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14 Nov 2008 13:08
14 November 2008
HYGEA VCT PLC
INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 30 SEPTEMBER 2008
Hygea VCT plc presents its interim management statement for the period ended 30 September 2008.This constitutes the company's second 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 30 September 2008 were 61.5p and 7,788,191 respectively (30 June 2008: 60.1p and 7,682,191 respectively and at 31 December 2007: 61.2p and 7,530,191 respectively).
On 31 July 2008, a total of 106,000 new ordinary shares were allotted at a price of 50p pursuant to the 10% top-up offer announced on 19 March 2008.
During the three months ended 30 September 2008 the company made an additional investment of £35,000 in Scancell Limited on its listing on Plus Quoted. As previously reported the shareholding in Immunodiagnostic Holdings PLC was sold during the period for £35,000 realising a profit of some £10,000.
The directors are pleased to note a modest increase in the net asset value in the period. The increase has resulted from the uplift in carrying value of three investee companies and the realised gain on the sale of Immunodiagnostic Holdings PLC, offset by the decline in carrying value of one investee company, the decline in the value of the, albeit reduced, AIM portfolio as well as operating expenses in the period. The company will be eligible for repayment of VAT in respect of management fees for part of the period since the company was launched but it is not yet possible to quantify the benefit due to the Company, although it is unlikely to be significant. 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 30 September 2008 and the date of publication of this statement, which have had a material effect on the financial position of the company.
On 12th November 2008, the board appointed Mr Craig Hunter FCIS as Company Secretary.
Enquiries:
James Otter, Hygea vct plc - james.otter@ellipson.co.uk
Charles Breese, Hygea VCT plc on 01280 703482 or larpentnewton@btinternet.com
website: www.hygeavct.com
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396
14 November 2008.