Pantheon Share Discussion Threads

[mad foetus] 20/5/2016 11:13

I just sold the trading top up for 1298 - still have my main holding but nice to scalp a couple of grand. I am doing this more and more - finding things I want to hold for the long term but trading them round the edges.

[mad foetus] 20/5/2016 08:07

Pantheon International Plc ("PIP") announces an unaudited net asset value ("NAV") per share at 30(th) April 2016 of 1,730.6p, a decrease of 16.4p (0.9%) from the NAV per share as at 31(st) March 2016. Investment income (0.4p) and share buybacks (14.9p, 0.9%) were offset by valuation losses (-0.8p, -0.1%), foreign exchange movements (-28.7p, -1.6%) and expenses and taxes* (-2.2p, -0.1%).

Well, share buybacks added over 14p as nw calculated. Forex against us this month - I'm not bothered about that, you win some and lose some. Everything else de minimums.

[mad foetus] 05/5/2016 09:25

I've topped up at 1251 today: looking at the historic charts when the share price was 1250 in Jan 2015 the NAV was around 1500 - now it is around 1750. Silly discount imo.

[mad foetus] 21/4/2016 20:32

yes, pleased to see a board set on increasing shareholder value rather than aum, very well done. I wish others would take the same path.

[nw1234] 21/4/2016 19:02

Rammy. Totally agree. If NAV is "correct" this adds over 14p per share to NAV of remaining shares I think. NW

[rambutan2] 21/4/2016 18:12

Serious buyback of PINRs, £18.4m spent. But at over 30% discount. Great investment. Well done board.

The Company announces that on 21 April 2016, it purchased in the market 1,600,000 redeemable shares of 1p each ("Redeemable Shares") at a price of 1,150.0 pence per share for cancellation.

Following this transaction, there are 33,062,013 Ordinary Shares and 30,297,534 Redeemable Shares in issue, none of which are held in treasury.

In total, since the Company started buying back shares in August 2011, it has acquired, for investment purposes, 4,459,000 Ordinary Shares and 7,676,000 Redeemable Shares, representing approximately 16.07% of the shares then outstanding.

[woodcutter] 21/4/2016 11:51

my initial entry was on the bounce up above 1200p and i've added few times as the discout was rather silly. It continues to look good value so i'm holding for now. The real threat is any severe downturn in the global economy so i've a strict stop loss.

woody

[mad foetus] 21/4/2016 10:44

Drift in the NAV, though good to see a decent valuation gain. With forex, some months you win, some you lose.

Pantheon International Plc ("PIP") announces an unaudited net asset value ("NAV") per share at 31(st) March 2016 of 1,747.0p, a decrease of 3.7p (0.2%) from the NAV per share as at 29(th) February 2016. Valuation gains (28.7p, 1.6%), investment income (1.1p, 0.1%) and share buy backs (1.8p, 0.1%) were offset by foreign exchange movements (-32.9p, -1.9%) and expenses and taxes* (-2.4p, -0.1%).

[skyship] 21/3/2016 08:32

Forex did well for PIN in February:
===================================

Performance Update at 29(th) February 2016

Month to 29(th) February 2016

Pantheon International Plc ("PIP") announces an unaudited net asset value ("NAV") per share at 29(th) February 2016 of 1,750.7p, an increase of 30.5p (1.8%) from the NAV per share as at 31(st) January 2016. Valuation gains (5.3p, 0.3%), investment income (0.3p) and foreign exchange gains (26.9p, 1.6%) were offset by expenses and taxes* (-2.0p, -0.1%).

[skyship] 10/3/2016 11:54

Took a small turn out of these from 1200p to 1234p - needed the cash to top-up a couple of holdings elsewhere - DNE & UAI.

I like PIN and think well under-valued; however I was disappointed from the Interims as they still refuse to pay a dividend. I think they should put these on a "tracking" c3% of NAV/annum. At current levels they would then yield c4.3%.

Perhaps they will be lobbied to do so at some stage.

[rcturner2] 24/2/2016 18:42

Skyship, thanks I did see that first and hence why I came over here.

I wonder though if NAVs will be under pressure. My understanding is that they use EBITDA multiples based on current sector values for listed companies, so the values of unlisted companies will be effected as the shares of comparable listed companies fall.

[skyship] 24/2/2016 16:43

RCT2 - Take a look at my post on the PE thread today for a list of the NAV discounts now available - also the graphs in the Edison Research piece on SEP.

[mad foetus] 24/2/2016 15:21

it is absurd. It is probably a little more than that because of dollar strength, I reckon NAV is about 1750p at the moment.

Mind you, discounts have widened fairly sharply everywhere. Even Witan, which was trading at NAV for a couple of years, went out to 5% or so.

[rcturner2] 24/2/2016 15:07

Looking to get back in here soon. Can't believe the discount here is 30%.

[mad foetus] 19/2/2016 07:35

Performance Update at 31(st) January 2016

Month to 31(st) January 2016

Pantheon International Plc ("PIP") announces an unaudited net asset value ("NAV") per share at 31(st) January 2016 of 1,720.2p, an increase of 62.7p (3.8%) from the NAV per share as at 31(st) December 2015. Valuation gains (2.7p, 0.2%), investment income (1.3p, 0.1%) and foreign exchange gains (61.0p, 3.7%) were offset by expenses and taxes* (-2.3p, -0.2%).

