http://www.nusep.com/user_files/1373429607_ASX%20%20Announcement%...

http://www.nusep.com/user_files/1373429607_ASX%20%20Announcement%2010%20July%202013%20inv.pdf

2015 P/E Market

Base case value: $460m

Say NSP owns 50% of PrIME= $230m
say total 200m shares on issue at that time= $1.15 per share


Optimistic Case value: $1,250m $1.25 Billion

Say NSP owns 50% of PrIME= $600m
say total 200m shares on issue at that time= $3 per share


progress so far:

October 2012 - NSP shipped its pilot scale PrIME Technology
production unit to PrIME Biologics cGMP facility in Singapore.

December 2012 - PrIME Biologics undertook three pilot scale
production batches of Albumin in its cGMP facility.
June 2013 – NSP announced the signing of a S$20 million
(A$16 million) LOI to fund PrIME Biologics to first sales.
This funding has been undertaken at the PrIME Biologics
level, valuing the Singapore subsidiary at S$60 million (A$50 million). NSP expects post the S$20 million LOI funding to retain approximately 60% of PrIME Biologics.

Near term Fair value: 50c per share

NSP value the Singapore project at S$84 million (NPV),
equating to ~$0.50 per NSP share. The analysis by NSP used
a 20% discount rate and generated an IRR of 38%.