Last checked at 28 Nov 2014 14:04
For immediate release
28 November 2014
Port Erin Biopharma Investments Limited
(the "Company")
Tender offer in respect of Magna Biopharma Income Fund
As outlined in the General Meeting circular of 24 October 2013, the one year lock-in for the Company's holding in Magna Biopharma Income Fund shares ("Fund") expires on 10 December 2014. As resolved in the Shareholders' meeting on 11 November 2013, a pro rata distribution of the Company's holding in the Fund would take place after that date in order to realise value for Shareholders either by means of a dividend distribution, share buy-back or other demerger of assets.
The Directors have been advised by the Fund that it will be impractical to offer the Company's broad base of Shareholders an in specie distribution of Fund shares due to the considerable regulatory compliance paperwork required per individual, and the associated cost. Thus, the Directors propose that a pro rata cash distribution will be offered to shareholders in the form of a tender offer to redeem shares of the Company on a basis to be announced.
It is anticipated that a further announcement will be made, setting out the details of the tender offer, prior to 31 December 2014.
For further information, please contact:
Port Erin Biopharma Investments Limited | Beaumont Cornish Limited | Peterhouse Capital Limited |
The Company | Nomad | Broker |
Denham Eke +44 162 463 9396 | Roland Cornish +44 207 628 3396 | Guy Miller +44 207 469 0930 |