Seneca Growth Capital VCT Ordinary Share Nav Update And Dividend Declaration
December 07 2022 - 1:00AM
UK Regulatory
TIDMHYG TIDMSVCT TIDMHYG
Seneca Growth Capital VCT Plc (the "Company")
7 December 2022
Ordinary Share NAV Update and Ordinary Share Dividend
Declaration
Since the Company's September 2022 quarter-end, the Board has
reviewed the carrying value of both the Ordinary share pool
investments and the B share pool investments, resulting in an
uplift in the Ordinary share pool Net Asset Value ("NAV") and the
declaration of an Interim Capital Dividend on Ordinary Shares.
Ordinary Share Net Asset Value
As at 5 December 2022, the unaudited NAV for an Ordinary share
was 40p per share. This is an increase of 13p from the previously
published unaudited NAV of 27p as at 30 September 2022 and is due
to a significant increase in the share price of the Ordinary share
pool's largest quoted investment by value, Scancell Holdings Plc
("Scancell"), net of the associated performance fee accrual and
running costs. AIM quoted investments made up 85% of the Ordinary
share pool's NAV as at 30 September 2022. The Ordinary share pool's
NAV fluctuates largely in line with the movement in its two AIM
quoted investments. The share price of the Ordinary share pool's
other quoted investment, Arecor Therapeutics Plc, has remained
relatively flat since 30 September 2022 at 240p per share as at 5
December 2022.
Scancell announced in October a licensing agreement with Genmab,
an international biotechnology company, to develop and
commercialise a Scancell investigational anti-glycan monoclonal
antibody into novel therapeutic products. Under the agreement,
Scancell is to receive an upfront payment as well as potential
milestone payments of up to $208 million for each product developed
and commercialised, up to a maximum of $624 million if Genmab
develops and commercialises products across all defined modalities.
Scancell will also receive royalties from Genmab on net sales of
all commercialised products. In the same month, Scancell announced
its first-in-human clinical trial, Modi-1 (ModiFY), had progressed
successfully through cohort 1 and 2 and that the trial will
progress onto cohort 3 safety testing. In November, the company
announced a licensing agreement with Vaccitech plc to use their
SNAPvax(TM) technology to formulate and manufacture its Modi-2
product. As a result of these developments, Scancell's share price
has increased from 12p as at 30 September 2022 to 23p as at 5
December 2022, representing a 92% increase.
We are pleased that the market is recognising the continuing
developments at Scancell and have taken the opportunity to realise
a further modest portion of our holding by selling 500,000 shares
at 25p per Scancell share. Our remaining holding is 10.5 million
shares and we continue to monitor the progress of Scancell
closely.
The Directors also reviewed the unquoted investments held in the
portfolio and concluded that all valuations remain unchanged.
Whilst there has been no impact on the Ordinary share unquoted
investment valuations, on 23 November 2022, the Company was
informed that the Ordinary share pool unquoted investment OR
Productivity Limited, currently held at GBPnil value, was placed
into administration.
Ordinary Share Dividend Declaration
Following our realisation of Scancell shares, the Directors of
the Company are pleased to declare an interim capital dividend of 2
pence per Ordinary share for the year to 31 December 2022, to be
paid on 23 December 2022.
The ex-dividend date is 15 December 2022.
The record date for the dividend is 16 December 2022.
B Share Net Asset Value
The Board has also reviewed the carrying value of all B share
pool investments as at 5 December 2022. As the value of those
investments has not changed materially from the values as at 30
September 2022, the Board has not issued a revised NAV per B share
(the unaudited NAV per B share as at 30 September 2022 was 82.6p
per B share).
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. Upon the publication of this announcement via
a Regulatory Information Service, this information is now
considered to be in the public domain.
For further information, please contact:
John Hustler, Seneca Growth Capital VCT Plc at
john.hustler@btconnect.com
https://www.globenewswire.com/Tracker?data=sNoMMcpJgVIkRY76ek3t0vlAiuE9Fy0Lj3bR2AlTDRAKkKYEb6sr7xhXUnUR5WbMUlI1NAnkISWX71OBhfF99nxRnxS3vH3wBzg6-z1a2DWYA6QJyk9uuinDHZDMw-JN
Richard Manley, Seneca Growth Capital VCT Plc at
Richard.Manley@senecapartners.co.uk
https://www.globenewswire.com/Tracker?data=zOUCX4CVx80-nLPctz5aApfqIjyzvfFJOB8zQ8kfY2QTBrUcKMGrD119Pof0DBfKU8PzohjeZxVHM1HH1QA5owJCOuEux-28w_4-WyPoDpDLUWgfyt0vqUJJ93TXxQID-nadO8boeguJ1Zj6wlL73Q==
(END) Dow Jones Newswires
December 07, 2022 02:00 ET (07:00 GMT)
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