TIDMHYG TIDMSVCT 
 

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 AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

For immediate release

26 July 2021

Seneca Growth Capital VCT Plc

Unaudited Half-Yearly Report

For the Six Months Ended 30 June 2021

Financial Headlines

Ordinary Shares

 
39.0p     Net Asset Value per share at 30 June 2021 
 
69.3p     Cumulative dividends paid to date 
 
108.3p    Total return per share since launch 
 

B Shares

 
104.6p    Net Asset Value per share at 30 June 2021 
 
7.5p      Cumulative dividends paid to date 
 
112.1p    Total return per share since launch 
 

Financial Summary

 
                               Six months to 30      Six months to 30          Year to 
                                   June 2021             June 2020         31 December 2020 
                                                                         Ordinary 
                              Ordinary    B share   Ordinary    B share    share    B share 
                              share pool    pool    share pool    pool      pool      pool 
                             -----------  -------  -----------  -------  ---------  -------- 
Net assets (GBP'000s)              3,166   13,082        2,450    6,558      2,453     8,317 
Return on ordinary 
 activities after tax 
 (GBP'000s)                        1,038    1,480         (13)     (90)      1,045       252 
Earnings per share 
 (p)                                12.8     13.8        (0.2)    (1.7)       12.8       3.5 
Net asset value per 
 share (p)                          39.0    104.6         30.2     89.3       30.2      91.8 
Dividends paid since 
 inception (p)                     69.25     7.50        52.25     4.50      65.25      6.00 
Total return (NAV 
 plus cumulative dividends 
 paid) per share (p)              108.25   112.10        82.45    93.80      95.45     97.80 
Dividends declared 
 for the period (p)                  4.0      1.5          0.0      1.5       13.0       3.0 
---------------------------  -----------  -------  -----------  -------  ---------  -------- 
 

For further information, please contact:

John Hustler, Seneca Growth Capital VCT Plc at john.hustler@btconnect.com https://www.globenewswire.com/Tracker?data=w9G2o1DmYxsXb2NE0W-RygHRplyHYn2OEpK6gWEOQKNpwP7CRUFBxXXb8Pmnw8HwJ31M7vHDjyADwN4FIw8Q-Gkn4bJ9xA8bXViUHu3Wnyj13KsBPRykQW6Axv8fiZMO

Richard Manley, Seneca Growth Capital VCT Plc at Richard.Manley@senecapartners.co.uk https://www.globenewswire.com/Tracker?data=FOrSQ4UHGEOjlgoS06sHybGUinYuEYa4UkI44WOthuOESwVtG8NAQxiR67A13rknkx4v8oI_k6gMMV-3btXDOkVmCjdhvQ99eJXy7VjPcxCoNO5pEZJs7SUdWAExIsQ30y01ncFnsBQSEs9D010CFA==

Chairman's Statement

I am pleased to present the unaudited results for the six months ended 30 June 2021.

Further to the success of the Company's B share offers over the last three years, under which the Company has raised more than GBP12m, we expect to issue a further prospectus shortly to enable the Company to continue to raise funds for the ongoing development of the B share portfolio. I would like to welcome all new investors and thank existing shareholders who have continued to support the Company.

Despite the unprecedented economic climate and general turmoil of financial markets as a result of the Covid-19 pandemic ("C-19"), I am encouraged that the net asset values of both the B share and Ordinary share portfolios have increased over the six-month period to 30 June 2021. The Net Asset Value ("NAV") per B share increased from 91.8p to 104.6p and the NAV per Ordinary share increased from 30.2p to 39.0p during the period.

The key activities in respect of the B share portfolio in the period to 30 June 2021 included:

   -- Four new investments (three of which were AIM quoted). 
 
   -- An increase in the share price of SkinBioTherapeutics Plc ("SkinBio") 
      from 22p at 31 December 2020 to 63p at 30 June 2021. 
 
   -- Two partial exits, including a realisation of 1,750,000 in SkinBio shares 
      generating GBP621k and a profit of GBP341k. 
 
   -- A dividend of 1.5p per B share paid in May 2021. 

The key activities in respect of the Ordinary Share portfolio in the period to 30 June 2021 included:

   -- A significant increase in the share price of Scancell Holdings Plc 
      ("Scancell") from 13.5p at 31 December 2020 to 21.5p at 30 June 2021. 
 
   -- A partial realisation of Scancell shares in February 2021 at 21.7p per 
      Scancell share, boosting the Ordinary share pool's cash position. 
 
   -- A dividend of 4.0p per Ordinary share paid in June 2021. 
 
   -- A follow-on investment of GBP85k into existing Ordinary share portfolio 
      company Arecor Limited (now Arecor Therapeutics Plc) ("Arecor") to 
      support the investee company's IPO. 

Further details in respect of the results and the Company's B share and Ordinary share portfolios are set out below.

B share portfolio

Results

The total return (NAV increase plus dividends paid) per B share for the six-month period to 30 June 2021 amounted to 14.3p per B share (a 16% increase on the opening NAV for the period) (30 June 2020: 2.3p or 3% decrease). This increase is the result of the combination of a positive capital return of 14.8p per B share (30 June 2020: negative capital return of 0.4p) and a negative revenue return of 1.0p per B share (30 June 2020: negative revenue return of 1.3p). The remaining movement is a function of the increasing number of B Shares in issue throughout the period, with the return per share being calculated using a weighted average number of shares.

The positive capital return of 14.8p per B share is a result of the net increase in the aggregate carrying value of the B share pool's quoted and unquoted investee companies and the profit generated on the partial sale of two of the B share pool's AIM quoted investments, being SkinBio and Abingdon Health plc, as further detailed below, offset by the reduction in the carrying value of Ten80 Group Ltd.

The negative revenue return of 1.0p per B share was principally a result of the impact of the Company's running costs on the B share pool. The Company's running expenses were however capped at 3% of the B share NAV until July 2021. Going forward, general expenses will now be allocated to the Ordinary share pool and the B share pool pro-rata to their respective NAVs subject to a cost cap of 3% of each share pool's NAV.

