Port Erin Biopharma Investments Ltd Net Asset Value(s) (2753M)

TIDMPEBI

RNS Number : 2753M

Port Erin Biopharma Investments Ltd

12 October 2016

12 October 2016

Port Erin Biopharma Investments Limited

(the "Company")

Net Asset Value calculation to 30 September 2016

Jim Mellon, Chairman, commented: -

"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."

 
                                                     Unaudited to 30 September 2016 
                                                                                GBP 
Fixed Assets 
 Investments                                                              2,329,568 
Current Assets 
 Sundry Debtors                                                               9,190 
 Uninvested cash                                                             12,921 
Current Liabilities 
 Creditors: amounts due                                                    (42,280) 
                                                     ------------------------------ 
                                                                          2,309,399 
Capital and Reserves 
 Share Capital                                                                   23 
 Share Premium                                                            1,890,142 
 Reserves                                                                   419,234 
                                                     ------------------------------ 
                                                                          2,309,399 
 
Shares in Issue                                                          23,195,558 
 
Net Asset Value per share                                                9.96 pence 
 

Portfolio Details

 
 Investments as at 30              Value  % of Total Portfolio 
  June 2016 
-------------------------  -------------  -------------------- 
 
 Magna Biopharma Income 
  Fund                      GBP1,312,807                 56.4% 
 Regent Pacific Group         GBP302,568                 12.9% 
 Summit Corporation           GBP197,513                  8.5% 
 Other quoted holdings        GBP114,716                  4.9% 
 Other unquoted holdings      GBP401,964                 17.3% 
 
 Total                      GBP2,329,568                100.0% 
-------------------------  -------------  -------------------- 
 

For further information, please contact:

 
Port Erin Biopharma     Northland Capital Partners  Peterhouse Capital 
 Investments Limited     Limited                     Limited 
The Company             Nomad and Joint 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

The company news service from the London Stock Exchange

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October 12, 2016 02:00 ET (06:00 GMT)