NAV & Investment in AgeX Therapeutics Inc.

RNS Number : 6320L

Port Erin Biopharma Investments Ltd

20 July 2017

 

20 July 2017

Port Erin Biopharma Investments Limited

(the "Company")

Net Asset Value calculation to 30 June 2017

Investment in AgeX Therapeutics Inc.

The unaudited Net Asset Value ("NAV") calculation for the Company as at closing on 30 June 2017 was 9.35 pence per share, including un-invested cash of £875,885. The portfolio is valued under IFRS at bid price.

Net Assets stand at £2.2 million including investments of £1.1 million and un-invested cash of £0.9 million. This quarter's NAV represents a decrease of 11.5% from the previous valuation of 10.56 pence per share, which included un-invested cash of £3,285. No management fee is due to Shellbay Investments Limited.

Post-period end, the Company has subscribed for US$250,00 of shares in AgeX Therapeutics, Inc. ("AgeX") in an ongoing financing round to raise up to US$10 million. The investment, which represents a substantial transaction, was made in accordance with the Company's investing policy and alongside an investment made by Jim Mellon, the Company's Chairman. AgeX is a spin-off from BioTime, Inc. which is quoted on the NYSE (BTX) and has been formed to consolidate certain BioTime subsidiaries and programs in the field of interventional gerontology.

Jim Mellon, Chairman, commented: -

"The reported NAV to 30 June 2017 decreased mainly due to a reduction in the value of the Regent Pacific Group investment which has fallen by 37% over the quarter. However, our investment in SalvaRx Holdings PLC has increased by 48% during the period on the back of positive news flow from their 8.5% investment holding in Intensity Therapeutics.

"We firmly believe that the science of anti-ageing represents a major opportunity and are pleased to announce the investment in AgeX which is focused on developing new therapies in the field of regenerative medicine."

		Unaudited to 30 June 2017   £
Fixed Assets
	Investments	1,105,523
Current Assets
	Loan receivable	200,000
	Sundry Debtors	17,091
	Un-invested cash	875,885
Current Liabilities
	Creditors: amounts due	(30,043)
		2,168,456
Capital and Reserves
	Share Capital	23
	Share Premium	1,890,142
	Reserves	278,291
		2,168,456
Shares in Issue		23,195,558
Net Asset Value per share		9.35 pence

Portfolio Details

Investments as at 30 June 2017	Value	% of Total Portfolio
Regent Pacific Group	£341,859	30.92%
Summit Corporation	£213,383	19.30%
SalvaRx Holdings PLC	£76,852	6.95%
Other quoted holdings	£51,482	4.66%
Other unquoted holdings	£421,947	38.17%
Total	£1,105,523	100.00%

For further information, please contact:

Port Erin Biopharma Investments Limited	Northland Capital Partners Limited	Peterhouse Capital Limited
The Company	Nominated Adviser and Broker	Joint Broker
Denham Eke (+44) (0) 1624 639396	Matthew Johnson / Jamie Spotswood (+44) (0) 203 861 6625	Lucy Williams (+44) (0) 207 469 0936

 

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