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17 May 2011 15:54
PANTHEON INTERNATIONAL PARTICIPATIONS PLC
INTERIM MANAGEMENT STATEMENT (UNAUDITED)
FOR THE QUARTER ENDED 31st MARCH 2011
Pantheon International Participations PLC ("PIP" or the "Company") presents its interim management statement for the period from 1st January 2011 to 31st March 2011. This constitutes the Company's second interim management statement in the financial year ending 30th June 2011, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
The Company published an unaudited Net Asset Value ("NAV") as at 31st March 2011 on 5th May 2011. This interim management statement summarises the information as at 31st March 2011 and any further developments up to 16th May 2011.
Investment Objective
PIP's primary investment objective is to maximise capital growth by investing in a diversified portfolio of private equity funds and, occasionally, directly in private companies.
Calls and Distributions
During the quarter ended 31st March 2011 PIP received distributions from private equity assets of £45.3m and invested £18.2m through calls to underlying private equity funds. Overall net cash inflow from investments amounted to £27.1m, representing an increase of £17.2m relative to the same period last year, and an increase of £4.7m relative to the quarter ended 31st December 2010.
Cash Balance and Remaining Facilities
As at 31st March 2011, PIP had cash and treasury bills equivalent to a total of £26.0m.
In addition, at 31st March 2011 the Company's $117.4m US dollar and €85.9m Euro bank loan facilities were completely undrawn. The Company also had available £150m of standby commitments to subscribe for redeemable shares. It should be noted that, if called, £100.5m of the proceeds from a redeemable share issue under the standby commitments would be needed to repay outstanding unsecured subordinated loan notes in issue at 31st March 2011.
Based on exchange rates at 31st March 2011, PIP's total available liquid financing capacity stood at £225m.
Standby Loan Notes
The Company has outstanding £100.5m of unsecured subordinated loan notes maturing on 15th November 2011. These comprise the following:
* £49.5m of Series A unsecured subordinated loan notes that were issued in December 2008. * £51.0m of Series B unsecured subordinated loan notes that were issued in September and October 2010.
Outstanding Commitments
PIP has made no new commitments in the quarter. Outstanding commitments to investments, which are likely to be called over several years, stood at £256.8m at 31st March 2011, calculated at exchange rates on that date.
Performance
The Company's Ordinary share price increased by 16.0% to 725.0p during the quarter, whilst the Company's redeemable share price increased by 24.1% to 670.0p. Since 31st March 2011 the share price of the Ordinary shares has increased to 763p and the share price of the Redeemable shares increased to 710p. The NAV per share increased by 7.6% during the quarter, to 1,052.4p.
Total Return Performance 1 Year 3 Years 5 Years 10 Years Since Inception % % p.a. % p.a. % p.a. % p.a. NAV per share 13.0 (1.3) 5.6 5.4 11.6 Ordinary share price 34.5 (5.1) (1.8) 3.0 10.3 MSCI World (Sterling) Total 7.8 7.7 4.3 3.4 6.7Return FTSE All-Share Index Total 8.7 5.4 3.7 4.7 8.0Return
PIP was launched on 18th September 1987. £1,000 invested at inception, assuming reinvestment of dividends and capital repayments, would have been worth approximately £10,095 at 31st March 2011.
General Information 31/03/2011 31/12/2010 Change NAV per share 1,052.4p 978.5p 7.6% Ordinary share price 725.0p 625.0p 16.0% Redeemable share price 670.0p 540.0p 24.1% Net Assets £698.7m £649.6m 7.6% Outstanding commitments £256.8m £275.8m (6.9%)
Other than as described above the Board is not aware of any events during the period from 31st March 2011 to the date of this statement which would have a material impact on the financial position of the Company.
Tom BartlamChairman17th May 2011
The views, information and data in this announcement should not be deemed as a financial promotion or recommendation. Shareholders are advised that this statement is unaudited.
Ends
For further information please visit PIP's website at www.pipplc.com or contact:
Andrew Lebus or Alexis Barling
Pantheon
Tel: 020 7484 6200
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of this announcement.
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