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17 Nov 2010 16:54
PANTHEON INTERNATIONAL PARTICIPATIONS PLC
INTERIM MANAGEMENT STATEMENT (UNAUDITED)
FOR THE QUARTER ENDED 30th SEPTEMBER 2010
Pantheon International Participations PLC ("PIP" or the "Company") presents its interim management statement for the period from 1st July 2010 to 30th September 2010. This constitutes the Company's first 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 30th September 2010 on 2nd November 2010. This interim management statement summarises the information as at 30th September 2010 and any further developments up to 17th November 2010.
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.
Cash Balance and Remaining Facilities
As at 30th September 2010, PIP had cash balances totalling £51.7m.
In addition at 30th September 2010, $54.4m of its $117.4m available US dollar bank loan facility remained undrawn and €37.9m of its €85.9m available euro bank loan facility remained undrawn. The Company also had available £150m of standby commitments to subscribe for redeemable shares. It should be noted that, if called, £88.6m 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 30th September 2010.
Based on exchange rates at 30th September 2010, PIP's total available liquid financing capacity stood at £180m.
Gearing
At 30th September 2010, $63.0m was drawn down under PIP's US dollar denominated loan facilities and €48.0m was drawn down under PIP's euro denominated loan facilities. In addition, the Company has outstanding £88.6m of unsecured subordinated loan notes (£49.5m of Series A unsecured subordinated loan notes were issued in December 2008. In the current financial year, £51.0m of Series B unsecured subordinated loan notes have been issued, £39.1m of which were issued on 30th September 2010 and £11.9m of which were issued on 1st October 2010).
Calls and Distributions
During the quarter ended 30th September 2010 PIP received distributions from private equity assets of £29.5 million. PIP invested £23.0 million in private equity assets.
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 £303.4m at 30th September 2010, calculated using exchange rates as at that date.
Performance
The Company's Ordinary share price increased by 20% to 582.5p during the quarter, whilst the Company's redeemable share price decreased by 2% to 540.0p. Since 30th September 2010 the share price of the Ordinary shares has increased to 604.0p and the share price of the Redeemable shares has remained at 540.0p. The NAV per share decreased by 2% during the quarter, to 944.2p.
Total Return Performance 1 Year 3 Years 5 Years 10 Years % % p.a. % p.a. % p.a. NAV per share 14.2% -1.4% 5.7% 4.3% Ordinary share price 47.8% -12.1% -3.0% 0.3% MSCI World (Sterling) Total 9.3% 0.6% 4.2% 0.7% Return FTSE All-Share Index Total 12.5% -1.0% 4.5% 2.8% Return
PIP was launched on 18th September 1987. £1,000 invested at inception, assuming reinvestment of dividends and capital repayments, would have been worth approximately £8,110 at 30th September 2010.
General Information 30/09/2010 30/06/2010 Change NAV per share 944.2p 958.7p (1.5%) Ordinary share price 582.5p 486.0p 19.9% Redeemable share price 540.0p 550.0p (1.8%) Net Assets £626.9m £636.5m (1.5%) Outstanding commitments £303m £331m (8.5%)
Other than as described above the Board is not aware of any events during the period from 30th September 2010 to the date of this statement which would have a material impact on the financial position of the Company.
Tom BartlamChairman17th November 2010
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 LebusPantheon Ventures LtdTel: 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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