Bought a tiny bit of this…
It is a tiny (£2.1m) investment trust.
It has $1.4m (£1.1m) in cash (30/6/2016 HY report) – this doesnt screen well as it is held via a subsidiary….
The rest is a 24% stake in Stopharm and a 16.35% stake held via a convertible bridge loan. This is valued at $6m (£4.8m) in the books based on an indicative offer. In total this gives an upside of over 150%. IF we get to NAV.