New Venturetec annual press release 2017
New Venturetec: Results for the fiscal year 2016/17 per September 30, 2017
Zug, November 6, 2017. New Venturetec closed the fiscal year 2016/17, ended September 30, 2017, with a profit of USD 242,183 or USD 0.05 per share, compared to a loss of USD 59,878,350 (restated) or USD 11.98 per share (restated) in the fiscal year 2015/16.
Due to the mandatory implementation of the Amendments of IFRS 10 - Investment Entities (Investment Entities: Applying the Consolidation Exception – Amendments to IFRS 10, IFRS 12 and IAS 28), New Venturetec AG is publishing non-consolidated annual financial statements for the first time. On this reporting basis, the net asset value per share increased from USD 0.94 to USD 1.10 which equals +17.02% during the reporting period; in CHF respectively from CHF 0.91 to CHF 1.07 or +17.58%.
The main reason for the result is the increase of the traded share price of Myriad Genetics, from USD 20.58 to USD 36.18 (+75.80%) and the decrease of the traded share price of Osiris Therapeutics, from USD 4.96 per share to USD 4.60 (-7.25%) per share.
As of September 30, 2017, New Venturetec had two investments with a total value of USD 26,111,185. As of September 30, 2017, the larger position is Osiris Therapeutics (Pink-Sheets: OSIR) with 72.3% of total investments. The net asset value per September 30, 2017 is USD 5,516,164.
Due to the accumulated losses, the assets of New Venturetec did not cover one-half of the share capital anymore in accordance with Art 725 para.1 CO. To address the capital loss, Peter Friedli and the Company signed a subordination agreement on a total claim of CHF 18,589,310.
The advisory fees for the fiscal year 2016/17 are USD 69,065. The board remuneration for the reporting period was CHF 25'000 for each of the two outside board member.
The annual report, including financial statements for the reporting period can be downloaded from www.newventuretec.com. The agenda of the annual shareholders meeting held at 11.45am on December 1, 2017 is available on www.newventuretec.com.
About New Venturetec
New Venturetec is a publicly traded Swiss investment company (SIX: NEV) which holds participations in venture companies in the areas of biotechnology and technology which are domiciled in the USA.
The investment horizon should be 10 years or more. A shareholder is recommended to follow the development with interest and base an investment or disinvestment decision on results of the development of the portfolio companies rather than on the general capital market and the investors’ sentiment. Any investor should only invest in New Venturetec if he can afford the complete loss of the investment without having to change his lifestyle. Significant risk is involved and the timelines may exceed the expectations. In addition, the market of New Venturetec shares is very illiquid. The risks of venture investments are 100%. The total loss of the investment has to be considered as a realistic possibility.
For further information:
New Venturetec AG
Tel: 041 740 25 25