Seneca Growth Regulatory News (HYG)

20 Apr 2020 18:36

Omega Diagnostics, Net Asset Value, New B Share Pool Investments

Seneca Growth Capital VCT Plc (the "Company")

20 April 2020

Partial Realisation of Ordinary Share Investment in Omega Diagnostics Group plc, New Ordinary Share Net Asset Value and New B Share Pool Investments

The Board of Seneca Growth Capital VCT Plc have noted the announcements made by Ordinary Share pool investee company, Omega Diagnostics Group plc (“Omega”) on 9 and 20 April 2020. The first announcement confirmed that Omega had signed a Memorandum of Understanding ("MOU") with three other companies from across the UK, in conjunction with the University of Oxford to form the UK Rapid Test Consortium ("UK-RTC") in order to jointly develop and manufacture a COVID-19 Point of Care antibody test as part of the Government's five pillar national testing strategy for COVID-19. The second announcement confirmed that Omega has signed a Material Transfer Agreement ("MTA") with Mologic Ltd ("Mologic") to formalise a partnership to provide manufacturing capability for Mologic's COVID-19 first generation ELISA diagnostics test, the development of which has been funded in part by the Government.

Following the recent rise in Omega’s share price on AIM, the Company has sold 1,150,000 Omega shares from the Ordinary Share pool, realising £358,696 and generating a profit of £278,196 (unaudited) on their carrying value as at 30 March 2020, being the date of the most recently announced Net Asset Value (“NAV”) per Ordinary Share (equivalent to an unaudited profit of 346%), and a profit versus original cost of £194,258 (equivalent to an unaudited profit of 118%). The Company’s Ordinary Share pool retains 1,143,868 Omega shares.

The Board have reviewed the carrying value of all Ordinary Share pool investments, including Omega at a bid price of 33.2p per share, and report that as at 20 April 2020 the unaudited NAV per Ordinary share was 30.3p per Ordinary share, an increase of 7.2p per Ordinary share from the unaudited NAV of 23.1p per Ordinary share as at 30 March 2020. This increase is primarily driven by the change in value of Omega, net of the associated performance fee accrual.

The Board have also reviewed the carrying value of all B Share pool investments as at 20 April 2020. As the value of those investments has not changed materially from the values as at 30 March 2020, the Board has not issued a revised NAV per B Share (the unaudited NAV per B Share as at 30 March 2020 was 79.5p per B Share). The Board will issue a revised NAV of a B Share if required before the next allotment on 28 April 2020.

The Board are also pleased to confirm that the Company has committed to 3 further investments from its B Share pool during the period from 1 January 2020 to 20 April 2020 as follows:

On 13 March 2020 the Company’s B Share pool invested £400,000 into specialist SAP contractor platform operator Ten80 Group Limited.On 19 March 2020 the Company’s B Share pool invested £235,000 into specialist graduate recruitment business Bright Network (UK) Limited.On 17 April 2020 AIM quoted OptiBiotix Health Plc, a life sciences company specialising in developing and commercialising technologies that modulate the human microbiome, announced it had raised £1.0 million through a share placing. The shares are expected to be admitted to AIM on or around 23 April 2020 and the Company’s B Share pool has committed £300,000 to this placing.

The above investments take the total number of investments made by the B Share pool to 8, at a total investment cost of £3,685,000. The B Share pool still has cash reserves in excess of £3.2m available to support the Company’s ongoing running costs and B Share pool future investment activity.

The information above is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014). Upon the publication of this announcement via a Regulatory Information Service this inside information is now 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