|This explains the interest !
NAV of 11.13 pence
Pacific group doing well.
RNS Number : 9529T
Port Erin Biopharma Investments Ltd
12 January 2017
Port Erin Biopharma Investments Limited
Net Asset Value calculation to 31 December 2016
Jim Mellon, Chairman, commented: -
"The Net Asset Value ("NAV") calculation for the Company as at closing on 31 December 2016 was 11.13 pence per share, including un-invested cash of GBP66,642. The portfolio is valued under IFRS at bid price.
Net Assets stand at GBP2.62 million including investments of GBP2.55 million. This quarter's NAV represents an increase of 11.7% from the previous valuation of 9.96 pence per share, which included un-invested cash of GBP12,921. No management fee is due to Shellbay Investments Limited.
The increase in reported NAV to 31 December 2016 is mainly due to an upturn in the value of the holding in Regent Pacific Group. The Company's three principal investments continue to show significant growth potential during 2017 and beyond".
Unaudited to 31 December 2016 GBP
Sundry Debtors 8,592
Uninvested cash 66,642
Creditors: amounts due (41,962)
Capital and Reserves
Share Capital 23
Share Premium 1,890,142
Shares in Issue 23,195,558
Net Asset Value per share 11.13 pence
Investments as at 31 Value % of Total Portfolio
------------------------- ------------- --------------------
Magna Biopharma Income
Fund GBP953,318 37.41%
Regent Pacific Group GBP740,148 29.05%
Summit Corporation GBP170,706 6.70%
Investment loans GBP200,000 7.85%
Other quoted holdings GBP136,845 5.37%
Other unquoted holdings GBP347,220 13.62%
Total GBP2,548,237 100.00%
------------------------- ------------- --------------------
For further information, please contact:
Port Erin Biopharma Northland Capital Partners Peterhouse Capital
Investments Limited Limited Limited
The Company Nomad and Broker Broker
Denham Eke Matthew Johnson / David Lucy Williams
(+44) (0) 1624 639396 Hignell (+44) (0) 207
(+44) (0) 203 861 6625 469 0936
This information is provided by RNS|
|I am guessing the 489,343 shares was a buy at 8p?
Mega volume, PI or Insti?|
|Why are the sellers not using the auction book process|
|Re pebi results out other day,
bad is no mention of discount control this time and the 200k professional fees a big issue, costs jm 30%, 65k of that
good is luminor and diabetic shoe company if hype true|
|not a good sign that JM may be using this vehicle to make loans to other companies he has an interest in ie recent loan from pebi to DBC
i'm invested in DBC which is reversing in to a listed company currently in suspension|
|Would anyone like to do a spreadsheet swap, ie see if they tally and if not why not ?|
|and getting better !|
|Nice start :o))|
|Regent Pacific up almost another 20% to 0.72 overnight in HK....|
|Moving nicely again. Still trading at a huge discount to NAV though.
Thx again tightfist.|
|Tightfist, I've sent you a PM as requested.
I've also updated the thread header. ADVFN's m/cap seems wrong as there's only 23.2m shares in issue - it s/be only £1.45m at 6.25p.
The other side of your post is that there's 100% upside from here to the current NAV - and more with Diabetic Boot about to hopefully IPO.|
|Hi Rivaldo,Apologies that I missed your postings over the last few weeks. Looking just at RP(PLE), Magna and SUMM (ignoring any value shifts in the Other categories) I estimate the NAV this morning at £2,827m or 12.2p and the current discount 51% where it seems to be stubbornly stuck!I see no further RNS news on Diabetic Boot reversing into Life Science Dev. - that could provide a useful uplift.Cheers, tightfistPS: Please send me a private message if you would like to see and check! my spreadsheet.|
|Regent Pacific was up another 20% overnight to 0.61, so PEBI's holding must be worth around £0.6m now - double the £0.3m at 30th June.
For the record, here's the portfolio at 30th June - I'll amend the thread header at some point:
Investments as at 30 June 2016
Value % of Total Portfolio
Magna Biopharma Income Fund £1,312,807 56.4%
Regent Pacific Group £302,568 12.9%
Summit Corporation £197,513 8.5%
Other quoted holdings £114,716 4.9%
Other unquoted holdings £401,964 17.3%
Total £2,329,568 100.0%|
|The prior post was complete rubbish, so I've edited it...
PEBI's holding in Regent Pacific was worth £250,000 at 30/6/16, and it's gone up from 0.22 at that date to 0.5 today, so this holding is probably now worth well over £500,000:
Tightfist, I'd love to see your updated NAV spreadsheet if possible :o))|
|Hi tightfist. Nice 50k buy has moved the price up today.
