Pantheon International launches "very large programme of share buybacks"

(via NewsDirect)

Pantheon International PLC (LSE:PIN) co-Manager Helen Steers speaks to Proactive's Thomas Warner after the investment trust published its annual financial report and announced a share buyback programme.

Steers starts by explaining the rationale for the revision to the fund's capital allocation strategy, saying that Pantheon is allocating up to £200mln towards acquiring shares in its own portfolio. She goes on to give her take on why Pantheon's portfolio has proven resilient during a difficult period for many in the market, highlighting the 'thoughtful' construction of the portfolio with 52% direct investments and a focus on information technology and healthcare. She suggests that the direct investments allow for selectivity and control, resulting in a 27% average uplift on exits.

Notable recent exits include a fourfold return on MediFox and a successful exit from interactive investor. Steers concludes by saying that "the quality of the portfolio is extremely high... we feel pretty confident about the ways that those companies are developing, and this is why seeing that enormous value in the portfolio we've announced this very large programme of share buybacks."

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