Hygea VCT plc Hygea Vct Plc : Update For The Quarter Ended 30 September 2015

 
TIDMHYG 
 
 
   For immediate release                                                                                                                  4 December 2015 
 
 
   HYGEA VCT PLC 
 
   UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2015 
 
   The Board of Hygea vct plc ('the company') announces that at 30th 
September 2015 the unaudited Net Asset Value per Ordinary Share ('NAV') 
was 75.3p (30th June 2015: 85.7p) principally due to the reduction in 
the valuation of its AIM listed portfolio. The Board also notes the 
subsequent further reduction in the bid prices of Scancell plc and EKF 
Diagnostics Holdings plc shares since that date and which were 12.25p 
(30th September: 23.0p) and 10.50p (30th September: 20.0p) as at close 
of business on 1st December 2015 respectively. Adjusting only for the 
decrease in the value of these two investments, the NAV at 2nd December 
2015, based on those bid prices (net of performance fee), would have 
been 60.1p. 
 
   In arriving at this NAV the Board has not reviewed the valuation of the 
unquoted portfolio but is not aware of any significant facts which would 
have had a material influence to those valuations. The unquoted 
portfolio will be reviewed in detail at the year-end. 
 
   At 30th September 2015 the company had used GBP78,842 of its overdraft 
facility, which has subsequently been increased from GBP100,000 to 
GBP200,000. 
 
   Since 30th September 2015, the company has invested a further GBP48,774 
into Fuel 3D Technologies Limited. 
 
   As detailed in the half year announcement, the Board is reviewing the 
cost base of the company and the performance fee arrangements. To date 
the Board has agreed that the salaries of all Directors  be reduced to 
GBP12,000 per annum from GBP20,000 and GBP17,500 for the Chairman and 
Non-Executive Directors respectively with effect from 1st July 2015. 
This reduction will reduce the annual cost for Directors' salaries by 
GBP19,000 (plus employer's national insurance contributions). 
 
   The Board has revised the performance fee arrangements from those 
approved at the 2014 Annual General Meeting and set out in the 2015 
Annual Report. The new arrangements have frozen the sum due to those 
Directors serving up to 7th October 2015 at GBP702,000 (the accrued 
liability as disclosed in the 2014 audited accounts) and which will only 
be payable once shareholders have received 80p in dividends. This 
liability will be paid at the rate of 20% of subsequent dividends until 
the liability of GBP702,000 has been satisfied, and is in keeping with 
the original approved arrangement.  Following the payment of this 
liability the future performance fee will be payable at the reduced rate 
of 10% of dividends payable above the audited total return at 31st 
December 2014, with the outstanding balance subject to a hurdle rate of 
6 per cent. Fuller details will be included in the 2015 Annual Report 
and Accounts, which will be published in April 2016. The Board is 
advised that these changes do not require formal shareholder approval 
since there is no consideration or benefit to any related parties. 
However the Board intends to seek approval to this revision to the 
Directors' Remuneration policy at the 2016 Annual General Meeting. 
 
   The Board announces that, following John Hustler's appointment as 
Chairman,  Richard Roth has been appointed to the company's Audit 
Committee as Chairman. The Audit Committee now consists of Richard Roth, 
Charles Breese and John Hustler. 
 
   Enquiries:      John Hustler, Chairman on 01428 727985 
 
   Roland Cornish, Beaumont Cornish Limited on 020 7628 3396 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX 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 
 
   HUG#1971546 
 
 
 
 

(END) Dow Jones Newswires

December 04, 2015 10:14 ET (15:14 GMT)

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