Net Asset Value

RNS Number : 6876V

Port Erin Biopharma Investments Ltd

10 April 2019

 

7.00am 10 April 2019

Port Erin Biopharma Investments Limited

(the "Company")

Net Asset Value calculation to 31 March 2019

Jim Mellon, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 31 March 2019 was 8.47 pence per share, including un-invested cash of £478,474. The portfolio is valued under IFRS at bid price.

Net Assets stand at £2.0 million including investments of £1.5 million. This quarter's NAV represents an increase of 4.05% from the previous valuation of 8.14 pence per share, which included un-invested cash of £523,584. No management fee is due to Shellbay Investments Limited.

On 28 March 2019, the Company sent out a Circular to shareholders regarding notice of a General Meeting to be held on 16 April 2019 at 11:00 a.m. at the Claremont Hotel, Loch Promenade, Douglas, Isle of Man, IM1 2LX.  The Circular included a Form of Proxy to vote on the following:

(1)  To approve and adopt the New Investing Policy of the Company; and

(2)  To approve the change of name of the Company to Agronomics Limited.

The expected date to commence trading under the new name and TIDM is 23^rd April 2019.

During the January 2019, SalvaRx Group plc ("SalvaRx"), a drug development company focused on acquiring and operating drug development programs in immuno-oncology, completed the sale of its 92.4% interest in its subsidiary, SalvaRx Limited to Portage Biotech Inc ("Portage"), a public company whose shares are traded on the Canadian Stock Exchange and the USOTC market, for a total consideration of US$67.5m, being satisfied by the issue of Portage Shares to the shareholders of SalvaRx.  The Company received 3,333,330 shares in Portage as part of this transaction. In March 2019, Portage announced an additional investment in Stimunity S.A., a Paris-based cancer immunotherapy company, following a major milestone in its preclinical development plan which will enable it to start the manufacturing of its biological cGAMO-VLP lead compound.

Regent Pacific Group Limited announced in March 2019 that it is pursuing commercialization partners for Fortacin™ in the remaining key markets of North America, Latin America and the Middle East and that they had successfully registered Fortacin™ in both Hong Kong and Macau, allowing for sales and distribution later this year.

Thus, the Company's investment portfolio continues to show significant growth prospects for 2019 and beyond".    

		Unaudited to 31 March 2019 £
Fixed Assets
	Investments	1,512,318
Current Assets
	Loan receivable	-
	Sundry Debtors	20,355
	Uninvested cash	478,474
Total Assets		2,011,147
Current Liabilities
	Creditors: amounts due	(47,323)
		1,963,824
Capital and Reserves
	Share Capital	23
	Share Premium	1,890,142
	Reserves	73,659
		1,963,824
Shares in Issue		23,195,558
Net Asset Value per share		8.47 pence

Portfolio Details

Investments as at 31 March 2019	Value	% of Total Portfolio
AgeX Therapeutics Inc	£389,038	25.72%
Regent Pacific Group Limited	£315,037	20.83%
Portage Biotech Inc	£252,970	16.73%
Other quoted holdings	£45,978	3.04%
Other unquoted holdings	£509,295	33.68%
Total	£1,512,318	100.00%

For further information, please contact:

Port Erin Biopharma Investments Limited	Beaumont Cornish Limited	Optiva Securities Limited
The Company	Nomad	Broker
Denham Eke [phone]	Roland Cornish/James Biddle [phone]	Jeremy King [phone]

 

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