LONDON (Alliance News) - Hygea VCT PLC said on Thursday its net present value per share increased in the recent quarter.
At March 31, Hygea's NAV per share was 64.4p, up from 63.8p at the end of 2017.
The medical technology investor said its holding in Scancell Holdings PLC represents one third of its portfolio. Scancell's share price of 13.5p at the time of NAV calculation represented a 1.0p increase from December.
Scancell conducted a placing in April to raise GBP8.9 million and, as a result, Hygea's share was further diluted to 13.1 million shares, 3.5% of Scancell's share capital. Scancell shares were quoted at 11.97p on AIM Thursday.
Hygea sold 100,000 shares in Scancell during the quarter at 18p per share for liquidity management purposes.
The company said it has used GBP166,822 of its GBP200,000 overdraft facility. The overdraft facility was then converted to a formal loan of GBP200,000 following ring-fencing changes at the Royal Bank of Scotland, the loan is due to be repaid by September 30.
Hygea confirmed that a prospectus to raise up to GBP10 million via the issue of new B shares to be managed by Seneca Partners Ltd is expected to be issued "shortly".
Shares in Hygea were untraded Thursday but last closed at 50.20 pence each.
Seneca Growth (HYG)
Scancell Holdings (SCLP)