PANTHEON (LON:PIN) Hardman & Co Research: Pantheon International Plc (PIN) : The real costs of public vs. PE ownership

Transparency directive : regulatory news

14/01/2021 17:00

Hardman & Co Research
Hardman & Co Research: Pantheon International Plc (PIN) : The real costs of public vs. PE ownership

14-Jan-2021 / 16:00 GMT/BST

Hardman & Co Research: The real costs of public vs. PE ownership

In this note, we use some high-profile, mainly hostile, bid situations to illustrate the "agency" costs that can be a material drag on the performance of a listed equities portfolio. The strong corporate governance embedded in PE limits such costs, allowing i) a long-term focus (with a through-cycle perspective), ii) shorter periods of operational underperformance, iii) reduced risk of non-financially motivated acquisitions, and iv) aligned managers' and shareholders' interests. While PE is resource-intensive, we demonstrate how PIP avoids agency costs - a material factor in it delivering market-beating, post-cost returns since inception.

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Mark Thomas

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Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement.

About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.

Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies.  It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.


Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

End of Announcement - EQS News Service

1160732  14-Jan-2021 


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