Interim Management Statement

RNS Number : 3346H

Intl. Biotechnology Trust PLC

10 July 2012

 



INTERNATIONAL BIOTECHNOLOGY TRUST PLC (the "Company")

Interim Management Statement (Unaudited)

For the three months ended 31 May 2012

Introduction

The Board of International Biotechnology Trust plc is pleased to announce its Interim Management Statement ("IMS") in accordance with the requirements of the UK Listing Authority's Disclosure and Transparency Rules. The IMS covers the three month period ended 31 May 2012, together with relevant information up to the date of this announcement.

Investment Objective

The Company's investment objective is to achieve long-term capital growth by investing primarily in biotechnology and other life sciences companies that are either quoted or unquoted and possess the potential for high growth. The Company invests in companies whose shares are considered to have good prospects, with experienced management and strong potential upside through the development and/or commercialisation of a product, device or enabling technology. 

Material Events

On 13 April 2012 the Company released its Half Yearly Financial Report announcement for the six months ended 29 February 2012.  As before, there was no dividend declared.  On 13 April 2012, Andrew Barker retired from the Board.  Alan Clifton succeeded Andrew as Chairman from the same date.

During the three months ended 31 May 2012, the Company did not buy back any Ordinary 5p shares.  The Company cancelled 1,300,000 Ordinary 5p shares from treasury.  Since the period end, the Company cancelled a further 2,000,000 Ordinary 5p shares from treasury.  Following these cancellations and buybacks, the Company has 55,457,663 Ordinary 5p shares in issue and 550,000 shares in treasury as at the date of this announcement.

During the period ended 31 May 2012, and up to the date of this announcement, the Company made various announcements regarding changes to the valuation of portfolio companies.  The unquoted companies in the portfolio are revalued on an ongoing basis as and when information on their performance or rounds of financing becomes available, and we would therefore refer you to the London Stock Exchange website, www.londonstockexchange.com, where copies of all announcements relating to changes to portfolio companies are available for your review.

No other material events took place in the period that had any significant impact on the financial position of the Company. 

Material Transactions

No material transactions, other than those mentioned above, took place in the period that had any significant impact on the financial position of the Company.

Company Statistics*

	31 May 2012	29 February 2012
Total Net Asset Value	£121.4m	£114.7m
Net Asset Value (NAV) per Ordinary Share	218.8p	206.8p
Share Price	184.3p	183.0p
Share Price Premium/(Discount) to NAV	(15.8)%	(11.0)%
Total Value of Unquoted Investments	£24.3m	£18.2m
Total Number of Portfolio Holdings	66	67
Cash	5% NAV	8% NAV
Cash Committed and Reserved to Unquoted Investments	(5)% NAV	(8)% NAV

*Data Source for all Statistical Data: HSBC/SV Life Sciences

Cumulative Performance to 31 May 2012**

Performance Over	1 mth	1 year	3 year	5 year
NAV per share (Cum)	1.2%	21.9%	59.0%	37.4%
Share Price	0.1%	20.6%	68.3%	17.0%
NASDAQ Biotech Index Return	3.6%	20.4%	92.4%	97.0%
FTSE All-Share Index (Total Return)	-6.7%	-7.4%	38.3%	-1.1%

**Data Source for all Performance Data: Bloomberg

Portfolio Information as at 31 May 2012

Ten Largest Investments 

Investment	Weighting (% NAV)	Country
Amgen	6.2%	USA
Aptiv Solutions…	4.8%	USA
Celgene	4.5%	USA
Alexion	3.8%	USA
EUSA…	3.7%	Europe
Teva	3.6%	Israel
Insulet	3.5%	USA
Biogen	3.4%	USA
Biomarin	3.3%	USA
Pharmaxis	3.2%	Australia

^… Unquoted company investment.

Sector Allocation (Plus Cash Committed)  

Sector	Weighting (% NAV)
Therapeutics	60%
Specialty Pharma	11%
Tools, Diagnostics & Services	11%
Medical Devices	10%
Cash	8%

Cash committed and reserved to unquoted investments     (5)%

General Company Information

SEDOL Code	045593
Sector	Sector Specialist - Biotechnology
Launch Date	May 1994
Financial Year End	31 August
Next Continuation Vote	2013 AGM

A copy of this IMS is available on the Company's website at: www.ibtplc.com

Enquiries:

Kate Bingham/David Pinniger

SV Life Sciences Managers LLP          

Investment Manager 

Tel: [phone]

Rhona Gregg

BNP Paribas Secretarial Services Limited

Company Secretary

Tel: [phone]

10 JULY 2012

 

END

 

 

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