The B share pool also paid an interim dividend of 1.5p per B share in the period, with 7.5p cumulative dividends paid to date.

Portfolio review

The Company's Investment Manager, Seneca Partners Limited ("Seneca"), has made four additions to the B share portfolio in the six months to 30 June 2021, totalling GBP2.3m as follows:-

   -- Solascure Ltd -- an innovative early stage wound care specialist biotech 
      company in which we invested GBP500k 
 
   -- Evgen Pharma Plc -- a drug development company whose lead asset has 
      various clinical applications in cancer in which we invested GBP400k 
 
   -- Polarean Imaging Plc ("Polarean") -- a drug-device company specialising 
      in evaluating pulmonary function with lung imaging in which we invested 
      GBP986k 
 
   -- Arecor -- an existing Ordinary share portfolio company that brings 
      innovative medicines to market through the enhancement of existing 
      therapeutic products in which the B share pool invested GBP425k 

With the AIM market proving buoyant for certain sectors in the period, Seneca took the opportunity in January 2021 to realise 37% of its original shareholding in SkinBio, selling 1,750,000 shares and realising a gain of GBP341k on the disposal (2.2x cash return) in addition to selling 78,000 shares in Abingdon for GBP76k, 50% of its holding, realising a small profit.

The period also saw a sustained increase in the bid price of two of the B share pool's AIM quoted investments: the SkinBio share price increased to 63p as at 30 June 2021 (from 22p as at 31 December 2020) and the Polarean share price increased to 92p as at 30 June 2021 (compared to a cost price of 60p per share).

Despite the positive performance of the B share portfolio as a whole during the period which remained impacted by C-19, Seneca continue to work closely with the investee companies to monitor the impact of C-19 and to provide support where required to overcome any further challenges which may arise including assessing any need they may have for further finance.

Ordinary share portfolio

Results

The total return (NAV increase plus dividends paid) per Ordinary share for the six-month period to 30 June 2021 amounted to 12.8p (June 2020: reduction 0.2p).

As noted above, the share price of Scancell shares showed significant gains and the Ordinary share pool sold 1,000,000 shares in February 2021 at 21.7p per Scancell share. This has realised GBP217k for the portfolio representing a profit over original cost of GBP157k. We continue to hold 11,000,000 shares in Scancell.

We were particularly encouraged that Arecor, a long-standing Ordinary share pool unquoted investee company, announced its intention to float on AIM in May 2021. We considered the terms of the fundraise to be attractive and in order to support the IPO the Ordinary share pool purchased a further 37,611 shares in Arecor at GBP2.26 per share. Following a share reorganisation prior to flotation, the Ordinary share pool's existing shares were converted to 186,366 shares and the Ordinary share pool now holds a total of 223,977 shares in Arecor valued at GBP526k.

The effect of these transactions and the continued increase in Scancell's share price has resulted in a return per Ordinary share for the period of 12.8p (a 42% increase on the opening NAV for the period) per Ordinary share (30 June 2020: negative 0.2p or 0.7% decrease). The aggregate impact of these changes is net of the corresponding increase in the accrued Ordinary share pool performance fee, which was GBP352k as at 30 June 2021 (30 June 2020: GBP50k) and the interim capital dividend of 4.0p per Ordinary share paid on 25 June 2021, totalling GBP325k. The Ordinary share pool has now paid a total of 69.25p dividends per Ordinary share since launch.

As shareholders will recall, the Ordinary share portfolio has not borne any general running costs from July 2018 until July 2021.

Portfolio review

The Ordinary share portfolio now comprises two AIM listed holdings, Scancell and Arecor, and five unquoted holdings.

The AIM listed holdings represented 90% of the Ordinary share portfolio at 30 June 2021. The bid price of Scancell continues to see significant volatility but has recently maintained a sustained increase from its 31 December 2020 share price of 13.5p per share and Arecor has remained relatively stable since its admission to AIM. It is not our policy to update the market following these fluctuations unless there are abnormal events (e.g. sale of a significant holding) but shareholders are advised to review the current Ordinary share NAV taking account of the latest bid price of each holding, net of Performance Fee calculated as set out in the in the latest Annual Report, which can be accessed on the Company's website at www.senecavct.co.uk.

In addition, the Ordinary share portfolio now holds GBP334k in cash. It is the Board's policy that we retain a certain level of cash to further invest in existing portfolio companies and pay running costs from July 2021. We will continue to pay dividends following any further realisations.

Fundraising

Having launched the Company's B share class in 2018 the Board are very pleased with the GBP12m raised to date, including GBP3.5m raised in the six-month period to 30 June 2021.

Seneca expect to continue to see an increase in the number of businesses seeking investment to support their growth plans over the next 12-18 months and therefore the Company will shortly launch our next offer for B shares to raise a further GBP10 million (with an overallotment facility of an additional GBP10 million) to enable Seneca to continue to increase the number and diversity of investments in the B share pool.

Presentation of half-year report

As previously noted, in order to simplify this report and to reduce costs, we have omitted details of the Company's objectives and investment strategy, its Advisers and Registrars and how to buy and sell shares in the Company. These details are all included in the latest Annual Report and can be accessed on the Company's website at www.senecavct.co.uk.

In order to ensure that shareholders receive regular information in respect of their investment in the Company, we intend to continue to provide a virtual presentation of the interim and annual results as well as a general portfolio update at least twice annually. As such, the Company is pleased to confirm that the third virtual shareholder update presentation will be held at 10am on Wednesday, 8 September 2021, details of which and how to join the webinar will be made available on www.senecavct.co.uk shortly.

Outlook

Notwithstanding the significant challenges faced by the UK economy since the onset of C-19, we are encouraged by the positive progress being made by the B share pool. As at 30 March 2020, just after the onset of C-19, the B share NAV stood at 79.5p per B share. By 30 June 2021, the increase in total return per B share amounted to 29.6p (a 37% increase on the NAV as at 30 March 2020) to 109.1p per B share -- a performance which we believe will be very well received by our B share investors in these unprecedented times.

