gretel
23 Nov 2016
NAV moving upwards now Regent Pacific has zoomed upwards, and was up another 20% overnight to 0.61, so PEBI's holding must be worth around £0.6m now - double the £0.3m at 30th June.For the record, here's the portfolio at 30th June (the m/cap is around £1.7m): Investments as at 30 June 2016 Value % of Total Portfolio Magna Biopharma Income Fund £1,312,807 56.4% Regent Pacific Group £302,568 12.9% Summit Corporation £197,513 8.5% Other quoted holdings £114,716 4.9% Other unquoted holdings £401,964 17.3% Total £2,329,568 100.0%
gretel
12 Oct 2016
RNS : NAV up to 9.96p per share NAV at 30/9 reported this morning at 9.96p per share, up from 9.28p:[link] that excludes the uplift this month from SUMM's recent RNS's, plus any uplift from Diabetic Boot Company's upcoming reverse into LIFE:"The Net Asset Value ("NAV"
calculation for the Company as at closing on 30 September 2016 was 9.96 pence per share, including un-invested cash of GBP12,921. The portfolio is valued under IFRS at bid price. Net Assets stand at GBP2.35 million including Investments of GBP2.33 million. This quarter's NAV represents an increase of 7.33% from the previous valuation of 9.28 pence per share, which included un-invested cash of GBP11,985. No additional management fee is due to Shellbay Investments Limited. The reported NAV to 30 September 2016 gained mainly due to an increase in the value of the Magna Biopharma Fund investment. The Company's three principal investments continue to show significant growth prospects for 2016 and beyond. In particular we note the positive news from Summit Therapeutics plc ("Summit" on 4 October 2016 that it had entered into an exclusive licence and collaboration agreement with Sarepta Therapeutics for Summit's utrophin modulator pipeline."
casper72
14 May 2016
Re: Good day performance today I think this is Master Investor conference bounce. People who attended will have seen their stand. This stock is a great example of the madness of crowds... Over at FastForward shares are trading at a huge premium to NAV (without much justification to speak over). Here, underadvertised, is trading at a little over 50% discount.
IOMINVESTCOM
27 Apr 2016
Good day performance today Nice to see interest return to this fund
Hast
24 Dec 2015
Re: starting to get interested again I tend to agree with you.Investments = £2.18m (magna, Summit, PLE, 3legs, DBS)Cash + Other investments = £608K - made an assumption for OITotal circa= £2.79m / 23.1m sharesNAV = 12p (ignores trade payables)All depends what JM wants to do! Needs scale to be of interest. Should merge it with FFWD!I will keep watching but starting to look interesting.
casper72
22 Dec 2015
starting to get interested again I said at the start of this year that the right thing to do was sell PEBI post distribution, on the basis that the remaining company was too small and illiquid (and the price too high to reflect these issues).I remain of the view that the most likely outcome for the company is either liquidation or delisting/buyout by Jim Mellon. However, the discount to cash and quoted securities is now getting to the point where it might be worth the punt. Specifically, current NAV is 10.7p/share, of which 9.4p is realisable (cash, quoted holdings minus trade payables and ignoring unquoted holdings).The bid offer spread is comically large now that the company has a market cap below £2m; but the patient bidder can pick up small parcels at or around 6p. The risk here is mainly time - who knows when something will happen, or which option it will be? You could be stuck a long time waiting. However, at prices sub 6p it is starting to look interesting.Incidentally, the recent audited results state NAV of 11.6p/share, which was accurate at 30 June. Current NAV as of 22 Dec is 10.7p.
