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Last checked at 
7 Feb 2019 07:00
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 +44 (0) 1624 639396 | Roland Cornish/James Biddle +44 (0) 207 628 3396 | Jeremy King +44 (0) 203 137 1904 |
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