We are pleased that Seneca have developed a spread of B share portfolio investee companies, some of which are unquoted and some of which are AIM quoted, thereby reducing concentration risk for the Company's B shareholders in relation to any one single investment.

We also note that with GBP6m of cash on the B share pool balance sheet as at 30 June 2021 (equivalent to 46% of the B share NAV at 30 June 2021,) Seneca believe they are very well placed to continue to support the existing B share investment portfolio as well as adding attractive new growth capital investments from the strong pipeline of opportunities presented to them. We therefore look forward to the continued development of the B share portfolio.

As noted above, we have continued our policy of returning realised cash to Ordinary shareholders through the dividend paid following the sale of Scancell shares. We are also encouraged by Arecor's float on AIM and believe further opportunities to realise profitable returns for Ordinary shareholders are achievable.

John Hustler

Chairman

23 July 2021

Investment Portfolio -- Ordinary Shares

 
                                                                               Movement 
                                                                 Carrying      in the six 
                                                                  value at     months to 
                         Equity    Investment    Unrealised       30 June       30 June 
                          held       at cost    profit/(loss)       2021          2021 
Unquoted Investments        %        GBP'000       GBP'000        GBP'000       GBP'000 
Fuel 3D Technologies 
 Limited                     <1.0         299           (104)            195            - 
---------------------  ----------  ----------  --------------  -------------  ----------- 
Insense Limited               4.6         509           (388)            121            - 
---------------------  ----------  ----------  --------------  -------------  ----------- 
ImmunoBiology Limited         1.2         868           (868)              -            - 
---------------------  ----------  ----------  --------------  -------------  ----------- 
OR Productivity 
 Limited                      7.9         765           (765)              -            - 
---------------------  ----------  ----------  --------------  -------------  ----------- 
Microarray Limited            1.8         132           (132)              -            - 
---------------------  ----------  ----------  --------------  -------------  ----------- 
Total unquoted 
 investments                            2,573         (2,257)            316            - 
---------------------  ----------  ----------  --------------  -------------  ----------- 
 
                                                                                 Movement 
                                                                               in the six 
                                                                    Carrying    months to 
                                   Investment      Unrealised       value at      30 June 
                           Shares     at cost   profit/(loss)        30 June         2021 
Quoted Investments           held     GBP'000         GBP'000   2021 GBP'000      GBP'000 
Scancell Plc           11,000,000         665           1,699          2,364          879 
                       ----------  ----------  --------------  -------------  ----------- 
Arecor Therapeutics 
 Plc                      223,977         227             299            526          236 
---------------------  ----------  ----------  --------------  -------------  ----------- 
Total quoted 
 investments                              892           1,998          2,890        1,115 
---------------------  ----------  ----------  --------------  -------------  ----------- 
Total investments                       3,465           (259)          3,206        1,115 
---------------------  ----------  ----------  --------------  -------------  ----------- 
 

Investment Portfolio -- B Shares

 
                                                                             Movement 
                                                                               in the 
                                                               Carrying      six months 
                                                                value at         to 
                       Equity    Investment    Unrealised       30 June       30 June 
                         held      at cost    profit/(loss)       2021          2021 
Unquoted Investments      %        GBP'000       GBP'000        GBP'000       GBP'000 
Fabacus Holdings 
 Limited                    2.0         500              63            563            - 
--------------------  ---------  ----------  --------------  -------------  ----------- 
Old St Labs Limited         3.5         500               -            500            - 
--------------------  ---------  ----------  --------------  -------------  ----------- 
Silkfred Limited           <1.0         500               -            500            - 
--------------------  ---------  ----------  --------------  -------------  ----------- 
Solascure Limited          <1.0         500               -            500            - 
--------------------  ---------  ----------  --------------  -------------  ----------- 
Qudini Limited              2.2         500           (200)            300            - 
--------------------  ---------  ----------  --------------  -------------  ----------- 
Bright Network (UK) 
 Limited                    1.7         234               -            234            - 
--------------------  ---------  ----------  --------------  -------------  ----------- 
Ten80 Group Limited         7.5         400           (200)            200        (200) 
--------------------  ---------  ----------  --------------  -------------  ----------- 
Total unquoted 
 investments                          3,134           (337)          2,797        (200) 
--------------------  ---------  ----------  --------------  -------------  ----------- 
 
                                                                               Movement 
                                                                                 in the 
                                                                             six months 
                                                                  Carrying           to 
                                 Investment      Unrealised       value at      30 June 
                         Shares     at cost   profit/(loss)        30 June         2021 
Quoted Investments         held     GBP'000         GBP'000   2021 GBP'000      GBP'000 
SkinBioTherapeutics 
 Plc                  2,752,107         440           1,294          1,734        1,129 
                      ---------  ----------  --------------  -------------  ----------- 
Polarean Imaging 
 Plc                  1,644,070         986             525          1,511          526 
                      ---------  ----------  --------------  -------------  ----------- 
Arecor Therapeutics 
 Plc                    188,053         425              17            442           17 
                      ---------  ----------  --------------  -------------  ----------- 
Evgen Pharma Plc      5,000,000         400            (10)            390         (10) 
                      ---------  ----------  --------------  -------------  ----------- 
OptiBiotix Health 
 Plc                    350,000         140              28            168         (32) 
                      ---------  ----------  --------------  -------------  ----------- 
Abingdon Health Plc      78,250          75            (37)             38         (35) 
--------------------  ---------  ----------  --------------  -------------  ----------- 
Total quoted 
 investments                          2,466           1,817          4,283        1,595 
--------------------  ---------  ----------  --------------  -------------  ----------- 
Total investments                     5,600           1,480          7,080        1,395 
--------------------  ---------  ----------  --------------  -------------  ----------- 
 

Responsibility Statement of the Directors in respect of the half-yearly report

We confirm that to the best of our knowledge:

   -- the half-yearly financial statements have been prepared in accordance 
      with the statement "Interim Financial Reporting" issued by the Financial 
      Reporting Council; 
 
   -- the half-yearly report includes a fair review of the information required 
      by the Financial Conduct Authority Disclosure and Transparency Rules, 
      being: 
 
          -- an indication of the important events that have occurred during 
             the first six months of the financial year and their impact on the 
             condensed set of financial statements. 
 
