Another day, another non job junked – I have quit the board of AIM listed Port Erin Biopharma Investments (PEBI). Why? I hope that I have made clear that going forward I shall only work a) with people I like and respect, b) where I earn a decent wedge and c) where I enjoy what i am doing. Port Erin fails 2 of the 3 tests.
Being a director of a PLC is a pain in the neck. I once thought that I really wanted to do it. Now I question my sanity for having such an aspiration. You spend hours and hours filling in forms; talking to overpaid and – generally – pretty thick advisors; ensuring that rules are followed which serve no purpose other than being rules, talking to shareholders, the list goes on and on. Is any of this fun? No. I would rather build up a private business than go anywhere near a quoted vehicle again. I would rather spend a whole day wiping Tony Blair’s posterior than re-enter PLC land. And as it happens Port Erin paid me a salary of £0 and that does not qualify as a decent wedge in anyone’s book.
Port Erin exists to mirror Jim Mellon’s personal biotech investments and it is his baby. I was happy to help get it off the ground but it is his show. Jim is a very likeable man and has always been highly supportive. We were chatting the other day at length about weddings. He is not planning one but insisted that if I were to be remarried (nothing imminent to report) he would like to attend. Of course he would be more than welcome. He is funny and interesting. As long as he did not try to give a speech plugging his next book we would be fine. Port Erin has been fun in some ways but – where i am now – it is just an unpaid drag on my time.
I expressed a wish to resign some time ago but wheels turn slowly.
There is more to life than sitting in meetings for no reward and without having any real passion or interest in what is going on. Right now this blog does not earn me a penny but at least it is fun writing it and I enjoy working with those who assist me. More serious business matters are on the horizon but pro tem I just sit and write.
Good luck to Jim. The last stated NAV at Port Erin was c9.6p as at March 31st having risen steadily since IPO. I do not know what it is today but surely a quarterly update for the period to June 30th cannot be far away. I have faith in Jim so do not expect NAV to be heading the wrong way. The shares are just 7p. It strikes me that they are probably rather cheap.
I should declare that I own a few shares and warrants in Port Erin.