Hygea VCT plc Half-year Report

Data : 10/07/2019 @ 18:20
Fonte : UK Regulatory (RNS & others)
Titolo : Seneca Growth Capital Vct Plc (HYG)
Quotazione : 21.0  0.0 (0.00%) @ 01:00
Quotazione Seneca Growth Capital Vct Grafico

Hygea VCT plc Half-year Report

 
TIDMHYG 
 
 
   For immediate release                                                                                                                10 July 2019 
 
 
   Seneca Growth Capital VCT Plc 
 
 
 
   Unaudited Half-Yearly Report 
 
   For the Six Months Ended 30 June 2019 
 
   Financial Headlines 
 
   Ordinary Shares 
 
 
 
 
33.6p   Net Asset Value per share at 30 June 2019 
 
52.25p  Cumulative dividends paid to date 
 
85.85p  Total return per share since launch 
 
 
 
 
   B  Shares 
 
 
 
 
99.5p  Net Asset Value per share at 30 June 2019 
 
1.5p   Cumulative dividends paid to date 
 
101p   Total return per share since launch 
 
 
   Financial Summary 
 
 
 
 
                   Six months to         Six months to                                                         Year to                  Year to 
                    30 June 2019          30 June 2019                  Six months to                      31 December 2018         31 December 2018 
                 Ordinary Share Pool      B Share Pool      30 June 2018 (Ordinary Share Pool only)      (Ordinary Share Pool)       (B Share Pool) 
Net assets 
 (GBP'000s)                    2,728             5,359                                        5,053                      5,282                 3,999 
Return on 
 ordinary 
 activities 
 after tax 
 (GBP'000s)                    (281)               102                                        (127)                        102                  (36) 
Earnings 
 per share                    (3.5p)              2.1p                                       (1.5p)                       1.3p                (0.9p) 
Net asset                      33.6p             99.5p                                        62.3p                      65.1p                 99.1p 
 value per 
 share 
Dividends                     52.25p              1.5p                                       24.25p                     24.25p                     - 
 paid to 
 date 
Total                         85.85p            101.0p                                       86.55p                     89.35p                 99.1p 
 return per 
 share 
Dividends                      18.0p              1.5p                                            -                      10.0p                     - 
 declared 
 for the 
 period 
 
 
   For further information, please contact: 
 
   John Hustler, Seneca Growth Capital VCT Plc at 
john.hustler@btconnect.com 
https://www.globenewswire.com/Tracker?data=mFLRIPGXYpC5PVnWft47g7VnaK3lVVRJOFao-Mz3OGF3OsJxVj3CkFCApCi19J07mrMeB4xLSWTWSyfcGdtecgBn7H5pQsjQcE1qR1l8yeFkySfEfascg6cXhr52hdPN 
 
 
   Richard Manley, Seneca Growth Capital VCT Plc at 
Richard.Manley@senecapartners.co.uk 
https://www.globenewswire.com/Tracker?data=UKcjvoAuqCfgo3keo6u2217NM9u5xftvbJgR_z_DMTBkTkemuu75V-a0bEKu_9pfyhykohD2knElgdvwogNJW_AywIqrzsRElmU6JnP78EibB5teeOHO2arD52qBQo-_2imZpaT-kqWyJjeNYl-deg== 
 
 
   Chairman's Statement 
 
   I present the unaudited results for the six months ended 30 June 2019. 
 
   The Company's net asset values ('NAV') per Ordinary Share and per B 
Share at 30 June 2019 were: 
 
 
   -- Per Ordinary Share -- 33.6p compared to 65.1p at 31 December 2018 and 
      62.3p at 30 June 2018; and 
 
   -- Per B Share -- 99.5p compared to 99.1p at 31 December 2018 (No B Shares 
      were in issue as at 30 June 2018). 
 
 
   Dividends paid during the period were as follows: 
 
 
   -- 2 dividends totalling 28p per Ordinary Share; and 
 
   -- 1 dividend of 1.5p per B Share. 
 
 
   The Company's maiden B share offer closed in the period and it was very 
pleasing to see that a total of GBP5.5m was raised.  It was also 
positive to see that the Company's Investment Manager, Seneca Partners 
Limited ("Seneca"), added a further 4 new investments to the B Share 
pool during the period as noted below: 
 
 
 
 
Company Name              Date of Investment  Amount Invested 
------------------------  ------------------  --------------- 
Fabacus Holdings Limited  15 February 2019    GBP500,000 
------------------------  ------------------  --------------- 
SkinBioTherapeutics Plc   21 February 2019    GBP750,000 
------------------------  ------------------  --------------- 
Old St Labs Limited       28 March 2019       GBP500,000 
------------------------  ------------------  --------------- 
Qudini Limited            4 April 2019        GBP500,000 
------------------------  ------------------  --------------- 
 
 
   The above investments take the total number of investments in the B 
Share portfolio to 5 and further information in relation to each 
investee company was included in the 2018 Annual Report and can also be 
found on the Company's website 
https://www.globenewswire.com/Tracker?data=82KJD4VeS-FmkViGAZpq9zw61a8mWH4QnXPtweQ0jbDScwvzrxYolVJNfE5p_IoUhBXv-IU2rlGPm7WE8ITxbq6h4bRciTExdPt3LZZ7IeE= 
www.senecavct.co.uk 
 
