Hygea VCT plc : Update for the quarter ended 30...

Hygea VCT PLC ORD 50P

Hygea VCT plc

FOR IMMEDIATE RELEASE                                                                                                              8 November 2017

HYGEA VCT PLC 

("Hygea" or "the Company")

Update for the quarter ended 30 September 2017

Hygea vct plc presents its quarterly update for the period commencing 1 July 2017. 

The Directors have recently reviewed the valuation of its portfolio as at the quarter ended 30 September 2017.

The unaudited Net Asset Value ("NAV") per ordinary share as at 30 September 2017 was 64.0p.  This is a reduction of 0.4p from the previously published NAV for the period ended 30 June 2017, due to running costs and a reduction in the value of Glide Pharmaceutical Technologies Ltd: unfortunately, Glide has entered administration during the period and its shareholders are unlikely to receive any proceeds from the liquidation - its value has therefore been written down to zero. No other changes have been made to the unquoted valuations.  

The Company's holding in Scancell Holdings Plc ("Scancell"), listed on AIM, represents approximately 30% of its net assets at 30 September 2017.  The bid price of Scancell's shares used for the calculation of the Company's net assets on 30 September 2017 was 12.0p, a slight reduction from 30 June 2017. Scancell has recently announced the appointment of a new CEO, and is continuing its preparations for clinical trials later this year and in 2018. During the period under review, the holding in Genedrive plc was sold for liquidity management purposes.   Omega Diagnostics plc is therefore the only other listed holding in the portfolio, and its bid price at 30 September 2017 was 21.5p per share.

At 30 September 2017, the company had used £136,030 of its £200,000 overdraft facility, which has subsequently been renewed for a further 6 months.

In the absence of realisations, the Board continues to investigate ways to mitigate the ongoing running costs of the Company and has had discussions with various parties with a view to the expansion of the capital and investment base. Once any such discussions are sufficiently advanced, an announcement will be made but at present there is no certainty that any of the discussions will lead to a proposal.

The Directors are not aware of any other events or transactions which have taken place between 1 October 2017 and the publication of this statement which have had a material effect on the financial position of the Company.

Furthermore, in conformity with the Disclosure and Transparency Rules, the Company notifies the market that the capital of the Company consists of 8,115,376 Ordinary Shares with a nominal value of £0.50 each with voting rights as at 7 November 2017. The Company does not hold any Ordinary Shares in Treasury. Therefore, the total number of voting rights in the Company is 8,115,376 (the 'Figure').

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

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

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

Roland Cornish, Beaumont Cornish Limited on 020 7628 3396

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Source: Hygea VCT plc via Globenewswire