Interim Management Statement

RNS Number : 2534V

Hygea VCT plc

29 October 2010

 



29 October 2010

HYGEA VCT PLC

INTERIM MANAGEMENT STATEMENT

Hygea vct plc ('the Company') presents its interim management statement for the period from 1 July 2010 to 28 October 2010. This constitutes the Company's second interim management statement for the financial year ending 31 December 2010, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. This statement has been prepared solely to provide additional information in order to meet the requirements of the Disclosure and Transparency Rules and should not be relied on by shareholders, or any other party, for any other purpose.

The unaudited net asset value per ordinary share and the number of shares in issue at 30 September 2010 were 82.2p and 8,115,376 respectively (30 June 2010: 74.8p and 8,115,376 respectively).  There were no shares held in Treasury at either date.

No shares have been issued or repurchased during the period.

At 30 September 2010, the Company's assets included its portfolio of unlisted assets along with £831,369 in cash and £1,764,000 in AIM shares valued at bid price.

During the three months ended 30 September 2010 the Company made a further investment in Omega Diagnostics plc (£29,850). Following the disposal of DxS Limited, the company received a further £331,200 additional consideration during the period. The Company may become entitled to additional proceeds in respect of the sale of DxS Limited up to £2 million, none of which has been taken into account in the net asset value reported above.

During the period, Scancell plc has moved from being listed on PLUS to AIM and the bid price had risen to 93p compared to our valuation at 30 June 2010 of 45p per share. In addition the value of Glide Pharmaceutical Technologies Limited has been written down to cost since the timescale to commercialisation has been extended whilst further underlying supporting data is generated. The value of Wound Solutions Limited has been written off in view of the current fundraising climate. Following the offer by EKF Diagnostics plc for Quotient Diagnostics Limited, the holding in Quotient Diagnostics Limited was exchanged in October 2010 for 947,219 shares in EKF Diagnostics plc.

The directors are not aware of any other events which have taken place between 30 September 2010 and the date of publication of this statement, which have had a material effect on the financial position of the Company.

Enquiries: James Otter, Hygea vct plc - [e-mail] 

Charles Breese, Hygea vct plc on 01280 703482 or [e-mail]

Roland Cornish, Beaumont Cornish Limited on 020 7628 3396

website: www.hygeavct.com

 

END

 

 

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