Pantheon Share Discussion Threads

[lynton3] 25/9/2023 11:02

I was very pleasantly surprised by the tender this morning, and think it shows the board is serious about the portfolio valuation and about dealing with the discount. If This_is_me's calculation is correct, the tender represents a minimum 2.8% increase in NAV.

[jonwig] 25/9/2023 08:54

I agree. At least, the higher the market price, the higher the strike price is going to be. But a lot can happen on the way to 17 October.

[ali47fish] 25/9/2023 08:39

never liked tenders because they are opaque- perhaps offer the highest price and either get it or not with no loss incurred- will this work though?

[bagpuss67] 25/9/2023 08:37

Thanks. Well picked a few more up at 301p anyway. May or may not tender some.

[jonwig] 25/9/2023 08:31

Bagpuss - but you won't know the strike price until after you've made your offer.

[bagpuss67] 25/9/2023 08:18

So what's the best strategy for this offer? Put in tender just below the strike price and top up now by the same amount of cash?

[this_is_me] 25/9/2023 08:02

If the tender offer is fully taken up at 318p it will increase the NAV by about 13p.

[rambutan2] 23/9/2023 04:15

Note switch to majority June valuations.

[the real stan] 22/9/2023 08:21

Mostly FX gains but the point is valuations are holding up and not falling off a cliff as seems to be anticipated by the share price. Discount is starting to unwind and likely to continue as confidence returns.

[ali47fish] 22/9/2023 08:18

is the update on nav any good today- anyone with knowledge

[skyship] 12/9/2023 12:17

Thnx Jon - but a link always helps if you make a useful post like that!

[1968jon] 12/9/2023 10:54

Good piece on PIN in particular (and PE buybacks more generally) in AVI Global Trust's monthly update out today.

[ali47fish] 08/8/2023 18:44

great hope the share price will respond

[jonwig] 08/8/2023 18:39

A director has bought 100k and the company has bought 100k in its buyback regime.

[ali47fish] 08/8/2023 17:54

who is this Lei bying 100000 shares

[ali47fish] 07/8/2023 18:05

what do you make of the chair buyin- anyone knowledgeable

[ali47fish] 04/8/2023 18:05

any comment about the directors buying here?

[rambutan2] 04/8/2023 14:50

SKY, they did in the GFC, hence the more conservative balance sheets across the sector ever since, with PIN being the most conservative of the lot. Once bitten...

[skyship] 04/8/2023 13:44

That is total bull aimed to cover up their only desire - to maximise their fees. PE investment company calls never, ever breach financing availability - always falls way, way short. We all know that; but PIN (read Helen Steers) tries to dress it up; and no media outfit ever challenges her on the matter. Citywire the worst of them.

[jonwig] 04/8/2023 10:23

I agree about dividends (at the other extreme, APAX pays 5% of NAV pa, which can be partly out of capital), but PIN also says:

It is the nature of investment in private equity that a commitment (see Note 20 for outstanding commitments as at 31 May 2023) to invest will be made and that calls for payments will then be received from the unlisted investee entity. These payments are usually on an ad-hoc basis and may be called at any instance over a number of years. The Company's ability to meet these commitments is dependent upon it receiving cash distributions from its private equity investments and, to the extent these are insufficient, on the availability of financing facilities.

So they might argue that commitments take precedence over payouts.

[riverman77] 04/8/2023 10:10

As I've said before they really should be paying a modest dividend at least. On average they generate a 10-15% annual capital return, so even if they distribute just a fifth of that it would translate to a 2-3% distribution. At current discount this would be a 3-5% dividend yield. Surely this keeps everyone happy - they still get to keep 80% of their return for further investment, while shareholders get a nice income stream. The cynic would say this would slightly hold back their AUM and thus their management fee.

[spangle93] 04/8/2023 09:51

No, it's pretty adamant that's not going to happen

"The Board's strategy is to deliver returns for shareholders through the growth in NAV and not through the payment of dividends."

"The Board remains committed to its policy of maximising capital growth and therefore, as in previous years, is not proposing the payment of a dividend."

[skyship] 04/8/2023 09:03

Certainly lack of cash doesn't apply here; though I still don't see why they shouldn't start paying dividends like everyone else - except for HVPE of course.