Seneca Growth Capital VCT Nav Update
13 Ottobre 2022 - 8:00AM
UK Regulatory
TIDMHYG TIDMSVCT TIDMHYG
Net Asset Value(s)
Seneca Growth Capital VCT Plc (the "Company")
13 October 2022
Net asset value ("NAV") update for the period ended 30 September
2022
The Directors and the Investment Manager of the Company, Seneca
Partners Limited ("Seneca"), have reviewed the valuation of the
Company's Ordinary and B share investment portfolios as at 30
September 2022.
B Shares
As at 30 September 2022, the unaudited NAV of a B share was
82.6p per share.
This is a decrease of 4.8p from the previously published
unaudited NAV as at 30 June 2022 of 87.4p.
The decrease is primarily due to reductions in the value of the
B share pool's AIM quoted investments; however, we have also
reduced the carrying value of one of the B share pool's unquoted
investments in the period following a softening in trading outlook
for that business. The remaining unquoted B share portfolio
valuations have remained unchanged.
The B share pool made a follow-on investment in the quarter
ending 30 September 2022 into Arecor Therapeutics Plc of GBP195k
and since the end of the quarter, the Company has also made one
additional investment, being a GBP500k investment into Alderley
Lighthouse Labs Ltd, a northwest based full service diagnostic
business which has been spun out from the UK Lighthouse Lab Network
- the largest diagnostic network in British history.
It should be noted that there has been some very positive
progress made across the portfolio on an individual company level
and Seneca believe that the downward pressure on share prices is
more generally a function of market sentiment and wider macro
pressures, as opposed to company specific drivers. Seneca continue
to monitor the progress of the B share portfolio closely and whilst
it is not unexpected to see some decreases in the share prices of
the B share pool's AIM quoted investee companies in times of such
economic uncertainty, they remain confident of the long-term
prospects of these companies.
Ordinary Shares
As at 30 September 2022, the unaudited NAV of an Ordinary share
was 27.0p per share.
This is a decrease of 2.9p from the previously published
unaudited NAV as at 30 June 2022 of 29.9p and is due to a reduction
in the value of the Ordinary share pool's AIM quoted
investments.
As at 30 September 2022, shares in Scancell Holdings Plc (which
represented 60% of the Ordinary share NAV as at 30 September 2022)
were valued at 12p per share (30 June 2022: 12.75p) and shares in
Arecor Therapeutics Plc (25% of the Ordinary share NAV as at 30
September 2022) were valued at 240p per share (30 June 2022:
320p).
The Directors have also reviewed the unquoted investments held
in the Ordinary share portfolio and concluded that no changes were
required to the carrying value of those investments.
No further investments or disposals have been made by the
Ordinary share pool in the period since 30 June 2022.
Further Information
For the purposes of calculating the unaudited net asset value
per share for both share classes, quoted investments are carried at
closing bid prices as at 30 September 2022 and unquoted investments
are carried at fair value as at 30 September 2022.
The number of B shares in issue at 30 September 2022 was
17,570,989 and the number of Ordinary shares was 8,115,376.
Therefore, the total number of voting rights in the Company is
25,686,365.
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.
The Offer by the Company remains open for the 2022/23 tax year
until midday on 4 April 2023.
For further information, please contact:
John Hustler, Seneca Growth Capital VCT Plc at
john.hustler@btconnect.com
https://www.globenewswire.com/Tracker?data=zS_qa7HMMcTD2OYb2iReVM4HgxmXCYX9TMGUDH9OkrQJlAvVUwYuN0AUPGo1ImsHqigvlBgX1jmxreF7vAjGl3LVoGoUmlamXd6Pr9Nusa3Jls83itYVIfn2yYHmuT9l4v1aMd2qiLy-I4tnyzfAq993soflST8RRNlgnq0YJilkkkwZ5HW7nQNzuWTZxsAK2Bjd9tv_AzPRyUo8Ia9R_n0B2bSN2furN3VpzgP60DYPdo_lzYW-dG0i5IGiPl-oPxQRU6cTO704nX7ivMBtsDaeyhPnPGjMRIjBFs6Vnf8=
Richard Manley, Seneca Growth Capital VCT Plc at
Richard.Manley@senecapartners.co.uk
https://www.globenewswire.com/Tracker?data=Nq0zSSIG5R3viheAUa8P4D1SjHgPcj9XvxoKzMIEG-7ZBbmb0QRuO7w8pgH7dts1C8d-iI9XjW403OP60lU8Q94cx2I6PMBUzDXVirRWafaPCf5kRWtmYV4gJeFskssnqKqiVEbbY4inGH9Seit-K1ZmD5mHStD0ZCMG9ZK_8Do3f2BsOpoga72KlDDBx1QO3BFlJSPSBF2C4eT2rULfOHHGB_Pzvuk07KcHIk6BppqGQgZVCpzoPJTtytMStKOLkY1cpYe6e8tSf9DZVK15__c8RP7TB_I9I8oxr3I_QrMdkGsWGnNwBzTjTuQ97BOP8hFiuWuS43DjHA8z_nsjzw==
Any enquiries regarding the offer for subscription of B shares
should be directed to:
Matt Currie at Seneca Partners Limited on 01942 295 981 or at
Matt.Currie@senecapartners.co.uk
https://www.globenewswire.com/Tracker?data=8DdrJwxu8TgpLACxoKrZiFEqVazJJKtGP9upwPMkcBF2Cog3dXqELibdBsXHp1xEx7R-bgPtH_Fl20zVd3Jd0KVgkcJdqB2O6RGWkogeLvLUsrtWiY8SOMnGyEF_fDFZ
(END) Dow Jones Newswires
October 13, 2022 02:00 ET (06:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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