Pantheon International NAV per share falls in March

21st Apr 2023 07:37

(Sharecast News) - Pantheon International (PIP) reported an unaudited 31 March net asset value (NAV) of 456.6p per share in an update on Friday.

The FTSE 250 company said that represented a decrease of 6.8p, or 1.5%, from its net asset value per share on 28 February.

Over the month, valuation gains were positive at 0.6p per share, while investment income added 0.2p and share buybacks added 0.3p.

Foreign exchange movements, however, were negative at -7.3p, while expenses and taxes took away -0.6p.

PIP said its valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which it has holdings.

As at 31 March, 12% of reported valuations were dated 31 March, 77% were dated 31 December 2022, 10% were dated 30 September 2022 and 1% were dated 30 June 2022 or earlier.

Of the 12% of valuations dated 31 March, the firm said 8.9% reflected the mark-to-market fair value adjustment for its listed company holdings.

PIP's private equity assets stood at £2.4bn at the end of March, while net available cash balances totalled £59m.

The asset-linked note outstanding amounted to £32m.

Undrawn commitments to investments came in at £890m, calculated using exchange rates at the end of March.

PIP added that it maintained a five-year £500m multi-tranche, multi-currency revolving credit facility agreement that remained due to expire in July 2027.

The facility was still undrawn at the end of March.

"Although the company made no new commitments during the month, PIP's pipeline points to an active period for new investments in the coming months," the board said in its statement.

"PIP invested £1.8m in share buybacks during the month, acquiring 750,000 shares at a weighted average price of 234p per share.

"This price represented an average discount of 49.5% to the prevailing net asset value per share at the time of the transactions."

At 0801 BST, shares in Pantheon International were down 0.34% at 239.19p.

Reporting by Josh White for Sharecast.com.