New Venturetec Results for the fiscal year 2012/13
New Venturetec: Results for the fiscal year 2012/13 per September 30, 2013
Zug, November 13, 2013. New Venturetec closed the fiscal year 2012/13, ended September 30, 2013, with a gain of USD 16'857'382, compared to a gain of USD 24,648,541 in the fiscal year 2011/12. The main reason for the profit was the increase of the quoted share price of Osiris Therapeutics by 50.6% from USD 11.05 to USD 16.64. The net asset value per share increased from USD 10.64 to USD 14.01 which equals 31.7% during the reporting period; in CHF respectively from CHF 10.00 to CHF 12.67 or 27.1%.
The main reason for the profit was the increase of the quoted share price of Osiris Therapeutics by 50.6% from USD 11.05 to USD 16.64. The details on the valuation of the privately held companies are described in the annual report.
As of September 30, 2013, New Venturetec had four investments with three investments valued higher than the investment costs and one below investment costs. The total value of investments is USD 88,042,005 which results in an unrealized gain of USD 35'834'734 against the costs of the investments. As of September 30 2013, 81.7% of the total investments are in biotechnology and 18.3% in technology. The largest position is Osiris Therapeutics (NASDAQ:OSIR) with 77.6% of total investments. The net asset value per September 30, 2013 is USD 70,041,965.
The management fees for the fiscal year 2012/13 are USD 330,780 of which USD 89,360 has been paid and USD 241,420 was accrued. The board remuneration for each of the two outside board member, for the reporting period was CHF 25'000.
As announced on August 16, 2013, the Board of Directors considers the issuance of a convertible bond in the amount of up to USD 20 million. In order to execute this convertible bond, the Board of Directors proposes to the shareholders at the annual shareholders meeting on December 4, 2013 the reduction of the nominal capital per share from CHF 12.50 to CHF 6.00 and therefore increases the tax free redeemable reserves of the Company. There will be no negative tax impact for the shareholders as ruled by the Eidgenössische Steuerverwaltung from this transaction. The Board of Directors will further propose the creation of conditional capital of up to 2,500,000 shares with a nominal capital of CHF 6.00 per share which is related to the convertible bond. Shareholders will have the right to participate pro rata in the convertible bond. The terms of the bond will be announced shortly before the annual shareholders meeting on December 4, 2013.
The annual report, including financial statements for the reporting period can be downloaded from www.newventuretec.com/investors/reports.aspx. The agenda of the annual shareholders meeting held on December 4, 2013 is available on www.newventuretec.com.
New Venturetec is a publicly traded Swiss investment company (SIX: NEV) which invests directly in venture capital companies in the USA.
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Tel: 041 740 26 26