   Results - Ordinary Shares 
 
   The total reduction in NAV per Ordinary Share for the six month period 
to 30 June 2019 amounted to 31.5p (June 2018: reduction 1.5p).  This 
reduction is the result of the combination of dividend payments made in 
the period totalling 28p per Ordinary Share and a negative capital 
return of 3.5p per Ordinary Share (30 June 2018: negative 0.8p), net of 
the corresponding reduction in the accrued performance fee relating to 
the Ordinary Share pool: the amount of the performance fee accrued at 30 
June 2019 is GBP118,996. 
 
   The negative capital return of 3.5p per Ordinary Share noted above is 
principally a result of the reduction in the value of the Ordinary Share 
pool's AIM portfolio which has seen reductions in the bid prices of the 
shares of Omega Diagnostics Group PLC ('Omega') and Scancell Holdings 
Plc ('Scancell'), with bid prices of 9.7p and 6.5p respectively. The 
value of the Ordinary Share pool's unquoted portfolio remains in line 
with the valuations as at 31 December 2018. 
 
   Portfolio review -- Ordinary Shares 
 
   Following the sale of the Ordinary Share pool's investment in Hallmarq 
Veterinary Imaging Limited in December 2018, realising GBP2.9m, we were 
very happy to be able to pay dividends totalling 28p per Ordinary Share 
during the 6 month period to 30 June 2019.  The Total Return in relation 
to the Ordinary Shares is now 85.85p comprising cumulative distributions 
of 52.25p per Ordinary Share and a residual NAV per Ordinary Share of 
33.6p as at 30 June 2019. 
 
 
 
   The Company's holding in Scancell (13,049,730 shares) continues to 
represent approximately one third of the Ordinary Share pool portfolio 
value at 30 June 2019 and the shares have been valued at their bid price 
of 6.5p as at 30 June 2019 (12.5p per share as at 30 June 2018, and 9.0p 
as at 31 December 2018). Whilst this represents a reduction of 27.8% 
compared to the bid price as at 31 December 2018 (2018 nil movement), we 
are encouraged by the company's progress during the six month period to 
30 June 2019 noting in particular: 
 
 
   -- The strengthening of the company's senior team in January 2019 by 
      appointing Dr Samantha Paston as Head of Research and Dr Adrian Parry as 
      Head of Manufacturing; 
 
   -- The company receiving the necessary regulatory and ethical approvals in 
      April 2019 to initiate the UK arm of the SCIB1 clinical trial; and 
 
   -- Raising gross proceeds of GBP3.9m by the issue of 77.6 million new 
      ordinary shares to Vulpes Life Sciences Fund in June 2019, following 
      which, Martin Diggle, Co-Founder and Portfolio Manager of Vulpes 
      Investment Management, was appointed to the Scancell's Board of Directors 
      as a Non-Executive Director. 
 
 
   We have reviewed the valuation of the Ordinary Share pool's unquoted 
portfolio and do not believe that any revaluations are necessary as at 
30 June 2019, and we continue to monitor the portfolio for opportunities 
to realise the Ordinary Share pool's investments at appropriate values. 
 
   Results -- B Shares 
 
   The increase in NAV for the six month period to 30 June 2019 amounted to 
0.4p per B Share (June 2018 -- N/A as the first B shares were not issued 
until 23 August 2018).  This increase is the result of the combination 
of the dividend payment of 1.5p per B Share made in the period, a 
negative revenue return of 0.7p per B Share (June 2018 -- N/A) and a 
positive capital return per B Share of 2.8p (June 2018 -- N/A). 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 2.8p per B Share noted above is a result 
of the increase in the bid price of the B Share pool's AIM quoted 
investment in SkinBioTherapeutics Plc, which increased to 19.5p as at 30 
June 2019 compared to a cost price of 16p per share. As a result of this 
increase in value, the Investment Manager took the opportunity to 
realise a small proportion (3.7%) of the B Share pool holding, selling 
175,000 shares and realising a gain of GBP14,289 on the disposal. The 
value of the B Share pool's unquoted portfolio remains in line with the 
values as at 31 December 2018. 
 
   Portfolio review -- B Shares 
 
   We are pleased with the development of the B Share portfolio and in 
particular that the Investment Manager has already made 5 investments, 
including one AIM quoted investment. The Investment Manager is currently 
exploring a number of further potential investment opportunities for the 
B Share pool and we therefore look forward to the continued development 
of the B Share portfolio. 
 
   Whilst the five investments made by the B Share pool were all made 
relatively recently, we were also pleased to note the increase in the 
share price of AIM quoted SkinBioTherapeutics Plc during the period. 
 
   We have also reviewed the valuation of the B Share pool's unquoted 
portfolio comprising four companies as at 30 June 2019 and do not 
believe that any revaluations are necessary as at that date. 
 
