Pantheon Share Discussion Threads

[apple53] 21/12/2023 09:27

Re. the tender offer, I think my first para is correct, and may also be true for TFG (tetragon) tenders.

Meanwhile, does anyone know if there is a way of tracking the buybacks (without running a detailed spreadsheet)? I fear they might be nearly finished. If not I will write to IR.

[apple53] 24/11/2023 16:30

Possibly a stupid question, but I assumed that if I tendered at 300p I would get 300p, not more assuming strike price as above). But from my reading of the statement it looks like if you tendered at 300p you received the strike price, while if you tendered AT strike, you were pro-rataed.
If I had understood this, I would have tendered at least some of my holding rather lower.
There were then a couple of hours when you could have sold in the market at around strike, I think (which I missed).

I would have been ready to use some of the cash to repurchase lower, but I have been surprised by how much it fell. Given the stamp duty, trading in and out is less attractive than with HVPE.

[spangle93] 24/11/2023 11:32

Chunky NAV rise reported this morning, most as a result of the tender offer

In the month to 31 October 2023, valuation losses were -1.0p (-0.2%), investment income added +0.6p (+0.1%), foreign exchange movements were +2.4p (+0.6%), the tender offer added +16.6p (+3.5%) and expenses and taxes were -0.8p (-0.2%).

[tag57] 07/11/2023 16:42

Sounds like a few other PEs should take note of his view and actions.

[lynton3] 07/11/2023 16:07

You should watch this video of the Chairman speaking!

hxxps://citywire.com/investment-trust-insider/news/pantheon-s-john-singer-private-equity-must-do-hell-of-a-lot-more/a2429759?re=114465&refea=206187

[jonwig] 30/10/2023 13:46

Two holdings reductions just now could be from the tender.

[jonwig] 20/10/2023 08:08

"The tender offer resulted in an uplift to September NAV of 3.5%" - so 16.5p. A bit better than post #661 suggests.

[riverman77] 18/10/2023 10:58

PIN now trades at a roughly 25% premium to HVPE so this really should put pressure on them to take some sort of action. As far as I'm aware HVPE are the only one of the big PE funds not to pay any dividend nor any buybacks, so basically shareholders not seeing any return on their investment. I wonder if AVI could step in and put pressure on them next?

[donald pond] 18/10/2023 10:11

Very convincing bowl forming on the chart. Hope HVPE are taking note.

[yf23_1] 18/10/2023 10:07

Probably adds about 12p to NAV/share

[1968jon] 18/10/2023 09:49

Yes, I was going to post about my calculation nalls up super_sub. Quite right.

[riverman77] 18/10/2023 09:35

Very happy to hold here and benefit from the buyback which should boost NAV. Never had any intention of tendering my shares well below their true value, but very happy for the company to snap up cheap shares from those that did tender.

[super_sub] 18/10/2023 09:26

1968jon, "48,145,173 Ordinary Shares were validly tendered below the Strike Price...Valid tenders of 7,340,212 Ordinary Shares were made at the Strike Price".
I make that 55.5 million shares tendered at the strike price and below.
Personally, I didn't tender any of mine.

[jonwig] 18/10/2023 08:42

It was within 2% of the market price, so no need to over-interpret it. A huge one-off buyback will be longer-term positive.

[1968jon] 18/10/2023 08:37

Just over 100 million shares tendered at the strike price and below. I am not sure how to interpret it.

[1968jon] 18/10/2023 08:34

Well they were done in their full size of £150m

[damanko] 17/10/2023 14:23

1968jon, interesting post. Agree on some of your opinions. For older holders, they may be aware that I invested in PIN in 1989, at 90 pence or so. And sold in 2016 at around £15.

Just dipped a little toe in again, into my ii SIPP, the NAV discount seems too much. Full stop. Plus the tax relief will bring my buying price way under the current share price Good luck all, as always...

d.

[twixy] 12/10/2023 13:23

10 year timeframe....I think it definitely defines me as a trader then ;-)

[1968jon] 12/10/2023 11:57

I am not getting involved in the tender and am likely to own a large chunk and add to PIN over the next ten years. I wholeheartedly support what PIN are doing and saying about their capital allocation policy. If I were still a trader, I might be weighing up some opportunities around the tender. Sell them, even short them, at 310-315 to see if I could buy them back cheaper in the short term. Why an average punter would get involved if they like the stock is beyond me? If I was a fund who is a forced(ish) seller of alternative assets/trusts (we've all read the papers, there is a lot of it about) and I could get out of a block (£10m+?) in a hurry and without suppressing the price, makes perfect sense. It will be interesting to see how much of the £150m they get done and the reaction afterwards.

[twixy] 12/10/2023 10:58

Yes - cash in your nominated account. If the underlying share price does not rise to meet the strike price and I have been successful I plan to reinvest a portion of the funds back in Pantheon.

[ali47fish] 12/10/2023 10:46

this is probably a stupid question when you tender/ sell your shares and you get whatever strike price- do you receive the money in cash- if so in my case i dont see the sense of this if i am a long term holder?

[twixy] 12/10/2023 10:41

HL have a deadline of noon tomorrow. I am likely to participate for roughly half of mine at 310p. Too high, too low - who knows!

[ali47fish] 12/10/2023 08:35

my broker has deadline fro the tender-i am still not sure whether it is a posy=tive to paticipatr- any clues from knowledgeable investors

[jonwig] 05/10/2023 07:06

Questor very bullish on PIN:



Main reason, buybacks at deep discount. They seem to be working.