          -- a description of the principal risks and uncertainties for the 
             remaining six months of the year. 
 
          -- a description of related party transactions that have taken place 
             in the first six months of the current financial year that may 
             have materially affected the financial position or performance of 
             the Company during that period and any changes in the related 
             party transactions described in the last annual report that could 
             do so. 

On behalf of the Board:

John Hustler

Chairman

23 July 2021

Income Statement - Combined

 
                               Combined                                     Combined                                     Combined 
                       Six months to 30 June 2021                   Six months to 30 June 2020                    Year to 31 December 2020 
              -------------------------------------------  -------------------------------------------  ------------------------------------------- 
                 Revenue        Capital         Total         Revenue        Capital         Total         Revenue        Capital         Total 
                    GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000 
------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
Gain on 
 disposal of 
 fixed asset 
 investments              -            322            322              -            655            655              -            948            948 
 
Gain/(loss) 
 on 
 valuation 
 of fixed 
 asset 
 investments              -          2,510          2,510              -          (672)          (672)              -            682            682 
Income                    -              -              -              -              -              -              -              -              - 
 
Performance 
 fee                      -          (159)          (159)              -              3              3              -          (140)          (140) 
 
Investment 
 management 
 fee net of 
 cost cap              (17)           (52)           (69)            (6)           (18)           (24)           (10)           (31)           (41) 
 
Other 
 expenses              (86)              -           (86)           (62)            (3)           (65)          (150)            (2)          (152) 
 
Return on 
 ordinary 
 activities 
 before tax           (103)          2,621          2,518           (68)           (35)          (103)          (160)          1,457          1,297 
Taxation on 
return on 
ordinary 
activities                -              -              -              -              -              -              -              -              - 
 
Return on 
 ordinary 
 activities 
 after tax            (103)          2,621          2,518           (68)           (35)          (103)          (160)          1,457          1,297 
------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
 

There was no other Comprehensive Income recognised during the period.

   -- The 'Total' column of the Income Statement and statement of comprehensive 
      income is the profit and loss account of the Company; the supplementary 
      revenue return and capital return columns have been prepared under 
      guidance published by the Association of Investment Companies. 
 
   -- All revenue and capital items in the above statement derive from 
      continuing operations. 
 
   -- The Company has only one class of business and derives its income from 
      investments made in shares and securities and from bank and money market 
      funds. 

The Company has no recognised gains or losses other than the results for the period as set out above.

The accompanying notes are an integral part of the Financial Statements.

Income Statement -- Ordinary Shares

 
                            Ordinary shares                              Ordinary shares                              Ordinary shares 
                       Six months to 30 June 2021                   Six months to 30 June 2020                    Year to 31 December 2020 
              -------------------------------------------  -------------------------------------------  ------------------------------------------- 
                 Revenue        Capital         Total         Revenue        Capital         Total         Revenue        Capital     Total 
                    GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000 
------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
Gain on 
 disposal of 
 fixed asset 
 investments              -             82             82              -            426            426              -            720            720 
 
Gain/(loss) 
 on 
 valuation 
 of fixed 
 asset 
 investments              -          1,115          1,115              -          (439)          (439)              -            467            467 
Income                    -              -              -              -              -              -              -              -              - 
Performance 
 fee                      -          (159)          (159)              -              3              3              -          (140)          (140) 
 
Investment 
management 
fee net of 
cost cap                  -              -              -              -              -              -              -              -              - 
 
Other 
 expenses                 -              -              -              -            (3)            (3)              -            (2)            (2) 
 
Return on 
 ordinary 
 activities 
 before tax               -          1,038          1,038              -           (13)           (13)              -          1,045          1,045 
Taxation on 
return on 
ordinary 
activities                -              -              -              -              -              -              -              -              - 
 
Return on 
 ordinary 
 activities 
 after tax                -          1,038          1,038              -           (13)           (13)              -          1,045          1,045 
------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
Earnings per 
 share -- 
 basic and 
 diluted                  -           12.8           12.8              -         (0.2p)         (0.2p)              -          12.8p          12.8p 
------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 

Income Statement -- B Shares

 
                               B shares                                     B shares                                     B shares 
                       Six months to 30 June 2021                   Six months to 30 June 2020                    Year to 31 December 2020 
              -------------------------------------------  -------------------------------------------  ------------------------------------------- 
                 Revenue        Capital         Total         Revenue        Capital         Total         Revenue        Capital         Total 
                    GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000 
------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
Gain on 
 disposal of 
 fixed asset 
 investments              -            240            240              -            229            229              -            228            228 
 
Gain/(loss) 
 on 
 valuation 
 of fixed 
 asset 
 investments              -          1,395          1,395              -          (233)          (233)              -            215            215 
Income                    -              -              -              -              -              -              -              -              - 
Performance 
fee                       -              -              -              -              -              -              -              -              - 
 
Investment 
 management 
 fee net of 
 cost cap              (17)           (52)           (69)            (6)           (18)           (24)           (10)           (31)           (41) 
 
Other 
 expenses              (86)              -           (86)           (62)              -           (62)          (150)              -          (150) 
 
Return on 
 ordinary 
 activities 
 before tax           (103)          1,583          1,480           (68)           (22)           (90)          (160)            412            252 
Taxation on 
return on 
ordinary 
activities                -              -              -              -              -              -              -              -              - 
 
Return on 
 ordinary 
 activities 
 after tax            (103)          1,583          1,480           (68)           (22)           (90)          (160)            412            252 
Earnings per 
 share -- 
 basic and 
 diluted             (1.0p)          14.8p          13.8p         (1.3p)         (0.4p)         (1.7p)         (2.2p)           5.7p           3.5p 
------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
 

