OREANDA-NEWS. June 15, 2016. The breadth and depth of Imperial Innovations' investment portfolio was showcased at its Capital Markets Day, with a focus on six companies. Investor focus is keenly on Circassia's impending CAT-SPIRE Phase III results, anticipated this quarter. Circassia represented c 22% of portfolio NAV at end-HY16, hence this binary event will affect near-term portfolio NAV.

Nevertheless, with portfolio momentum gathering and a number of material near-term milestones drawing nearer, the potential for valuation creation beyond Circassia is becoming more visible.

Innovations' shares trade at a c 34% premium to our estimated FY16e NAV of 321p/share (at 31 July 2016). We believe this is a relatively modest premium based on historical performance and the prospect of significant value uplifts over the next few years as a result of investment across a range of maturing unquoted companies, which have the prospect of revaluations of their carrying value and upcoming catalysts.