Pantheon International PLC - London-based investment trust - Has bought back GBP189.6 million worth of shares as of Wednesday as part of its GBP200 million buyback programme scheduled to complete by June 1. The buyback has resulted in a 4.5% uplift to the company's March net asset value of 488.1 pence per share, Pantheon notes.
The buyback forms part of Pantheon's "shareholder-focused" capital allocation policy, intended to address the "significant discount" of its share price to NAV. Depending on the ongoing level of share price discount, Pantheon says it intends to allocate a portion of its adjusted net portfolio cash flow to further share repurchases. This will be assessed on a quarterly basis, beginning from June 1. Buybacks will be conducted within the limits of the shareholder-approved authority granted to Pantheon in October, permitting repurchases of up to 15% of its issued share capital at the time.
Current stock price: 331.50 pence per share
12-month change: up 24%
By Hugh Cameron, Alliance News reporter
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Pantheon International (PIN)