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Pin to quick picksSeneca Growth Regulatory News (HYG)

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Seneca Growth Capital VCT is an Investment Trust

To provide shareholders with an attractive income and capital return by investing its funds in a portfolio of both unquoted and quoted UK MedTech companies which meet the relevant criteria under the VCT Rules.

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Correction: Offer for Subscription

17 Jul 2019 08:00



Correction: Offer for Subscription

The following announcement replaces the announcement made at 17.27 on 16 July 2019. In that previous announcement, the date for the closing of the Offer which will open on 16 July 2019 was incorrectly given as 3 April 2019 in relation to the tax year 2019/20, rather than 3 April 2020. All other text remains the same.

Seneca Growth Capital VCT Plc

Offer for Subscription

17 July 2019

The Board of Seneca Growth Capital VCT Plc (the “Company”) are pleased to announce that the Company has published a prospectus in relation to an offer for subscription for B ordinary shares of 1p each in the Company to raise, in aggregate, up to £10 million with an over-allotment facility of up to a further £10 million (before issue costs) (the "Offer").

The Offer will open on 16 July 2019 and is expected to close no later than 5.00 p.m. on 3 April 2020 in relation to the tax year 2019/20, and no later than 5.00 p.m. on 9 July 2020 in relation to the tax year 2020/21 (unless the Offer has been fully subscribed by an earlier date or previously extended by the Board to a date no later than 13 July 2020).

Pursuant to an offer agreement dated 16 July 2019 relating to the Offer between, among others, the Company and, Seneca Partners Limited ("SPL"), the investment manager of the Company, SPL as the promoter of the Offer will receive a promoter fee of up to 5.5% of the application amount in relation to each accepted application (with reductions to the fee applying in certain cases (for instance, early applications under the Offer)). The aggregate amount of promoter fee to be paid to SPL under the offer agreement shall not exceed £338,000.

The Company has also agreed with SPL that with effect from 1 August 2019, SPL will take over the provision of the management accounting services, which were previously provided by the Company's administration manager, Pennywise Accounting Ltd (“Pennywise”). As a result, the terms of the investment management agreement will be varied so that SPL will be entitled to charge an additional` annual fee of £9,000 (plus VAT, if applicable), payable quarterly in arrears, replacing the fee currently charged by Pennywise.

As SPL is a related party of the Company under the Listing Rules, the payment of a promoter fee by the Company to SPL, together with payment of an annual fee in relation to management accounting services, is a transaction to which Listing Rule 11.1.10R applies.

Further, Richard Manley has expressed his intention to subscribe £25,000 under the Offer prior to its close. As a director of the Company, Richard Manley is a related party under the Listing Rules and consequently his subscription is a transaction to which Listing Rule 11.1.10R applies. 

To obtain a copy of the prospectus, private investors and financial advisers should call Seneca Partners Limited on 01942 295 981. A downloadable version of the prospectus will also be available from the Company's website: www.senecavct.co.uk/key-documents. A copy of the prospectus will be posted to all shareholders of the Company shortly and copies of the prospectus are available, free of charge, from Seneca Partners Limited at 12 The Parks, Haydock, Newton-Le-Willows, WA12 0JQ.

In accordance with the Prospectus Rules, the prospectus has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.

For further information, please contact:

John Hustler, Seneca Growth Capital VCT Plc at john.hustler@btconnect.com

Richard Manley, Seneca Growth Capital VCT Plc at richard.manley@senecapartners.co.uk

Any enquiries in respect of the Offer should be directed to:

John Davies Seneca Partners Limited 01942 295 981 John.Davies@senecapartners.co.uk


Date   Source Headline
28th Mar 202412:11 pmGNWIssue of Supplementary Prospectus
22nd Mar 20247:00 amGNWFinal Results, Notice of AGM, Updated NAV
7th Mar 20247:00 amGNWInterim Dividend on B Shares
19th Feb 20244:36 pmGNWDirector Declaration
21st Dec 202312:03 pmGNWIssue of Equity and Total Voting Rights
6th Dec 20233:24 pmGNWDirector/PDMR Dealing
6th Dec 20233:14 pmGNWIssue of Equity and Total Voting Rights
29th Nov 202312:36 pmGNWChange of the Company’s Auditor
20th Nov 20233:20 pmGNWB Share Buy-back and Total Voting Rights
3rd Nov 20237:00 amGNWDividend Declaration
12th Oct 20237:00 amGNWNet Asset Value(s)
11th Oct 20233:39 pmGNWDirectorate Change
24th Aug 20234:18 pmGNWOffer for Subscription and Publication of Prospectus
18th Aug 20235:08 pmGNWIssue of Equity and Total Voting Rights and Capital Reorganisation
2nd Aug 202311:40 amGNWHalf-year Report
30th Jun 20231:58 pmGNWIssue of Equity and Total Voting Rights
20th Jun 20238:50 amGNWShare Buy-back and Total Voting Rights
18th May 20231:38 pmGNWDirectorate Changes
18th May 20231:32 pmGNWResults of Annual General Meeting Voting
3rd May 20234:01 pmGNWIssue of Equity and Total Voting Rights
27th Apr 202311:25 amGNWPublication of a Supplementary Prospectus
21st Apr 20237:00 amGNWFinal Results for the Year Ended 31 December 2022
5th Apr 20233:05 pmGNWIssue of Equity and Total Voting Rights
4th Apr 20237:00 amGNWNet Asset Value(s)
7th Mar 20231:30 pmGNWInterim Dividend Declarations
21st Dec 20227:00 amGNWB Share Portfolio Update
7th Dec 20227:00 amGNWOrdinary Share NAV Update and Dividend Declaration
30th Nov 202212:33 pmGNWDirector/PDMR Shareholding
30th Nov 202212:29 pmGNWIssue of Equity and Total Voting Rights
19th Oct 20227:00 amGNWSecond Interim Dividend on B Shares
13th Oct 20227:00 amGNWNAV Update
26th Aug 202211:56 amGNWOffer for Subscription and Publication of Prospectus
22nd Aug 20222:53 pmGNWPDMR Shareholding
22nd Aug 20222:46 pmGNWIssue of Equity and Total Voting Rights
16th Aug 20227:00 amGNWB Share Closure of Offer for Subscription
15th Jul 20227:00 amGNWHalf-year report
30th Jun 202210:17 amGNWIssue of Supplementary Prospectus
23rd May 20227:00 amGNWAppointment of Auditor
23rd May 20227:00 amGNWShare Buy-back and TVR
4th May 202211:25 amGNWIssue of Equity and Total Voting Rights
27th Apr 20223:42 pmGNWResult of AGM
5th Apr 20221:56 pmGNWIssue of Equity and Total Voting Rights
1st Apr 20221:43 pmGNWIssue of Equity and Total Voting Rights
1st Apr 202211:05 amGNWNAV Update
25th Mar 202210:00 amGNWIssue of Supplementary Prospectus
25th Mar 20227:01 amGNWNAV Update
25th Mar 20227:00 amGNWFinal Results for the Year Ended 31 December 2021
8th Mar 20227:00 amGNWInterim Dividend on B Shares
10th Dec 202111:40 amGNWDirector/PDMR Shareholding
8th Dec 20213:24 pmGNWIssue of Equity and Total Voting Rights

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