New Venturetec annual press release 2018
New Venturetec Ltd.: Results for the fiscal year 2017/18 per September 30, 2018
Zug, November 5, 2018. New Venturetec Ltd. closed the fiscal year 2017/18, ended September 30, 2018, with a profit of USD 26,055,742 or USD 5.21 per share, compared to a profit of USD 242,183 or USD 0.05 per share in the fiscal year 2016/17.
During the financial year ended September 30, 2018, New Venturetec Ltd. has dissolved its fully owned subsidiary Venturetec, Inc. All assets formerly held by Venturetec, Inc., including the venture capital investments, have been transferred to the direct ownership of New Venturetec Ltd. and as of September 2018, the company newly shows the direct venture capital investments in its financial statements.
The net asset value per share increased from USD 1.10 to USD 6.58 which equals +498.18% during the reporting period; in CHF respectively from CHF 1.07 to CHF 6.46 or +503.64%. The net asset value per September 30, 2018 is USD 32,904,466.
As of September 30, 2018, New Venturetec Ltd. had two investments with a total value of USD 52,906,641. The larger position is Osiris Therapeutics (NASDAQ: OSIR) with 86.09% of total investments. The profit resulted mainly from gains in the Osiris Therapeutics stock price, which increased from USD 4.60 to USD 11.10 (+141.30%) and the increase of Myriad Genetics stock price from USD 36.18 to USD 46.00 (+27.14%).
The advisory fees for the fiscal year 2017/18 are USD 193,647. The board remuneration for the reporting period was CHF 40'000 in total for the two outside board member.
As per the audited financial statements as of September 30, 2018, issued as of November 2, 2018, New Venturetec Ltd. is not in the situation of a capital loss in accordance with Art. 725 para 1 CO anymore. Therefore, the subordination agreement which Peter Friedli and the Company have signed on March 16, 2017, addressing the capital loss shown in previous years balance sheets, was terminated with effective date November 2, 2018.
Peter Friedli and New Venturetec Ltd. agreed to prolong the CHF 12 million convertible note with following terms: due December 31, 2019; secured; voluntarily convertible at CHF 9.50 per share; interest rate 4% p.a.; premium 1% p.a. payable at redemption; if converted no premium.
The annual report, including financial statements for the reporting period can be downloaded from www.newventuretec.com/investors/reports. The agenda of the annual shareholders meeting held at 11.45am on November 30, 2018 in Zug, is available on www.newventuretec.com.
About New Venturetec Ltd.
New Venturetec Ltd. 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 Ltd. 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 Ltd. 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