Net Asset Value to 30 September 2014

RNS Number : 8179U

Port Erin Biopharma Investments Ltd

21 October 2014

 



For immediate release

21 October 2014

Port Erin Biopharma Investments Limited

 (the "Company")

Net Asset Value calculation to 30 September 2014

Jim Mellon, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 30 September 2014 was 14.42 pence per share, including un-invested cash of £490,797. The accrual of £379,053 for the management fee has now been settled. The portfolio is valued under IFRS at bid price.

Total Assets stand at £4.9 million and Investments stand at £4.4 million. This quarter's NAV represents a decrease of 1.97% from the previous valuation of 14.71 pence per share, which included un-invested cash of £526,503. On this basis, no additional management fee is due to Shellbay Investments Limited.

Our holding in the Magna Biopharma Income Fund continues to perform well, the value having risen by 12% to £2.6 million in the nine months since inception.

The Directors' intend to make a further announcement about the distribution of Magna Biopharma Income Fund shares at the end of the month which marks the conclusion of the lock-in period."

		Unaudited to 30 September 2014 £
Fixed Assets
	Investments	4,408,633
Current Assets
	Debtors: amounts owing	24,477
	Un-invested cash	490,797
Current Liabilities
	Creditors: amounts due	(39,027)
		4,884,880
Capital and Reserves
	Share Capital	34
	Share Premium	2,759,551
	Current year's earnings	(96,546)
	Retained earnings	2,221,841
		4,884,880
Shares in Issue		33,864,836
Asset Value per share		14.42 pence

--- ENDS ---

Portfolio Details

Investments as at 30 September 2014	Value	% of Total Portfolio
Magna Biopharma Income Fund	£2,613,899	59.29%
Plethora Solutions Holdings	£600,625	13.62%
Summit Corporation	£586,499	13.30%
Other quoted holdings	£209,110	4.74%
Other unquoted holdings	£398,500	9.04%
Total	£4,408,633	100.00%

For further information, please contact:

Port Erin Biopharma Investments Limited	Beaumont Cornish Limited	Peterhouse Capital Limited
The Company	Nomad	Broker
Denham Eke [phone]	Roland Cornish [phone]	Guy Miller [phone]

 

END

 

 

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