New Venturetec Semi-Annual Results 2017
New Venturetec results for the first half of the fiscal year 2016/2017 ended
March 31, 2017
Results for the six months period ending March 31, 2017
Zug, May 24, 2017. New Venturetec closed the first six months of the fiscal year 2016/17, ended March 31, 2017, with a loss of USD 650'515 compared with a loss of USD 52,298,743 in the same period 2015/16. The net asset value per share decreased from USD 0.94 to USD 0.81 which equals -13.83% during the reporting six month period. The share price remained stable, CHF 2.01 as of September 30, 2016 versus CHF 2.00 as of March 31, 2017.
Due to the mandatory implementation of the Amendment of IFRS 10 – Investment Entities, New Venturetec Ltd. first time is publishing non-consolidated financial statements.
The loss is mainly a result of the decrease of the public traded share prices of the investments held by the non-consolidated subsidiary Venturetec Inc. The share price of Osiris Therapeutics (Pink-Sheets:OSIR) decreased from USD 4.96 to USD 4.80 (-3.23%) and the share price from Myriad Genetics (NASDAQ:MYGN) decreased from USD 20.58 to USD 19.20 (-6.71%) in the reporting period. More details on the investment companies are described in the semi-annual report.
As of March 31, 2017, New Venturetec had two investments, held by non-consolidated subsidiary, both valued below investment costs. The total value of investments is USD 23,535,845, which results in an unrealized loss of USD 6,505,679 against the costs of the investments. The larger position is Osiris Therapeutics with 83.68% of total investments.
The total board remuneration accrued for the six months period was CHF 25,000. Total operational costs for the first half of the fiscal year 2016/17 were USD 240,730.