Balance Sheet - Combined

 
                                                                                                                 Combined 
                                                    Combined                      Combined                   As at 31 December 
                                               As at 30 June 2021            As at 30 June 2020                    2020 
                                                GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
      Fixed asset investments*                                  10,286                         4,600                         6,123 
Current assets: 
Cash at bank and in hand                          6,341                         4,541                         5,056 
Debtors                                             157                             9                             7 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
                                                  6,498                         4,550                          5063 
      Creditors: 
      Amounts falling due within 
       one year                                   (184)                          (92)                         (223) 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
      Net current assets                                         6,314                         4,458                         4,840 
      Creditors: amounts falling 
       due after more 
       than one year 
      Performance fee payable                                    (352)                          (50)                         (193) 
 
      Net assets                                                16,248                         9,008                        10,770 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
      Called up equity share 
       capital                                                     206                           154                           172 
      Share premium                                              8,603                         3,634                         5,169 
      Special distributable reserve                              6,586                         8,285                         7,094 
      Capital redemption reserve                                     -                             -                             - 
      Capital reserve -- gains/(losses) 
       on disposal                                               1,992                         1,557                         1,704 
      -- holding gains/(losses)                                  1,221                       (2,457)                       (1,112) 
      Revenue reserve                                          (2,360)                       (2,165)                       (2,257) 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
      Total equity shareholders' 
       funds                                                    16,248                         9,008                        10,770 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
*At fair value through 
 profit and loss 
 

Balance Sheet -- Ordinary Shares

 
                                                                                                             Ordinary shares 
                                                Ordinary shares               Ordinary shares                As at 31 December 
                                               As at 30 June 2021            As at 30 June 2020                    2020 
                                                GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
      Fixed asset investments*                                   3,206                         1,364                         2,141 
Current assets: 
Cash at bank and in hand                            334                         1,158                           527 
Debtors                                               -                             -                             - 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
                                                    334                         1,158                           527 
      Creditors: 
      Amounts falling due within 
       one year                                    (22)                          (22)                          (22) 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
      Net current assets                                           312                         1,136                           505 
      Creditors: amounts falling 
       due after more 
       than one year 
      Performance fee payable                                    (352)                          (50)                         (193) 
 
      Net assets                                                 3,166                         2,450                         2,453 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
      Called up equity share 
       capital                                                      81                            81                            81 
      Share premium                                                  -                             -                             - 
      Special distributable reserve                              3,760                         5,140                         4,085 
      Capital redemption reserve                                     -                             -                             - 
      Capital reserve -- gains/(losses) 
       on disposal                                               1,529                         1,371                         1,532 
      -- holding gains/(losses)                                  (259)                       (2,197)                       (1,300) 
      Revenue reserve                                          (1,945)                       (1,945)                       (1,945) 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
      Total equity shareholders' 
       funds                                                     3,166                         2,450                         2,453 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
      Net asset value per share                                39.0p                         30.2p                         30.2p 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
*At fair value through 
 profit and loss 
 

Balance Sheet -- B Shares

 
                                                                                                                 B shares 
                                                    B shares                      B shares                   As at 31 December 
                                               As at 30 June 2021            As at 30 June 2020                    2020 
                                                GBP'000        GBP'000        GBP'000        GBP'000        GBP'000        GBP'000 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
      Fixed asset investments*                                   7,080                         3,236                         3,982 
Current assets: 
Cash at bank and in hand                          6,007                         3,383                         4,529 
Debtors                                             157                             9                             7 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
                                                  6,164                         3,392                         4,536 
      Creditors: 
      Amounts falling due within 
       one year                                   (162)                          (70)                         (201) 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
      Net current assets                                         6,002                         3,322                         4,335 
      Creditors: amounts falling 
       due after more 
       than one year 
      Performance fee payable                                        -                             -                             - 
 
      Net assets                                                13,082                         6,558                         8,317 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
      Called up equity share 
       capital                                                     125                            73                            91 
      Share premium                                              8,603                         3,634                         5,169 
      Special distributable reserve                              2,826                         3,145                         3,009 
      Capital redemption reserve                                     -                             -                             - 
      Capital reserve -- gains/(losses) 
       on disposal                                                 463                           186                           172 
      -- holding gains/(losses)                                  1,480                         (260)                           188 
      Revenue reserve                                            (415)                         (220)                         (312) 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
      Total equity shareholders' 
       funds                                                    13,082                         6,558                         8,317 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
      Net asset value per share                                104.6p                        89.3p                         91.8p 
----------------------------------------  -------------  -------------  -------------  -------------  -------------  ------------- 
*At fair value through 
 profit and loss 
 

