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15 May 2008 07:00
FOR IMMEDIATE RELEASE 15 MAY 2008
HYGEA VCT PLC
INTERIM MANAGEMENT STATEMENT
Hygea VCT plc ("Hygea" or the "Company") presents its interim management statement for the period from 1 January 2008 to 14 May 2008 (the "Period"). This constitutes the Company's first interim management statement for the financial year ending 31 December 2008, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. This statement has been prepared solely to provide additional information in order to meet the requirements of the Disclosure and Transparency Rules and should not be relied on by shareholders, or any other party, for any other purpose.
The unaudited net asset value per ordinary share and the number of shares in issue at 31 March 2008 were 60.3p and 7,530,191 respectively (31 December 2007: 61.2p and 7,530,191 respectively).
On 2 April 2008 and 30 April 2008, a total of 150,000 new ordinary shares have been allotted at a price of 50p pursuant to the 10% top-up offer announced on 19 March 2008.
During the three months ended 31 March 2008 the company subscribed for further shares in Prosurgics Limited (a leading image-guided surgical robotics company) at a total cost of £100,000 and in Hallmarq Veterinary Imaging Limited (which develops low cost magnetic resonance imaging systems for equine vets) at a total cost of £100,000 and has made no disposals.
The Directors note that the net asset value has fallen in the three months ended 31 March 2008 largely due to the decline in the value of the, albeit reduced, AIM portfolio as well as operating expenses in the period. The Directors remain confident that the portfolio will deliver value to shareholders over the three to five year period referred to in the annual report based on positive operating developments within the portfolio.
The Directors are not aware of any events which have taken place between 31 March 2008 and the date of publication of this statement, which have had a material effect on the financial position of the company.
Enquiries:
James Otter, Chairman, Hygea VCT plc - james.otter@ellipson.co.uk
Neil Osmond, Company Secretary, Hygea VCT plc on 020 7866 5420
website: www.hygeavct.com
Roland Cornish/Felicity Geidt, Beaumont Cornish Limited - 0207 628 3396
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