Seneca Growth Capital VCT plc Update On Omega, Optibiotix And Navs
28 April 2020 - 3:52AM
UK Regulatory
TIDMHYG TIDMSVCT
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 GBP211,940. 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 GBP570,636 and generating
a profit versus original cost of GBP328,430 (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 GBP90,083 and
generating a profit versus original cost of GBP30,083 (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
https://www.globenewswire.com/Tracker?data=2pj-nhv52Lj56X3j3PlJE9de59sUeHV41XoYHOezAwRpiURT1Mfe1ICOrgjLqXYWvUN6k8AEvS-xzs_BHhHnChkuT17kHv-FDa-6hsYdXwqQmPI3wlWjg2rc8wFdq11N
john.hustler@btconnect.com
Richard Manley, Seneca Growth Capital VCT Plc at
https://www.globenewswire.com/Tracker?data=rebc8-G2p-5W5NOBzy95iIGyAByjBz_Zidkgc0h8gOdbMIeHjTywnvEhlwqlppj25e61_9sHrtk-Xgm7k0ioLvBUupu3q29-7w_HME9Gn0Zn1oYqoyZKX-PKjuTId21vVErhcVs5r55zEIYm3bj9JA==
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
https://www.globenewswire.com/Tracker?data=_AYmLIslPQ3Du-8S6lOS4GlVd0jku26PE9-P7PWYYrC8f42Pd-IMA9uNJvSM7l__UutbSw8t7mfeqyTCbP_SvLS35km2Y7RyXChOOgcoIncLnDGdXGV4FvZfgNqxxjEy
John.Davies@senecapartners.co.uk
(END) Dow Jones Newswires
April 27, 2020 13:52 ET (17:52 GMT)
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