Pantheon International plans to allocate portion of portfolio cashflow to buybacks

Based on discount levels

Valeria Martinez
clock • 3 min read

Pantheon International (PIP) has set out the second stage of its three-step capital allocation policy, as its £200m buyback programme nears its conclusion.

In a stock exchange notice today (16 May), the £2.2bn trust committed to invest a portion of its future cash flows from distributions on its own shares when these are trading at a significant discount to NAV, with effect from 1 June. Allocation to buybacks will be based on the adjusted net portfolio cashflow (ANPC), which is defined as portfolio distributions less investment calls and ongoing charges, as well as near term cash outflows, including debt principal repayments due in the next six months.  The ANPC will be assessed at the end of each of PIP's financial quarters and will be ...

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