Last checked at 12 Apr 2017 07:00
12 April 2017
Port Erin Biopharma Investments Limited
(the "Company")
Net Asset Value calculation to 31 March 2017
Jim Mellon, Chairman, commented: -
"The Net Asset Value ("NAV") calculation for the Company as at closing on 31 March 2017 was 10.56 pence per share, including un-invested cash of £3,285. The portfolio is valued under IFRS at bid price.
Net Assets stand at £2.50 million including investments of £2.49 million. This quarter's NAV represents a decrease of 5.1% from the previous valuation of 11.13 pence per share, which included un-invested cash of £66,642. No additional management fee is due to Shellbay Investments Limited.
The reported NAV to 31 March 2017 decreased mainly due to a reduction in the value of the Regent Pacific Group investment which has fallen over the quarter by 27.1%. However, the investment in Magna Biopharma Income Fund has increased by 8.9%. The Company's three principal investments continue to show significant growth prospects for 2017 and beyond.
We have agreed to extend the loan agreement with the Diabetic Boot Company Limited ("DBC"), announced on 22 December 2016, for £200,000 to 30 September 2017. The loan pays a coupon of 7%, is unsecured and is fully repayable on the earlier of 30 September 2017 or the date on which DBC secures additional equity funding of £1 million. We already hold 7,105 shares in DBC, representing 0.74% of its issued share capital."
Unaudited to 31 March 2017 | ||
£ | ||
Fixed Assets | ||
Investments | 2,294,201 | |
Current Assets | ||
Loan receivable | 200,000 | |
Sundry Debtors | 8,489 | |
Uninvested cash | 3,285 | |
Current Liabilities | ||
Creditors: amounts due | (57,333) | |
2,448,642 | ||
Capital and Reserves | ||
Share Capital | 23 | |
Share Premium | 1,890,142 | |
Reserves | 558,477 | |
2,448,642 | ||
Shares in Issue | 23,195,558 | |
Net Asset Value per share | 10.56 pence |
Portfolio Details
Investments as at 31 March 2017 | Value | % of Total Portfolio | |
Magna Biopharma Income Fund | £1,038,704 | 41.65% | |
Regent Pacific Group | £539,496 | 21.63% | |
Summit Corporation | £237,770 | 9.53%
| |
Investment loans | £200,000 | 8.02% | |
Other quoted holdings | £131,613 | 5.28% | |
Other unquoted holdings | £346,618 | 13.89% | |
Total | £2,494,201 | 100.00% | |
For further information, please contact:
Port Erin Biopharma Investments Limited | Northland Capital Partners Limited | Peterhouse Capital Limited |
The Company | Nomad and Broker | Broker |
Denham Eke (+44) (0) 1624 639396 | Matthew Johnson / David Hignell (+44) (0) 203 861 6625 | Lucy Williams (+44) (0) 207 469 0936 |