TIDMPIN
RNS Number : 8144N
Pantheon International PLC
26 May 2020
26 May 2020
For immediate release
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, Canada, Australia (other than to persons who are
both wholesale clients and professional or sophisticated investors
in Australia), Japan, the Republic of South Africa or any other
jurisdiction where its release, publication or distribution is or
may be unlawful.
Pantheon International Plc
("PIP" or the "Company")
Performance Update at 30 April 2020,
Update on the Manager's Provision and Announcement of an
increase in the revolving credit facility
Performance Update at 30 April 2020
2,729.9p NAV per share
-2.3% NAV per share movement for the month
GBP1.5bn Net asset value
GBP2.2m Net portfolio cash flow*
3.2x Financing cover**
+53% Total shareholder return (5Y)***
Month to 30 April 2020
PIP announced an unaudited net asset value ("NAV") per share as
at 30 April 2020 of 2,729.9p, a decrease of 65.0p (-2.3%) from the
NAV per share as at 31 March 2020. As at 30 April 2020, investment
income* added 0.8p (+0.0%) while valuation losses* were 12.4p
(-0.4%), foreign exchange movements* were -49.8p (-1.8%), and
expenses and taxes**** were -3.6p (-0.1%). See the update below for
information on the valuation movements in April.
At 30 April 2020, net of the Manager's Provision, PIP's private
equity assets stood at GBP1,427m, whilst net available cash
balances^ were GBP114m. The Asset Linked Note^^ ("ALN") outstanding
as at 30 April 2020 amounted to GBP64m. Undrawn commitments to
investments stood at GBP530m as at 30 April 2020, calculated using
exchange rates at that date. As at 30 April 2020, PIP's GBP175m
multi-currency revolving credit facility, which was redenominated
as a US$163.0m facility and a EUR59.8m facility, remained undrawn
as at the month end. As described below, today PIP is announcing
that it has increased the size of its facility from GBP175m to
GBP300m, which when redenominated brings the Company's facilities
to a total of US$269.8m and EUR101.6m respectively.
PIP made two new investments during the month amounting to
GBP3.4m of new commitments. This comprised: a GBP1.9m primary
commitment to Madison Dearborn Capital Partners VIII, a US large
buyout fund with a multi-sector investment strategy ; and a GBP1.5m
follow-on co-investment, alongside Apollo, in Athora, a European
life insurance company.
*Figures are stated net of movements associated with the ALN
share of the reference portfolio.
**Ratio of net available cash, portfolio value and undrawn loan
facility to outstanding commitments.
***Based on the change in the ordinary share price over the
period.
****Withholding taxes on investment distributions.
^Net available cash calculated as cash and net current assets /
(liabilities) less undistributed net cashflows associated with the
ALN.
^^Unlisted 10-year note issued on 31 October 2017 whose cost and
repayments are linked to a reference portfolio consisting of the
Company's older vintage funds.
Performance as at 30 April 2020^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% pa) (% pa) (% pa) (% pa)
NAV TR per share 5.0% 9.1% 12.2% 11.4% 11.5%
Ordinary share price (7.9%) 4.5% 8.9% 13.2% 10.9%
======= ======= ======= ======== ===============
FTSE All-Share TR (16.7%) (2.6%) 0.9% 5.0% 7.0%
======= ======= ======= ======== ===============
MSCI World (GBP)
TR (3.2%) 5.4% 9.1% 10.1% 7.7%
======= ======= ======= ======== ===============
^^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital
repayments and cash flow from warrants.
Update on the Manager's Provision (the "Manager's Provision") to
31 March 2020 valuations
The Manager's Provision of GBP122m, amounting to 226.3 pence per
share, was made against PIP's unaudited NAV as at 31 March 2020,
which was reported as 2,794.9 pence per share. The Manager's
Provision was a combination of the following elements: the
indicative guidance received from a large majority of PIP's private
equity managers - those managing 71% by value of PIP's underlying
portfolio - on the impact of the economic and market turmoil on the
value of their portfolio companies as at 31 March 2020; an
adjustment to the small proportion of the portfolio that consisted
of publicly listed investments to reflect the closing share prices
at the end of March, for frequently traded positions; and an
adjustment, using Pantheon's proprietary portfolio modelling tool,
for the remainder of the portfolio where guidance had not been
provided.
