The monthly update from Pantheon International PLC (LSE:PIN) (PIP) came with its net asset value (NAV) boosted by the £150 million tender offer completed on 19 October.
The tender offer saw 49,180,327 shares purchased by way of reverse auction at a strike price of 305p per share, representing a weighted average discount of 35% to the prevailing NAV per share at the time.
At the end of October, NAV per share had risen to 488.6p, up 17.8p or 3.8% over the month, but yesterday the shares closed at a price of 298.5p, a discount of 39%.
The FTSE 250 investment trust's total unaudited net asset value of £2.3 billion was boosted by 0.1% by investment income, 0.6% from currency swings and 3.5% by the tender offer, with -0.2% from valuation losses and 0.2% from expenses and taxes.
Of the valuations in PIP's portfolio as at 31 October, 17% are dated in September or October, 81% are dated 30 June and just 2% are dated 31 March or earlier.
Of the 8% of valuations dated 31 October 2023 or later, 7.2% reflect the mark-to-market fair value adjustment for PIP's listed company holdings.
PIP also secured a new £500 million equivalent loan facility provided by five relationship lenders, replacing a single lender before, which it said was more flexible and comes with a covenant package “that better supports utilisation under the loan facility, the completed tender offer and the ongoing share buyback programme”.