TIDMHYG TIDMSVCT
Seneca Growth Capital VCT Plc (the "Company")
21 October 2021
Net Asset Value ("NAV") Update
The Directors and the Investment Manager of the Company, Seneca
Partners Limited ("Seneca"), have reviewed the valuation of the
Company's investment portfolios.
B Share NAV as at 15 October 2021
The unaudited NAV per B share as at 15 October 2021 was 102.3p,
an increase of 10.5p per B share from the audited NAV of 91.8p per
B share as at 31 December 2020 and a decrease of 2.3p from the
unaudited NAV of 104.6 per B share as at 30 June 2021.
The increase in B share NAV in the period from 1 January 2021 to
15 October 2021 was principally due to a net overall increase in
the value of the B share pool's AIM quoted investments offset by
the impact of the ordinary running costs of the Company. See table
below for more details.
The decrease in B share NAV in the period from 1 July 2021 to 15
October 2021 was principally due to the softening in the share
price of B share pool investee company, Polarean Imaging PLC
("Polarean"), in early October 2021 as a result of feedback from
the U.S. Food and Drug Administration that the approval of
Polarean's New Drug Application for their drug-device combination
product requires a number of technical and manufacturing issues to
be addressed. Polarean's share price at 30 June 2021 was 92p and as
at 15 October 2021 stood at 67p (compared to an original cost of
60p per share).
Full details in relation to the B share pool's investment
portfolio as at 15 October 2021 are set out in the table below
along with the movement in carrying value between 1 January 2021
and 15 October 2021:
Movement
in the period
Carrying 1 January
value at 2021 to
Equity Investment Unrealised 15 October 15 October
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 period
Carrying 1 January
value at 2021 to
Investment Unrealised 15 October 15 October
Shares at cost profit/(loss) 2021 2021
Quoted Investments held GBP'000 GBP'000 GBP'000 GBP'000
SkinBioTherapeutics
Plc 1,982,107 317 833 1,150 714
--------------------- --------- ---------- -------------- ----------- --------------
Polarean Imaging Plc 1,644,070 986 116 1,102 116
--------------------- --------- ---------- -------------- ----------- --------------
Poolbeg Pharma Plc 7,550,000 755 - 755 -
--------------------- --------- ---------- -------------- ----------- --------------
Arecor Therapeutics
Plc 188,053 425 290 715 290
--------------------- --------- ---------- -------------- ----------- --------------
Evgen Pharma Plc 5,000,000 400 (100) 300 (100)
--------------------- --------- ---------- -------------- ----------- --------------
OptiBiotix Health
Plc 350,000 140 21 161 (39)
--------------------- --------- ---------- -------------- ----------- --------------
Abingdon Health Plc 78,250 75 (36) 39 (34)
--------------------- --------- ---------- -------------- ----------- --------------
Total quoted
investments 3,098 1,124 4,222 947
--------------------- --------- ---------- -------------- ----------- --------------
Total investments 6,232 787 7,019 747
--------------------- --------- ---------- -------------- ----------- --------------
B share NAV as at 30 September 2021
The unaudited NAV per B share as at 30 September 2021 was
108.4p.
Ordinary Share NAV as at 15 October 2021
The unaudited NAV per Ordinary share as at 15 October 2021 was
42.4p. This is an increase of 12.2p from the audited NAV of 30.2p
per Ordinary share as at 31 December 2020 and is an increase of
3.4p from the unaudited NAV per Ordinary share as at 30 June 2021
of 39.0p.
The increases in Ordinary share NAV were principally due to
increases in the value of the Ordinary share pool's AIM quoted
investments in Scancell Plc and Arecor Therapeutics Plc.
Full details in relation to the Ordinary share pool's investment
portfolio as at 15 October 2021 are set out in the table below
along with the movement in carrying value between 1 January 2021
and 15 October 2021:
Movement
Carrying in the period
value at 1 January
Equity Investment Unrealised 15 October 2021 to
held at cost profit/(loss) 2021 15 October
Unquoted Investments % GBP'000 GBP'000 GBP'000 2021 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
Carrying in the period
value at 1 January
Investment Unrealised 15 October 2021 to
Shares at cost profit/(loss) 2021 15 October
Quoted Investments held GBP'000 GBP'000 GBP'000 2021 GBP'000
--------------------- ---------- ---------- -------------- ----------- --------------
Scancell Plc 11,000,000 665 1,700 2,365 880
--------------------- ---------- ---------- -------------- ----------- --------------
Arecor Therapeutics
Plc 223,977 227 624 851 561
--------------------- ---------- ---------- -------------- ----------- --------------
Total quoted
investments 892 2,324 3,216 1,441
--------------------- ---------- ---------- -------------- ----------- --------------
Total investments 3,465 67 3,532 1,441
--------------------- ---------- ---------- -------------- ----------- --------------
Ordinary Share NAV as at 30 September 2021
The unaudited NAV per Ordinary share as at 30 September 2021 was
43.5p.
Subsequent Events and Valuation Methodology
The Directors are not aware of any events subsequent to 15
October 2021 that would materially impact the Company itself or the
value of the investments held.
For the purposes of calculating the unaudited net asset value
per share, quoted investments are carried at closing bid prices and
unquoted investments are carried at fair value (as at 15 October
2021, with fair value as determined by Seneca in the case of the B
share portfolio and by the Directors in the case of the Ordinary
share portfolio).
Further Information
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. On publication of this announcement via a
regulatory information service, this information is considered to
be in the public domain.
For further information, please contact:
John Hustler, Seneca Growth Capital VCT Plc at
john.hustler@btconnect.com
Richard Manley, Seneca Growth Capital VCT Plc at
Richard.Manley@senecapartners.co.uk
(END) Dow Jones Newswires
October 21, 2021 04:01 ET (08:01 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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