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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Port Erin | LSE:PEBI | London | Ordinary Share | IM00B6QH1J21 | ORD 0.0001P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.50 | 4.00 | 5.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMPEBI
RNS Number : 8140A
Port Erin Biopharma Investments Ltd
29 March 2017
29 March 2017
Port Erin Biopharma Investments Limited
("Port Erin" or the "Company")
Interim Results for the six-month period ending 31 December 2016
The Board of Port Erin, the AIM quoted company focused on investing in the biotechnology and
biopharmaceutical sectors, is pleased to announce its interim results for the six-month period ending 31 December 2016.
Chairman's statement
Introduction
I am pleased to present the Interim Results for Port Erin Biopharma Investments Limited (the "Company") for the six-month period ending 31 December 2016.
Financial Review
The Company recorded a net profit of GBP429,311 for the half-year interim period (2015: loss of GBP184,674). During the period, our investment income including dividends, net realised gains on sales, and net unrealised gains was GBP546,062 (2015: loss of GBP96,448). Operating expenses were GBP119,781 (2015: GBP88,257). The prior period included no performance fee and no performance fee has been accrued for the period. Basic and diluted earnings per share increased to 1.85 pence (2015: loss of 0.79 pence).
Our invested assets at fair value were GBP2,348,237 (Year-end 2016: GBP2,187,075), and cash and equivalents were GBP66,642 (Year-end 2016: GBP11,985). Including receivables of GBP8,592 (Year-end 2016: GBP7,335) less payables of GBP41,962 (Year-end 2016: GBP54,197), our total net assets stood at GBP2,623,471 (Year-end 2016: GBP2,206,395). Thus, the net asset value per share at 31 December 2016 was 11.13 pence (Year-end 2016: 9.28 pence). The increase in the net asset value was as a result of the appreciation in investments for the period. There were no exceptional costs during the period.
Asset Review
Our principal investments include the Magna Biopharma Income Fund ("MBIF"), Luminor Medical Technologies ("Luminor") and Regent Pacific Group Limited ("RPG"). Of these, MBIF continues to perform well with a diverse portfolio of biopharma holdings, finishing the year at 10.16 pence per share. Luminor announced on 24 October 2016 that it had closed a financing round which raised approximately US$500,000 in both shares and convertible loans, to be used for general working capital purposes in developing its ground-breaking diabetes-screening device, Scout DS(R) . RPG continues the successful development and commercialisation of Fortacin(TM), which include the Type IB variation approval from the European Medical Agency allowing sales in the European Union.
Of our other holdings, the performance of SalvaRx Group Plc ("SalvaRx") is of particular note. SalvaRx announced on 28 February 2017 that it has agreed to invest in and collaborate with Luxembourg-based Nekonal SARL, forming a joint venture company Nekonal Oncology Ltd. Nekonal holds intellectual property rights for therapeutics and diagnostics in the area of autoimmune disorders and oncology. The new joint venture company will utilise SalvaRx's management and drug development expertise to explore Nekonal's technology in cancer immunotherapy. This transaction was followed by an investment in Rift Biotherapeutics Inc. ("Rift") announced on 20 March 2017. Rift is a biotechnology company focused on the development of antibodies for use in oncology. We hold 185,185 shares in SalvaRx representing 0.51 per cent of its issued share capital.
On 13 October 2016, we entered into a loan agreement with the Diabetic Boot Company Limited ("DBC") to provide it with a short-term loan of GBP200,000 less expenses, for working capital purposes in commercialising its ground breaking PulseFlowDF(TM) device for the treatment of diabetic foot ulcers. The loan pays a coupon of 7 per cent, is unsecured and is fully repayable on the earlier of 31 March 2017 or the date on which DBC secures additional equity funding of GBP1,000,000. We already hold 7,105 shares in DBC, representing 0.74 per cent of its issued share capital.
Strategy and Outlook
The results for the present period have reported reassuring gains which reflect the positive steps which had been taken to improve the Net Asset Value. However, the Company's share price still remains at a significant and disappointing discount to the underlying assets base, being over 50 per cent at year-end. The Company's investments continue to show significant growth potential for the remainder of 2017 and beyond. In addition, your board is currently considering a number of options in line with the investing policy adopted on 11 November 2013.
Jim Mellon
Chairman
The interim financial statements will be available on the Company's website www.porterinbiopharma.com.
