Hygea VCT plc : Issue of Equity, Name Change an...

Hygea vct plc (the "Company")

Issue of Equity, Change of Name and Appointment of Director

On 9 May 2018 the Company launched an offer for subscription for new "B" ordinary shares of 1p each in the Company ("New "B" Shares") to raise, in aggregate, up to £10 million with an over-allotment facility of up to a further £10 million (before issue costs) (the "Offer"). The new funds are to be managed by North West head-quartered investment firm Seneca Partners Limited.

The Board of the Company is pleased to announce that valid applications have now been received in excess of the minimum subscription threshold.

Pursuant to the Offer, and the £3,110,250 of valid applications received up to and including 22 August 2018, the Company has issued and allotted 3,081,892 New "B" Shares on 23 August 2018. In accordance with the allotment formula set out in the prospectus for the Offer, the offer prices at which the New "B" Share were issued were in the range of 100p to 103.1p per share.

As a result of this allotment, the number of shares now in issue is 8,115,376 Ordinary Shares of 1p each and 3,081,892 New "B" Shares. Therefore, the total number of voting rights in the Company is 11,197,268.

In respect of this allotment, an application will be made by the Company to the UK Listing Authority and to the London Stock Exchange for the new New "B" Shares so issued to be admitted to the Official List and to trading on the London Stock Exchange's main market for listed securities. It is expected that the admission of the New "B" Shares will become effective and dealings will commence on or around 7 September 2018.

The above statement of voting capital may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.

Following this first allotment of New "B" Shares the investment management agreement between the Company and Seneca Partners Limited ("Seneca") dated 9 May 2018 comes into effect. As envisaged in the Prospectus, the board of directors have also resolved to change the name of the Company to Seneca Growth Capital VCT plc, and to appoint Richard Manley as an additional non-executive director with immediate effect. In relation to this appointment, there is no additional information required to be disclosed pursuant to Listing Rule 9.6.13 R. 

Richard is a director and CEO of Seneca. He qualified as a chartered accountant with KPMG in 2004, joined NM Rothschild's leveraged finance team in Manchester in 2007 before joining Cenkos Fund Managers in 2008. Richard joined Seneca on launch in 2010. Richard has been involved in the development of all areas of Seneca's business and played a key role in its journey from start up to managing more than £100m.  Richard became Managing Partner in 2016 and CEO in 2017.

Richard Roth, a director of the Company subscribed for £15,000 of New "B" Shares under the Offer and has been allotted 15,000 New "B" Shares. As a director of the Company Richard Roth is a related party of the Company under the Listing Rules and this subscription is, therefore, a transaction to which Listing Rule 11.1.10R applies.

For further information, please contact:

John Hustler, Hygea vct plc at [e-mail]

Richard Manley, Seneca Partners Limited at [e-mail]

Any enquiries in respect of the Offer should be directed to:

John Davies
Seneca Partners Limited
01942 295 981
[e-mail]

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Hygea VCT plc via Globenewswire