Seneca Growth Regulatory News (HYG)

4 Apr 2024 07:00

Net Asset Value(s)

Seneca Growth Capital VCT Plc (the "Company")

4 April 2024

Net asset value (“NAV”)

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 and announce an updated NAV for each of the share classes as at 31 March 2024.

B Shares

As at 31 March 2024, the unaudited NAV per B share was 63.7p.

This is a decrease of 7.0p from the audited NAV as at 31 December 2023 of 70.7p, predominantly as a result of AIM market volatility. The B share NAV as at 31 March 2024 incorporates changes in the bid prices of the B share pool’s AIM/AQSE quoted investments combined with the impact of income receivable and running costs incurred in the period. There have been no material changes in the valuations of any of the unlisted investments during the period from 31 December 2023 to the date of this announcement.

The unaudited NAV total return per B share (NAV plus cumulative dividends) as at 31 March 2024 was 78.7p.

Ordinary Shares

As at 31 March 2024, the unaudited NAV of an Ordinary share was 16.8p per share.

This is a decrease of 1.7p from the audited NAV as at 31 December 2023 of 18.5p and is principally due to a reduction in the value of the Ordinary share pool’s investment in AIM quoted Scancell Holdings Plc and a decrease in the Ordinary share pool’s investment in AIM quoted Arecor Therapeutics Plc. As at 31 March 2024, shares in Scancell Holdings Plc were valued at 10.0p per share (31 December 2023: 10.5p) and shares in Arecor Therapeutics Plc were valued at 135.0p per share (31 December 2023: 180p). 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.

The unaudited NAV total return per Ordinary share (NAV plus cumulative dividends) as at 31 March 2024 was 90.1p.

The change in NAV for both the B Shares and Ordinary Shares represents a decrease of 0.1p per share, respectively, on the unaudited NAVs as at 20 March 2024, announced on 22 March 2024 and which was included in the Supplementary Prospectus published by the Company on 28 March 2024.

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 2024 and unquoted investments are carried at fair value as at 31 March 2024.

The number of B shares in issue at 31 March 2024 was 21,780,329 and the number of Ordinary shares was 8,115,376. Therefore, the total number of voting rights in the Company is 29,895,705.

The B share Offer by the Company remains open for the 2023/24 tax year until midday today, 4 April 2024 and shares will be allotted at the above latest published B share NAV.

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.

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