5th Nov 2009 07:00
5th November 2009
PANTHEON INTERNATIONAL PARTICIPATIONS PLC
NET ASSET VALUE AT 30th SEPTEMBER 2009
The Board of Pantheon International Participations PLC ('PIP'), the quoted private equity fund-of-funds investment trust, today announced an unaudited net asset value per share and redemption value per redeemable share of 826.5p at 30th September 2009 (773.6p at 30th June 2009). This represents an increase of 6.8% per share.
The unaudited net assets attributable to ordinary shareholders and redeemable shareholders increased by 35.1m in the quarter from 513.6m to 548.7m. Valuation uplifts accounted for 11 million of gains while exchange rate changes added a further 27 million. Interest and expenses totalled approximately 3m.
Cash Balance and Remaining Facilities
As at 30th September 2009, PIP had cash balances totalling 45m.
In addition at 30th September 2009, 30m of its 150m available bank loan facility remained undrawn and 150m of standby commitments to subscribe for redeemable shares. It should be noted that, if called, 49.5m of the proceeds from a redeemable share issue under the standby commitments would be needed to repay the outstanding loan notes.
As such, PIP's available financing capacity stood at 175.5m at 30th September 2009.
Loans
A total amount equal to 120m was drawn down under PIP's loan facilities at 30th September 2009. In addition, the Company has outstanding 49.5m of unsecured subordinated loan notes.
Calls and Distributions
In addition to sales proceeds from disposals agreed prior to 30th June of 11.5m, during the quarter ended 30th September 2009 PIP received distributions from private equity assets of 9.1 million. PIP invested 17.1 million in private equity assets.
Outstanding Commitments
PIP has made no new commitments to new investments. Outstanding commitments to investments, which are likely to be called over several years, stood at 389.6m at 30th September 2009 calculated using exchange rates as at that date.
Foreign Exchange Exposure
At 30th September 2009, the value of the private equity investment assets stood at 680.9m. Of the private equity investment assets at PIP's holding level 72% were represented by funds reporting values denominated in US dollars, 22% denominated in euros and 5% denominated in sterling. Of the 72% of investment assets denominated in US dollars, approximately 4% are invested in funds investing mainly in Europe and approximately 9% in funds investing mainly in Asia. In addition to the funds reporting values denominated in sterling, many of the euro denominated funds have investments in the UK.
Valuation Policy
PIP's valuation policy for private equity funds is based on the latest accounts produced by the managers of the funds in which PIP has holdings. In the case of the valuation as at 30th September 2009, the majority of valuations (accounting for circa 96% by value) are dated 30th June 2009. Private equity funds may contain a proportion of quoted shares from time to time, for example where the underlying company investments have been taken public but the holdings have not yet been sold. The quoted market holdings at the date of the latest fund accounts are reviewed and compared with the value of those holdings at the year end. If there has been a material movement in the value of these holdings, the valuation is adjusted to reflect this.
Ends NOTESPIP
Pantheon International Participations (`PIP') is a London quoted investment trust, managed by Pantheon Ventures Ltd., 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. www.pipplc.com
Pantheon Ventures Ltd.
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 13 billion under management (as at 30th June 2009), investments in over 500 private equity funds in over 30 countries and offices in London, San Francisco, New York and Hong Kong. Pantheon is part of Russell Investments.
For more information please contact:
Andrew Lebus 020 7484 6200
vendorRelated Shares:
Pantheon International