TIDMPIN
RNS Number : 8177T
Pantheon International PLC
23 July 2020
23 July 2020
For immediate release
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, Canada, Australia (other than to persons who are
both wholesale clients and professional or sophisticated investors
in Australia), Japan, the Republic of South Africa or any other
jurisdiction where its release, publication or distribution is or
may be unlawful.
Pantheon International Plc
("PIP" or the "Company")
Performance Update at 30 June 2020
Performance Update at 30 June 2020
2,865.3p NAV per share
-0.6% NAV per share movement for the month
GBP1.5bn Net asset value ^^^
GBP1.0m Net portfolio cash flow*
3.6x Financing cover**
+53% Total shareholder return (5Y)***
Month to 30 June 2020
PIP announced an unaudited net asset value ("NAV") per share as
at 30 June 2020 of 2,865.3p, a decrease of 17.5p (-0.6%) from the
NAV per share as at 31 May 2020.
In the month to 30 June 2020, valuation losses* were -24.4p
(-0.8%), investment income* added 1.6p (+0.1%), foreign exchange
gains* added +9.0p (+0.2%), and expenses and taxes**** were -3.7p
(-0.1%).
At 30 June 2020, PIP's private equity assets stood at GBP1,479m,
whilst net available cash balances^ were GBP121m. The Asset Linked
Note^^ ("ALN") outstanding as at 30 June 2020 amounted to GBP50m.
Undrawn commitments to investments stood at GBP533m as at 30 June
2020, calculated using exchange rates at that date. PIP's
multi-currency revolving credit facilities comprise a US$269.8m
facility and a EUR101.6m facility, which remained undrawn as at the
month end.
Although the Company made no new commitments during the month,
PIP's pipeline points to an active period for new commitments in
the second half of 2020.
*Figures are stated net of movements associated with the ALN
share of the reference portfolio.
**Ratio of net available cash, portfolio value and undrawn loan
facility to outstanding commitments.
***Based on the change in the ordinary share price over the
period.
****Withholding taxes on investment distributions.
^Net available cash calculated as cash and net current assets /
(liabilities) less undistributed net cashflows associated with the
ALN.
^^Unlisted 10-year note issued on 31 October 2017 whose cost and
repayments are linked to a reference portfolio consisting of the
Company's older vintage funds.
^^^PIP's Net Asset Value as at 30 June 2020 was
GBP1,549,802,956.
Performance as at 30 June 2020^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% pa) (% pa) (% pa) (% pa)
NAV TR per share 4.1% 9.5% 13.3% 11.6% 11.6%
Ordinary share price (8.9%) 2.4% 8.9% 14.9% 10.7%
FTSE All-Share TR (13.0%) (1.6%) 2.9% 6.7% 7.1%
MSCI World (GBP)
TR 3.9% 7.1% 11.6% 12.1% 7.9%
======= ======= ======= ======== ===============
^^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital
repayments and cash flow from warrants.
Monthly Report
The June monthly newsletter can be accessed on PIP's website at
www.piplc.com in the Investor Relations section under the heading
"Newsletters".
This announcement contains inside information.
Ends
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com
or contact:
Pantheon
Helen Steers / Vicki Bradley
020 3356 1800
NOTES
PIP
PIP is a listed FTSE 250 private equity investment trust,
overseen by an independent Board of Directors and managed by
Pantheon, one of the leading private equity investment managers
globally. PIP offers investors a liquid, differentiated entry point
to the excellent growth potential of global private equity, with
access to the primary, secondary and co-investment opportunities of
some of the best managers in the world. The Company has a track
record of outperformance and manages risk through diversification
and rigorous selection based on Pantheon's extensive experience and
international platform.
Pantheon
Pantheon is a leading global private equity, infrastructure,
real assets and debt fund investor that invests on behalf of over
600 investors. Founded in 1982, Pantheon has developed an
established reputation in primary, co-investment and secondary
private asset solutions across all stages and geographies. Pantheon
has $49.1 billion in AUM^^ (as at 31 December 2019) and 341
employees (as at 30 June 2020), including 100 investment
professionals, located across offices in London, San Francisco, New
York, Hong Kong, Seoul, Bogotá, Tokyo and Dublin.
^^ This figure includes assets subject to discretionary or
non-discretionary management, advice or those limited to a
reporting function.
Important Information
A copy of this announcement will be available on the Company's
website at www.piplc.com . Neither the content of the Company's
website, nor the content on any website accessible from hyperlinks
on its website for any other website, is incorporated into, or
forms part of, this announcement nor, unless previously published
by means of a recognised information service, should any such
content be relied upon in reaching a decision as to whether or not
to acquire, continue to hold, or dispose of, securities in the
Company.
Sir Laurie Magnus
Chairman, Pantheon International Plc
Beaufort House, 51 New North Road, Exeter, Devon, EX4 4EP
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END
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