Net Asset Value(s)

RNS Number : 2482C

Port Erin Biopharma Investments Ltd

12 April 2017

 

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

 

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