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Port Erin Biopharma Northland Capital Partners Peterhouse Capital
Investments Limited Limited
Limited
Nominated Adviser and Joint Broker
Broker
Denham Eke Matthew Johnson / David Hignell Lucy Williams
+44 (0) 1624 +44 (0) 203 861 6625 +44 (0) 207 469
639396 0936
Condensed statement of comprehensive income
Period Period
ended ended
31/12/2016 31/12/2015
Notes (unaudited) (unaudited)
GBP GBP
---------------------------- ------- ------------- -------------
Investment gain / (loss) 2 546,062 (96,448)
Operating expenses
Performance fee 3 - -
Other costs 4 (119,845) (92,520)
Foreign exchange gains 64 4,263
Operating profit /
(loss) 426,281 (184,705)
Interest received 3,030 31
Profit / (loss) before
taxation 429,311 (184,674)
Taxation - -
Profit / (loss) for
the period 429,311 (184,674)
Other comprehensive - -
income
Total comprehensive
profit / (loss) for
the period 429,311 (184,674)
---------------------------- ------- ------------- -------------
Basic and diluted earnings
/ (loss) per share
for profit / (loss)
attributable to the
equity holders of the
Company during the
period (pence) 5 1.85 (0.79)
---------------------------- ------- ------------- -------------
The Directors consider that the Company's activities are continuing.
Condensed statement of financial position
31/12/2016 30/06/2016
Notes (unaudited) (audited)
GBP GBP
------------------------------ ------- ------------- -----------
Current assets
Financial assets at
fair value through
profit or loss 6 2,348,237 2,187,075
Loan receivable 7 200,000 -
Trade and other receivables 8,592 7,335
Cash and cash equivalents 66,642 11,985
Total assets 2,623,471 2,206,395
------------------------------ ------- ------------- -----------
Equity
Called up share capital 23 23
Share premium 1,890,142 1,890,142
Distributable reserves 691,344 262,033
Total equity 2,581,509 2,152,198
------------------------------ ------- ------------- -----------
Current liabilities
Trade and other payables 8 41,962 54,197
Total liabilities 41,962 54,197
------------------------------ ------- ------------- -----------
Total equity and liabilities 2,623,471 2,206,395
------------------------------ ------- ------------- -----------
These interim financial statements were approved by the Board of Directors on 22 March 2017 and were signed on their behalf by:
Denham Eke
Director
Condensed statement of changes in equity
Share Share Distributable
capital premium reserves Total
Notes GBP GBP GBP GBP
---------------------- --------- --------- ------------ -------------- ------------
Balance at 01
July 2015 (audited) 23 1,890,142 796,402 2,686,567
Total comprehensive
income for the
period:
Loss for the
period - - (184,674) (184,674)
Other comprehensive - - - -
income
Balance at 31
December 2015
(unaudited) 23 1,890,142 611,728 2,501,893
--------------------------------- --------- ------------ -------------- ------------
Share Share Distributable
capital premium reserves Total
Notes GBP GBP GBP GBP
---------------------- --------- --------- ------------ -------------- ------------
Balance at 01
July 2016 (audited) 23 1,890,142 262,033 2,152,198
Total comprehensive
income for the
period:
Profit for the
period - - 429,311 429,311 Other comprehensive - - - - income Balance at 31 December 2016 (unaudited) 23 1,890,142 691,344 2,581,509 --------------------------------- --------- ------------ -------------- ------------
Condensed statement of cash flows
Period Period
ended ended
Notes 31/12/ 31/12/2015
2016
(unaudited) (unaudited)
GBP GBP
------------------------------------ -------- ------------ ------------
Cash flows from operating
activities
Profit/(loss) for the
period 429,311 (184,674)
Adjusted for:
Interest received (3,030) (31)
Realised and unrealised
(gains)/loss 2 (545,062) 96,448
Changes in working capital:
(Increase)/decrease in
receivables (1,257) 1,304
Decrease in payables (12,235) (8,408)
Cash flows from operations (132,273) (95,361)
------------------------------------ -------- ------------ ------------
Cash flows from investing
activities
Purchase of investments/investment
loans (200,000) (136,486)
Disposal of investments 383,900 259
Interest received 3,030 31
Net cash generated from
investing activities 186,930 (136,196)
------------------------------------ -------- ------------ ------------
Increase/(decrease) in
cash and cash equivalents 54,657 (231,557)
Cash and cash equivalents
at beginning of period 11,985 255,568
Cash and cash equivalents
at the end of period 66,642 24,011
------------------------------------ -------- ------------ ------------
Notes to the financial statements
1 Significant accounting policies
The accounting policies adopted by the Company in the preparation of these condensed interim financial statements are the same as those applied by the Company in its financial statements as at and for the year ended 30 June 2016. No new accounting policies were adopted during the period.
