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 ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
