Port Erin Biopharma Investments Ltd Close of Tender Offer (2925E)

TIDMPEBI

RNS Number : 2925E

Port Erin Biopharma Investments Ltd

06 February 2015

For immediate release

6 February 2015

Port Erin Biopharma Investments Limited

(the "Company")

Close of Tender Offer

On 13 January 2015, Port Erin Biopharma Investments Limited published and sent to shareholders a circular (the "Circular") setting out the terms of a tender offer in respect of a the Company's interest in the Magna Biopharma Income Fund (the "Tender Offer"). The Record Date for the Tender Offer was 1.00 p.m. on 30 January 2015.

On 2 February 2015, the Company further announced that, following expiry of the Record Date, it had received acceptances in respect of up to 17,164,238 shares ("Eligible Shares") of the Company, representing in aggregate, 50.68 per cent. of the issued share capital.

On 30 January 2015, the Company held 324,174.177 Fund Shares (as defined in the Circular). On 5 February 2015 (the Valuation Date), the aggregate holding of Fund Shares was valued at GBP3,410,637, representing 62.16 per cent. of the Company's net asset value (adjusted for expenses of the Tender Offer) as at 31 December 2014. The Tender Entitlement (as defined in the Circular) of each shareholder accepting the Tender Offer is accordingly set at 62.16 per cent. of Eligible Shares. Accordingly, on completion of the Tender Offer, the Company will redeem and cancel in aggregate 10,669,278 shares (the "Tender Shares").

On 5 February 2015, the Company completed the sale of 116,635.177 Fund Shares (representing 35.98 per cent. of the Company's total holding of Fund Shares), receiving net proceeds of GBP1,202,269. Thus, the Tender Price (as defined in the Circular) for each Tender Share (taking into account the expenses of the Tender) shall be GBP0.1587 (15.87 pence). Shareholders who tendered their holdings will therefore retain approx. 37.84 per cent. of their shareholdings and will receive the Tender Price in respect of their remaining holdings which will be cancelled.

After payment of pro rata costs, Mr Mellon and the Mellon Associates shall, on completion of the Tender Offer, be transferred 46,706 Fund Shares by the Company by way of consideration for the tender of 3,095,563 shares of the Company by Mr Mellon and the Mellon Associates. Pursuant to the Tender, Mr Mellon will have disposed of interests in 3,095,563 Ordinary Shares at the Tender Price and will remain interested in 6,729,273 shares representing 29.01 per cent. of the issued shares.

Following completion of the Tender Offer the Company has a total of 23,195,558 issued shares. The figure of 23,195,558 issued shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company, under the FCA's Disclosure and Transparency Rules.

Timetable following Close of the Tender Offer

Cheques in respect of shareholders' Tender Offer consideration, and their revised certificates for their unsold balance holding of shares will be dispatched by not later than 17 February 2015.

CREST Accounts will be credited with shareholders' Tender Offer consideration, and their revised balance holding of shares by not later than 17 February 2015.

For further information, please contact:

 
 Port Erin Biopharma Investments   Beaumont Cornish Limited   Peterhouse Capital Limited 
  Limited 
 The Company                       Nomad                      Broker 
 
 Denham Eke                        Roland Cornish             Lucy Williams 
  [phone]                  [phone]           [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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