Seneca Growth Capital Vct Share Discussion Threads

[rivaldo] 08/1/2019 23:05

Try here Jonesy100:

[jonesy100] 08/1/2019 21:42

Hi Rivaldo, where is the info posted on the 10p special dividend? Thanks

[rivaldo] 08/1/2019 15:11

For the record, HYG are paying a 10p special dividend - the ex-div date is Thursday, so evidently a few people are keen to get in before then!

I've done a quick update of the thread header post for the record.

[rivaldo] 18/12/2018 11:32

Big news - Hallmarq has been sold, so HYG will receive just over £2.9m cash (against the current £3.65m m/cap):



Current NAV is 63.4p per share, including SCLP, ODX and the unquoteds. Since most of this is now cash there will soon be distributions to shareholders.

I had hoped that Hallmarq would simply grow and grow for a few more years. Not to be.

The hope now is that SCLP and ODX in particular will realise their potential. I hold ODX separately and am pretty optimistic about it. SCLP I know much less about and looks to be a toss of the coin bet really.

[rivaldo] 13/9/2018 08:58

Good news from Arecor (current carrying value £252k):



"Biopharma Company Arecor raises £6m for revolutionary diabetes treatments

Published: Sep 12, 2018

10 September 2018 – Arecor, the UK-based biopharmaceutical formulation company, has raised £6 million from new and existing investors to develop groundbreaking pharmaceutical drugs to transform the treatment of diabetes. The fundraising was led by Calculus Capital, Albion Capital, and Downing Ventures. BioScience Managers Limited, the international healthcare investment firm, advised Downing Ventures.

Through the application of its technology platform, Arecor is creating faster working, more effective drugs that help progress the creation of the next generation of artificial pancreas systems. The Company’s ultra-rapid acting insulin and ultra-concentrated insulins more closely mimic the insulin profile and response to glucose of healthy individuals, improving health outcomes and quality of life for people living with diabetes while reducing the wider costs to health services and society.

Arecor has developed a series of differentiated and proprietary formulations of generic insulin and glucagon drugs, which are used in the regulation of blood glucose. In people with diabetes, insulin is either lacking, not enough is produced or when produced, the insulin cannot be used effectively. Arecor plans to complete a series of first-in-man clinical trials for each of its three diabetic compounds and ultimately to partner with specialist diabetes companies for late stage clinical studies and global market access. The company’s insulin and glucagon products, which are set to transform diabetes treatments, could have peak annual sales of between $200 million and $1 billion each.

etc"

[rivaldo] 10/8/2018 16:09

The managers of the Oxford Technology VCT portfolios gave a presentation at their AGM in late July - it was covered by Sharesoc, who posted these rather positive comments from management on ImmBio and Arecor:

"ImmBio (OT2, OT3 and OT4)

hxxp://www.immbio.com/

The level of interest in ImmBio’s lead pneumococcal vaccine (ImmBioVax) shown in the recent past by western based Pharma companies has been disappointing, but there has been considerable interest from China’s CNBG (head of terms agreement recently signed) which appears to be beginning to stimulate interest from Western Pharmas.

Arecor (OT2, OT3 and OT4)

hxxp://arecor.com/

The company’s unique technology of protein solubilisation and stabilisation is currently being developed to produce improved formulations for the management of diabetes, Arecor have recently attracted grant funding of just over £1m to assist with this development."

[toffeeman] 25/7/2018 11:49

Nearly 30% discount to NAV - either cautious or not very hopeful?

[rivaldo] 25/7/2018 11:04

Interims are out:



NAV of just over 62p per share. No commentary on the unquoteds, though good to see no writedowns and OR Productivity holding its value. Most importantly, there's this:

"I have previously expressed some optimism regarding potential liquidity events in the portfolio and your Board remains of the view that such an event may occur before the Company's year-end."

I'm not holding my breath given the track record to date!

However, I am very hopeful that Hallmarq will produce a substantial return - at some point - and that this is the likely company set for the "liquidity event".

If SCLP ever actually takes off we'll be many quids in - if HYG haven't had to sell most of the holding by then.

[stupidboypike] 19/6/2018 10:50

hxxp://arecor.com/2018/

£1m grant for Arecor - every little helps!!!

Best regards SBP

[rivaldo] 03/5/2018 10:09

Hi Toffeeman, good to see you here. It's been a long wait....like SCE :o))

Apologies for the delayed reply, but I don't visit here too often as it's only a small holding, which I may add to if I become aware of portfolio news before the wider market by monitoring investee news flow....

I can't really say more than to point you in the direction of this RNS from HYG which should explain it all.



