Business
Interim Results for the six months to 31 Dec 2015
Interim Results for the six months to 31 Dec 2015.
About this update from Agronomics Limited
[{"type":"text","content":"\n \nRNS Number : 3594S Port Erin Biopharma Investments Ltd 17 March 2016 \n\n17 March 2016\n \nPort Erin Biopharma Investments Limited \n(\"Port Erin\" or the \"Company\")\n \nInterim Results for the six-month period ending 31 December 2015\n \nThe Board of Port Erin, the AIM quoted company focused on investing in the biotechnology and\nbiopharmaceutical sectors, is pleased to announce its interim results for the six-month period ending 31 December 2015.\n \nThe interim financial statements will be available on the Company's website www.porterinbiopharma.com. \n \nFinancial Highlights as at 31 December 2015\n \nInvestments - £2,494,733\n \nShareholders' Funds - £2,501,893\n \nOrdinary Shares in Issue - 23,195,558\n \nNet Asset Value per share - 10.8 pence\n \nCommenting on the results, Jim Mellon, Non-Executive Chairman of Port Erin, said:\n \n\"The Company's three principal investments continue to show significant growth potential for the remainder of 2015 and beyond. In addition, your Board is currently considering a number of further options which show significant promise in being able to eliminate the substantial discount to Net Asset Value in line with the investing policy adopted in November 2013.\"\n \nFor further information, please contact:-\n \nPort Erin Biopharma Investments Limited\nDenham Eke (+44) (0) 1624 639396\n \nBeaumont Cornish Limited\nRoland Cornish / James Biddle (+44) (0) 207 628 3396\n \nPeterhouse Corporate Finance Limited\nLucy Williams (+44) (0) 20 7469 0936\n \nChairman's statement\n \nIntroduction\n \nFollowing the successful completion of the Tender Offer to distribute a pro rata number of the Company's holding of Magna Biopharma Income Fund (\"MBIF\") in February 2015, 50.68 per cent. of the Company's issued Ordinary Shares were redeemed and cancelled. Those shareholders who accepted the Offer received 15.87 pence per Ordinary Share. The Company still retains a significant investment in MBIF, representing just under half the value of the investment portfolio at period end. MBIF's investment objective continues to seek growing income distributions with capital appreciation potential in the long term by investing in a diversified portfolio of biopharma sector securities. The prospects for this investment...