Notice of General Meeting

RNS Number : 2455R

Port Erin Biopharma Investments Ltd

24 October 2013

 



Port Erin Biopharma Investments Limited

("PEBI" or the "Company")

Notice of Meeting of Shareholders

Proposed change of the Company's existing investing policy

Port Erin Biopharma Investments Limited (AIM: PEBI) is pleased to announce that it is convening a meeting of the Company's shareholders ("Meeting") to consider, and if thought fit, approve a proposed change of the Company's existing investment policy.

PEBI's Board believes that the proposed new investing policy reflects the preferred strategy of the Company moving forward whist providing the Company's shareholders the opportunity to eliminate the discount to Net Asset Value reflected in the Company's share price. The proposed investing policy would permit the Directors to make an in specie exchange of all the Company's qualifying assets into a UCITS fund, the Magna Biopharma Income Fund, followed by a further meeting of the Company's shareholders in one year's time, to consider the pro rata distribution of the UCITS fund's shares to the Company's shareholders or the pro rata distribution of the equivalent amount in cash. The Company will still continue to trade on AIM and the Board will continue to review potential investment or acquisition opportunities in line with the proposed new investing policy but has not, at this stage, entered into any firm commitment in connection with any investments or acquisitions.

The Directors believe that current market conditions will provide good opportunities for a positive return from the above investments in the Biopharma sector.

The Meeting is to be held in the Sanderson Suite, the Claremont Hotel, 18-22 Loch Promenade, Douglas, Isle of Man IM1 2LX at 10:00 a.m. GMT on 11 November 2013. The circular containing the Notice of Meeting and the full text of the proposed investing policy is being posted to shareholders today and will be shortly available on the Company's website www.porterinbiopharma.com.

Contact details:-

Port Erin Biopharma Investment Limited	Libertas Capital Corporate Finance Limited	Peterhouse Corporate Finance Limited
Denham Eke	Sandy Jamieson	Jon Levenson
[phone]	0203 697 9495	0207 469 0930

The full text of the proposed investing policy is set out below:-

The Company will invest in the Biopharma Sector and will establish a portfolio of investments in biotechnology and biopharmaceutical companies.

The Company will invest in equity and equity related products in both quoted companies, which offer the benefits of liquidity, and in unquoted companies which offer the attraction of additional capital gains upon completion of a successful IPO.

The Company may also invest in shares of collective investment schemes ("UCITS") with exposure to the Biopharma Sector and in long-term equity participation securities the underlying securities of which will be based on Biopharma Sector securities and/or indices relating to the Biopharma Sector. The Company may invest in Biopharma Sector debt. Investments in Biopharma Sector debt shall not exceed 15 per cent. of the Net Asset Value of the Company.

The Company will be ungeared and will be a passive investor.

The Company aims to deliver capital growth by realising capital gains when it considers that the valuation of individual investments looks to be excessive or, as is often the case in this sector, as a result of trade sales.

Assets and investments will be held by the Company directly or through the individual share custodians of the brokers used by the Company to acquire the shares.

Any material variation to the Investing Policy will require the approval of Shareholders at a general meeting of the Company in accordance with the AIM Rules for Companies.

-ENDS-

 

END

 

 

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