24th Oct 2013 10:44
LONDON (Alliance News) - Shares in Port Erin Biopharma Investments Limited, dropped 12% Thursday after it proposed moving all of its assets into a larger fund in order to address the substantial discount of Port Erin shares to the fund's per-share net asset value.
The investment fund, which focuses on the biotechnology and biopharmaceutical sectors, asked shareholders to approve a change the fund's investing policy so that it could transfer all of its eligible assets into Magna Biopharma Investment Fund. This fund is managed by Charlemagne Capital Limited, to which Port Erin Chairman Jim Mellon will act as an advisor.
As of June 30, Port Erin said it had GBP2.9 million in investment assets and GBP0.237 million in cash, up 0.2% and 15%, respectively, on the year before. Pretax profit for the year to June 30 remained broadly flat at GBP415,000 versus GBP425,000.
Net asset value per share was 10.63 pence at June 30.
Shares in Port Erin were trading down 12% at 12.69 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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