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Last checked at 
24 Oct 2018 07:00
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 +44 (0) 1624 639396 | Roland Cornish/James Biddle +44 (0) 207 628 3396 | Jeremy King/Ed McDermott +44 (0) 203 137 1904 |
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