Good to see from Oxford Tech VCT's results this morning that both Arecor and ImmBio seem to be making progress:

"At the end of November 2017, we made a £200k follow-on investment into Arecor, making it the second largest holding in the Company's portfolio. Arecor is a potentially world class pharmaceutical research company based in Cambridge and has a very advanced diabetes drug formulation technology. During the past year Arecor has announced significant progress, including a licence agreement with a major global healthcare company, as well as the successful pre-clinical development of stable rapid-acting, ultra-concentrated insulin for the significantly enhanced treatment of type 1 diabetes. It has had other good news flow and won an Innovate grant. The company is still trying to finalise the investment terms for the full £6m round it is seeking, and there is a risk that the terms may be at a lower price than that at which we invested in November; we have therefore taken a prudent view with our valuation and hence there is a small reduction in the value of our investment in the year.

The recent investment of £30k in ImmBio was in a new class of share with a significant preference. This has resulted in an uplift in its valuation of £83k. The investment was made to support continued commercialisation of its PnuBioVax Vaccine. The final results to come from their First-in-Human study were positive and was found to be safe and well tolerated, and capable of producing antibody responses against key S. pneumoniae antigens broadly conserved across strains. Negotiations are progressing with first licensees for the vaccine, and a further £12,000 was committed in April 2018 to allow time for these conversations to progress."

[toffeeman] 19/4/2018 17:00

Hi Riv - keep 'bumping into you!'

Can you tell me about the Senneca link?

I have a Senneca EIS and they say they are launching a VCT and mention HYG.

I can't see what the advantage is of doing a Senneca VCT when one can by this stock directly.

Any advice appreciated.

[rivaldo] 07/2/2018 11:01

2017 results are out:



NAV is steady at around 64p. However, this sentence is rather intriguing:

"Current indications are that the unquoted portfolio may see a liquidity event sooner than previously envisaged"

I wonder if this refers to Hallmarq? I notice there's no specific reference to Hallmarq in the narrative - perhaps HYG don't want to say too much as they know there's something happening?

With annual running costs now seemingly reverting to Seneca and the B shares, perhaps things are looking interesting now.

[stupidboypike] 08/11/2017 10:39

Although a relatively small holding, Arecor carries on advancing too:-

hxxp://www.arecor.com/news-events/

particularly "Arecor Announces License Agreement with Global Pharmaceutical Company"

Best regards

SBP

[rivaldo] 08/11/2017 10:10

Quarterly update just out - NAV barely changed at 64p per share:



Glide is gone, SCLP bobbing about. ODX is now the only other listed holding (which I hope they hold on to as it's imo on the cusp of a great leap forwards....).

Interestingly:

"In the absence of realisations, the Board continues to investigate ways to mitigate the ongoing running costs of the Company and has had discussions with various parties with a view to the expansion of the capital and investment base. Once any such discussions are sufficiently advanced, an announcement will be made but at present there is no certainty that any of the discussions will lead to a proposal.£

This is one of my smallest investments (and longest-held!). I'll continue holding as the upside from Hallmarq, ODX and/or SCLP could be significant. I believe Hallmarq justifies much of the current NAV by itself, so hopefully the downside is limited.

But it's frustrating for sure....

[stupidboypike] 13/4/2017 09:37

This is not insignificant:-

hxxp://www.cambridge-news.co.uk/business/life-sciences/arecors-45m-deal-rubber-stamped-12875547

Hygea's current valuation implies a valuation on Arecor (the whole company) of around £6.8M.

Best regards
SBP

[rivaldo] 15/9/2016 10:36

Good article about Arecor - "experiencing significant growth":



Extract:

"Dr Sarah Howell, CEO, Arecor commented on the move: "We're experiencing significant growth and we required enhanced facilities that could meet our expansion needs, both today and well into the future."

As Arecor's diabetes product moves into clinical trials and the organisation's partnerships with major pharma and biotech companies continue to expand, it expects to experience significant growth."

[rivaldo] 01/9/2016 12:40

Interims out - NAV down to 69.1p due to the decline in SCLP's share price. SCLP is up some 10% since 30/6, so I would expect NAV to be up nearer say 71p now:



Hallmarq is still progressing very well. It's surely just a matter of time before it IPO's on AIM, at which point I'd expect NAV serious upside.

I'm also hopeful for the £450k carrying value in AIM-quoted ODX - this could be worth a lot more in a few months' time with decent news flow.

