Net Asset Value(s)

RNS Number : 2753M

Port Erin Biopharma Investments Ltd

12 October 2016

 

12 October 2016

Port Erin Biopharma Investments Limited

(the "Company")

Net Asset Value calculation to 30 September 2016

Jim Mellon, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 30 September 2016 was 9.96 pence per share, including un-invested cash of £12,921.  The portfolio is valued under IFRS at bid price.

Net Assets stand at £2.35 million including Investments of £2.33 million.  This quarter's NAV represents an increase of 7.33% from the previous valuation of 9.28 pence per share, which included un-invested cash of £11,985.  No additional management fee is due to Shellbay Investments Limited.

The reported NAV to 30 September 2016 gained mainly due to an increase in the value of the Magna Biopharma Fund investment.  The Company's three principal investments continue to show significant growth prospects for 2016 and beyond.  In particular we note the positive news from Summit Therapeutics plc ("Summit") on 4 October 2016 that it had entered into an exclusive licence and collaboration agreement with Sarepta Therapeutics for Summit's utrophin modulator pipeline."

		Unaudited to 30 September 2016
		£
Fixed Assets
	Investments	2,329,568
Current Assets
	Sundry Debtors	9,190
	Uninvested cash	12,921
Current Liabilities
	Creditors: amounts due	(42,280)
		2,309,399
Capital and Reserves
	Share Capital	23
	Share Premium	1,890,142
	Reserves	419,234
		2,309,399
Shares in Issue		23,195,558
Net Asset Value per share		9.96 pence

Portfolio Details

Investments as at 30 June 2016	Value	% of Total Portfolio
Magna Biopharma Income Fund	£1,312,807	56.4%
Regent Pacific Group	£302,568	12.9%
Summit Corporation	£197,513	8.5%
Other quoted holdings	£114,716	4.9%
Other unquoted holdings	£401,964	17.3%
Total	£2,329,568	100.0%

For further information, please contact:

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

 

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