Pantheon International PLC (LSE:PIN) is keeping the focus on its share price discount, buying back £9.8 million of stock in October as its shares continued to trade well below the value of its underlying assets.
The trust repurchased 2.79 million shares at an average of 352.7p, around 31% under its October net asset value (NAV) per share of 519.3p.
A discount of this size means investors can buy £1 of assets for roughly 69p, so buybacks tend to lift NAV for remaining holders. Pantheon said buybacks over the five months to 31 October totalled £38.4 million and added 0.9% to May’s NAV per share.
The company has now built a £52.7 million “Distribution Pool” to fund further buybacks and other returns.
October NAV rose 1.7% to £2.3 billion, helped by currency moves, while the portfolio generated £21.8 million of net cash and made a £5.4 million co-investment in French insurance broker Kereis.