Imperial Innovations: Gathering Portfolio Momentum
Edison | Jun 15, 2016 01:32AM ET
The breadth and depth of Imperial Innovations’ PLC (LON:IVO) 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.
Capital markets day: Highlighting portfolio strength
Four of Innovations’ top 10 portfolio companies (Nexeon, PsiOxus, CellMedica and Mission Therapeutics) and two ‘rising stars’ presented (Kesios and Econic Technologies), giving further insight into their recent progress, strategy, upcoming newsflow and management strength. These companies collectively represent c 28% of portfolio value at end-January, a similar weighting to Circassia. Material near-term milestones mean there is potential for future valuation uplift, which longer term may mean they overtake Circassia’s contribution to overall portfolio value.
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