Last checked at 20 Jul 2017 11:00
20 July 2017
Port Erin Biopharma Investments Limited
(the "Company")
Net Asset Value calculation to 30 June 2017
Investment in AgeX Therapeutics Inc.
The unaudited Net Asset Value ("NAV") calculation for the Company as at closing on 30 June 2017 was 9.35 pence per share, including un-invested cash of £875,885. The portfolio is valued under IFRS at bid price.
Net Assets stand at £2.2 million including investments of £1.1 million and un-invested cash of £0.9 million. This quarter's NAV represents a decrease of 11.5% from the previous valuation of 10.56 pence per share, which included un-invested cash of £3,285. No management fee is due to Shellbay Investments Limited.
Post-period end, the Company has subscribed for US$250,00 of shares in AgeX Therapeutics, Inc. ("AgeX") in an ongoing financing round to raise up to US$10 million. The investment, which represents a substantial transaction, was made in accordance with the Company's investing policy and alongside an investment made by Jim Mellon, the Company's Chairman. AgeX is a spin-off from BioTime, Inc. which is quoted on the NYSE (BTX) and has been formed to consolidate certain BioTime subsidiaries and programs in the field of interventional gerontology.
Jim Mellon, Chairman, commented: -
"The reported NAV to 30 June 2017 decreased mainly due to a reduction in the value of the Regent Pacific Group investment which has fallen by 37% over the quarter. However, our investment in SalvaRx Holdings PLC has increased by 48% during the period on the back of positive news flow from their 8.5% investment holding in Intensity Therapeutics.
"We firmly believe that the science of anti-ageing represents a major opportunity and are pleased to announce the investment in AgeX which is focused on developing new therapies in the field of regenerative medicine."
Unaudited to 30 June 2017 £ | ||
Fixed Assets | ||
Investments | 1,105,523 | |
Current Assets | ||
Loan receivable | 200,000 | |
Sundry Debtors | 17,091 | |
Un-invested cash | 875,885 | |
Current Liabilities | ||
Creditors: amounts due | (30,043) | |
2,168,456 | ||
Capital and Reserves | ||
Share Capital | 23 | |
Share Premium | 1,890,142 | |
Reserves | 278,291 | |
2,168,456 | ||
Shares in Issue | 23,195,558 | |
Net Asset Value per share | 9.35 pence |
Portfolio Details
Investments as at 30 June 2017 | Value | % of Total Portfolio | |
Regent Pacific Group | £341,859 | 30.92% | |
Summit Corporation | £213,383 | 19.30%
| |
SalvaRx Holdings PLC | £76,852 | 6.95% | |
Other quoted holdings | £51,482 | 4.66% | |
Other unquoted holdings | £421,947 | 38.17% | |
Total | £1,105,523 | 100.00% | |
For further information, please contact:
Port Erin Biopharma Investments Limited | Northland Capital Partners Limited | Peterhouse Capital Limited |
The Company | Nominated Adviser and Broker | Joint Broker |
Denham Eke (+44) (0) 1624 639396 | Matthew Johnson / Jamie Spotswood (+44) (0) 203 861 6625 | Lucy Williams (+44) (0) 207 469 0936 |