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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Seneca Growth Capital Vct Plc | LSE:HYG | London | Ordinary Share | GB0031256109 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 13.50 | 10.00 | 17.00 | 13.50 | 13.50 | 13.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -2.26M | -2.75M | -0.0950 | -6.37 | 17.5M |
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TIDMHYG
For immediate release
31 August 2016
Hygea vct plc
Unaudited Half-Yearly Report for the Six Months Ended 30 June 2016
Financial Headlines
69.1p Net Asset Value per share at 30 June 2016
24.25p Cumulative dividends paid to date
93.35p Total return per share since launch
Financial Summary
Six months to Six months to Year to
30 June 2016 30 June 2015 31 December 2015
Net assets (GBP'000s) 5,606 6,951 6,129
Return on ordinary activities
after tax (GBP'000s) (523) (383) (1,205)
Earnings per share (6.4p) (4.7p) (14.9p)
Net asset value per share 69.1p 85.7p 75.5p
Dividends paid to date 24.25p 24.25p 24.25p
Total return per share 93.35p 109.95p 99.75
Dividends declared for the - - -
period
Enquiries:
John Hustler, Hygea vct plc on 01428 727985 or
john.hustler@btconnect.com
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396
Chairman's Statement
I am pleased to present the unaudited results for the six months ended
30 June 2016. The Company's net asset value ('NAV') per share at 30 June
2016 was 69.1p compared to 75.5p at 31 December 2015 and 85.7p at 30
June 2015.
Results and Dividends
The total negative return for the period amounted to 6.4p per share
(June 2015: negative 4.7p). This is made up of a negative revenue return
of 0.7p (June 2015: negative 0.9p) and a negative capital return of 5.7p
(June 2015: negative 3.8p), net of performance fee reduction.
Our AIM portfolio has shown a net reduction in value since the year end,
principally due to the reduction in value of Scancell plc shares from
21.5p per share to 16.25p per share. No changes have been made to the
unquoted portfolio except for the addition of a further small investment
in Exosect Limited.
As explained in the 2015 Annual Report, distributions to shareholders
will come from portfolio realisations and the Board's view continues to
be that the current state of the AIM market is not conducive to
significant realisations. We remain committed to the return of funds to
shareholders as soon as practicable.
Portfolio review
At 30 June 2016, the fund consisted of 15 holdings with four companies
quoted on AIM and 11 unquoted companies. As mentioned above, we made a
GBP20,000 additional investment in Exosect, principally to avoid
dilution in this company which we believe has good opportunities under
its new management. In order to effect this, as well as provide
liquidity for operating expenses, we have realised our small holding in
Reneuron plc at a small profit to the carrying value at the last year
end.
At 30 June 2016 the overall value of our AIM portfolio had fallen to
less than half of the Company's assets. This is, of course, primarily
due to the continued volatility of the Scancell holding. All the
scientific news flow surrounding Scancell remains positive and we are
pleased to see some recovery in the bid price which, at the date of this
report, has risen from 16.25p to 17.5p. After accounting for the related
performance fee, this increase alone would have increased our NAV per
share from 69.1p to 70.7p.
Details of AIM holdings are now included in the Investment Portfolio on
page 4 so that shareholders are able to calculate the current value of
our AIM portfolio. Any significant sales from the AIM portfolio will be
the subject of an announcement; however, small sales of shares for
liquidity purposes will only be reported on a quarterly basis together
with an up to date NAV at the quarter end.
Progress in respect of the unquoted portfolio remains positive but we
have not seen sufficient third party evidence to allow us to increase
the value of any individual holding. Details of the individual
shareholdings have not been included under Investment Portfolio since we
hold several different classes and there is no published data against
which to compare the individual holdings; however we have continued to
show our percentage share.
Hallmarq is the most developed company within the unquoted portfolio -
key developments in 2016 have been i) the next two installations of
PetVet (the first ones since the initial installation over two years
ago), ii) a framework supply agreement for PetVet with VCA (North
America's largest network of >600 small animal veterinary hospitals),
and iii) agreement to introduce Toshiba's CT scanning to UK vets.
