Pantheon International Share Price (PIN)

A nice little rise in the NAV, still not broken the record set at the back end of last year.

I look back at the long term chart on the PIN site and as always it starts at the bottom left and ends up at the top right.

The performance in the last year doesn't appear great but its a lot better than AIM has done. It seems that those who want risk have gone to Bitcoin but PIN will have been doing what they always do best and taking the opportunity to invest in good companies on the dip and eventually the market will see sense and the discount will narrow and follow the NAV.

PIN remains a great way to invest in a broad basket of companies that one day will be the future.

Https://www.proactiveinvestors.co.uk/companies/news/1041639/pantheon-international-plc-reports-significant-activities-and-optimistic-outlook-in-interim-update-1041639.html

Https://www.proactiveinvestors.co.uk/companies/news/1034166/pantheon-international-nav-boosted-by-tender-offer-1034166.html

Thanks for the AGM update.

The auction does not seem to have moved the share price, so the concept that it would lets the sellers out has not really held up , at least in the short term.

I think that they will need to show a larger volume of distributions from selling portfolio companies before we get a real rerate. Selling a very limited number above valuation is not enough to convince the market, it will always be the best that is sold first in these times of tight credit. The question will be how representative of the entire portfolio is this?

With low volumes of distributions they will also need rely on more debt to continue funding the buybacks.

In practice there seems little more they can do beyond waiting for sentiment to change - probably on the prospect of lower interest rates at some point next year.

The NAV end of August up nicely, 2.6%, to late for the AGM.

The tender offer buy back of shares will have increased NAV by 3.5%, so NAV around 486.5p, and discount still over 38%.

Its the "problem" that buy backs to reduce discount increase the NAV. oh well.