   Fundraising 
 
   Having launched the Company's B Share class in 2018 the Board were very 
pleased with the GBP5.5m raised under that maiden B Share offer.  We 
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 
https://www.globenewswire.com/Tracker?data=82KJD4VeS-FmkViGAZpq9zw61a8mWH4QnXPtweQ0jbBMuw9eiIxNhaSvkWoQt1tywGmwE--DlEIM3PXffUG8nB1xCLFFPMNrCxUBpvasYr8= 
www.senecavct.co.uk 
 
   Outlook 
 
   After a year of significant developments and change in the Ordinary 
Share portfolio, including the successful exit of the Company's largest 
investment in December 2018, 2019 is expected to represent a period of 
consolidation for the Ordinary Share Pool. We note that 2018/19 was 
again a very strong year for VCT fundraising in the UK with more than 
GBP700m flowing into VCTs in the period. Against this backdrop, the 
Board remain optimistic about the success of the imminent B Share offer 
and the continued development of the B Share portfolio. 
 
   John Hustler 
 
   Chairman 
 
   10 July 2019 
 
   Investment Portfolio -- Ordinary Shares 
 
 
 
 
                             Investment   Unrealised       Carrying value at     Movement in the six months to 
Unquoted        Equity Held   at cost    profit/(loss)        30 June 2019                30 June 2019 
Investments         (%)      (GBP'000)     (GBP'000)           (GBP'000)                   (GBP'000) 
--------------  -----------  ----------  -------------  -----------------------  ----------------------------- 
OR 
 Productivity 
 Limited               10.3         765          (101)                      664                              - 
Fuel 3D 
 Technologies 
 Limited               <1.0         299           (23)                      276                              - 
Arecor Limited          1.3         141             63                      205                              - 
Insense 
 Limited                4.6         509          (389)                      120                              - 
Microarray 
 Limited                1.8         132           (65)                       67                              - 
ImmunoBiology 
 Limited                2.0         868          (868)                        -                              - 
Exosect 
 Limited                1.4         270          (270)                        -                              - 
Total Unquoted 
 Investments                      2,985        (1,653)                    1,332                              - 
 
                             Investment     Unrealised                           Movement in the six months to 
Quoted                          at cost  profit/(loss)        Carrying value at                   30 June 2019 
Investments     Shares Held   (GBP'000)      (GBP'000)   30 June 2019 (GBP'000)                      (GBP'000) 
--------------  -----------  ----------  -------------  -----------------------  ----------------------------- 
Scancell plc     13,049,730         789             59                      848                          (326) 
Omega 
 Diagnostics 
 plc              2,293,868         328          (105)                      223                           (64) 
Total Quoted 
 Investments                      1,117           (46)                    1,071                          (390) 
--------------  -----------  ----------  -------------  -----------------------  ----------------------------- 
Total 
 Investments                      4,102        (1,699)                    2,403                          (390) 
--------------  -----------  ----------  -------------  -----------------------  ----------------------------- 
 
 
 
   Investment Portfolio -- B Shares 
 
 
 
 
                                   Investment   Unrealised       Carrying value at     Movement in the six months to 
                      Equity Held   at cost    profit/(loss)        30 June 2019                30 June 2019 
Unquoted Investments      (%)      (GBP'000)     (GBP'000)           (GBP'000)                   (GBP'000) 
--------------------  -----------  ----------  -------------  -----------------------  ----------------------------- 
Silkfred Limited             <1.0         500              -                      500                              - 
Fabacus Limited               2.2         500              -                      500                              - 
Old St Labs Limited           3.4         500              -                      500                              - 
Qudini Limited                2.2         500              -                      500                              - 
Total Unquoted 
 Investments                            2,000              -                    2,000                              - 
 
                                   Investment     Unrealised                           Movement in the six months to 
                                      at cost  profit/(loss)        Carrying value at                   30 June 2019 
Quoted Investments    Shares Held   (GBP'000)      (GBP'000)   30 June 2019 (GBP'000)                      (GBP'000) 
--------------------  -----------  ----------  -------------  -----------------------  ----------------------------- 
SkinBioTherapeutics 
 plc                    4,502,107         720            158                      878                            158 
Total Quoted 
 Investments                              720            158                      878                            158 
--------------------  -----------  ----------  -------------  -----------------------  ----------------------------- 
Total Investments                       2,720            158                    2,878                            158 
--------------------  -----------  ----------  -------------  -----------------------  ----------------------------- 
 
 
 
 
   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 Services 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 
 
   10 July 2019 
 
   Income Statement - Combined 
 
 
 
 
                               Combined                                     Combined                                     Combined 
                       Six months to 30 June 2019                   Six months to 30 June 2018                    Year to 31 December 2018 
                 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              -             52             52              -              6              6              -            903            903 
 
Loss on 
 valuation 
 of fixed 
 asset 
 investments              -          (232)          (232)              -          (108)          (108)              -          (716)          (716) 
 
Performance 
 fee                      -             71             71              -             32             32              -           (26)           (26) 
 
Investment 
 management 
 fee net of 
 cost cap                20           (35)           (15)              -              -              -             36           (18)             18 
 
Other 
 expenses              (55)              -           (55)           (57)              -           (57)          (113)              -          (113) 
 
Return on 
 ordinary 
 activities 
 before tax            (35)          (144)          (179)           (57)           (70)          (127)           (77)            143             66 
Taxation on 
return on 
ordinary 
activities                -              -              -              -              -              -              -              -              - 
 
Return on 
 ordinary 
 activities 
 after tax             (35)          (109)          (179)           (57)           (70)          (127)           (77)            143             66 
------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
 
 
   -- The 'Total' column of this statement 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 accompanying notes are an integral part of the half-yearly report. 
 
