Simple Math. We are worth minimum 50 cents a share today!! Portage owns 6,341,500 shares of BHVN.
Portage has 260,688,894 shares outstanding.
#BHVN shares owned X BHVN Share Price / PTGEF Shares Outstanding = PTGEF value per share of BHVN.
Say BHVN is at the following prices:
$18 - .4379
$19 - .4622
$20 - .4865
$21 - .5108
$22 - .5352
So, BHVN at $20 (not far off now) makes PTGEF’s value 48.65 cents.
**This does not include any value to PTGEF’s other holding in Portage Pharma, Sentien and Eygen.**
Thus, toss in a penny or two, and PTGEF is worth 50 cents all day long.
Currently trading at 35 cents. 15 / .35 = 42.86% upside.
*** With BHVN going into Phase 3 on 2 drugs in 2017, and their huge pipeline going forward, the upside to Portage is looking very good indeed! ***