Port Erin Share Discussion Threads

[rivaldo] 09/9/2014 09:16

The Magna Fund is performing rather well - is this the reason for the recent rise? PLE and SUMM are doing OK, but nothing spectacular.

[ian001] 30/7/2014 13:59

Anybody got a handle on the latest NAV?
It's all gone a bit quiet...

[trentendboy] 07/4/2014 14:49

Strong move today. This new policy should work to close the discount to nav.

Ant company news I have missed? You would think so from the share price move.

Missed a top up at 10 though

[maurillac] 31/3/2014 10:44

"It's a shame that SUMM and PLE have pulled back so far from the recent highs on the last day of the quarter"
quite so - thats the trouble with snapshots eh !
should be a terrific year for summ - lets hope we see the benefit here too
m

[tightfist] 31/3/2014 10:28

Maurillac,I suppose today's numbers were broadly implicit in the January NAV update; however, I welcome the restatement of INTENT on finding ways to return value to shareholders later in 2014, although the precise mechanism is left somewhat vague?I think that the next share price uplift will come about just before/at the next NAV update in three weeks' time? It's a shame that SUMM and PLE have pulled back so far from the recent highs on the last day of the quarter....

[maurillac] 31/3/2014 09:07

agreed & im surprised that the share price is unchanged today
m

[playful] 31/3/2014 08:07

Strong potential here and still undervalued and off the radar.

[rivaldo] 06/3/2014 15:45

If they sold any ARWR before 31/1 and got around $15, that would be a 210% gain since last June. Not bad at all, and if they sold the whole lot that alone would be worth around £1.5m, against the £3.1m m/cap.

Magna may still retain a core holding, but evidently less than around 5% of the total, so not that large.

[langbarb] 06/3/2014 15:29

Hi TrentEndBoy I emailed Charlemagne but they can't deal with PIs. I'd have to go through an advisor. I would be grateful if anyone on the board has regular access to Magna Bio holdings/commentaries, it would help. I think the next NAV update from PEBI should come in mid April, let's see if something more detailed comes up..

[trentendboy] 06/3/2014 15:04

Very poor if they sold at the turn of the year - good grief!

Must be a way of finding out for sure - email company perhaps.

[rivaldo] 06/3/2014 13:54

Cheers langbarb. It sounds like they sold ARWR between 31/12 and 31/1 - whether some or all of the holding we wait to find out. If they sold at the end of Jan they'd have got nearly $15 - very good indeed, though not quite as good as $26 :o))

I'm glad APHB (Ampliphi) remain one of their top holdings - I can see this going the same way as ARWR at some point.

[langbarb] 06/3/2014 13:16

Hi Rivaldo, at $26.31, 160,000 shares would be worth 4.2mm USD, or EUR 3mm. Magna Bio Fund has a NAV of EUR 5.26mm so I doubt they still own 160,000 shares. I am not sure but I think they have a 10% max allocation limit for each individual security. I have a top 10 holding list as of 31 Jan and Arrowhead does not feature there. Compared to the list you kindly reported above I have Novartis instead of Arrowhead. Also the top 10 have a combined weighting of 51%, so assuming they own the same amount for each security it's 5% each, meaning Arrowhead would at best be slightly below 5%.
As a holder of PEBI, I sincerenly hope am wrong but I can't see then holding 160k as of now...

Company Name Country Industry
AbbVie USA Pharmaceuticals
AmpliPhi Biosciences USA Biotechnology
Gilead USA Biotechnology
GlaxoSmithKline UK Pharmaceuticals
Johnson & Johnson USA Pharmaceuticals
Merck USA Pharmaceuticals
Novartis Switzerland Pharmaceuticals
Pfizer USA Pharmaceuticals
Roche Switzerland Pharmaceuticals
Sanofi France Pharmaceuticals

[rivaldo] 06/3/2014 12:15

And the Magna Fund is up over 11% since January 1st:

[rivaldo] 06/3/2014 12:07

This was posted recently on another board, suggesting that ARWR is still held (via Magna):

Magna top Holdings
29 Jan '14

AbbVie USA.Pharmaceuticals
AmpliPhi Biosciences USA Biotechnology
Arrowhead USA Biotechnology
Gilead USA Biotechnology
GlaxoSmithKline UK Pharmaceuticals
Johnson & Johnson USA Pharmaceuticals
Merck USA Pharmaceuticals
Pfizer USA Pharmaceuticals
Roche Switzerland Pharmaceuticals
Sanofi France Pharmaceuticals
In alphabetical order
Combined weight of top 10 holdings:
53

[rivaldo] 06/3/2014 11:43

Bloody hell, ARWR is $26.32 now :o))

Per my thread header I calculated PEBI had around 160,000 shares the last I heard.

PEBI's holding in ARWR alone is therefore now worth £2.55m or so - not far off the entire m/cap (assuming they've kept all their shares)!

The interims in 3 weeks or so should make interesting reading! Hopefully they'll include some narrative on post 31/12/13 NAV movements given what's happening....

[trentendboy] 05/3/2014 18:03

ARWR flying. Do we have a holding - I seem to recall we do....

[davebowler] 13/2/2014 10:32

IBT is a much safer Biotech buy in my opinion at a 17% discount to NAV.

[hindsight] 13/2/2014 10:29

Hi

Heres a euro nav link for the fund



I make it 14.87p now. Problem is valuing the 2 x 6.4%, here I crudly add up the 3 we know and use the average for them, and any holdings changes they may have made

[ian001] 13/2/2014 10:20

Thanks langbarb.

I wonder if this selling is Colin Lee continuing to reduce?
Presumably he doesn't have to report %age holding any more.

[langbarb] 13/2/2014 09:26

Ian, I estimate 15.25p, 40% discount to current mid.

From 17 Jan annoucement, NAV at 31-Dec was 15.91p. That announcement also shows PEBI investments. As an example, Magna fund was valued at GBP2,746,728 representing 55.0% of investments (investments assets in PEBI were worth £4.99mm at 31-Dec). I estimate that the Magna fund units held by PEBI are approx 324,000 (GBP2,746,728/£8.47 fund price at 31 Dec - I assume it's the £ class of the fund). I do the same with the other 2 major holdings (PLE and SUMM) which together with Magna at 31 Dec represented 87% of PEBI investments. Finally I reprice these 3 holdings using current market prices and estimate the current NAV by adjusting the 31 Dec NAV with the new valuation of Magna, SUMM and PLE.

If anyone came up with different NAV figure pls let me know

[ian001] 12/2/2014 09:15

Hi

Does anybody have a current NAV estimate?

[tightfist] 22/1/2014 09:34

Hi Rivaldo,

Thanks for the link to the Bloomberg Magna price/chart.

Looking at the NAV calc. it appears 1.6 million Summit shares were transferred into the Magna fund - or they could have been sold to fund other equity purchases. If they did buy more PLE then they are held in Magna too.

It's a shame that Port Erin holdings now seem so opaque. We need get our thrills from watching the MIBBAAU chart!

Today we are at about 22% discount. Given the cash option at the end of the year, is this the almost no-brainer it appears, albeit invested in risky stuff.

[rivaldo] 17/1/2014 14:55

Cheers maurillac, I completely missed that - why on earth don't the NAV announcements show up on Investegate? :o))

I note that the Magna Fund has increased by 4% since the 31st December NAV date, so that's another £100k+ in the kitty:



I assume most of the old investments, including ARWR, are now held within Magna.

[maurillac] 17/1/2014 14:44

yes thats what i thought !
m

[trentendboy] 17/1/2014 14:41

A decent discount to NAV

A nice combination of companies