[stupidboypike] 26/7/2016 07:15

More good news from Arecor:-
hxxp://www.arecor.com/news-events/jdrf-announces-partnership-arecor-ltd/

[rivaldo] 01/7/2016 13:52

This looks like huge news for Hallmarq (only posted recently on their web site):



"Hallmarq signs agreement with VCA, North America’s biggest veterinary hospital network
Mon, Mar 21, 2016 15:33 CET

"VCA animal hospitals (VCA), North America’s largest network of over 600 small animal veterinary hospitals, has signed an agreement with Hallmarq Veterinary Imaging for the supply of their high field PetVet 1.5 T Companion Animal MRI. The agreement follows a comprehensive review of the technical capabilities of PetVet and the support provided by Hallmarq. VCA has 83 specialist clinics and over 400 board certified specialists that are likely to require in-house MRI.

Jos Belgrave, CEO of Hallmarq Veterinary Imaging said that this was an agreement that both parties have been working towards for some time, “Like Hallmarq, VCA prefers to partner with key suppliers over a longer period of time, rather than to simply process one-off transactions. It was therefore very important that the management team and specialists were sure that Hallmarq could deliver across critical areas.”

An important consideration for VCA was the high quality images generated by PetVet, which are a result of the veterinary specific coil design and custom sequences. The experts at VCA appreciated the ease of use that allows veterinary nurses or technicians to be trained to operate the system and the experienced Hallmarq support team and training that comes as part of the PetVet package. Once the company was satisfied with the technical aspects of the MRI, other factors such as the installation and running costs were also factored in.

Dr. Steve Fisher, Vice President of Strategic Partnerships for VCA says access to advanced diagnostics is essential for its network of specialists, “Pet health is our priority and excellent service is our goal.”

Hallmarq is a rapidly growing company with offices in the UK, North America and Australia and has recently received major awards in innovation and international trade. Jos Belgrave says Hallmarq is delighted to be working with VCA, “It’s an accolade to our core team that an organisation the size of VCA that focuses so firmly on excellence, has decided to look to Hallmarq when considering sourcing best-in-class diagnostic imaging. Our equine MRI broke new boundaries when it launched and we are building a strong reputation in companion animal as our advanced technology becomes more widely known. The new PetVet MRI is based on a magnet which is currently used in over 200 human hospitals around the world, while the Hallmarq software has been driving its Equine MRI for over 10 years. "

[rivaldo] 30/6/2016 11:30

Excellent news from ImmBio....



"Vaccine against pneumonia passes first trial
By CambridgeNews | Posted: June 30, 2016

A new vaccine against a major cause of pneumonia has passed the first big test.

ImmBio, based at Babraham, reports positive results from the First-in-Human study of PnuBioVax which acts against the bacterial pathogen Streptococcus pneumoniae.

The new vaccine proved safe and well tolerated by a group of healthy adults who took part in the first clinical trial and triggered antibody responses.

The data is presented today at the International Symposium on Pneumococci and Pneumococcal Diseases in Glasgow.

"The results of this study have demonstrated the safety of PnuBioVax in adults, and we are now looking at developing the vaccine further, focusing on the at-risk populations for pneumococcal disease of the young and the elderly," said Dr Chris Bailey, Development Director at ImmBio.

Graham Clarke, CEO, added: "Demonstrating that PnuBioVax is safe and immunogenic through this phase I clinical study is a fundamental step in our mission to create a universal vaccine against pneumococcal disease.

"This provides the real prospect of a strain-independent pneumococcal disease prophylactic vaccine. We are now looking for partners to progress PnuBioVax through late stage clinical development, manufacturing and marketing."

[rivaldo] 07/6/2016 12:15

Cheers sbp.

Here's a good report from this year's AGM:

http ://boards.fool.co.uk/a-quieter-agm-this-year-with-9-shareholders-13381427.aspx

SCLP is now above 20p, so HYG's NAV may well be around 74p or so.

Hallmarq sounds extremely promising - another 40p+ of NAV uplift is apparently possible. Timing will depend on when Hallmarq believe they can IPO.

[stupidboypike] 07/6/2016 10:32

More good news from an investee company:-

cambridgenetwork.co.uk/news/arecor-awarded-innovate-uk-proof-of-concept-smart-grant--i7644/?

[rivaldo] 17/7/2015 12:17

I see that HYG have another new major shareholder - David Blundell now has 3.2% with 261,000 shares:



Is this the same Blundell who co-founded Sharesoc I wonder?

[rivaldo] 04/6/2015 14:57

RNS out - looks like James Leek bought those shares above as he's increased by 165,000 to 465,500 shares, or 5.6%:



Timmbo, any ideas on James Leek and his intentions/thoughts?