NAV Update
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 £195k and since the end of the quarter, the Company has also
made one additional investment, being a £500k 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
Richard Manley, Seneca Growth Capital VCT Plc
at Richard.Manley@senecapartners.co.uk
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
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