Net Asset Value as at 31 March 2015

RNS Number : 2025K

Port Erin Biopharma Investments Ltd

15 April 2015

 

15 April 2015

Port Erin Biopharma Investments Limited

(the "Company")

Net Asset Value calculation to 31 March 2015

Jim Mellon, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 31 March 2015 was 12.32 pence per share, including un-invested cash of £405,665. The portfolio is valued under IFRS at bid price.

Net Assets stand at £2.9 million including Investments of £2.5 million. This follows the successful completion of the tender offer which gave shareholders the opportunity to sell a proportion of their holding back to the Company at their implicit value rather than the historically discounted market price. Our holding in the Magna Biopharma Income Fund now represents 52.2% of the Company's portfolio.

This quarter's NAV represents a decrease of 13.8% from the previous valuation of 14.29 pence per share, which included un-invested cash of £431,744. On this basis, no additional management fee is due to Shellbay Investments Limited.

The reported NAV to 31 March 2015 suffered due to some share price fluctuations in our smaller quoted holdings, all of which have recovered some value in the opening stages of the second quarter. Our principal investment in the Magna Biopharma Income Fund continued to perform strongly, reporting an uplift in share price of 14.7% during the first quarter."

		Unaudited to 31 March 2015    £
Fixed Assets
	Investments	2,514,425
Current Assets
	Sundry Debtors	16,821
	Uninvested cash	405,665
Current Liabilities
	Creditors: amounts due	(79,678)
		2,857,233
Capital and Reserves
	Share Capital	23
	Share Premium	1,890,142
	Current year earnings	(430,980)
	Retained earnings	1,398,048
		2,857,233
Shares in Issue		23,195,558
Net Asset Value per share		12.32 pence

Portfolio Details

Investments as at 31 March 2015	Value	% of Total Portfolio
Magna Biopharma Income Fund	£1,312,807	52.2%
Plethora Solutions Holdings	£271,250	10.8%
Summit Corporation	£468,616	18.7%
Other quoted holdings	£116,859	4.6%
Other unquoted holdings	£344,893	13.7%
Total	£2,514,425	100.0%

For further information, please contact:

Port Erin Biopharma Investments Limited	Beaumont Cornish Limited	Peterhouse Capital Limited
The Company	Nomad	Broker
Denham Eke (+44) (0) 1624 639396	Roland Cornish (+44) (0) 207 628 3396	Lucy Williams (+44) (0) 207 469 0936

 

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