The interim financial statements are unaudited. The audited financial statements of the Company as at and for the year ended 30 June 2016 are available at the Company's website below:
http://www.porterinbiopharma.com/financial_reports.php
2 Investment income
31/12/2016 31/12/2015
(unaudited) (unaudited)
GBP GBP
------------------------------ ------------- ----------------
Dividend income - -
Net realised gains on
sale of investments 51,421 65
Net unrealised gains/(loss)
on investments 493,641 (96,513)
Other income 1,000 -
Total investment income 546,062 (96,448)
------------------------------ ------------- ----------------
3 Performance fee
31/12/2016 31/12/2015
(unaudited) (unaudited)
GBP GBP
------------------------- ------------- ----------------
Performance fee - -
------------------------- ------------- ----------------
Shellbay Investments Limited receives performance fees for the provision of Mr James Mellon as Non-Executive Chairman of the Company. The fees are calculated at 15 per cent. of any increase in the net asset value of the Company over each quarterly period, subject to an initial high watermark of 10 pence per share. No fees were payable for the current period (31 December 2015: GBPnil).
4 Other costs
31/12/2016 31/12/2015
(unaudited) (unaudited)
GBP GBP
-------------------------- ------------- -------------
Directors' fees 5,000 5,000
Auditors' remuneration
for the current period 8,373 10,329
Bank charges 51 166
Insurance 3,283 2,937
Marketing - -
Professional fees 103,138 74,088
Sundry expenses - -
Total other costs 119,845 92,520
-------------------------- ------------- -------------
The Company has no employees other than the Directors.
5 Basic and diluted earnings per share
The calculation of basic earnings per share of the Company is based on the profit for the period of GBP423,911 (31 December 2015: loss of GBP184,674) and the weighted average number of shares of 23,195,558 (31 December 2015: 23,195,558) in issue during the period.
Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares such as warrants and options. There is no dilutive effect in the current or prior period as there were no outstanding warrants or options.
6 Financial assets at fair value through profit or loss
31/12/2016 30/06/2016
(unaudited) (audited)
GBP GBP
------------------------- ------------- -----------
Quoted 2,001,017 1,785,204
Unquoted 347,220 401,871
Total financial assets
at fair value 2,348,237 2,187,075
------------------------- ------------- -----------
Equities 2,348,237 2,185,960
Warrants - 1,115
Total financial assets
at fair value 2,348,237 2,187,075
------------------------- ------------- -----------
7 Loan receivable
On 13 October 2016, the company entered into a loan agreement with the Diabetic Boot Company Limited to provide it with a short-term loan of GBP200,000 less expenses, for working capital purposes. This loan pays a coupon of 7 per cent, is unsecured and is fully repayable on the earlier of 31 March 2017 or the date on which DBC secures additional equity funding of GBP1,000,000.
8 Trade and other payables
31/12/2016 30/06/2016
(unaudited) (audited)
GBP GBP
------------------------------- ------------ -----------
Provision for audit fee 25,119 16,746
Shellbay Investments Limited - -
Other 16,843 37,451
Total trade and other
payables 41,962 54,197
------------------------------- ------------ -----------
9 Related party transaction
Under an agreement dated 1 December 2011, Burnbrae Limited, a company related to both Jim Mellon and Denham Eke, provide certain services, principally accounting and administration, to the Company. This agreement may be terminated by either party on three months' notice. The Company incurred a total cost of GBP18,000 (31 December 2015: GBP18,000) during the period under this agreement of which GBPnil was outstanding as at the period end (30 June 2016: GBP9,000).
Under an agreement dated 6 May 2011, Shellbay Investments Limited, a company related to both Jim Mellon and Denham Eke, provide the services of Jim Mellon as Non-Executive Chairman of the Company (see note 3). The charge for services provided in the period was GBPnil (31 December 2015: GBPnil). No amount was outstanding at the period-end (30 June 2016: GBPnil).
The Company entered into a Letter of Engagement with Mediqventures Limited in July 2014 to research and propose potential investment opportunities for the Company. Under the agreement, Mediqventures Limited is paid US$ 60,000 per annum. Jim Mellon is a controller of Mediqventures Limited and both Jim Mellon and Denham Eke are directors.
10 Commitments and contingent liabilities
There are no known commitments or contingent liabilities as at the period end.
11 Events after the reporting date
There were no events after the reporting date.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VVLFLDXFFBBE
(END) Dow Jones Newswires
March 29, 2017 02:01 ET (06:01 GMT)
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