Edison issues outlook on Imperial Innovations)

London, UK, 14 June 2016

Edison issues outlook on Imperial Innovations

The breadth and depth of Imperial Innovations' investment portfolio was showcased at its Capital Markets Day, with a focus on six companies. Investor focus is keenly on Circassia's impending CAT-SPIRE Phase III results, anticipated this quarter. Circassia represented c 22% of portfolio NAV at end-HY16, hence this binary event will affect near-term portfolio NAV. Nevertheless, with portfolio momentum gathering and a number of material near-term milestones drawing nearer, the potential for valuation creation beyond Circassia is becoming more visible.

Innovations' shares trade at a c 34% premium to our estimated FY16e NAV of 321p/share (at 31 July 2016). We believe this is a relatively modest premium based on historical performance and the prospect of significant value uplifts over the next few years as a result of investment across a range of maturing unquoted companies, which have the prospect of revaluations of their carrying value and upcoming catalysts.

Click here to view the full report

All reports published by Edison are available to download free of charge from its website: www.edisoninvestmentresearch.com

About Edison: Edison is an international equity research firm with a team of over 110 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 420 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

Contact details: Learn more at www.edisongroup.com and connect with Edison on: