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March 31, 2005
LONDON, UK, March 31, 2005 - International law firm Covington & Burling has advised Pantheon International Participations PLC ("PIP"), an investment trust company and the longest-established private equity fund of funds traded on the London Stock Exchange, on its £87.5 million placing of new redeemable shares by Dresdner Kleinwort Wasserstein Securities with institutional investors, completed yesterday. The Covington team was led by partner Simon Currie and included tax partner David Hinds and associates Simon Amies and Adam Cowen.
Covington advised PIP on its capital restructuring undertaken in September 2004 creating PIP's class of redeemable shares. The shares, which participate equally with PIP's ordinary shares in dividends and surplus assets and are redeemable by PIP at net asset value, are designed to assist PIP in countering the effects of 'cash drag' on its investment performance by allowing PIP flexibility in raising funds for investment when required and returning excess cash generated by its underlying investment portfolio.
Covington partners Simon Currie and Simon Goodworth have advised PIP and other investment funds managed by PIP's manager, Pantheon Ventures Limited, and its associated companies, for more than 15 years.
"PIP's new capital structure has enabled the company to raise these additional funds for its continuing investment programme" said Andrew Lebus, partner at Pantheon Ventures with responsibility for PIP. "We are pleased to have had Covington advising PIP on these matters."