7th Jun 2024 10:45
(Alliance News) - Pantheon International PLC on Friday announced its latest buyback as part of a wider ongoing programme.
In May, the London-based internationally focused investment trust said it bought back GBP189.6 million worth of shares as part of its GBP200 million buyback programme, scheduled to complete by June 1.
The buyback formed part of Pantheon's wider "shareholder-focused" capital allocation policy, which aims to address the "significant discount" of its share price to net asset value.
The repurchases in May resulted in a 4.5% uplift in the trust's March NAV.
Building on this, Pantheon said it has now appointed Investec Bank PLC and JP Morgan Securities PLC to acquire the company's 6.70p ordinary shares at 5.0% above the average market value for the preceding five business days.
Pantheon International shares were up 0.2% to 325.15 each in London on Friday morning.
The overall programme approved the repurchase of up to 15% of issued shares before the next annual meeting in October.
By Elijah Dale, Alliance News reporter
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