Statement of Changes in Equity - Combined

 
                                                                                              Capital 
                                                                                   Capital    reserve 
                                                        Special        Capital     reserve    holding 
                                 Share       Share    distributable   redemption    gains/     gains/   Revenue 
                                 Capital    premium      reserve       reserve     (losses)   (losses)   reserve   Total 
                                GBP'000    GBP'000      GBP'000        GBP'000     GBP'000    GBP'000   GBP'000   GBP'000 
                                --------  ---------  --------------  -----------  ---------  ---------  --------  ------- 
As at 1 January 2020                 145      2,806           8,395            -      1,196    (2,061)   (2,097)    8,384 
B share issue                          9        828               -            -          -          -         -      837 
Revenue return on ordinary 
 activities after tax                  -          -               -            -          -          -      (68)     (68) 
Expenses charged to capital            -          -               -            -       (21)          -         -     (21) 
Performance fee allocated 
 as capital expenditure                -          -               -            -          3          -         -        3 
Dividends paid                         -          -           (110)            -          -          -         -    (110) 
Current period gains 
 on disposal                           -          -               -            -        655          -         -      655 
Current period losses 
 on fair value of investments          -          -               -            -          -      (672)         -    (672) 
Prior years' unrealised 
 losses now realised                   -          -               -            -      (276)        276         -        0 
Balance as at 30 June 
 2020                                154      3,634           8,285            -      1,557    (2,457)   (2,165)    9,008 
As at 1 January 2020                 145      2,806           8,395            -      1,196    (2,061)   (2,097)    8,384 
B share issue                         27      2,363               -            -          -          -         -    2,390 
Revenue return on ordinary 
 activities after tax                  -          -               -            -          -          -     (160)    (160) 
Expenses charged to capital            -          -               -            -       (33)          -         -     (33) 
Performance fee allocated 
 as capital expenditure                -          -               -            -      (140)          -         -    (140) 
Dividends Paid                         -          -         (1,301)            -          -          -         -  (1,301) 
Current period gains 
 on disposal                           -          -               -            -        948          -         -      948 
Current period gains 
 on fair value of investments          -          -               -            -          -        682         -      682 
Prior years' unrealised 
 losses now realised                   -          -               -            -      (267)        267         -        - 
Balance as at 31 December 
 2020                                172      5,169           7,094            -      1,704    (1,112)   (2,257)   10,770 
B share issue                         34      3,434               -            -          -          -         -    3,468 
Revenue return on ordinary 
 activities after tax                  -          -               -            -          -          -     (103)    (103) 
Expenses charged to capital            -          -               -            -       (52)          -         -     (52) 
Performance fee allocated 
 as capital expenditure                -          -               -            -      (159)          -         -    (159) 
Dividends paid                         -          -           (508)            -          -          -         -    (508) 
Current period gains 
 on disposal                           -          -               -            -        322          -         -      322 
Current period gains 
 on fair value of investments          -          -               -            -          -      2,510         -    2,510 
Prior years' unrealised 
 profits now realised                  -          -               -            -        177      (177)         -        - 
                                --------  ---------  --------------  -----------  ---------  ---------  --------  ------- 
Balance as at 30 June 
 2021                                206      8,603           6,586            -      1,992      1,221   (2,360)   16,248 
------------------------------  --------  ---------  --------------  -----------  ---------  ---------  --------  ------- 
 

Statement of Changes in Equity -- Ordinary Shares

 
                                                                                              Capital 
                                                                                   Capital    reserve 
                                                        Special        Capital     reserve    holding 
                                 Share       Share    distributable   redemption    gains/     gains/   Revenue 
                                 Capital    premium      reserve       reserve     (losses)   (losses)   reserve   Total 
                                GBP'000    GBP'000      GBP'000        GBP'000     GBP'000    GBP'000   GBP'000   GBP'000 
                                --------  ---------  --------------  -----------  ---------  ---------  --------  ------- 
As at 1 January 2020                  81          -           5,140            -      1,221    (2,034)   (1,945)    2,463 
Revenue return on ordinary 
 activities after tax                  -          -               -            -          -          -         -        - 
Expenses charged to capital            -          -               -            -        (3)          -         -      (3) 
Performance fee allocated 
 as capital expenditure                -          -               -            -          3          -         -        3 
Dividends paid                         -          -               -            -          -          -         -        - 
Current period gains 
 on disposal                           -          -               -            -        426          -         -      426 
Current period losses 
 on fair value of investments          -          -               -            -          -      (439)         -    (439) 
Prior years' unrealised 
 losses now realised                   -          -               -            -      (276)        276         -        - 
Balance as at 30 June 
 2020                                 81          -           5,140            -      1,371    (2,197)   (1,945)    2,450 
As at 1 January 2020                  81          -           5,140            -      1,221    (2,034)   (1,945)    2,463 
Revenue return on ordinary 
 activities after tax                  -          -               -            -          -          -         -        - 
Expenses charged to capital            -          -               -            -        (2)          -         -      (2) 
Performance fee allocated 
 as capital expenditure                -          -               -            -      (140)          -         -    (140) 
Dividends Paid                         -          -         (1,055)            -          -          -         -  (1,055) 
Current period gains 
 on disposal                           -          -               -            -        720          -         -      720 
Current period gains 
 on fair value of investments          -          -               -            -          -        467         -      467 
Prior years' unrealised 
 losses now realised                   -          -               -            -      (267)        267         -        - 
Balance as at 31 December 
 2020                                 81          -           4,085            -      1,532    (1,300)   (1,945)    2,453 
Revenue return on ordinary 
 activities after tax                  -          -               -            -          -          -         -        - 
Expenses charged to capital            -          -               -            -          -          -         -        - 
Performance fee allocated 
 as capital expenditure                -          -               -            -      (159)          -         -    (159) 
Dividends paid                         -          -           (325)            -          -          -         -    (325) 
Current period gains 
 on disposal                           -          -               -            -         82          -         -       82 
Current period gains 
 on fair value of investments          -          -               -            -          -      1,115         -    1,115 
Prior years' unrealised 
 profits now realised                  -          -               -            -         74       (74)         -        - 
                                --------  ---------  --------------  -----------  ---------  ---------  --------  ------- 
Balance as at 30 June 
 2021                                 81          -           3,760            -      1,529      (259)   (1,945)    3,166 
------------------------------  --------  ---------  --------------  -----------  ---------  ---------  --------  ------- 
 

