Directorate Change

RNS Number : 2367F

Port Erin Biopharma Investments Ltd

13 June 2012

 



Port Erin Biopharma Investments Limited

 ("Port Erin" or the "Company")

Directorate Change

Port Erin, the AIM listed company focused on investing in the biotechnology and biopharmaceutical sectors, today announces that Tom Winnifrith has stepped down from the Board with immediate effect.

Accordingly the agreement as set out in the AIM Admission Document whereby T1ps Investment Management (IOM) Limited received new Ordinary Shares equivalent to 7.5 per cent. of any increase in the Net Asset Value of the Company over each quarterly period will cease forthwith. The performance fee due to Shellbay Investments Limited ("Shellbay") will continue to be on the same terms as set out in the AIM Admission Document, except that Shellbay will now receive new Ordinary Shares equivalent to 14.5 per cent. of any increase in the Net Asset Value of the Company over each quarterly period.

Denham Eke, a Director of the Company, is a Director of Shellbay. Shellbay is wholly owned by a trust in which Jim Mellon, Chairman of the Company, has a life tenancy.

Enquiries:

Port Erin Biopharma Investments Limited
Denham Eke	([phone]
Libertas Capital Corporate Finance Limited
Sandy Jamieson	([phone]
Rivington Street Corporate Finance Limited
John Levinson	([phone]

 

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