Net Asset Value(s)

Seneca Growth Capital VCT PLC

16 October 2024

 

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 [e-mail]

Siobhan Pycroft, Seneca Partners Limited at [e-mail]

 

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