Net Asset Value(s)
Seneca Growth Capital VCT Plc (the "Company")
31 March 2021
Net asset value (“NAV”) update for the period ended 29 March 2021
The Directors and the Investment Manager of the Company, Seneca Partners Limited (“Seneca”), have reviewed the valuation of the Company’s portfolios as at 29 March 2021.
Ordinary Shares
As at 29 March 2021, the unaudited NAV of an Ordinary share was 42.8p per share. This is a decrease of 1.2p from the previously published unaudited NAV as at 19 February 2021 of 44.0p and is due to the change in value of the Ordinary share pool’s quoted investment Scancell Holdings Plc, net of the associated performance fee. As at 29 March 2021, shares in Scancell Holdings Plc were valued at 23.5p (19 February 2021: 24.5p). The Directors also reviewed the unquoted investments held in the portfolio and concluded that all valuations remain appropriate.
No further disposals have been made in the period since the post balance sheet events included in the 31 December 2020 Annual Report.
B Shares
The unaudited NAV of a B share as at 29 March 2021 was 100.4p per B share. This is an increase of 1.0p from the previously published unaudited NAV as at 19 February 2021 of 99.4p and is due to changes in the value of the quoted investments and the impact of ordinary running costs incurred in the period. The Directors also reviewed the unquoted investments held in the portfolio and concluded that all valuations remain appropriate.
The B share pool made one additional investment in the quarter since the post balance sheet events included in the 31 December 2020 Annual Report. On 1 March 2021, the Company’s B share pool invested £400,000 in Evgen Pharma Plc alongside Seneca’s EIS Portfolio Service.
For the purposes of calculating the unaudited net asset value per share, quoted investments are carried at closing bid prices as at 29 March 2021 and unquoted investments are carried at fair value as at 29 March 2021 (fair value as determined by Seneca 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 29 March 2021 was 9,916,062 and the number of Ordinary shares was 8,115,376.
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 has closed for the 2020/21 tax year but remains open for the 2021/22 tax year.
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