UK 00:52 Sunday, 27 September 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Flustered by the shock revelations about Diabetic Boot Company HERE, Jim Mellon's Port Erin (PEBI) published a December 31 NAV. Given that it published full year numbers when no-one was watching on 22 December this whiffs of panic. Unfortunately the statement begs more questions than it answers.
Cynical Bear has twice reported back on the great Jim Mellon Diabetic Boot spoof. This is a private company originally backed by Mellon with his own cash but then backed at ever higher valuations by PLCs controlled by Mellon, i.e with other folk's cash. But something happened before Christmas - surely the listed vehicles need to fess up? The spoof is not funny anymore, it is seriously related party unfunny;.
I wrote in May of this year that the price of Port Erin Biopharma (PEBI) was trading at a large enough discount to Net Asset Value that it was worth taking a position. At the time, it was trading in the 4-4.5p range; its now at 5.625p in the middle but with a pretty wide spread. But it is time to sell because the facts have changed substantially.
Two classic Christmas RNS’s from Port Erin Biopharma (PEBI) this week, the second of which came out at 12 yesterday, being the disappointing final results for the year to 30 June 2016; however, it was the one on Thursday relating to a short-term loan to Jim Mellon’s favourite investment, the Diabetic Boot Company (“DBC”) that really raised my eyebrows.
Tom Winnifrith recently suggested that Port Erin Biopharma (PEBI) has gone limp because of pessimism about Plethora's premature ejaculation treatment. Cynical Bear says be suspicious of sub-scale investment companies on AIM, full of related party transactions and corporate overheads. So… obviously the moronic thing to do is pile in, right? But still, I am long Port Erin, at least when the price is right (sub 4p). Here’s why.
If you want me to analyse a stock for you just drop me a line at sqmir@hotmail.com - Today I look at shares in Central Rand Gold (CRND), Port Erin (PEBI) and Sula Iron & Gold (SULA), setting share price targets for all three stocks.
We recommended shares in Jim Mellon’s AIM listed Port Erin Biopharma (PEBI) at a 12p offer price on April 7 –and one of our writers (Tom Winnifrith) has had an amicable exchange of emails with Mellon this week.
I was one of the founding directors of AIM listed Port Erin Biopharma (PEBI) but it was always the baby of Jim Mellon and I was happy to step down last Spring.
