Last checked at 
28 Sep 2011 14:30
28th September 2011
Termination of Remaining Standby Commitments
The Board of Pantheon International Participations PLC (the "Company") today announces that it is terminating all the remaining commitment obligations of the institutions (the "Standby Investors") who agreed to subscribe for redeemable shares of £0.01 each in the capital of the Company ("Redeemable Shares") pursuant to the terms of standby subscription agreements entered into with the Company ("Standby Commitments"). The termination of the remaining Standby Commitments will be effective on 30th September 2011.
The Standby Commitments were entered into between 2005 and 2008 and required the Standby Investors to commit to subscribe for Redeemable Shares in an amount up to £150 million. Following the partial utilisation of the Standby Commitments on 24 August 2011, pursuant to which the Company effectively exchanged the full balance of the Company's outstanding loan notes in an amount of £100.5 million for the issue of 9,102,279 new Redeemable Shares, the Company has £49.5 million of unutilised commitments, £42.9 million of which are due to expire on 31st December 2011 and £6.6 million of which are due to expire on 31st December 2012.
As a result of the undrawn commitments having reduced in significance in relation to the Company's assets and the Company having entered into a new loan facility, which expires in June 2015, the Board has concluded that it is unlikely that the Company will need to utilise the remaining £49.5 million of Standby Commitments. Accordingly, the Board has today issued the necessary notices in order to terminate the Standby Commitments with effect from 30th September 2011. By terminating these commitments, the Company will avoid incurring further commitment fees that would otherwise have been payable for the remaining period of the commitments. Following their cancellation, the Company's capital structure and financing arrangements will be further simplified and the Standby Commitments will no longer appear in the Company's accounts as derivative assets under FRS 26, thus simplifying the presentation of the Company's financial information.
Ends NOTESPIP
Pantheon International Participations ("PIP") is a London quoted investment trust, managed by Pantheon, one of the longest-established international private equity fund-of-funds manager, investing in both primary funds and secondary transactions. With investments in private equity funds, covering late stage buyouts to early stage technology, PIP enables individuals as well as institutions to gain access to a substantial portfolio of unquoted companies in the USA, the UK, Continental Europe and Asia, within funds managed by experienced private equity managers. PIP may occasionally acquire direct holdings in unquoted companies, usually where a vendor is seeking to sell a combined portfolio of funds and direct holdings. PIP's investment policy also extends to investing directly in companies where there is a private equity manager well known to the Company investing on the same terms.
Pantheon
Pantheon has been active in private equity since 1982 and is now one of the world's leading private equity fund-of-funds managers, with £15.1 billion under management (as at 31st March 2011). Pantheon has offices in London, San Francisco, New York and Hong Kong, and has made investments in over 1,000 funds globally.
For more information please visit PIP's website at www.pipplc.com or contact:
Andrew Lebus or Alexis Barling
Pantheon
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.
XLON