Nothing to do with Brexit.