Net Asset Value(s)

RNS Number : 0094U

Port Erin Biopharma Investments Ltd

19 October 2017

 

19 October 2017

Port Erin Biopharma Investments Limited

(the "Company")

Net Asset Value calculation to 30 September 2017

Jim Mellon, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 30 September 2017 was 9.20 pence per share, including un-invested cash of £634,765. The portfolio is valued under IFRS at bid price.

Net Assets stand at £2.1 million including investments of £1.3 million. This quarter's NAV represents a decrease of 1.6% from the previous valuation of 9.35 pence per share, which included un-invested cash of £875,885. No additional management fee is due to Shellbay Investments Limited.

Of our principal investments: Regent Pacific Group Limited announced in August 2017 that the commercial launch of their flagship product, Fortacin™, will begin in early 2018; Summit Therapeutics PLC announced further positive data for the Phase 2 clinical trial with their selective antibiotic ridinilazole; and SalvaRx Group PLC announced in September 2017 that its wholly owned subsidiary had formed a joint venture with Immunova LLC to develop selective nanomedicine delivery, potentially minimising negative side-effects that patients experience under traditional therapies. We continue to be very positive in our assessment of our portfolio's prospects."

		Unaudited to 30 September 2017 £
Fixed Assets
	Investments	1,304,740
Current Assets
	Loan receivable	200,000
	Sundry Debtors	23,287
	Uninvested cash	634,756
Current Liabilities
	Creditors: amounts due	(27,880)
		2,134,903
Capital and Reserves
	Share Capital	23
	Share Premium	1,890,142
	Reserves	244,747
		2,134,912
Shares in Issue		23,195,558
Net Asset Value per share		9.20 pence

 

Portfolio Details

Investments as at 30 September 2017	Value	% of Total Portfolio
Regent Pacific Group Limited	£378,056	28.98%
Summit Therapeutics PLC	£225,576	17.29%
SalvaRx Holdings PLC	£59,259	4.54%
Other quoted holdings	£36,726	2.81%
Other unquoted holdings	£605,123	46.38%
Total	£1,304,740	100.00%

For further information, please contact:

Port Erin Biopharma Investments Limited	Northland Capital Partners Limited	Peterhouse Capital Limited
The Company	Nomad and Broker	Broker
Denham Eke [phone]	Matthew Johnson / David Hignell [phone]	Lucy Williams [phone]

 

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