As previously reported, we have increased our overdraft facility to
GBP200,000 of which GBP186,000 had been utilised at 30 June 2016.
VCT qualifying status
The Board believes that the Company continues to comply with the
conditions laid down by HMRC for maintaining approval as a VCT.
Presentation of half-year report
In order to reduce the length of this report, we have omitted details of
the Company's objectives and investment strategy, its Advisers and
Registrars and how to buy and sell shares in the Company. These details
are all included in the Annual Reports, which, together with previous
Half-yearly Reports, are available for viewing on the Company's website
at www.hygeavct.com.
Outlook
The last six months has seen a number of changes to qualification
conditions for VCTs. However, while we remain fully invested and/or
until we make a significant realisation, we do not believe that these
changes will give rise to any problems for your Company. Likewise any
uncertainties surrounding the departure from the EU are unlikely to
affect us directly.
The Annual Report contained views on AIM's deficiencies in relation to
sub-GBP50 million market cap companies. Your board is aware of several
leading NOMADs now recognising this problem as an opportunity and we
have started discussions with one of them regarding a potential
solution.
At our AGM in June, which was attended by a number of shareholders, the
majority view remains that the portfolio holds significant potential and
we should minimise the sale of our portfolio holdings at the present
time. Your Board agrees and remains optimistic of the outcome for the
fund notwithstanding the continuing delays in the timetable for any
realisations.
John Hustler
Chairman
30 August 2016
Investment Portfolio
Investment Unrealised Carrying value at Movement in the six months to
Unquoted Equity Held at cost profit/(loss) 30 June 2016 30 June 2016
Investments (%) (GBP'000) (GBP'000) (GBP'000) (GBP'000)
Hallmarq
Veterinary
Imaging Limited 10.2 1,116 289 1,405 -
OR Productivity
Limited 13.8 765 (101) 664 -
Fuel 3D
Technologies
Limited <1.0 299 146 445 -
Glide
Pharmaceutical
Technologies
Limited 1.2 326 (7) 319 -
Arecor Limited 2.1 127 16 143 -
ImmunoBiology
Limited 2.5 868 (742) 126 -
Insense Limited 8.1 509 (421) 88 -
Microarray Limited 4.3 132 (65) 67 -
Exosect Limited 1.8 271 (188) 83 -
Axon Limited 13.7 374 (374) - -
Wound Solutions
Limited - 350 (350) - -
Total Unquoted
Investments 5,137 (1,797) 3,340 -
Investment Unrealised Movement in the six months to
at cost profit/(loss) Carrying value at 30 June 2016
Quoted Investments Shares Held (GBP'000) (GBP'000) 30 June 2016 (GBP'000) (GBP'000)
Scancell plc 13,249,730 801 1,352 2,153 (696)
Omega Diagnostics
plc 2,293,868 328 119 447 92
EKF Diagnostics
plc 1,059,033 214 (82) 132 16
Genedrive plc
(formerly EpiStem
Holdings plc) 34,300 43 (12) 31 (9)
Total Quoted
Investments 1,386 1,377 2,763 (597)
Total Investments 6,523 (420) 6,103 (597)
Responsibility Statement of the Directors' in respect of the half-yearly
report
We confirm that to the best of our knowledge:
-- the half-yearly financial statements have been prepared in accordance
with the statement "Interim Financial Reporting" issued by the Financial
Reporting Council;
-- the half-yearly report includes a fair review of the information required
by the Financial Services Authority Disclosure and Transparency Rules,
being:
-- an indication of the important events that have occurred during the first
six months of the financial year and their impact on the condensed set of
financial statements.
-- a description of the principal risks and uncertainties for the remaining
six months of the year.
-- a description of related party transactions that have taken place in the
first six months of the current financial year that may have materially
affected the financial position or performance of the Company during that
period and any changes in the related party transactions described in the
last annual report that could do so.
