SVCT Seneca Growth Capital Vct Plc

 
TIDMHYG TIDMSVCT 
 
 
   Seneca Growth Capital VCT Plc (the "Company") 
 
   20 April 2020 
 
   Partial Realisation of Ordinary Share Investment in Omega Diagnostics 
Group plc, New Ordinary Share Net Asset Value and New B Share Pool 
Investments 
 
   The Board of Seneca Growth Capital VCT Plc have noted the announcements 
made by Ordinary Share pool investee company, Omega Diagnostics Group 
plc ("Omega") on 9 and 20 April 2020.  The first announcement confirmed 
that Omega had signed a Memorandum of Understanding ("MOU") with three 
other companies from across the UK, in conjunction with the University 
of Oxford to form the UK Rapid Test Consortium ("UK-RTC") in order to 
jointly develop and manufacture a COVID-19 Point of Care antibody test 
as part of the Government's five pillar national testing strategy for 
COVID-19. The second announcement confirmed that Omega has signed a 
Material Transfer Agreement ("MTA") with Mologic Ltd ("Mologic") to 
formalise a partnership to provide manufacturing capability for 
Mologic's COVID-19 first generation ELISA diagnostics test, the 
development of which has been funded in part by the Government. 
 
   Following the recent rise in Omega's share price on AIM, the Company has 
sold 1,150,000 Omega shares from the Ordinary Share pool, realising 
GBP358,696 and generating a profit of GBP278,196 (unaudited) on their 
carrying value as at 30 March 2020, being the date of the most recently 
announced Net Asset Value ("NAV") per Ordinary Share (equivalent to an 
unaudited profit of 346%), and a profit versus original cost of 
GBP194,258 (equivalent to an unaudited profit of 118%). The Company's 
Ordinary Share pool retains 1,143,868 Omega shares. 
 
   The Board have reviewed the carrying value of all Ordinary Share pool 
investments, including Omega at a bid price of 33.2p per share, and 
report that as at 20 April 2020 the unaudited NAV per Ordinary share was 
30.3p per Ordinary share, an increase of 7.2p per Ordinary share from 
the unaudited NAV of 23.1p per Ordinary share as at 30 March 2020. This 
increase is primarily driven by the change in value of Omega, net of the 
associated performance fee accrual. 
 
   The Board have also reviewed the carrying value of all B Share pool 
investments as at 20 April 2020.  As the value of those investments has 
not changed materially from the values as at 30 March 2020, the Board 
has not issued a revised NAV per B Share (the unaudited NAV per B Share 
as at 30 March 2020 was 79.5p per B Share). The Board will issue a 
revised NAV of a B Share if required before the next allotment on 28 
April 2020. 
 
   The Board are also pleased to confirm that the Company has committed to 
3 further investments from its B Share pool during the period from 1 
January 2020 to 20 April 2020 as follows: 
 
 
   -- On 13 March 2020 the Company's B Share pool invested GBP400,000 into 
      specialist SAP contractor platform operator Ten80 Group Limited. 
 
   -- On 19 March 2020 the Company's B Share pool invested GBP235,000 into 
      specialist graduate recruitment business Bright Network (UK) Limited. 
 
   -- On 17 April 2020 AIM quoted OptiBiotix Health Plc, a life sciences 
      company specialising in developing and commercialising technologies that 
      modulate the human microbiome, announced it had raised GBP1.0 million 
      through a share placing.  The shares are expected to be admitted to AIM 
      on or around 23 April 2020 and the Company's B Share pool has committed 
      GBP300,000 to this placing. 
 
 
   The above investments take the total number of investments made by the B 
Share pool to 8, at a total investment cost of GBP3,685,000.  The B 
Share pool still has cash reserves in excess of GBP3.2m available to 
support the Company's ongoing running costs and B Share pool future 
investment activity. 
 
   The information above is deemed by the Company to constitute inside 
information as stipulated under the Market Abuse Regulations (EU No. 
596/2014). Upon the publication of this announcement via a Regulatory 
Information Service this inside information is now considered to be in 
the public domain. 
 
   For further information, please contact: 
 
   John Hustler, Seneca Growth Capital VCT Plc at 
https://www.globenewswire.com/Tracker?data=j3cz6fRwx3rse4qkrJoU2B0Ven8xqqoIt2fmsLTKLUlgTjEh6NTbs5E35Cdd0hpooaYUDAz32ucktag2bG0ptjdF3eiwxbr5AAo5WQ_hOGeK1KpdeaHU2q4Xro4STUHy 
john.hustler@btconnect.com 
 
   Richard Manley, Seneca Growth Capital VCT Plc at 
https://www.globenewswire.com/Tracker?data=eI5E2JSXhnRGBs5sA8bdJg23ya3LMqaul-gRlF-oUtDeafgdNpSp00QlO4qD0Ay0dqPAogaBejinx8vZ_qmeWfWafahEjqMHxVYy36TOHTtIveFZHccAkRNWVZY37FMRq0zhwnmYE0EnXAm5DyxScA== 
Richard.Manley@senecapartners.co.uk 
 
 
 
 

(END) Dow Jones Newswires

April 20, 2020 13:36 ET (17:36 GMT)

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