Last checked at 15 Apr 2015 07:00
15 April 2015
Port Erin Biopharma Investments Limited
(the "Company")
Net Asset Value calculation to 31 March 2015
Jim Mellon, Chairman, commented: -
"The Net Asset Value ("NAV") calculation for the Company as at closing on 31 March 2015 was 12.32 pence per share, including un-invested cash of £405,665. The portfolio is valued under IFRS at bid price.
Net Assets stand at £2.9 million including Investments of £2.5 million. This follows the successful completion of the tender offer which gave shareholders the opportunity to sell a proportion of their holding back to the Company at their implicit value rather than the historically discounted market price. Our holding in the Magna Biopharma Income Fund now represents 52.2% of the Company's portfolio.
This quarter's NAV represents a decrease of 13.8% from the previous valuation of 14.29 pence per share, which included un-invested cash of £431,744. On this basis, no additional management fee is due to Shellbay Investments Limited.
The reported NAV to 31 March 2015 suffered due to some share price fluctuations in our smaller quoted holdings, all of which have recovered some value in the opening stages of the second quarter. Our principal investment in the Magna Biopharma Income Fund continued to perform strongly, reporting an uplift in share price of 14.7% during the first quarter."
Unaudited to 31 March 2015 £ | ||
Fixed Assets | ||
Investments | 2,514,425 | |
Current Assets | ||
Sundry Debtors | 16,821 | |
Uninvested cash | 405,665 | |
Current Liabilities | ||
Creditors: amounts due | (79,678) | |
2,857,233 | ||
Capital and Reserves | ||
Share Capital | 23 | |
Share Premium | 1,890,142 | |
Current year earnings | (430,980) | |
Retained earnings | 1,398,048 | |
2,857,233 | ||
Shares in Issue | 23,195,558 | |
Net Asset Value per share | 12.32 pence |
Portfolio Details
Investments as at 31 March 2015 | Value | % of Total Portfolio | |
Magna Biopharma Income Fund | £1,312,807 | 52.2% | |
Plethora Solutions Holdings | £271,250 | 10.8% | |
Summit Corporation | £468,616 | 18.7% | |
Other quoted holdings | £116,859 | 4.6% | |
Other unquoted holdings | £344,893 | 13.7% | |
Total | £2,514,425 | 100.0% | |
For further information, please contact:
Port Erin Biopharma Investments Limited | Beaumont Cornish Limited | Peterhouse Capital Limited |
The Company | Nomad | Broker |
Denham Eke (+44) (0) 1624 639396 | Roland Cornish (+44) (0) 207 628 3396 | Lucy Williams (+44) (0) 207 469 0936 |