Net Asset Value(s)

RNS Number : 2843P

Port Erin Biopharma Investments Ltd

07 February 2019

 

7 February 2019

Port Erin Biopharma Investments Limited

(the "Company")

Results of AGM and Net Asset Value calculation to 31 December 2018

The Company is pleased to announce that at the AGM held today all the resolutions tabled were duly passed.

In respect of the Net Asset Valuation for December 2018, Jim Mellon, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 31 December 2018 was 8.14 pence per share, including un-invested cash of £523,584. The portfolio is valued under IFRS at bid price.

Net Assets now stand at £1.9 million, including investments of £1.4 million. This quarter's NAV represents an increase of 4.36% from the previous valuation of 7.80 pence per share, which included un-invested cash of £307,807. No management fee is due to Shellbay Investments Limited.

Following the increase of Juvenescence Limited's ("Juvenescence") holding in investee company AgeX Therapeutics Inc ("AgeX") from 5.6% to 45.8% in August 2018, on 29 November 2018, AgeX announced that its shares commenced trading on the New York Stock Exchange.  Following these events, our investment is now valued £0.3 million, an increase of £103,405 or 54% which is excellent news. Juvenescence has considerable expertise in developing companies with therapies to increase healthy human longevity and I believe their involvement with AgeX will continue to boost that company's success.

On 21 December 2018, The Diabetic Boot Company Limited repaid its loan note of £200,000 plus interest of £38,606.

The Company is in the process of concluding its strategic review and I look forward to announcing the result in due course".    

		Unaudited to 31 December 2018 £
Fixed Assets
	Investments	1,382,176
Current Assets
	Loan receivable	-
	Sundry Debtors	13,761
	Uninvested cash	523,584
Current Liabilities
	Creditors: amounts due	(32,117)
		1,887,405
Capital and Reserves
	Share Capital	23
	Share Premium	1,890,142
	Reserves	(2,760)
		1,887,405
Shares in Issue		23,195,558
Net Asset Value per share		8.14 pence

Portfolio Details

Investments as at 30 June 2018	Value	% of Total Portfolio
Regent Pacific Group Limited	£384,516	27.82%
AgeX Therapeutics Inc	£293,498	21.23%
SalvaRX Group plc	£140,741	10.18%
Other quoted holdings	£21,500	1.56%
Other unquoted holdings	£541,921	39.21%
Total	£1,382,176	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 [phone]

 

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