   -- 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. Accordingly a Statement of Comprehensive 
      Income is not required. 
 
 
   Income Statement -- Ordinary Shares 
 
 
 
 
                            Ordinary Shares                              Ordinary Shares                              Ordinary Shares 
                       Six months to 30 June 2019                   Six months to 30 June 2018                    Year to 31 December 2018 
                 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              -             38             38              -              6              6              -            903            903 
 
Loss on 
 valuation 
 of fixed 
 asset 
 investments              -          (390)          (390)              -          (108)          (108)              -          (716)          (716) 
 
Performance 
 fee                      -             71             71              -             32             32              -           (26)           (26) 
 
Investment 
management 
fee net of 
cost cap                  -              -              -              -              -              -              -              -              - 
 
Other 
 expenses                 -              -              -           (57)              -           (57)           (59)              -           (59) 
 
Return on 
 ordinary 
 activities 
 before tax               -          (281)          (281)           (57)           (70)          (127)           (59)            161            102 
Taxation on 
return on 
ordinary 
activities                -              -              -              -              -              -              -              -              - 
 
Return on 
 ordinary 
 activities 
 after tax                -          (281)          (281)           (57)           (70)          (127)           (59)            161            102 
------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
Earnings per 
 share -- 
 basic and 
 diluted                  -         (3.5p)         (3.5p)         (0.7p)         (0.8p)         (1.5p)         (0.7p)           2.0p           1.3p 
------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
 
 
   Income Statement -- B Shares 
 
 
 
 
                               B Shares                                     B Shares                                     B Shares 
                       Six months to 30 June 2019                   Six months to 30 June 2018                    Year to 31 December 2018 
                 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              -             14             14              -              -              -              -              -              - 
 
Gain on 
 valuation 
 of fixed 
 asset 
 investments              -            158            158              -              -              -              -              -              - 
 
Performance 
fee                       -              -              -              -              -              -              -              -              - 
 
Investment 
 management 
 fee net of 
 cost cap                20           (35)           (15)              -              -              -             36           (18)             18 
 
Other 
 expenses              (55)              -           (55)              -              -              -           (54)              -           (54) 
 
Return on 
 ordinary 
 activities 
 before tax            (35)           `137            102                                                        (18)           (18)           (36) 
Taxation on 
return on 
ordinary 
activities                -              -              -              -              -              -              -              -              - 
 
Return on 
 ordinary 
 activities 
 after tax             (35)            137            102              -              -              -           (18)           (18)           (36) 
------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
Earnings per 
 share -- 
 basic and 
 diluted             (0.7p)           2.8p           2.1p              -              -              -        (0.45p)        (0.45p)         (0.9p) 
------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
 
 
 
   Balance Sheet - Combined 
 
 
 
 
                        Combined               Combined                     Combined 
                    As at 30 June 2019     As at 30 June 2018         As at 31 December 2018 
                  GBP'000     GBP'000    GBP'000     GBP'000     GBP'000         GBP'000 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
 
Fixed asset 
 investments*                     5,281                  5,431                          3,293 
Current assets: 
Cash received 
 for B shares 
 not yet 
 allotted                -                  1,648                      219 
Cash at Bank         2,934                      7                    6,227 
Debtors                119                     10                       23 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
                     3,053                  1,665                    6,469 
Creditors: 
Amounts falling 
 due within one 
 year                (128)                   (63)                     (72) 
Cash received 
 for B shares 
 not yet 
 allotted                -                (1,648)                    (219) 
Bank Loan                -                  (200)                        - 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
                     (128)                (1,911)                    (291) 
Net current 
 assets                           2,925                  (246)                          6,178 
 
Performance fee 
 payable                          (119)                  (132)                          (190) 
 
Net assets                        8,087                  5,053                          9,281 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
 
Called up equity 
 share capital                      135                  4,058                            121 
Share premium                     1,889                      -                            568 
Special 
 distributable 
 reserve                          8,489                  3,397                         10,839 
Capital 
 redemption 
 reserve                              -                     38                              - 
Capital reserve 
 -- 
 gains/(losses) 
 on disposal                      1,117                  (381)                          1,029 
 -- holding 
  gains/(losses)                (1,541)                  (113)                        (1,309) 
Revenue reserve                 (2,002)                (1,946)                        (1,967) 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
Total equity 
 shareholders' 
 funds                            8,087                  5,053                          9,281 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
*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 2019     As at 30 June 2018             2018 
                  GBP'000     GBP'000    GBP'000     GBP'000    GBP'000    GBP'000 
----------------  --------  -----------  --------  -----------  -------  ------------ 
 