PIP's valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIP has holdings. In the case of PIP's valuation at 31(st) January 2016, the majority of reported valuations (accounting for circa 95% by value) are dated 30(th) September 2015 or later.

At 31(st) January 2016, PIP's private equity assets stood at GBP941m, whilst cash balances were GBP180m. Undrawn commitments to investments stood at GBP308m at 31(st) January 2016, calculated using exchange rates at that date. In addition, the Company's multi-currency revolving credit facility agreement, comprising a US$100m facility and a EUR46m facility, remained completely undrawn.

PIP's portfolio generated net cash of GBP10.5m during the month, with distributions of GBP16.1m relative to GBP5.6m of calls from existing commitments to private equity funds.

Investments completed during the month include a GBP14.2m secondary commitment to an Asian growth equity fund that was 80% funded at completion and a GBP9.1m primary commitment to CHAMP IV, an Australian mid-market buyout fund.
.

[skyship] 28/1/2016 09:57

Month to 31(st) December 2015

Pantheon International PLC ("PIP") announces an unaudited net asset value ("NAV") per share at 31(st) December 2015 of 1,657.5p, an increase of 37.5p (2.3%) from the NAV per share as at 30(th) November 2015. Foreign exchange gains (40.2p, 2.5%) and investment income (2.2p, 0.1%) were offset by valuation losses (-2.0p, -0.1%) and expenses and taxes* (-2.9p, -0.2%).

So the December gain was entirely due to $ strength; and takes the NAV discount up to 24.9% @ 1245p.

MF - PIN is a class act; and surely an excellent buy at this level. Personally however, I went for one of your other favourites, NBPE, and a few days ago bought a few @ $10 where the discount was at 30% and the Yield @ 5%.

The whole PE sector has softened over the past couple of months; and the average discount of peers is now at 26.5%.

[mad foetus] 28/1/2016 08:54

"The NAV per share at 31(st) December 2015 was 1,657.5p, representing an increase of 125.1p, or 8.2%, relative to the NAV per share at 30(th) June 2015.

Portfolio gains added 32.9p (2.1%) per share in the period. Investment income increased the NAV per share by 11.5p (0.8%) and share buybacks by 0.6p. Favourable currency movements increased NAV per share by a further 92.8p (6.1%) and expenses and taxes reduced it by 12.7p (-0.8%).

The Company's ordinary share price increased during the six months by 3.4% to 1,315.0p, whilst the price of its redeemable shares decreased by 4.1% to 1,232.5p at 31(st) December 2015. Subsequent to 31(st) December 2015, up until the market close on 25(th) January 2016, the share price of the ordinary shares decreased to 1,240.0p and the redeemable share price decreased to 1,185.0p."

The discount here is getting silly. I'm in for more. It is good to have dollar exposure until the EU referendum is sorted, the discount is very wide by historic standards and PIN has an outstanding long term record.

[mad foetus] 26/11/2015 13:47

Given the recent dollar strength I reckon this is a very good entry point - NAV is probably around 1630 atm as last month's currency losses have been made back

[skyship] 20/11/2015 08:39

Performance Update at 31(st) October 2015

Pantheon International Participations PLC ("PIP") announces an unaudited net asset value ("NAV") per share at 31(st) October 2015 of 1,595.5p, a decrease of 33.6p (2.1%) from the NAV per share as at 30(th) September 2015. Investment income (0.5p) and share buybacks (0.6p, 0.1%) were offset by valuation losses (-0.7p, -0.1%), foreign exchange losses (-32.3p, -2.0%), and expenses and taxes* (-1.7p, -0.1%).

[hashertu] 20/11/2015 08:33

MF. Thanks. Makes sense.

[damanko] 18/11/2015 11:17

I think your summary is pretty accurate MF, not a lot for UK domiciled investors to be concerned with. As the years have rolled by PIN has become more and more involved in US funds/assets, at various stages of the buyout process.

Witness the almost overly reliant emphasis on exchange rates in any interim or final results statement.

You could be wrong - as you say, but I doubt it. Go well and keep the faith ...

[mad foetus] 16/11/2015 09:08

hashertu,
basically, my understanding is that under the US foreign account reporting regime (FATCA), anybody who either has a connection with the US or who invests in US situs assets needs to be reported on an annual basis to the IRS. There are various carve outs for listed vehicles. I think PIN has taken the view that because it is largely invested in US situs assets, largely through funds, many of which may themselves be US situs (and thus be demanding from PIN certain confirmations), the easiest thing for it to do is to change its articles to prevent people with a US nexus holding its shares and to allow them to redeem the shareholdings of US investors.
I could be wrong, but I suspect it is an administrative change which, provided you have no US connection (e.g. don't live in the US or hold a US passport) won't affect you.

[hashertu] 05/11/2015 14:38

I have received voting forms for the AGM, EGM and CM.

Does anyone know what has prompted the special resolution for the EGM, and its implications for smaller shareholders, such as myself?
Class Meeting. Never heard of such before. What is it?

[skyship] 29/10/2015 09:52

DAM - only approaching 60! You're still young; and with perhaps 30yrs of time to enjoy retirement you'll have more time than you ever had to manage your investments. Though I have to agree, difficult to conceive of finding any investment that could replicate the performance you've had from PIN.