18th Nov 2005 15:13
18 November 2005For immediate release Pantheon International Participations PLC Pantheon International Participations PLC (the "Company") announced on 28October 2005 that it intended to redeem up to 1,395,264 Redeemable Shares ofthe Company at a price per Redeemable Share of 716.71p (being the net assetvalue per share of the Company as at 30 September 2005) and having an aggregatevalue at such price of up to approximately ‚£10 million. On the same date theCompany issued a circular to holders of Redeemable Shareholders inviting themto tender for redemption all or any of their holding of Redeemable Shares andinforming them of the procedure for redemption (the "Circular").Valid tenders for redemption have been received from 68 holders of RedeemableShares in respect of a total of 7,675,438 Redeemable Shares and, in accordancewith the redemption procedure, 1,395,235 Redeemable Shares have today beenredeemed. As the number of Redeemable Shares validly tendered for redemptionexceeded 1,395,264, larger tenders were subject to scaling back as contemplatedin the Circular. The Directors determined that the threshold amount for largertenders should be 85 Redeemable Shares. Accordingly, Redeemable Sharesrepresented by valid Redemption Tender Notices received in respect of 85 orfewer Redeemable Shares and amounting to 276 Redeemable Shares in aggregatehave been redeemed in full. Valid tenders in respect of more than 85 RedeemableShares (amounting to 7,675,162 Redeemable Shares in aggregate) were scaled backon a proportionate basis such that, in respect of each such tender, the numberof Redeemable Shares redeemed was approximately 18.175% of the number ofRedeemable Shares to which the tender related (rounded down to the nearestwhole number of Redeemable Shares).Following the redemption 30,117,964 Redeemable Shares remain in issue.The Annual General Meeting of the Company will be held on the 22nd November2005, at which resolutions will be proposed to authorise the Directors of theCompany, for purposes of section 80 of the Companies Act 1985, inter alia toallot the whole of the unissued redeemable share capital of the Company and todisapply, subject to certain limitations, the statutory pre-emption rights insection 89 of the Act in relation to any such allotment(s). The redemptionannounced today will increase the unissued redeemable share capital of theCompany by ‚£13,952.35 to ‚£698,820.36 comprising 69,882,036 Redeemable Shares of1p each.For more information:Pantheon International Participations PLC 020 7484 6200Rhoddy SwirePantheon Ventures 020 7484 6200Alastair Bruce / Andrew Lebuswww.pipplc.com [email protected]: 333873-1ENDPANTHEON INTERNATIONAL PARTICIPATIONS PLCRelated Shares:
Pantheon International