Fixed asset 
 investments*                     2,403                  5,431                  2,793 
Current assets: 
Cash received 
 for B Shares 
 not yet 
 allotted                -                  1,648                     - 
Cash at Bank           476                      7                 2,738 
Debtors                  -                     10                     - 
----------------  --------  -----------  --------  -----------  -------  ------------ 
                       476                  1,665                 2,738 
Creditors: 
Amounts falling 
 due within one 
 year                 (32)                   (63)                  (59) 
Cash received 
 for B shares 
 not yet 
 allotted                -                (1,648)                     - 
Bank Loan                -                  (200)                     - 
----------------  --------  -----------  --------  -----------  -------  ------------ 
                      (32)                (1,911)                  (59) 
Net current 
 assets                             444                  (246)                  2,679 
 
Performance fee 
 payable                          (119)                  (132)                  (190) 
 
Net assets                        2,728                  5,053                  5,282 
----------------  --------  -----------  --------  -----------  -------  ------------ 
 
Called up equity 
 share capital                       81                  4,058                     81 
Share premium                         -                      -                      - 
Special 
 distributable 
 reserve                          5,139                  3,397                  7,412 
Capital 
 redemption 
 reserve                              -                     38                      - 
Capital reserve 
 -- 
 gains/(losses) 
 on disposal                      1,156                  (381)                  1,047 
 -- holding 
  gains/(losses)                (1,699)                  (113)                (1,309) 
Revenue reserve                 (1,949)                (1,946)                (1,949) 
----------------  --------  -----------  --------  -----------  -------  ------------ 
Total equity 
 shareholders' 
 funds                            2,728                  5,053                  5,282 
----------------  --------  -----------  --------  -----------  -------  ------------ 
Net asset value                   33.6p                  62.3p                  65.1p 
 per share 
----------------  --------  -----------  --------  -----------  -------  ------------ 
*At fair value 
 through profit 
 and loss 
 
 
 
 
   Balance Sheet -- B Shares 
 
 
 
 
                        B Shares               B Shares                     B Shares 
                    As at 30 June 2019     As at 30 June 2018         As at 31 December 2018 
                  GBP'000     GBP'000    GBP'000     GBP'000     GBP'000         GBP'000 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
 
Fixed asset 
 investments*                     2,878                      -                            500 
Current assets: 
Cash received 
 for B Shares 
 not yet 
 allotted                -                      -                      219 
Cash at Bank         2,458                      -                    3,489 
Debtors                119                      -                       23 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
                     2,577                      -                    3,731 
Creditors: 
Amounts falling 
 due within one 
 year                 (96)                      -                     (13) 
Cash received 
 for B Shares 
 not yet 
 allotted                -                      -                    (219) 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
                      (96)                      -                    (232) 
Net current 
 assets                           2,481                      -                          3,499 
 
Performance fee 
payable                               -                      -                              - 
 
Net assets                        5,359                      -                          3,999 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
 
Called up equity 
 share capital                       54                      -                             40 
Share premium                     1,889                      -                            568 
Special 
 distributable 
 reserve                          3,350                      -                          3,427 
Capital 
redemption 
reserve                               -                      -                              - 
Capital reserve 
 -- 
 gains/(losses) 
 on disposal                       (39)                      -                           (18) 
 -- holding 
  gains/(losses)                    158                      -                              - 
Revenue reserve                    (53)                      -                           (18) 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
Total equity 
 shareholders' 
 funds                            5,359                      -                          3,999 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
Net asset value                   99.5p                      -                          99.1p 
 per share 
----------------  --------  -----------  --------  -----------  ----------  ----------------- 
*At fair value 
 through profit 
 and loss 
 
 
 
 
   Statement of Changes in Equity - Combined 
 
 
 
