Portfolio Update

RNS Number : 4463Z

Hygea VCT plc

22 September 2009

 



22 SEPTEMBER 2009

HYGEA VCT PLC

PORTFOLIO UPDATE

Hygea VCT plc ('the Company') announces the sale of its investment in DxS Limited, which provides molecular diagnostic products and services to the healthcare industry, for initial cash proceeds of £3.6 million. The Company may become entitled to receive up to a further £2.5 million over the period to 2012 subject to the achievement by DxS of specified objectives.

The initial sale price of £3.6 million, which includes repayment of loans and interest thereon, represents an uplift of £1.2 million (equivalent to 14.4p per ordinary share in the Company) over the carrying value of the investment as reflected in the unaudited net asset value of 75.3p per share as at 30 June 2009 which was announced by the Company on 19 August 2009.

The Company invested a total of £0.3 million in DxS in early-stage funding rounds led by NVM Private Equity in 2004 and 2006. The total income and capital proceeds to date (excluding contingent future payments) represent a money multiple of 11.2 times the original investment.

Enquiries:

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

Roland Cornish, Beaumont Cornish Limited on 020 7628 3396

 

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