NAV Update
Net Asset Value(s)
Seneca Growth Capital VCT Plc (the "Company")
13 October 2022
Net asset value (“NAV”) update for the period ended 30 September 2022
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 as at 30 September 2022.
B Shares
As at 30 September 2022, the unaudited NAV of a B share was 82.6p per share.
This is a decrease of 4.8p from the previously published unaudited NAV as at 30 June 2022 of 87.4p.
The decrease is primarily due to reductions in the value of the B share pool’s AIM quoted investments; however, we have also reduced the carrying value of one of the B share pool’s unquoted investments in the period following a softening in trading outlook for that business. The remaining unquoted B share portfolio valuations have remained unchanged.
The B share pool made a follow-on investment in the quarter ending 30 September 2022 into Arecor Therapeutics Plc of £195k and since the end of the quarter, the Company has also made one additional investment, being a £500k investment into Alderley Lighthouse Labs Ltd, a northwest based full service diagnostic business which has been spun out from the UK Lighthouse Lab Network - the largest diagnostic network in British history.
It should be noted that there has been some very positive progress made across the portfolio on an individual company level and Seneca believe that the downward pressure on share prices is more generally a function of market sentiment and wider macro pressures, as opposed to company specific drivers. Seneca continue to monitor the progress of the B share portfolio closely and whilst it is not unexpected to see some decreases in the share prices of the B share pool’s AIM quoted investee companies in times of such economic uncertainty, they remain confident of the long-term prospects of these companies.
Ordinary Shares
As at 30 September 2022, the unaudited NAV of an Ordinary share was 27.0p per share.
This is a decrease of 2.9p from the previously published unaudited NAV as at 30 June 2022 of 29.9p and is due to a reduction in the value of the Ordinary share pool’s AIM quoted investments.
As at 30 September 2022, shares in Scancell Holdings Plc (which represented 60% of the Ordinary share NAV as at 30 September 2022) were valued at 12p per share (30 June 2022: 12.75p) and shares in Arecor Therapeutics Plc (25% of the Ordinary share NAV as at 30 September 2022) were valued at 240p per share (30 June 2022: 320p).
The Directors have 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.
No further investments or disposals have been made by the Ordinary share pool in the period since 30 June 2022.
Further Information
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 30 September 2022 and unquoted investments are carried at fair value as at 30 September 2022.
The number of B shares in issue at 30 September 2022 was 17,570,989 and the number of Ordinary shares was 8,115,376. Therefore, the total number of voting rights in the Company is 25,686,365.
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 remains open for the 2022/23 tax year until midday on 4 April 2023.
For further information, please contact:
John Hustler, Seneca Growth Capital VCT Plc at
Richard Manley, Seneca Growth Capital VCT Plc at
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