 
                                                     Special      Capital 
                 Share                            distributable  redemption  Capital reserve gains/  Capital reserve holding gains/  Revenue 
                Capital    Share premium GBP'000     reserve      reserve           (losses)                    (losses)             reserve   Total 
                GBP'000                              GBP'000      GBP'000           GBP'000                     GBP'000              GBP'000  GBP'000 
--------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
As at 1 
 January 2018     4,058                        -          3,397          38                   (432)                               9  (1,890)    5,180 
Revenue return 
 on ordinary 
 activities 
 after tax            -                        -              -           -                       -                               -     (57)     (57) 
Performance 
 fee allocated 
 as capital 
 expenditure          -                        -              -           -                      32                               -        -       32 
Current period 
 gains on 
 disposal             -                        -              -           -                       6                               -        -        6 
Current period 
 losses on 
 fair value of 
 investments          -                        -              -           -                       -                           (108)        -    (108) 
Prior years' 
 unrealised 
 gains now 
 realised             -                        -              -           -                      13                            (13)        -        - 
--------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
Balance as at 
 30 June 2018     4,058                        -          3,397          38                   (381)                           (112)  (1,947)    5,053 
As at 1 
 January 2018     4,058                        -          3,397          38                   (432)                               9  (1,890)    5,180 
B Share issue        40                    3,995              -           -                       -                               -        -    4,035 
Capital 
 restructuring  (3,977)                        -              -       3,977                       -                               -        -        - 
Capital 
 reduction            -                  (3,427)          7,442     (4,015)                       -                               -        -        - 
Revenue return 
 on ordinary 
 activities 
 after tax            -                        -              -           -                       -                               -     (77)     (77) 
Expenses 
 charged to 
 capital              -                        -              -           -                    (18)                               -        -     (18) 
Performance 
 fee allocated 
 as capital 
 expenditure          -                        -              -           -                    (26)                               -        -     (26) 
Current period 
 gains on 
 disposal             -                        -              -           -                     903                               -        -      903 
Current period 
 losses on 
 fair value of 
 investments          -                        -              -           -                       -                           (716)        -    (716) 
Prior years' 
 unrealised 
 losses now 
 realised             -                        -              -           -                     602                           (602)        -        - 
--------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
Balance as at 
 31 December 
 2018               121                      568         10,839           -                   1,029                         (1,309)  (1,967)    9,281 
B Share issue        14                    1,321              -           -                       -                               -        -    1,335 
Revenue return 
 on ordinary 
 activities 
 after tax            -                        -              -           -                       -                               -     (35)     (35) 
Expenses 
 charged to 
 capital              -                        -              -           -                    (35)                               -        -     (35) 
Performance 
 fee allocated 
 as capital 
 expenditure          -                        -              -           -                      71                               -        -       71 
Dividends paid        -                        -        (2,350)           -                       -                               -        -  (2,350) 
Current period 
 gains on 
 disposal             -                        -              -           -                      52                               -        -       52 
Current period 
 losses on 
 fair value of 
 investments          -                        -              -           -                       -                           (232)        -    (232) 
Prior years' 
unrealised 
gains now 
realised              -                        -              -           -                       -                               -        -        - 
--------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
Balance as at 
 30 June 2019       135                    1,889          8,489           -                   1,117                         (1,541)  (2,002)    8,087 
--------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
 
 
   Statement of Changes in Equity -- Ordinary Shares 
 
 
 
 
                                                     Special      Capital 
                 Share                            distributable  redemption  Capital reserve gains/  Capital reserve holding gains/  Revenue 
                Capital    Share premium GBP'000     reserve      reserve           (losses)                    (losses)             reserve   Total 
                GBP'000                              GBP'000      GBP'000           GBP'000                     GBP'000              GBP'000  GBP'000 
--------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
As at 1 
 January 2018     4,058                        -          3,397          38                   (432)                               9  (1,890)    5,180 
Revenue return 
 on ordinary 
 activities 
 after tax            -                        -              -           -                       -                               -     (57)     (57) 
Performance 
 fee allocated 
 as capital 
 expenditure          -                        -              -           -                      32                               -        -       32 
Current period 
 gains on 
 disposal             -                        -              -           -                       6                               -        -        6 
Current period 
 losses on 
 fair value of 
 investments          -                        -              -           -                       -                           (108)        -    (108) 
Prior years' 
 unrealised 
 gains now 
 realised             -                        -              -           -                      13                            (13)        -        - 
--------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
Balance as at 
 30 June 2018     4,058                        -          3,397          38                   (381)                           (112)  (1,947)    5,053 
As at 1 
 January 2018     4,058                        -          3,397          38                   (432)                               9  (1,890)    5,180 
Capital 
 restructuring  (3,977)                        -              -       3,977                       -                               -        -        - 
Capital 
 reduction            -                        -          4,015     (4,015)                       -                               -        -        - 
Revenue return 
 on ordinary 
 activities 
 after tax            -                        -              -           -                       -                               -     (59)     (59) 
Expenses 
charged to 
capital               -                        -              -           -                       -                               -        -        - 
Performance 
 fee allocated 
 as capital 
 expenditure          -                        -              -           -                    (26)                               -        -     (26) 
Current period 
 gains on 
 disposal             -                        -              -           -                     903                               -        -      903 
Current period 
 losses on 
 fair value of 
 investments          -                        -              -           -                       -                           (716)        -    (716) 
Prior years' 
 unrealised 
 losses now 
 realised             -                        -              -           -                     602                           (602)        -        - 
--------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
Balance as at 
 31 December 
 2018                81                        -          7,412           -                   1,047                         (1,309)  (1,949)    5,282 
Revenue return 
on ordinary 
activities 
after tax             -                        -              -           -                       -                               -        -        - 
Performance 
 fee allocated 
 as capital 
 expenditure          -                        -              -           -                      71                               -        -       71 
Dividends paid        -                        -        (2,273)           -                       -                               -        -  (2,273) 
Current period 
 gains on 
 disposal             -                        -              -           -                      38                               -        -       38 
Current period 
 losses on 
 fair value of 
 investments          -                        -              -           -                       -                           (390)        -    (390) 
Prior years' 
unrealised 
gains now 
realised              -                        -              -           -                       -                               -        -        - 
--------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
Balance as at 
 30 June 2019        81                        -          5,139           -                   1,156                         (1,699)  (1,949)    2,728 
--------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
 
 
   Statement of Changes in Equity -- B Shares 
 
 
 
