7 June 2024
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information contained in this announcement is restricted and is not
for publication, release or distribution in the United States of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")
Share Buyback Programme
Following the announcement of the
Company's capital allocation policy ("CAP") on 16 May 2024, the
Board of PIP, the FTSE 250 private equity investment trust,
announces that it has appointed Investec Bank plc and J.P. Morgan
Securities plc (which conducts its UK investment banking activities
as J.P. Morgan Cazenove) (the "Banks") to acquire the Company's
ordinary shares of 6.7p each ("Shares") under an ongoing share buyback
programme (the "Share Buyback
Programme").
The maximum price payable for a
Share on the Main Market of the London Stock Exchange plc (the
"Exchange") is an amount
equal to the higher of:
• 105
per cent. of the average market value of the Company's Shares for
the five business days immediately preceding the day on which such
Share is contracted to be purchased; or
• the
higher of the price of the last independent trade and the highest
current independent bid on the Exchange.
Share buy-backs under the Share
Buyback Programme will be made pursuant to the authority granted to
the Company at its general meeting held on 19 October 2023 which
limits purchases of Ordinary Shares by the Company in the market to
14.99% of the Company's issued capital. The Company has
remaining authority to repurchase a maximum of 67,002,984 Shares before the next
annual general meeting of the Company (or such other general
meeting of shareholders at which authority to buy back shares is
obtained) to be held in October. Buybacks will be undertaken
pursuant to the Company's capital allocation policy and trading
decisions under the Share Buyback Programme will be made
independently of the Company.
This arrangement is in accordance
with Chapter 12 of the UK Financial Conduct Authority's Listing
Rules and the Company's general authority to repurchase
shares.
A buy-back of Shares on any trading
day may represent a significant proportion of the daily trading
volume in the Shares on the Exchange (and could exceed the 25%
limit of the average daily trading volume of the preceding 20
business days as referred to in the Commission Delegated Regulation
(EU) No. 2016/1052 on buy-back programmes (as it forms part of UK
law by virtue of the European Union (Withdrawal) Act
2018)).
The Company will announce any market
repurchase of Shares on the business day following the calendar day
on which the repurchase occurred. The Company intends that
the repurchased shares will be cancelled.
LEI: 2138001B3CE5S5PEE928
Contacts
Pantheon
Helen Steers / Vicki
Bradley
+44 (0)20 3356 1800
Jie
Gong
+65 6027 1060
Investec Bank plc
Joint
Corporate Broker
Lucy
Lewis
+44 (0)20 7597 4000
Tom Skinner
J.P. Morgan
Cazenove
Joint
Corporate Broker
William
Simmonds
+44 (0)20 3493 8000
Rupert Budge