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 held % Investment at cost £'000 Unrealised profit/(loss) £'000 Carrying value at 15 October 2021 £'000 Movement in the period 1 January 2021 to 15 October 2021 £'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)
    Quoted Investments Shares held Investment at cost £'000 Unrealised profit/(loss) £'000 Carrying value at 15 October 2021 £'000 Movement in the period 1 January 2021 to 15 October 2021 £'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:

Unquoted Investments Equity held % Investment at cost £'000 Unrealised profit/(loss) £'000 Carrying value at 15 October 2021 £'000 Movement in the period 1 January 2021 to 15 October 2021 £'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 -
Quoted Investments Shares held Investment at cost £'000 Unrealised profit/(loss) £'000 Carrying value at 15 October 2021 £'000 Movement in the period 1 January 2021 to 15 October 2021 £'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

 

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