Good to see SUMM holding nicely up at 180p+. Can you clarify for me the worth of the holding in PLE? I know they're now in JM's company Regent Pacific (0575) - are you aware of how many shares or whatever PEBI own in that entity?|
|Hi Rivaldo,Yes, I like the opportunity to spread across a number of biotech opportunities with one vehicle AND remain hopeful that the discount will narrow and provide a boost. The DBC holding could soon outstrip SUMM after the IPO/reverse into LIFE.It's notable that over the last year the PEBI holdings have been skewed away from Quoted towards Unquoted. That's fine by me as doubtless JM will continue to be offered pre-IPO opportunities that we don't get a sniff of.Regarding JM I am unsure of his overall quoted investing track-record though he must do somethings very well to have amassed his fortune. SUMM has finally turned again into profit for me; I never got serious about holding PLE individually as it seemed burdened by execution uncertainties.Cheers, tightfist|
|Hi tightfist. Thx for the NAV info - the discount to say 10.64p NAV still looks too much at present imo, though it's natural there should be some discount.
On a £1.95m m/cap I just like the "option" element that any one of a number of investments could cause a multibagger here, whilst retaining some form of security by being invested in a portfolio rather than singly in SUMM, or DBC or whatever.
I certainly don't track JM's investee companies - AFAICS he seems to have an extremely, erm, "mixed" record as an investor/NED!|
|Hi Rivaldo,IMO the NAV at yesterday's close was about 10.64p taking into account the positive shifts in SUMM and HKD strength.Digging a little deeper it looks as though PEBI has progressively sold-down it's SUMM holding from 296k to 145k over the last nine months - worth checking my calcs. If I am correct it's rather a shame because IMHO it still has a lot of upside potential - the weighting (now 9%) of SUMM was one of reasons I liked PEBI. IIRC JM resigned from the SUMM BoD last year but remains a major shareholder.Incidentally, I think DBC was bought at £13.37 per share. I have a note that these were later revalued later to £23 but I cannot find the associated RNS.Cheers, tightfist|
|Hi Rivaldo,Some muted interest in PEBI this morning; no news on the elimination of the discount.....The reverse takeover of DBC by LIFE is most welcome. I chatted with DBC at the Investor show a couple of years ago; their product struck me as a sure-fire winner on first acquaintance, but with no pre-IPO investment opportunity. We will see some numbers soon but I anticipate a substantial valuation uplift to the £95k seed funding in due course.I wasn't previously aware of LIFE; as a strategy do you track companies where JM is an NED, etc? LIFE seems to have been valued at cash two weeks ago and made it clear that an acquisition was imminent - seems like it was a good entry point?Cheers, tightfist|
|NAV at 30/9 reported this morning at 9.96p per share, up from 9.28p:
And that excludes the uplift this month from SUMM, plus any uplift from DBC's upcoming reverse into LIFE:
"The Net Asset Value ("NAV") calculation for the Company as at closing on 30 September 2016 was 9.96 pence per share, including un-invested cash of GBP12,921. The portfolio is valued under IFRS at bid price.
Net Assets stand at GBP2.35 million including Investments of GBP2.33 million. This quarter's NAV represents an increase of 7.33% from the previous valuation of 9.28 pence per share, which included un-invested cash of GBP11,985. No additional management fee is due to Shellbay Investments Limited.
The reported NAV to 30 September 2016 gained mainly due to an increase in the value of the Magna Biopharma Fund investment. The Company's three principal investments continue to show significant growth prospects for 2016 and beyond. In particular we note the positive news from Summit Therapeutics plc ("Summit") on 4 October 2016 that it had entered into an exclusive licence and collaboration agreement with Sarepta Therapeutics for Summit's utrophin modulator pipeline."|
|More good news today - in late'15 PEBI invested in £95k in the Diabetic Boot Company.
Today's RNS from LIFE (shares currently suspended) indicated that DBC will be reversing into that company and floating on AIM:
I'd imagine that the new valuation will be substantially above cost.|
|Hi Rivaldo,The PEBI quarterly NAV update later this month should make pleasant reading. It would be even better if there is also the plan to eliminate the discount, it's a long time coming!Cheers, tightfist|
|FYI a poster elsewhere believes PEBI own 377,654 shares in SUMM, which would now be worth £955,000.
Looks like PEBI are well undervalued at the current price assuming SUMM holds its new levels.
EDIT - just noticed that the SUMM holding was worth £218,291 at 30/6/16:
Since SUMM's price was around 108p at that point, that implies a holding of around 200,000 shares, i.e now worth £500,000.|