Pantheon International PLC (LSE:PIN) has provided an update on Step Three of its corporate strategy, ahead of its Capital Markets Afternoon event.
The next phase builds on previous initiatives - which included a £200 million share buyback programme, balance sheet restructuring and enhanced board composition - and will see a 'refined' investment approach aimed at improving long-term net asset value (NAV) performance.
It also brings a more consistent deployment model to guide capital through economic cycles, while maintaining focus on investment quality and portfolio composition, the investment company said.
Meanwhile, a new buyback pool funded by 20% of gross distributions will be used at the board’s discretion when shares trade at a discount above 20%.
"Step Three of our corporate strategy aims to increase demand for PIN's shares and narrow the discount at which they trade. The strategy leverages our key strengths of board proactivity and exceptional board level PE experience," said chair John Singer.
"We are now ready to implement a number of tactical changes which we believe, when taken together, will further strengthen the company balance sheet and improve PIN's long-term NAV performance,"
Singer added: "We look forward to providing more information on our ongoing programme at the end of the year but we believe that these actions, coupled with our initiatives to grow PIN's profile and attract new shareholders, reflect the board's continuing focus and commitment to listening to our shareholders, and putting them and their interests first."