Port Erin Biopharma Investments Ltd NAV & Investment in AgeX Therapeutics Inc. (6320L)
July 20 2017 - 6:00AM
UK Regulatory
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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