Pantheon International PLC (LSE:PIN) has released further details on its £200 million share buyback scheme announced in August.
Since that announcement, Pantheon has bought approximately £7.35 million from the market at prices ranging from 269.5p to 281.5p.
In today’s RNS, Pantheon’s directors called on shareholders to take part in a £150 million reverse auction of ordinary shares by specifying their minimum share price between 280p and 315p, as set out in a circular sent out to shareholders.
Pantheon noted that shareholders who decide not to take part in the buyback offer will benefit from net asset value accreditation on their stake.
Following completion of the tender offer, the remaining balance of the £200 million will be available for further share buybacks until the end of the financial year.
"By committing up to £200m to buy back Pantheon InternationaI's shares, on behalf of shareholders we will capture the exceptional value offered by the company's high-quality portfolio,” PIP chair John Singer said during the August announcement.
“Investors in PIP will also benefit from our intention to dedicate a proportion of future net cash flow to share buybacks while still making new investments with many of the best PE managers in the world.”