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NAV Update
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:
Unquoted Investments | Equity | Investment at cost £'000 | Unrealised profit/(loss) £'000 | Carrying value at | Movement |
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) | |
| Shares held | Investment at cost £'000 | Unrealised profit/(loss) £'000 | Carrying value at |
|
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:
Unquoted Investments | Equity | Investment at cost £'000 | Unrealised profit/(loss) £'000 | Carrying value at | Movement |
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 | - | |
Quoted Investments | Shares held | Investment at cost £'000 | Unrealised profit/(loss) £'000 | Carrying value at |
|
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
