Transaction in Own Shares

RNS Number : 8539U

Pantheon Infrastructure PLC

31 March 2023

 

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.

31 March 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

Pantheon Infrastructure Plc

Share Buybacks

The Board and Investment Manager of Pantheon Infrastructure Plc ("PINT" or the "Company") note that recent weeks have been a challenging period for many infrastructure investment companies and that the Company's shares are currently trading at a material discount to NAV. The Board considers that the share price at which the Company currently trades materially undervalues its portfolio and prospects and is announcing its intention to undertake a share buyback programme should this persist.

At launch, the Board set out its views relating to discounts and how they may be addressed if they develop and become persistent. This statement envisaged a scenario in which the Company had been operating for at least three years and had a maturing portfolio of assets. Nevertheless, the Board does not believe that the current discount is appropriate for the quality of the assets that the Company owns and intends to commence buying back shares up to a total consideration of £10 million.

The Board believes that any such buybacks completed would be an attractive use of capital, whilst also retaining sufficient capital to access the attractive pipeline of investment opportunities that the Company enjoys and ensure its ongoing ability to pay its dividend.  Pipeline opportunities span the Energy Efficiency, Renewables, Digital and Transport and Logistics sectors, and if executed upon would continue to add diversification to the Company's portfolio.

There is no certainty that any buybacks will be completed and buybacks will only be undertaken where the Board believes it to be in the shareholders' interest at the prevailing share price.

Share buybacks will be carried out with shareholder authorisation, renewed at the Company's Annual General Meeting on 30 March 2023, which allows for purchases of shares by the Company in the market for up to 14.99% of the Company's issued share capital.

The Board remains confident that PINT's portfolio of existing assets is delivering against business plans and that the due diligence and underwriting process in selecting these assets was robust in light of the volatile macro backdrop. Inflation linked cash flows and downside protection are important characteristics of these assets.

In demonstration of this confidence, and as previously announced, Directors' total shareholdings have increased to 303,261 shares, an increase of 63,261 shares since the announcement of the Company's Annual Financial Report on 2 March 2023.  In addition, thirteen Partners of Pantheon collectively hold a further 1,232,570 shares as at 31 December 2022.

The Company is satisfied that it is not currently in a closed period, nor is it party to any inside information which has not previously been notified to a Regulated Information Service. This includes the net asset value per share as at 31 December 2022 of  98.9 pence, published on 2 March 2023.

For further information, contact: 

Pantheon Ventures (UK) LLP Investment Manager Richard Sem, Partner Harriet Alexander, Vice President	[phone] [e-mail]
Investec Bank plc Corporate Broker Tom Skinner (Corporate Broking) Lucy Lewis (Corporate Finance)	[phone]
TB Cardew Public relations advisor Ed Orlebar Tania Wild Henry Crane	[phone] [e-mail] [phone] [phone] [phone]

Notes to editors

Pantheon Infrastructure PLC (PINT)

Pantheon Infrastructure PLC is a closed-ended investment company and an approved UK Investment Trust, listed on the Premium Segment of the London Stock Exchange's Main Market. Its Ordinary Shares trade under the ticker 'PINT'. The independent Board of Directors of PINT have appointed Pantheon, one of the leading private markets investment managers globally, as investment manager. PINT aims to provide exposure to a global, diversified portfolio of high-quality infrastructure assets through building a portfolio of direct co-investments in infrastructure assets with strong defensive characteristics, typically benefitting from contracted cash flows, inflation protection and conservative leverage profiles.

Further details can be found at www.pantheoninfrastructure.com

LEI 213800CKJXQX64XMRK69

Pantheon

Pantheon is a leading global private equity, infrastructure & real assets, private debt and real estate investor with 40 years' experience sourcing and executing private market investment opportunities on behalf of clients. Pantheon has US$88.9 billion in assets under management and advice (as at 30 September 2022) and employs over 460 staff, including more than 140 investment professionals, across offices in London, San Francisco, New York, Chicago, Hong Kong, Seoul, Bogotá, Tokyo, Dublin, Berlin and a presence in Tel Aviv.

Further details can be found at www.pantheon.com

 

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