Statement of Changes in Equity -- B Shares

 
                                                                                              Capital 
                                                                                   Capital    reserve 
                                                        Special        Capital     reserve    holding 
                                 Share       Share    distributable   redemption    gains/     gains/   Revenue 
                                 Capital    premium      reserve       reserve     (losses)   (losses)   reserve   Total 
                                GBP'000    GBP'000      GBP'000        GBP'000     GBP'000    GBP'000   GBP'000   GBP'000 
                                --------  ---------  --------------  -----------  ---------  ---------  --------  ------- 
As at 1 January 2020                  64      2,806           3,255            -       (25)       (27)     (152)    5,921 
B share issue                          9        828               -            -          -          -         -      837 
Revenue return on ordinary 
 activities after tax                  -          -               -            -          -          -      (68)     (68) 
Expenses charged to capital            -          -               -            -       (18)          -         -     (18) 
Performance fee allocated 
 as capital expenditure                -          -               -            -          -          -         -        - 
Dividends paid                         -          -           (110)            -          -          -         -    (110) 
Current period gains 
 on disposal                           -          -               -            -        229          -         -      229 
Current period losses 
 on fair value of investments          -          -               -            -          -      (233)         -    (233) 
Balance as at 30 June 
 2020                                 73      3,634           3,145            -        186      (260)     (220)    6,558 
As at 1 January 2020                  64      2,806           3,255            -       (25)       (27)     (152)    5,921 
B share issue                         27      2,363               -            -          -          -         -    2,390 
Revenue return on ordinary 
 activities after tax                  -          -               -            -          -          -     (160)    (160) 
Expenses charged to capital            -          -               -            -       (31)          -         -     (31) 
Dividends Paid                         -          -           (246)            -          -          -         -    (246) 
Current period gains 
 on disposal                           -          -               -            -        228          -         -      228 
Current period gains 
 on fair value of investments          -          -               -            -          -        215         -      215 
Balance as at 31 December 
 2020                                 91      5,169           3,009            -        172        188     (312)    8,317 
B share issue                         34      3,434               -            -          -          -         -    3,468 
Revenue return on ordinary 
 activities after tax                  -          -               -            -          -          -     (103)    (103) 
Expenses charged to capital            -          -               -            -       (52)          -         -     (52) 
Performance fee allocated 
 as capital expenditure                -          -               -            -          -          -         -        - 
Dividends paid                         -          -           (183)            -          -          -         -    (183) 
Current period gains 
 on disposal                           -          -               -            -        240          -         -      240 
Current period gains 
 on fair value of investments          -          -               -            -          -      1,395         -    1,395 
Prior years' unrealised 
 profits now realised                  -          -               -            -        103      (103)         -        - 
Balance as at 30 June 
 2021                                125      8,603           2,826            -        463      1,480     (415)   13,082 
------------------------------  --------  ---------  --------------  -----------  ---------  ---------  --------  ------- 
 

Statement of Cash Flows -- Combined

 
                                Combined        Combined         Combined 
                              Six months to   Six months to       Year to 
                              30 June 2021    30 June 2020    31 December 2020 
                                GBP'000         GBP'000           GBP'000 
---------------------------  --------------  --------------  ----------------- 
      Cash flows from 
      operating activities 
      Return on ordinary 
       activities before 
       tax                            2,518           (103)              1,297 
      Adjustments for: 
      Increase in debtors             (150)             (6)                (4) 
      Increase/(decrease) 
       in creditors                     199             (8)                143 
      Gain on disposal of 
       fixed asset 
       investments                    (322)           (655)              (948) 
      (Gain)/loss on 
       valuation of fixed 
       asset investments            (2,510)             672              (682) 
---------------------------  --------------  --------------  ----------------- 
Cash from operations                  (265)           (100)              (194) 
Income taxes paid                         -               -                  - 
---------------------------  --------------  --------------  ----------------- 
Net cash used in operating 
 activities                           (265)           (100)              (194) 
 
Cash flows from investing 
activities 
Purchase of fixed asset 
 investments                        (2,396)         (1,062)            (1,360) 
Sale of fixed asset 
 investments                          1,065           1,206              1,628 
---------------------------  --------------  --------------  ----------------- 
Total cash outflow from 
 investing activities               (1,331)             144                268 
 
Cash flows from financing 
activities 
Dividends paid                        (508)           (110)            (1,301) 
Issue of B shares                     3,468             837              2,390 
Awaiting B share issue                 (79)           (139)               (16) 
---------------------------  --------------  --------------  ----------------- 
Total cash outflow from 
 financing activities                 2,881             588              1,073 
 
Decrease in cash and cash 
 equivalents                          1,285             632              1,147 
Opening cash and cash 
 equivalents                          5,056           3,909              3,909 
 
Closing cash and cash 
 equivalents                          6,341           4,541              5,056 
---------------------------  --------------  --------------  ----------------- 
 

Statement of Cash Flows -- Ordinary Shares

 
                            Ordinary shares  Ordinary shares   Ordinary shares 
                             Six months to    Six months to        Year to 
                              30 June 2021     30 June 2020    31 December 2020 
                                GBP'000          GBP'000           GBP'000 
--------------------------  ---------------  ---------------  ----------------- 
      Cash flows from 
      operating 
      activities 
      Return on ordinary 
       activities before 
       tax                            1,038             (13)              1,045 
      Adjustments for: 
      (Increase)/decrease 
      in debtors                          -                -                  - 
      Increase/(decrease) 
       in creditors                     159              (3)                140 
      Gain on disposal of 
       fixed asset 
       investments                     (82)            (426)              (720) 
      (Gain)/loss on 
       valuation of fixed 
       asset investments            (1,115)              439              (467) 
--------------------------  ---------------  ---------------  ----------------- 
Cash from operations                      -              (3)                (2) 
Income taxes paid                         -                -                  - 
--------------------------  ---------------  ---------------  ----------------- 
Net cash used in operating 
 activities                               -              (3)                (2) 
 
Cash flows from investing 
activities 
Purchase of fixed asset 
 investments                           (85)                -                  - 
Sale of fixed asset 
 investments                            217              691              1,114 
--------------------------  ---------------  ---------------  ----------------- 
Total cash inflow from 
 investing activities                   132              691              1,114 
 
Cash flows from financing 
activities 
Dividend paid                         (325)                -            (1,055) 
--------------------------  ---------------  ---------------  ----------------- 
Total cash outflow                    (325)                -            (1,055) 
 
Decrease in cash and cash 
 equivalents                          (193)              688                 57 
Opening cash and cash 
 equivalents                            527              470                470 
 
Closing cash and cash 
 equivalents                            334            1,158                527 
--------------------------  ---------------  ---------------  ----------------- 
 

Statement of Cash Flows -- B Shares

 
                                B shares        B shares         B shares 
                              Six months to   Six months to       Year to 
                              30 June 2021    30 June 2020    31 December 2020 
                                GBP'000         GBP'000           GBP'000 
---------------------------  --------------  --------------  ----------------- 
      Cash flows from 
      operating activities 
      Return on ordinary 
       activities before 
       tax                            1,480            (90)                252 
      Adjustments for: 
      Increase in debtors             (150)             (6)                (4) 
      Increase/(decrease) 
       in creditors                      40             (5)                  3 
      Gain on disposal of 
       fixed asset 
       investments                    (240)           (229)              (228) 
      (Gain)/loss on 
       valuation of fixed 
       asset investments            (1,395)             233              (215) 
---------------------------  --------------  --------------  ----------------- 
Cash from operations                  (265)            (97)              (192) 
Income taxes paid                         -               -                  - 
---------------------------  --------------  --------------  ----------------- 
Net cash used in operating 
 activities                           (265)            (97)              (192) 
 