As at 30 April 2020, 8% of the valuations received from PIP's
private equity managers were dated 31 March 2020 and 2% represented
new investments held at cost. Consequently, 90% of April's
valuations are based on information which is unchanged from the
information included in the NAV reported in respect of 31 March
2020. The valuations that have been received dated 31 March 2020
are reflected in the valuation losses (-12.4pps, -0.4% of NAV) for
April against their previously unadjusted valuations. The Manager
noted the recovery that has been seen in the public equity markets
during April but in view of the very limited amount of new
valuation information received from the underlying private equity
managers over the same period, and the continuing uncertainty
surrounding the economic impact of the global slowdown relating to
COVID-19, the Manager considered it appropriate to leave the
Manager's Provision that was introduced in March unchanged at
GBP122m. As more substantial information relating to valuations as
at 31 March 2020 and subsequent quarters is received, this will be
reflected in the future announcements of monthly NAVs and the need
for the Manager's Provision reviewed accordingly.
Revolving credit facility increased to GBP300m, further
strengthening PIP's balance sheet
Continuing its prudent approach to balance sheet management, PIP
is pleased to announce the increase of its existing revolving
credit facility to GBP300m, up from GBP175m which was announced in
June 2018. The additional facility amount of GBP125m has been
provided by a new partner in the lending syndicate, State Street
Bank and Trust Company, and as a result, along with the existing
facility provided by Lloyds Bank Corporate Markets plc and NatWest
Markets plc, the Company will have access to revolving credit
facilities (the "Loan Facility") in an amount equal to GBP300m
through to its maturity date of 1 June 2022, with an option, by
further agreement, to extend the maturity date by a year to 1 June
2023.
Following this increase and the redenomination of the newly
committed facility of GBP125m into US dollars and Euros, the
aggregate Loan Facility of GBP300m is split into two tranches of
$269.8m and EUR101.6m to better match the principal currencies in
which the Company's undrawn commitments are denominated.
As at 30 April 2020, PIP had cash balances of GBP114m.
Therefore, based on current exchange rates, PIP's total available
liquid financial resources, taking into account the Loan Facility
and cash balances as at 30 April 2020, are equivalent to GBP420m.
Viewed in the context of the Company's unfunded commitments of
GBP530m as at 30 April 2020, this provides additional assurance as
to the Company's ability comfortably to finance its unfunded
commitments in the future.
Pantheon remains in close contact with the underlying managers
in PIP's portfolio and we will update investors as we receive
further material information. The team at Pantheon is available to
investors to answer any questions and can be contacted using the
details below.
Monthly Report
The April monthly newsletter can be accessed on PIP's website at
www.piplc.com in the Investor Relations section under the heading
"Newsletters".
This announcement contains inside information.
Ends
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com
or contact:
Pantheon
Helen Steers / Andrew Lebus / Vicki Bradley
020 3356 1800
NOTES
PIP
PIP is a listed FTSE 250 private equity investment trust,
overseen by an independent Board of Directors and managed by
Pantheon, one of the leading private equity investment managers
globally. PIP offers investors a liquid, differentiated entry point
to the excellent growth potential of global private equity, with
access to the primary, secondary and co-investment opportunities of
some of the best managers in the world. The Company has a track
record of outperformance and manages risk through diversification
and rigorous selection based on Pantheon's extensive experience and
international platform.
Pantheon
Pantheon is a leading global private equity, infrastructure,
real assets and debt fund investor that invests on behalf of over
550 investors. Founded in 1982, Pantheon has developed an
established reputation in primary, co-investment and secondary
private asset solutions across all stages and geographies. Pantheon
has $47.1 billion in AUM^^ (as at 30 September 2019) and 330
employees (as at 31 March 2020), including 99 investment
professionals, located across offices in London, San Francisco, New
York, Hong Kong, Seoul, Bogotá, Tokyo and Dublin.
^^ This figure includes assets subject to discretionary or
non-discretionary management, advice or those limited to a
reporting function.
Important Information
A copy of this announcement will be available on the Company's
website at www.piplc.com . Neither the content of the Company's
website, nor the content on any website accessible from hyperlinks
on its website for any other website, is incorporated into, or
forms part of, this announcement nor, unless previously published
by means of a recognised information service, should any such
content be relied upon in reaching a decision as to whether or not
to acquire, continue to hold, or dispose of, securities in the
Company.
Sir Laurie Magnus
Chairman, Pantheon International Plc
Beaufort House, 51 New North Road, Exeter, Devon, EX4 4EP
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END
MSCFLFEDEEIFFII
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May 26, 2020 02:00 ET (06:00 GMT)
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