Pantheon International completes £150m tender offer
The strike price for the tender offer was 305p per ordinary share, below the maximum tender price of 315p but above the trust’s current share price of 302p.
In a stock exchange notice today (18 October), the trust said the tender offer saw 49,180,327 ordinary shares acquired by the company, with 9.3% of share capital exiting.
The strike price for the tender offer was 305p per ordinary share, below the maximum tender price of 315p but above the trust's current share price of 302p, according to data from the Association of Investment Companies.
Pantheon International launches £150m tender offer as part of £200m share buyback scheme
The vast majority (48,145,173) of the ordinary shares were tendered below the strike price and accepted in full at share price, while 7,340,212 were made at strike price. Among those, PIN said it had purchased about 14.1% of the shares tendered at the strike price.
All ordinary shares acquired by the trust will be cancelled, it said, with the settlement planned for next week (26 October).
The move follows the launch of a £150m tender offer on 25 September, which kicked off the trust's £200m share buyback programme announced in August, which will be carried out during the current financial year to 31 May 2024.
In a research note, Numis analyst Ewan Lovett-Turner said the announcement was a «good result» for the trust, as it starts the implementation of its «bold» capital allocation policy.
Investec reiterates 'Buy' rating for Pantheon International on £200m share buyback launch
«The shares should benefit from a more supportive shareholder register, given shareholders who were most motivated to exit/sell shares have been given an exit,» he said.
In a separate research note, Investec analysts
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