Cash flows from investing 
activities 
Purchase of fixed asset 
 investments                        (2,311)         (1,062)            (1,360) 
Sale of fixed asset 
 investments                            848             515                514 
---------------------------  --------------  --------------  ----------------- 
Total cash outflow from 
 investing activities               (1,463)           (547)              (846) 
 
Cash flows from financing 
activities 
Dividends paid                        (183)           (110)              (246) 
Issue of B shares                     3,468             837              2,390 
Awaiting B share issue                 (79)           (139)               (16) 
---------------------------  --------------  --------------  ----------------- 
Total cash inflow from 
 financing activities                 3,206             588              2,128 
 
Decrease in cash and cash 
 equivalents                          1,478            (56)              1,090 
 
Opening cash and cash 
 equivalents                          4,529           3,439              3,439 
 
Closing cash and cash 
 equivalents                          6,007           3,383              4,529 
---------------------------  --------------  --------------  ----------------- 
 

Notes to the Half-Yearly Report

   1.        Basis of preparation 

The unaudited half-yearly results which cover the six months to 30 June 2021 have been prepared in accordance with the Financial Reporting Council's (FRC) Financial Reporting Standard 104 Interim Financial Reporting ('FRS 104') and the Statement of Recommended Practice (SORP) 'Financial Statements of Investment Trust Companies and Venture Capital Trusts (revised 2019)'. Details of the accounting policies and valuation methodologies are included within the Annual Report on Pages 82-98.

   2.        Publication of non-statutory accounts 

The unaudited half-yearly results for the six months ended 30 June 2021 do not constitute statutory accounts within the meaning of Section 415 of the Companies Act 2006. The comparative figures for the year ended 31 December 2020 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor's report on those financial statements, in accordance with chapter 3, part 16 of the Companies Act 2006, was unqualified. This half-yearly report has not been reviewed by the Company's auditor.

   3.        Earnings per share 

The earnings per Ordinary share at 30 June 2021 is calculated on the basis of 8,115,376 shares (31 December 2020: 8,115,376 and 30 June 2020: 8,115,376) being the weighted average number of shares in issue during the period.

The earnings per B share at 30 June 2021 is calculated on the basis of 10,729,105 (31 December 2020: 7,248,338 and 30 June 2020: 6,903,520) being the weighted average number of shares in issue during the period.

There are no potentially dilutive capital instruments in issue and, therefore, no diluted returns per share figures are relevant.

   4.        Net asset value per share 

The net asset value per Ordinary share is based on Ordinary share pool net assets as at 30 June 2021 divided by 8,115,376 (31 December 2020: 8,115,376 and 30 June 2020: 8,115,376) Ordinary shares in issue at that date.

The net asset value per B share is based on B share net assets as at 30 June 2021 divided by 12,507,694 (31 December 2020: 9,062,948 and 30 June 2020: 7,345,171) B shares in issue at that date.

   5.         Principal risks and uncertainties 

The Company's assets consist of equity and fixed interest investments, cash and liquid resources. Its principal risks are therefore market risk, credit risk and liquidity risk. Other risks faced by the Company include economic, loss of approval as a Venture Capital Trust, investment and strategic, regulatory, reputational, operational and financial risks. These risks, and the way in which they are managed, are described in more detail in the Company's Annual Report and Accounts for the year ended 31 December 2020.

In addition to the above, the Company is also facing risks resulting from the impact of the C-19 pandemic. The Company's Board and Investment Manager are focused on ensuring that investee companies are taking the required actions to minimise the potential impact that the C-19 pandemic could have on them.

The Board and Seneca will continue to review risks posed by C-19 and keep those risks under regular review.

   6.         Related party transactions 

Certain Directors are entitled to participate in a performance bonus as detailed in note 6 of the Annual Report. Those Directors are entitled to receive a performance incentive fee, of up to 20% of sums returned to shareholders by way of dividends and capital distributions of whatever nature, which in aggregate exceeds the sum of 80p per share (including dividends paid to date, i.e. 69.25p per Ordinary share, but excluding any sums returned to shareholders from HMRC in the year of subscription). Full details are included in the Directors' Remuneration Report and in Notes 5 and 6 of the 2020 Annual Report and Accounts, which can be viewed on the Company's website.

The management fee payable to Seneca is calculated as 2% of the weighted average net assets of the B share portfolio. As a result, Seneca would have earned GBP103k in management fees in the current period, however this is reduced to GBP69k as a result of the 3% cost cap (31 December 2020: reduced to GBP41k, 30 June 2020: reduced to GBP24k).

Seneca accrued GBP46k (30 June 2020: GBP56k) in transaction fees, monitoring and directors' fees from investee companies in the period. Seneca may also become entitled to a performance fee. See note 3 to the Annual Report for more information on these fees.

As detailed in the offer for subscription document dated 13 October 2020, Seneca (as promoters of the Offer) are entitled to charge the Company up to 5.5% of investors' subscriptions. A total of GBP26k was payable to Seneca in the period, based on the allotments of GBP3,467,663 (net of facilitated fees, commission and promoter fees) as at 30 June 2021 (31 December 2020: GBP7k, 30 June 2020: GBPnil).

   7.         Events after the Balance Sheet Date 

One additional AIM quoted investment was made in the B share pool in July 2021 into Poolbeg Pharma Plc for GBP755k.

   8.        Further Information 

Copies of this statement are available from the Registrar's office at Neville House, Steelpark Road, Halesowen, B62 8HD, and on the company's website -- www.senecavct.co.uk.

 
 

(END) Dow Jones Newswires

July 26, 2021 02:00 ET (06:00 GMT)

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