By Geoff Percival
The Malin-backed drug development investment company canceled plans to look for a list of secondary stock markets in London.
Updating analysts on his strategy, during the capital market day in London yesterday, Malin's management team – led by chief executive Ian Curley and chief financial officer Darragh Lyons – said they expect to realize significant investment returns at four major investee companies, two of which are approaching full commercialization status, in the next two years.
They said that the element of the investment profit would be returned to shareholders and the remainder would be used for new investments. Malin is interested in investing in further drug development companies in oncology and treatment of genetic diseases.
The company currently has investments in 18 drug research companies and will continue to invest – to a lesser extent – in its 14 underdeveloped interests.
Malin is partly owned by the Irish Strategic Investment Fund and an investment manager based in the UK, Woodford Investment Managers, with less than 40% of the shares owned by retail investors.
Malin significantly overhauled his board during the summer and former chief executive Adrian Howd left last month.
Mr Curley, former director of finance for the Smurfit Kappa paper and packaging group and previous CEO of the Ardagh glass and metal packaging group, was designed as part of the management reshuffle.
He said Malin's management structure would be overhauled and led by a new investment team, led by an investment chief who would be recruited next year.
Back in March, management Malin previously said he wanted to take a second share list – with the London Stock Exchange location of choice – in an effort to expand his investor base.
However, yesterday Mr Lyons said the list of companies in Dublin would be sufficient and there was no secondary list currently being considered.
"Malin sharpened his strategic focus. This has simplified its strategy to focus on four priority assets that hold many advantages, and a leaner structure provides a longer operational foundation, "said Andrew Young of Davy.