LONDON (Alliance News) - Hygea VCT PLC on Tuesday said net asset value decreased in the first half of its current financial year due to a fall in value of its AIM-listed portfolio holdings.
Shares in the venture capital trust were untraded on Tuesday, last quoted at 45.00 pence per share.
For the six months to the end of June, net asset value declined to 62.30p per share from 64.40p reported at the same date a year earlier.
The result was hurt by a reduction in the value of the company's AIM portfolio. The share price of in-vitro diagnostics products provider Omega Diagnostics Group PLC fell significantly after a publication of its results in April, Hygea noted.
During the period, the company said it sold 200,000 shares in cancer specialist Scancell Holdings PLC at an average price of 15.7p to cover its operating expenses.
In April, Scancell also launched a GBP8.9 million fundraising at 12p per share to further develop its Moditope and ImmunoBody platforms. Hygea said it was unable to take a part in the fundraising and as a result, its holding in Scancell was diluted to 3.5%.
The Scancell investment still represents a third of Hygea's portfolio.
Meanwhile, Hygea said it remains pleased with the development of its unquoted portfolio.
Looking forward, the company said Omega's shares have recovered slightly on recent news of the sale of the infectious disease business.
"I have previously expressed some optimism regarding potential liquidity events in the portfolio and the board remains of the view that such an event may occur before the company's year-end," said Chairman John Hustler.
Seneca Growth (HYG)
Scancell Holdings (SCLP)