Hygea VCT plc Hygea Vct Plc : Update For The Quarter Ended 31 March 2017

 
TIDMHYG 
 
 
   FOR IMMEDIATE RELEASE                                                                     19 May 2017 
 
 
   HYGEA VCT PLC 
 
   ("Hygea" or "the Company") 
 
   Update for the quarter ended 31 March 2017 
 
   Hygea vct plc presents its quarterly update for the period commencing 1 
January 2017. 
 
   The Directors have recently reviewed the valuation of its portfolio as 
at the quarter ended 31 March 2017. 
 
   The unaudited Net Asset Value ("NAV") per ordinary share as at 31 March 
2017 was 68.8p.  This is a rise of 0.5p from the previously published 
NAV for the period ended 31 December 2016, due to changes in the value 
of the quoted investments, net of running costs. No changes have been 
made to the unquoted valuations. 
 
   The Company's holding in Scancell Holdings Plc ("Scancell"), listed on 
AIM, represents approximately one third of its portfolio at 31 March 
2017.  The bid price of Scancell's shares used for the calculation of 
the Company's net assets on 31 March 2017 was 14.0p, a slight reduction 
from 31 December 2016. On 11 May 2017, Scancell announced a placing to 
raise GBP5m at 10p per share; the funds raised will be used to initiate 
the clinical development of Modi-1, the first product from the 
Moditope(R) platform, and to continue to support the ImmunoBody(R) 
platform pipeline .Hygea's  Net Asset Value per share would have reduced 
by 5.2p (net of the reduction in the performance fee provision) had its 
Scancell  holding  been valued at the placing price. Hygea was unable to 
subscribe in this funding round due to limitations imposed by HMRC to 
maintain VCT qualifying status, and, as a result, we have been further 
diluted and now hold 4.2% of Scancell. 
 
   At 31 March 2017, the company had used GBP169,424 of its GBP200,000 
overdraft facility. 
 
   During the period under review, 208,727 shares in EKF Diagnostics plc 
were sold for liquidity management purposes (and a further 185,832 
shares have been sold since 31 March 2017). 
 
   The Directors are not aware of any other events or transactions which 
have taken place between 1 April 2017 and the publication of this 
statement which have had a material effect on the financial position of 
the Company. 
 
   Furthermore, in conformity with the Disclosure and Transparency Rules, 
the Company notifies the market that the capital of the Company consists 
of 8,115,376 Ordinary Shares with a nominal value of GBP0.50 each with 
voting rights as at 18 May 2017. The Company does not hold any Ordinary 
Shares in Treasury. Therefore, the total number of voting rights in the 
Company is 8,115,376 (the 'Figure'). 
 
   The Figure may be used by shareholders as the denominator for the 
calculations by which they will determine if they are required to notify 
their interest in, or a change to their interest in the Company under 
the FCA's Disclosure and Transparency Rules. 
 
   Enquiries: 
 
   John Hustler, Hygea vct plc at [e-mail] 
 
   Roland Cornish, Beaumont Cornish Limited on 020 7628 3396 
 
   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

May 19, 2017 02:00 ET (06:00 GMT)

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