On behalf of the Board:
John Hustler
Chairman
30 August 2016
Income Statement
Six months to 30 June Six months to 30 June
2016 2015 Year to 31 December 2015
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain on
disposal of
fixed asset
investments - 3 3 - 5 5 - 3 3
Loss on
valuation
of fixed
asset
investments - (597) (597) - (407) (407) - (1,355) (1,355)
Performance
fee - 131 131 - 95 95 - 301 301
Investment
income - - - - - - - - -
Other
expenses (60) - (60) (76) - (76) (154) - (154)
Return on
ordinary
activities
before tax (60) (463) (523) (76) (307) (383) (154) (1,051) (1,205)
Taxation on
loss on
ordinary
activities - - - - - - - - -
Return on
ordinary
activities
after tax (60) (463) (523) (76) (307) (383) (154) (1,051) (1,205)
Earnings per
share -
basic and
diluted (0.7p) (5.7p) (6.4p) (0.9p) (3.8p) (4.7p) (1.9p) (13.0p) (14.9p)
-- The 'Total' column of this statement is the profit and loss account of
the Company; the supplementary Revenue return and Capital return columns
have been prepared under guidance published by the Association of
Investment Companies.
-- All revenue and capital items in the above statement derive from
continuing operations.
-- The accompanying notes are an integral part of the half-yearly report.
-- The Company has only one class of business and derives its income from
investments made in shares and securities and from bank and money market
funds.
The Company has no recognised gains or losses other than the results for
the period as set out above. Accordingly a Statement of Comprehensive
Income is not required.
As at 31 December
As at 30 June 2016 As at 30 June 2015 2015
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed asset
investments* 6,103 7,655 6,753
Current assets:
Debtors 15 12 6
15 12 6
Creditors:
Amounts falling
due within one
year (56) (46) (60)
Cash at Bank (186) (64) (169)
Net current
assets (227) (98) (223)
Performance fee
payable (270) (606) (401)
Net assets 5,606 6,951 6,129
Called up equity
share capital 4,058 4,058 4,058
Share premium - - -
Special
distributable
reserve 3,397 3,397 3,397
Capital
redemption
reserve 38 38 38
Capital reserve
-
gains/(losses)
on disposal 236 (62) 144
- holding
gains/(losses) (420) 1,085 135
Revenue reserve (1,703) (1,565) (1,643)
Total equity
shareholders'
funds 5,606 6,951 6,129
Net asset value 69.1p 85.7p 75.5p
per share
*At fair value
through profit
and loss
Balance Sheet
Statement of Changes in Equity
Special Capital
Share distributable redemption Capital reserve gains/ Capital reserve holding gains/ Revenue
Capital reserve reserve (losses) (losses) reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1
January
2015 4,058 3,397 38 (165) 1,495 (1,489) 7,334
Revenue
return on
ordinary
activities
after tax - - - - - (76) (76)
Performance
fee
allocated
as capital
expenditure - - - 95 - - 95
Current
period
gains on
disposal - - - 5 - - 5
Current
period
losses on
fair value
of
investments - - - - (407) - (407)
Prior years'
unrealised
losses now
realised - - - 3 (3) - -
Balance as
at 30 June
2015 4,058 3,397 38 (62) 1,085 (1,565) 6,951
As at 1
January
2015 4,058 3,397 38 (165) 1,495 (1,489) 7,334
Revenue
return on
ordinary
activities
after tax - - - (154) (154)
Performance
fee
allocated
as capital
expenditure - - - 301 - - 301
Current
period
gains on
disposal - - - 3 - - 3
Current
period
losses on
fair value
of
investments - - - - (1,355) - (1,355)
Prior years'
unrealised
gains now
realised - - - 5 (5) - -
Balance as
at 31
December
2015 4,058 3,397 38 144 135 (1,643) 6,129
Revenue
return on
ordinary
activities
after tax - - - - - (60) (60)
Performance
fee
allocated
as capital
expenditure - - - 131 - - 131
Current
period
gains on
disposal - - - 3 - - 3
Current
period
losses on
fair value
of
investments - - - - (597) - (597)
Prior years'
unrealised
losses now
realised - - - (42) 42 - -
Balance as
at 30 June
2016 4,058 3,397 38 236 (420) (1,703) 5,606
Statement of Cash Flows
Six months to 30 Six months to 30 Year to 31
June 2016 June 2015 December 2015
GBP'000 GBP'000 GBP'000
Cash flows from
operating
activities
Return on ordinary
activities before
tax (523) (383) (1,205)
Adjustments for:
(Increase)/decrease
in debtors (9) (4) 2
Decrease in
creditors (136) (110) (301)
Gain on disposal of
fixed asset
investments (3) (5) (3)
Loss on valuation of
fixed asset
