|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.|
|No probs. SUMM finished at around 250p, so the holding is now worth some £660,000.|
|Nice thanks for that. Still hold a few here.|
|Huge deal for SUMM this morning - and their share price is up 40%.
I can't see how many shares PEBI own in SUMM anywhere. The only clue is the potentially 5.3m shares in March'13 in the thread header, which would have become around 265,000 shares post 1 for 20 consolidation.
So the current SUMM stake would be worth almost £500k at the now 180p.|
NAV as at 31st March 2016 RNS'd this morning as 10.21p. The rise in SUMM since 31st March is worth around 0.4p.
All other things equal, we are currently trading at about 42% discount. I want to see the plan to eliminate that discount, that was mentioned recently!
|The 15.8p looks very out of date and appears to be the value of the tender offer back in Jan/Feb 2015.|
|Nice work tightfist
15.8 looks excessive|
Thanks for your great post drawing attention to PEBI and deconstructing it, especially DBC. It's a real shame that PEBI does not have the cash to take a larger position in DBC; it looks as though Regent Pacific is the new kid on the block to gather-up Jim's latest investment ideas?
The RNS on 17th March caught my eye with the "significant promise" of eliminating the discount and I topped-up.
I maintain a PEBI NAV spreadsheet, and as of last night's closing I make it 10.62p for a discount of 53% - that assumes almost 120m shares in RP and DBC valued at £23.00, and the rest of the anonymous Quoted and Unquoted holdings at 31.12.2015 valuations. At this moment I make it 10.88p and a 43% discount.
Can you please review your 15.8p figure; at that figure and 68% discount it would be a real steal - 50% discount has become the depressing norm, at least for the time being!