 
                                                   Special      Capital 
               Share                            distributable  redemption  Capital reserve gains/  Capital reserve holding gains/  Revenue 
              Capital    Share premium GBP'000     reserve      reserve           (losses)                    (losses)             reserve   Total 
              GBP'000                              GBP'000      GBP'000           GBP'000                     GBP'000              GBP'000  GBP'000 
------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
As at 1 
January 
2018             -                -                   -            -                 -                           -                    -        - 
 
Balance as 
at 30 June 
2018             -                -                   -            -                 -                           -                    -        - 
As at 1 
January 
2018             -                -                   -            -                 -                           -                    -        - 
B Share 
 issue             40                    3,995              -           -                       -                               -        -    4,035 
Capital 
 reduction                             (3,427)          3,427           -                       -                               -        -        - 
Revenue 
 return on 
 ordinary 
 activities 
 after tax          -                        -              -           -                       -                               -     (18)     (18) 
Expenses 
 charged to 
 capital            -                        -              -           -                    (18)                               -        -     (18) 
Balance as 
 at 31 
 December 
 2018              40                      568          3,427           -                    (18)                               -     (18)    3,999 
B Share 
 issue             14                    1,321              -           -                       -                               -        -    1,335 
Revenue 
 return on 
 ordinary 
 activities 
 after tax          -                        -              -           -                       -                               -     (35)     (35) 
Expenses 
 charged to 
 capital            -                        -              -           -                    (35)                               -        -     (35) 
Dividends 
 paid               -                        -           (77)           -                       -                               -        -     (77) 
Current 
 period 
 gains on 
 disposal           -                        -              -           -                      14                               -        -       14 
Current 
 period 
 gains on 
 fair value 
 of 
 investments        -                        -              -           -                       -                             158        -      158 
Prior years' 
unrealised 
gains now 
realised            -                        -              -           -                       -                               -        -        - 
------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
Balance as 
 at 30 June 
 2019              54                    1,889          3,350           -                    (39)                             158     (53)    5,359 
------------  -------  -----------------------  -------------  ----------  ----------------------  ------------------------------  -------  ------- 
 
 
 
 
   Statement of Cash Flows -- Combined 
 
 
 
 
                                     Combined                     Combined                    Combined 
                             Six months to 30 June 2019   Six months to 30 June 2018   Year to 31 December 2018 
                                      GBP'000                      GBP'000                     GBP'000 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
      Cash flows from 
      operating 
      activities 
      Return on ordinary 
       activities before 
       tax                                        (179)                        (127)                         66 
      Adjustments for: 
      Increase in debtors                          (96)                          (3)                       (16) 
      (Decrease)/increase 
       in creditors                               (234)                         (36)                         31 
      Gain on disposal of 
       fixed asset 
       investments                                 (14)                          (6)                      (903) 
      Loss on valuation of 
       fixed asset 
       investments                                  232                          108                        716 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
Cash from operations                              (291)                         (64)                      (106) 
Income taxes paid                                     -                            -                          - 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
Net cash used in operating 
 activities                                       (291)                         (64)                      (106) 
 
Cash flows from investing 
activities 
Purchase of fixed asset 
 investments                                    (2,248)                            -                      (500) 
Sale of fixed asset 
 investments                                         42                           31                      2,958 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
Total cash flows from 
 investing activities                           (2,206)                           31                      2,458 
 
Cash flows from financing 
activities 
Dividends paid                                  (2,350)                            -                          - 
Issue of B shares                                 1,335                            -                      4,035 
Cash raised for B shares 
 not yet allotted                                     -                        1,648                        219 
Bank loan                                             -                          200                          - 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
Total cash flows from 
 financing activities                           (1,015)                        1,848                      4,254 
 
Increase in cash and cash 
 equivalents                                    (3,512)                        1,815                      6.606 
 
Opening cash and cash 
 equivalents                                      6,446                        (160)                      (160) 
 
Closing cash and cash 
 equivalents                                      2,934                        1,655                      6,446 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
 
 
 
 
   Statement of Cash Flows -- Ordinary Shares 
 
 
 
 
                                  Ordinary Shares              Ordinary Shares             Ordinary Shares 
                             Six months to 30 June 2019   Six months to 30 June 2018   Year to 31 December 2018 
                                      GBP'000                      GBP'000                     GBP'000 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
      Cash flows from 
      operating 
      activities 
      Return on ordinary 
       activities before 
       tax                                        (281)                        (127)                        102 
      Adjustments for: 
      (Increase)/decrease 
       in debtors                                     -                          (3)                          7 
      (Decrease)/Increase 
       in creditors                                (98)                         (36)                         18 
      Gain on disposal of 
       fixed asset 
       investments                                    -                          (6)                      (903) 
      Loss on valuation of 
       fixed asset 
       investments                                  390                          108                        716 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
Cash from operations                                 11                         (64)                       (60) 
Income taxes paid                                     -                            -                          - 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
Net cash used in operating 
 activities                                          11                         (64)                       (60) 
 
