Unaudited Net
Asset Value(s)
Seneca Growth Capital VCT Plc (the
"Company")
16 October 2024
Unaudited Net
Asset Value ("NAV") Update as at 30 September
2024
The Directors and the Investment Manager of the
Company, Seneca Partners Limited ("Seneca"), have reviewed the
valuation of the Company's investment portfolios for the quarter
ending 30 September 2024 and announce an updated NAV for each of
the share classes as at 30 September 2024.
B share
NAV
As at 30 September 2024, the unaudited B share
NAV was 53.3p per share, a 6% decrease from the previously
published unaudited NAV as at 30 June 2024 of 56.9p.
The 3.6p decrease in NAV per B share is
predominantly a result of a net decrease in the value of the B
share pool's AIM quoted investments, the impact of which has been
reduced by the profitable realisation of 645,000 Optibiotix Health
Plc shares at a 1.5x return, generating £69k of profit.
The B share NAV Total Return was 69.8p compared
to 73.4p as at 30 June 2024.
New B share
pool investment
The B share pool completed a private company
investment into Durham based global supplier of adult incontinence
products, Forma-Care (UK) Limited ("Forma-Care") in July 2024. The
B share pool invested £915K, alongside £110k from Seneca's EIS
funds, to support the development of the company's product range,
expansion of its team of clinical nurses and streamlining of its
supply chain.
Forma-Care has established itself as a supplier
both to the NHS (for its home delivery service and acute services)
and directly to consumers. The business focuses on quality without
compromise coupled with an extremely attractive value proposition
for the end user.
Seneca is excited to be a part of the business's
growth journey alongside the Forma-Care team and believes that the
business is well positioned to become a leader in its specialist
segment of the market.
Ordinary share
NAV
As at 30 September 2024, the unaudited Ordinary
share NAV was 20.4p per share, a 14% increase from the previously
published unaudited NAV as at 30 June 2024 of 17.9p.
The 2.5p increase in NAV per Ordinary share is
principally due to the increase in the share price of AIM quoted
Scancell Holdings Plc ("Scancell"), offset by a decrease in the
share price of AIM quoted Arecor Therapeutics Plc
("Arecor").
Scancell is the largest holding in the Ordinary
share portfolio, representing 74% of the Ordinary share NAV as at
30 June 2024 and its shares increased in value by 30% in the 3
month period rising from 10.75p as at 30 June 2024 to 14.0p per
share as at 30 September 2024. Scancell's share price did peak
within the period at around 19.5p per share and the Company was
able to realise 350,000 Scancell shares at a weighted average share
price of 19.35p per share, generating a profit of £47k at a 3.2x
return.
The Ordinary share NAV Total Return was 93.7p
compared to 91.2p as at 30 June 2024.
The Ordinary share pool's unquoted investments
have all previously been written down to £nil carrying value. This
portfolio remains unchanged as at the quarter end.
Further
Information
For the purposes of calculating the unaudited
net asset value per share for both share classes, quoted
investments are valued in line with closing bid prices as at 30
September 2024 and unquoted investments are carried at fair value.
The number of B shares in issue is 23,678,417
and the number of Ordinary shares is 8,115,376. Therefore, the
total number of voting rights in the Company is
31,793,793.
The Offer for B shares by the Company remains
open for the 2024/25 tax year until midday on 3 April 2025. To
benefit from the Early Investment Incentive and Loyalty Investment
Incentive discounts you must invest on or before 5.00 p.m. on 30
November 2024.
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:
Richard Manley, Seneca Growth Capital VCT Plc
at Richard.Manley@senecapartners.co.uk
Siobhan Pycroft, Seneca Partners Limited
at Siobhan.Pycroft@senecapartners.co.uk