Seneca Growth Regulatory News (HYG)

1 Apr 2022 11:05

Net Asset Value(s)

Seneca Growth Capital VCT Plc (the "Company")

1 April 2022

Net asset value (“NAV”) update for the period ended 31 March 2022

The Directors and the Investment Manager of the Company, Seneca Partners Limited (“Seneca”), have reviewed the valuation of the Company’s Ordinary and B share investment portfolios as at 31 March 2022.

Ordinary Shares

As at 31 March 2022, the unaudited NAV of an Ordinary share was 29.0p per share.

This is a decrease of 0.2p from the previously published unaudited NAV as at 23 March 2022 of 29.2p and is principally due to a reduction in the value of the Ordinary share pool’s investment in AIM quoted Scancell Holdings Plc offset by an increase in the Ordinary share pool’s investment in AIM quoted Arecor Therapeutics Plc. As at 31 March 2022, shares in Scancell Holdings Plc were valued at 10.5p per share (23 March 2022: 11.5p) and shares in Arecor Therapeutics Plc were valued at 390p per share (23 March 2022: 350p). The Directors also reviewed the unquoted investments held in the Ordinary share portfolio and concluded that no changes were required to the carrying value of those investments.

No further investments or disposals have been made by the Ordinary share pool in the period since 24 March 2022 being the date up to which the post balance sheet events disclosure in the 31 December 2021 Annual Report related.

B Shares

As at 31 March 2022, the unaudited NAV of a B share was 96.7p per share.

This is a decrease of 3.4p from the previously published audited NAV as at 31 December 2021 of 100.1p and is due to changes in the value of the B share pool’s AIM quoted investments combined with the impact of running costs incurred in the period offset by profits realised from the sale of shares in some of the B share pool’s AIM quoted investments. The Directors also reviewed the unquoted investments held in the B share portfolio and concluded that no changes were required to the carrying value of those investments.

The B share pool made three additional investments in the quarter ending 31 March 2022:

For the purposes of calculating the unaudited net asset value per share for both share classes, quoted investments are carried at closing bid prices as at 31 March 2022 and unquoted investments are carried at fair value as at 31 March 2022.

The number of B shares in issue at 31 March 2022 was 14,588,659 and the number of Ordinary shares was 8,115,376. Therefore, the total number of voting rights in the Company is 22,704,035.

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

The Offer by the Company remains open for the 2021/22 tax year until midday on 4 April 2022.

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 regarding the offer for subscription of B shares should be directed to:

Matt Currie at Seneca Partners Limited on 01942 295 981 or at Matt.Currie@senecapartners.co.uk