Net Asset Value(s)

RNS Number : 9575E

Port Erin Biopharma Investments Ltd

24 October 2018

 

24 October 2018

Port Erin Biopharma Investments Limited

(the "Company")

Net Asset Value calculation to 30 September 2018

Jim Mellon, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 30 September 2018 was 7.80 pence per share, including un-invested cash of £307,807. The portfolio is valued under IFRS at bid price.

Net Assets stand at £1.8 million including investments of £1.2 million. This quarter's NAV represents a decrease of 7.14% from the previous valuation of 8.40 pence per share, which included un-invested cash of £555,293. No management fee is due to Shellbay Investments Limited.

SalvaRX Group Plc gained 126% during the last quarter, reflecting announcements regarding proposed disposal and demerger with Portage Biotech Inc.  Upon the announcement, shares jumped 76% reaching a peak of 78.5 per share.

During the quarter, the Company invested US$250,000 into BlueNalu Inc. A pioneer in the field of cellular aquaculture™, announced the closing of a $4.5 million seed round, just two months after announcing the launch of the company.  BlueNalu's cellular aquaculture™ process will provide an alternative to current industry practices in which fish are farmed or wild-caught. BlueNalu will ultimately produce real seafood products directly from fish cells, in a way that is healthy for people, humane for animals, and sustainable for our planet.

Of our unquoted companies, Spiritus Pharmaceuticals Inc has been written down to zero value."

		Unaudited to 30 September 2018 £
Fixed Assets
	Investments	1,269,719
Current Assets
	Loan receivable	232,925
	Sundry Debtors	26,995
	Uninvested cash	307,807
Current Liabilities
	Creditors: amounts due	(28,403)
		1,809,043
Capital and Reserves
	Share Capital	23
	Share Premium	1,890,142
	Reserves	(81,122)
		1,809,043
Shares in Issue		23,195,558
Net Asset Value per share		7.80 pence

Portfolio Details

Investments as at 30 June 2018	Value	% of Total Portfolio
Regent Pacific Group Limited	£345,727	27.23%
SalvaRX Group plc	£123,148	9.70%
Summit Therapeutics plc	£19,509	1.54%
Other quoted holdings	£27,326	2.15%
Other unquoted holdings	£754,009	59.38%
Total	£1,269,719	100.00%

For further information, please contact:

Port Erin Biopharma Investments Limited	Beaumont Cornish Limited	Optiva Securities Limited
The Company	Nomad	Broker
Denham Eke [phone]	Roland Cornish/James Biddle [phone]	Jeremy King/Ed McDermott [phone]

 

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