Update on Omega, Optibiotix and NAVs

27 Apr 2020 18:52

Update on Omega, Optibiotix and NAVs

Seneca Growth Capital VCT Plc (the "Company")

Partial Realisations of Ordinary Share Investment in Omega Diagnostics Group plc (“Omega”) and B Share Investment in Optibiotix Health plc (“Optibiotix”), and updated Ordinary Share and B Share Net Asset Values (“NAV”)

Partial Realisations of Ordinary Share Investment in Omega and B Share Investment in Optibiotix

Following the recent rise in Omega’s share price on AIM, the Company has sold a further 543,868 Omega shares realising £211,940. The Company has now sold a total of 1,693,868 Omega shares from the Ordinary Share pool since the year end, realising a total of £570,636 and generating a profit versus original cost of £328,430 (equivalent to an unaudited profit of 136%). The Company’s Ordinary Share pool retains 600,000 Omega shares.

The Directors are also pleased to report that the Company has sold 150,000 Optibiotix shares from the B Share pool, realising £90,083 and generating a profit versus original cost of £30,083 (equivalent to an unaudited profit of 50%). The Company’s B Share pool retains 600,000 Optibiotix shares.

New Ordinary Share and B Share Net Asset Values

The Board have reviewed the carrying value of all Ordinary Share pool investments as at 27 April 2020, including Omega at a bid price of 59 pence per share and Scancell Holdings plc (“Scancell”) at a bid price of 8.0 pence per share, and report that as at 27 April 2020 the unaudited NAV per Ordinary share was 35.8 pence per Ordinary share, an increase of 5.5 pence per Ordinary share from the unaudited NAV of 30.3 pence per Ordinary share as at 20 April 2020 (equivalent to an unaudited increase of 18.1% over this period). This increase is primarily driven by the profit generated on the sale of the Ordinary Share pool’s Omega shares, and an increase in value of the Ordinary Share pool’s remaining Omega and Scancell shares, net of the associated movement in the Ordinary Share pool performance fee accrual.

The Board have also reviewed the carrying value of all B Share pool investments and report that as at 27 April 2020 the unaudited NAV per B share was 89.3 pence per B share, an increase of 9.8 pence per B share from the unaudited NAV of 79.5 pence per B share as at 30 March 2020 (equivalent to an unaudited increase of 12.4% over this period). This increase was driven by the profit generated on the sale of the B Share pool’s Optibiotix shares and an increase in the value of the B Share pool’s remaining Optibiotix and SkinBiotherapeutics plc shares, net of running costs incurred for the period.

For the purposes of calculating the unaudited NAV per share, quoted investments are carried at closing bid prices as at 27 April 2020 and unquoted investments are carried at fair value as at 27 April 2020 (fair value as determined by the Investment Manager Seneca Partners Limited in the case of the B share portfolio, and by the Directors in the case of the Ordinary share portfolio).

The number of B shares in issue at 27 April 2020 was 7,297,020 and the number of Ordinary shares was 8,115,376.

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

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

John Davies at Seneca Partners Limited on 01942 295 981 or at John.Davies@senecapartners.co.uk