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14 May 2007 07:00
PANTHEON INTERNATIONAL PARTICIPATIONS PLC ("PIP") Proposed Placing and Open Offer 14 May 2007
Following the announcement made by PIP on 19 March 2007, the Board of Directors announces that it is proposing to raise up to ‚£100 million by way of a Placing and an Open Offer of ordinary shares in PIP (the "Issue"). The Issue would be priced at NAV as at 30 April 2007 plus a small premium estimated to cover the costs of the Issue. The Open Offer would be made to existing ordinary shareholders on the basis of one ordinary share for every 5 ordinary shares held on the record date.
PIP is the longest-established private equity fund-of-funds quoted on the London Stock Exchange, enabling private investors as well as institutions to gain access to a substantial portfolio of unquoted companies in the US, UK, Continental Europe and Asia, within funds managed by experienced private equity managers.
PIP's primary investment objective is to maximise capital growth by investing in private equity funds, and, occasionally, directly in private companies.
PIP has had an active year, committing a record ‚£281 million to private equity investments in the nine month period ended 31 March 2007, compared to ‚£240 million committed to investment during the whole of the previous year.
The proceeds of the Issue would provide PIP with increased financial resources to implement its investment strategy and in particular, to participate in secondary investments as the market for these interests grows. Commitments under PIP's primary investment programme are expected to substantially absorb the cash generated from existing assets. In addition, the proceeds of the Issue would be used to repay amounts currently drawn down (‚£20 million as at 30 April 2007) under PIP's principal loan facility.
The Placing and Open Offer would be subject to the approval of ordinary shareholders to be sought at an extraordinary general meeting proposed to be held on 14 June 2007.
Further details will be announced when the prospectus is published.
Expected timetable:
30 April 2007 Special NAV calculation date for the purpose of the Issue
Week commencing Publication of the prospectus
21 May 2007
13 June 2007 Open offer closes
14 June 2007 Extraordinary General Meeting to approve the Issue
Last date for receipt of placing commitments
20 June 2007 Admission and commencement of dealings in new ordinary shares
Contacts:
Rhoddy Swire +44 207 484 6200
Pantheon International Participations PLC
Andrew Lebus +44 20 7484 6200
Pantheon Ventures Limited
Lewis Aldridge +44 20 7484 6200
Pantheon Ventures Limited
Andrew Zychowski +44 20 7475 6681
Dresdner Kleinwort
Dominic Waters +44 20 7475 6688
Dresdner Kleinwort
Robbie Robertson +44 20 7475 6674
Dresdner Kleinwort
Dresdner Kleinwort Securities Limited, which is authorised and regulated by the Financial Services Authority, is acting for Pantheon International Participations PLC (the "Company"), and for no-one else in connection with the contents of this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to customers of Dresdner Kleinwort Securities Limited, or for affording advice in relation to the contents of this announcement or any matters referred to herein. Dresdner Kleinwort Securities Limited is not responsible for the contents of this document. Dresdner Kleinwort Securities Limited has given and not withdrawn its written consent to the issue of this announcement with the inclusion of the reference to its name in the form and context in which it is included.
Not for release, publication or distribution in whole or in part, directly or indirectly in or into the United States, Australia, Canada, Italy, Japan, Republic of South Africa or New Zealand or any other jurisdiction where to do so might constitute a violation of local securities law or regulation or require any action to be taken to register or qualify. Any failure to comply with this restriction may constitute a violation of the laws of the relevant jurisdiction.
PANTHEON INTERNATIONAL PARTICIPATIONS PLC