investments 597 407 1,355
Cash from operations (74) (95) (152)
Income taxes paid - - -
Net cash generated
from operating
activities (74) (95) (152)
Cash flows from
investing
activities
Purchase of fixed
asset investments (20) - (49)
Sale of fixed asset
investments 77 15 16
Total cash flows
from investing
activities 57 15 (33)
Cash flows from
financing
activities - - -
Total cash flows
from financing
activities - - -
Decrease in cash and
cash equivalents (17) (80) (185)
Opening cash and
cash equivalents (169) 16 16
Closing cash and
cash equivalents (186) (64) (169)
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 30 June
2016 have been prepared in accordance with the Financial Reporting
Council's (FRC) Financial Reporting Standard 104 Interim Financial
Reporting ('FRS 104') and the Statement of Recommended Practice (SORP)
for Investment Companies re-issued by the Association of Investment
Companies in November 2014. Details of the accounting policies and
valuation methodologies are included within the Annual Report on Pages
39-41.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 30 June 2016
do not constitute statutory accounts within the meaning of Section 415
of the Companies Act 2006. The comparative figures for the year ended 31
December 2015 have been extracted from the audited financial statements
for that year, which have been delivered to the Registrar of Companies.
The independent auditor's report on those financial statements, in
accordance with chapter 3, part 16 of the Companies Act 2006, was
unqualified. This half-yearly report has not been reviewed by the
Company's auditor.
3. Earnings per share
The earnings per share at 30 June 2016 are calculated on the basis of
8,115,376 shares (31 December 2015: 8,115,376 and 30 June 2015:
8,115,376) being the weighted average number of shares in issue during
the period.
There are no potentially dilutive capital instruments in issue and,
therefore, no diluted returns per share figures are relevant.
4. Net asset value per share
The net asset value per share is based on net assets as at 30 June 2016
divided by 8,115,376 (31 December 2015: 8,115,376 and 30 June 2015:
8,115,376) shares in issue at that date.
5. Principal risks and uncertainties
The Company's assets consist of equity and fixed interest investments,
cash and liquid resources. Its principal risks are therefore market risk,
credit risk and liquidity risk. Other risks faced by the Company include
economic, loss of approval as a Venture Capital Trust, investment and
strategic, regulatory, reputational, operational and financial risks.
These risks, and the way in which they are managed, are described in
more detail in the Company's Annual Report and Accounts for the year
ended 31 December 2015. The Company's principal risks and uncertainties
have not changed materially since the date of that report.
6. Related party transactions
The Board of the Company acts as the investment manager of the Company
through its Commercial Advisory Committee. During the period under
review, no remuneration was paid to the Board in their capacity as
investment manager. The Directors received remuneration for their roles
as non-executive Directors to Hygea on the terms as set out in the
Directors' Remuneration Report of the Company's Annual Report and
Accounts for the year ended 31 December 2015.
The Commercial Advisory Committee is entitled to receive a performance
incentive fee, of up to 20% of sums returned to shareholders by way of
dividends and capital distributions of whatever nature, which in
aggregate exceeds the sum of 80p per share (including dividends paid to
date, i.e. 24.25p, but excluding any sums returned to shareholders from
HMRC in the year of subscription). Full details are included in the
Directors' Remuneration Report and in Note 5 of the 2015 Annual Report
and Accounts, which can be viewed on the Company's website.
7. Copies of this statement are available from the
Registrar's office at Neville House, 18 Laurel Lane, Halesowen, B63 3DA,
and on the company's website - www.hygeavct.com.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Hygea VCT plc via Globenewswire
(END) Dow Jones Newswires
August 31, 2016 02:00 ET (06:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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