Port Erin Biopharma Investments Ltd NAV & Investment in AgeX Therapeutics Inc. (6320L)

TIDMPEBI

RNS Number : 6320L

Port Erin Biopharma Investments Ltd

20 July 2017

20 July 2017

Port Erin Biopharma Investments Limited

(the "Company")

Net Asset Value calculation to 30 June 2017

Investment in AgeX Therapeutics Inc.

The unaudited Net Asset Value ("NAV") calculation for the Company as at closing on 30 June 2017 was 9.35 pence per share, including un-invested cash of GBP875,885. The portfolio is valued under IFRS at bid price.

Net Assets stand at GBP2.2 million including investments of GBP1.1 million and un-invested cash of GBP0.9 million. This quarter's NAV represents a decrease of 11.5% from the previous valuation of 10.56 pence per share, which included un-invested cash of GBP3,285. No management fee is due to Shellbay Investments Limited.

Post-period end, the Company has subscribed for US$250,00 of shares in AgeX Therapeutics, Inc. ("AgeX") in an ongoing financing round to raise up to US$10 million. The investment, which represents a substantial transaction, was made in accordance with the Company's investing policy and alongside an investment made by Jim Mellon, the Company's Chairman. AgeX is a spin-off from BioTime, Inc. which is quoted on the NYSE (BTX) and has been formed to consolidate certain BioTime subsidiaries and programs in the field of interventional gerontology.

Jim Mellon, Chairman, commented: -

"The reported NAV to 30 June 2017 decreased mainly due to a reduction in the value of the Regent Pacific Group investment which has fallen by 37% over the quarter. However, our investment in SalvaRx Holdings PLC has increased by 48% during the period on the back of positive news flow from their 8.5% investment holding in Intensity Therapeutics.

"We firmly believe that the science of anti-ageing represents a major opportunity and are pleased to announce the investment in AgeX which is focused on developing new therapies in the field of regenerative medicine."

 
                                                     Unaudited to 30 June 2017 
                                                                           GBP 
Fixed Assets 
 Investments                                                         1,105,523 
Current Assets 
 Loan receivable                                                       200,000 
 Sundry Debtors                                                         17,091 
 Un-invested cash                                                      875,885 
Current Liabilities 
 Creditors: amounts due                                               (30,043) 
                                                     ------------------------- 
                                                                     2,168,456 
Capital and Reserves 
 Share Capital                                                              23 
 Share Premium                                                       1,890,142 
 Reserves                                                              278,291 
                                                     ------------------------- 
                                                                     2,168,456 
 
Shares in Issue                                                     23,195,558 
 
Net Asset Value per share                                           9.35 pence 
 

Portfolio Details

 
 Investments as at 30          Value      % of Total Portfolio 
  June 2017 
-------------------------  -------------  -------------------- 
 
 Regent Pacific Group         GBP341,859                30.92% 
 Summit Corporation           GBP213,383                19.30% 
 SalvaRx Holdings PLC          GBP76,852                 6.95% 
 Other quoted holdings         GBP51,482                 4.66% 
 Other unquoted holdings      GBP421,947                38.17% 
 
 Total                      GBP1,105,523               100.00% 
-------------------------  -------------  -------------------- 
 

For further information, please contact:

 
Port Erin Biopharma     Northland Capital Partners  Peterhouse Capital 
 Investments Limited     Limited                     Limited 
The Company             Nominated Adviser and       Joint Broker 
                         Broker 
 
Denham Eke              Matthew Johnson / Jamie     Lucy Williams 
 (+44) (0) 1624 639396   Spotswood                   (+44) (0) 207 
                         (+44) (0) 203 861 6625      469 0936 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 20, 2017 06:00 ET (10:00 GMT)