Cash flows from investing 
activities 
Purchase of fixed asset 
investments                                           -                            -                          - 
Sale of fixed asset 
 investments                                          -                           31                      2,958 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
Total cash flows from 
 investing activities                                 -                           31                      2,958 
 
Cash flows from financing 
activities 
Dividend paid                                   (2,273)                            -                          - 
Cash raised for B shares 
 not yet allotted                                     -                        1,648                          - 
Bank loan                                             -                          200                          - 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
Total cash flows from 
 financing activities                           (2,273)                        1,848                          - 
 
Increase in cash and cash 
 equivalents                                    (2,262)                        1,815                      2,898 
 
Opening cash and cash 
 equivalents                                      2,738                        (160)                      (160) 
 
Closing cash and cash 
 equivalents                                        476                        1,655                      2,738 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
 
 
 
 
   Statement of Cash Flows -- B Shares 
 
 
 
 
                                     B Shares                     B Shares                    B Shares 
                             Six months to 30 June 2019   Six months to 30 June 2018   Year to 31 December 2018 
                                      GBP'000                      GBP'000                     GBP'000 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
      Cash flows from 
      operating 
      activities 
      Return on ordinary 
       activities before 
       tax                                          102                            -                       (36) 
      Adjustments for: 
      Increase in debtors                          (96)                            -                       (23) 
      (Decrease)/increase 
       in creditors                               (136)                            -                         13 
      Gain on disposal of 
       fixed asset 
       investments                                 (14)                            -                          - 
      Gain on valuation of 
       fixed asset 
       investments                                (158)                            -                          - 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
Cash from operations                              (302)                            -                       (46) 
Income taxes paid                                     -                                                       - 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
Net cash used in operating 
 activities                                       (302)                            -                       (46) 
 
Cash flows from investing 
activities 
Purchase of fixed asset 
 investments                                    (2,248)                            -                      (500) 
Sale of fixed asset 
 investments                                         42                            -                          - 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
Total cash flows from 
 investing activities                           (2,206)                            -                      (500) 
 
Cash flows from financing 
activities 
Issue of B shares                                 1,335                            -                      4,035 
Cash raised for B shares 
 not yet allotted                                     -                            -                        219 
Dividends paid                                     (77)                            -                          - 
Bank loan                                             -                            -                          - 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
Total cash flows from 
 financing activities                             1,258                            -                      4,254 
 
Increase in cash and cash 
 equivalents                                    (1,250)                            -                      3,708 
 
Opening cash and cash 
 equivalents                                      3,708                            -                          - 
 
Closing cash and cash 
 equivalents                                      2,458                            -                      3,708 
--------------------------  ---------------------------  ---------------------------  ------------------------- 
 
 
 
 
   Notes to the Half-Yearly Report 
 
   1.             Basis of preparation 
 
   The unaudited half-yearly results which cover the six months to 30 June 
2019 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) 
for Investment Companies re-issued by the Association of Investment 
Companies in November 2014. Details of the accounting policies and 
valuation methodologies are included within the Annual Report on Pages 
59-71. 
 
   2.             Publication of non-statutory accounts 
 
   The unaudited half-yearly results for the six months ended 30 June 2019 
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 2018 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 2019 are calculated on the 
basis of 8,115,376 shares (31 December 2018: 8,115,376 and 30 June 2018: 
8,115,376) being the weighted average number of shares in issue during 
the period. 
 
   The earnings per B Share at 30 June 2019 are calculated on the basis of 
4,783,679 (31 December 2018: 3,412,545 and 30 June 2018: nil) 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 net assets as at 30 
June 2019 divided by 8,115,376 (31 December 2018: 8,115,376 and 30 June 
2018: 8,115,376) shares in issue at that date. 
 
   The net asset value per B Share is based on net assets as at 30 June 
2019 divided by 5,387,664 (31 December 2018: 4,036,370 and 30 June 2018: 
nil) 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 2018. The Company's principal risks and uncertainties 
have not changed materially since the date of that report. 
 
   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. 52.25p 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 Note 5 of the 2018 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 GBP46,712 in management fees in the current period, however 
this is reduced to GBP15,420 as a result of the 3% cost cap. No payment 
has been made to Seneca, as money is still recoverable from Seneca as a 
result of the amounts outstanding from 2018 in line with the cost cap 
applied for that period. The remaining balance (GBP2,997) will be 
deducted from fees to be paid to Seneca for services in 2019 (31 
December 2018: GBP18,417 recoverable from Seneca, 30 June 2018: N/A). 
 
   Seneca accrued GBP141,250 (31 December 2018: GBP19,997, 30 June 2018: 
GBPnil) in transaction fees, monitoring and directors' fees from 
investee companies. 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 9 May 2018, 
Seneca (as promoters of the offer) were entitled to charge the Company 
up to 5.5% of investors' subscriptions. A total of GBP18,018 has been 
paid to Seneca in the period (31 December 2018: GBP40,596, 30 June 2018: 
n/a), based on allotments of GBP1,353,150 in the period. 
 
   7.             Events after the Balance Sheet Date 
 
   There are no post balance sheet events. 
 
   8.             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 10, 2019 12:20 ET (16:20 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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