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Port Erin Biopharma Investments Ltd

  • BY: Andrew Hore |
  • POSTED: 30/12/2014 |

Port Erin Biopharma Investments Ltd has decided that a tender offer is the best way of returning cash to shareholders. 

The one-year lock-in for the stake in the Magna Biopharma Income Fund ended on 10 December and plans to distribute the shares to Port Erin shareholders were deemed too complicated. The entry price for the Magna investment was €10 a share and this has risen to just below €13 a share. That values the stake at £3.2m or 9.4p per Port Erin share.

A circular will be sent in early January for a tender offer where shareholders will have the choice to keep the entire Magna holding within the company or tendering for cash a proportion of their shares that represents the pro rata entitlement to Magna shares. The tendering shareholders will retain a reduced shareholding.

Two Aim-quoted companies, Plethora Solutions and Summit Corporation, are in the Port Erin portfolio. 

The current Port Erin share price is 12.75p, while the NAV per share was 14.7p at the end of June 2014. Anyone accepting the tender would receive three-quarters of the current share price in cash.

In the year to June 2014, there was a performance fee of £379.000 is included in costs. This is payable to Shellbay Investments Ltd, which provides the services of Port Erin chairman, and it had not been paid by the end of June. 

Port Erin was recommended by online newsletter OMG

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