IOMINVESTCOM
18 Feb 2015
Re: Tender offer Tender offer money received tonight. That will do very nicely from average price paid of 7.55Will be interesting to see how the remaining smaller PEBI performs now.GLTA
Hast
08 Feb 2015
Re: Tender offer Good result plus benefited from recent uplift in Magna asset value from 12.7 to 14 euros. Also Summit has announced listing of its shares on NASDAQ!
casper72
06 Feb 2015
Re: Tender offer And the final numbers are in.Offer price 15.87p x 62.16% of your holding = "dividend" of 9.86p. Your remaining holding is fewer shares, spread across a smaller asset base, but a notional asset value of c. 14.8p (since not all shareholders took up the offer, there is a slight dilution vs. 15.87p for those who did)Quite a bit better than my earlier calculations, though I'm not complaining...
IOMINVESTCOM
17 Jan 2015
Re: Tender offer Hi Caster & CHL1, well done casper on a well thought out post and well done CHL1 on your banked profits.I agree with all points made and also reduced weighting in pebi by selling another position which banked 55% profit and I will leave remaining for the tender and see what happens to share price, NAV of the smaller PEBI.Happy to take 13% discount on NAV on this now.I am wondering what the outlook will be for pebi after the tender - will it still retain Jim Mellon's interest as biotech fund or small cash shell? GLTA
Hast
16 Jan 2015
Re: Tender offer Interesting that a director has bought another 400,000 shares in PEBI in addition to 169,436 shares before Christmas! total holding =6.5% why?
CoolHandLuke_1
15 Jan 2015
Re: Tender offer Casper,I agree with your analysis - I sold all of my stake yesterday at an average price of 13.4p having held since Day 1 for the following reasons:1) This is a very small co. and what will be left after the tender is an even smaller co.2) It is effectively controlled by Jim Mellon and whilst I have a lot of time for him and his investment record I think he will be thinking of what is best for him and not necessarily best for me3) At 13.4p realised Versus 14.18p NAV - that is a decent result4) The performance of this has been ok but not as good as Biotech Growth IT where I have a much bigger holding and intend to invest these proceeds into that. Best regards to all who continue to hold.CHL1
casper72
15 Jan 2015
Re: Tender offer Hi Malkovich.the tender offer is to buy a % of the shares at NAV, rather than the prevailing share price. My post was to convert this into a notional dividend (i.e. I hold x shares, I get the equivalent of y pence/share as a distribution).I don't think that there is a trade here any more, for the reasons I set out below. The opportunity was in the summertime when the price was around 10p.To answer your question: remember that you can't sell all of your shares (only up to about 60% of them). If you buy today, then you will retain about 40% of your shares regardless. The real question is, what to do with the balance?My advice on it is to take the money, then sell immediately after the close date. The share price can and should decline after the close date for the tender offer, even though the way that PEBI have structured it, the theoretical NAV/share will actually be more or less the same at 14.2p. (lower asset value, but spread over fewer shares)The way I think about it is this: PEBI is too small and too illiquid to trade at or near NAV. A fair value discount is about 15-20%, given that most of its holdings are also listed companies.The current price (13p bid) is at 10% discount, so is actually fully valued, and reflects the near-certainty that you will get about 8.5 back imminently.After the distribution, I view a 10% discount as insufficient to hold an illiquid, small stock like this. The bid offer spread is almost 10% on its own. So I will sell (though there are plenty who will keep their stakes in the hope of future distributions, and I wish them all the best).
Malkovich
14 Jan 2015
Re: Tender offer I have only had a quick look through the Tender. It seems to me that the company is offering to buy back a proportion of our shares at NAV rather than the share price.Does this not mean that we could take up the offer and sell the shares at NAV and then buy them back at the prevailing share price immediately afterwards and thereby be better off than rejecting the tender offer (but with an identical number of shares)?
casper72
14 Jan 2015
Re: Tender offer And so the offer is out. Mechanism is a bit on the fiddly side, but conceptually - you get a dividend (subject to capital gains rather than income tax) of 8.5p (current NAV of Magna as of today)- you retain shares in a smaller PEBI with a NAV of 5.8pThe figures on the prospectus are mostly as of 31 December, whereas the Magna fund has grown a further 5% since the start of the year.
