Seneca Growth Capital Vct Share Discussion Threads

[stupidboypike] 17/5/2021 07:46

Great news. I have owned some arecor shares for many many years, and won't be selling any, in fact I'm keen to grab some more in the IPO.

Best regards SBP

[timbo003] 17/5/2021 07:40

Good spot Rivaldo

Further confirmation this morning (see RNS):

[jonesy100] 16/5/2021 16:15

Great news Rivaldo. Thanks for posting. My calculation is slightly lower at 6p per share uplift (based on 1.1% of company) and 44p NAV on recent SCLP weakness (20p close Friday). I may have got that wrong though! Either way, things are looking good.

[rivaldo] 16/5/2021 10:54

Well well - this morning's Sunday Times indicates Arecor are gearing up for a £65m IPO.....

I calculate this would add around £800k to HYG's current valuation of Arecor, i.e around 10p per share, taking NAV to say 48p-50p:



"A Unilever spin-out developing faster-acting insulin is gearing up for a £65 million market float.

Arecor, spun out of the consumer goods giant in 2007, has hired Panmure Gordon to advise on a listing on London’s AIM market. Unilever retains a 15.4 per cent stake in the company, which hopes its technology will pave the way for an artificial pancreas.

Arecor reformulates existing medicines to improve how they work. In the case of insulin, it makes it faster-acting, meaning diabetics could gain better control of insulin levels. Ultimately, this could be used in an insulin pump, rather than being delivered by injections."

[jonesy100] 07/4/2021 16:38

Thanks Rivaldo. I still think SCLP may be taken private before full value is realised. The heavy HYG div payouts over last few years have definitely taken out some of the downside risk from my perspective so will hold to the end like you.

[rivaldo] 07/4/2021 14:14

Hi Jonesy. I noticed that Arecor recently won a £2.8m grant "to support the Phase II development of AT247, its ultra-rapid acting insulin product candidate which is based on Arecor's proprietary Arestat™ technology platform".

The phase 2 trial for this "is expected to commence in H1 2022 and is part of an extensive development programme designed to demonstrate the benefits of AT247 as a potentially best-in-class ultra-rapid acting insulin":



Good to see SCLP holding around 23p or so. I can't see any Fuel 3D news flow, so not holding out too much hope, though as a 3D imaging/technology company based in Oxford it should be thriving.

I'm not up to speed on the performance accrual, but my basis for holding is that either this will be a multibagger or a write-off. And this is definitively not a large holding for me anyway!

[jonesy100] 23/2/2021 08:57

So they have sold 1m at 21.75. Decent cash balance of 744k could be a nice divi. NAV around 44p. The only thing I can't work out is performance fee accrual which seems to be pushing actual NAV down quite a bit relative to pure NAV and cash. Any thoughts?

[jonesy100] 17/2/2021 12:00

Yep. But prudent to assume they have sold further tranches of SCLP. I will be very annoyed if this occurred pre recent rise. Not unreasonable to take some profits now though. Annual report is supposed to be Feb. I am not too optimistic on the private holdings other than Arecor which is going great guns. Any views on Fuel 3D?

[rivaldo] 17/2/2021 11:34

SCLP now at 26.5p. With 12m shares held, each 1p adds around 1.5p to NAV by my calculations? Which would make the current NAV around 48p going by post 234 (thx Jonesey).

[jonesy100] 15/2/2021 11:36

Yep. HYG Nav is 38p [edit] with Scancell at 20p. I think Scancell is 70 percent of NAV with cash and unquoted making up the rest

[rivaldo] 15/2/2021 11:05

Agreed :o))

SCLP has now settled down at 20p, so that's worth ££2.4m to HYG. Unless they sold some at this morning's top of 27p or so.....

[jonesy100] 15/2/2021 09:22

Let us hope that they don't do an ODX and sell too cheap!

[rivaldo] 15/2/2021 09:06

Scancell now up to 27.25p - HYG's 12m shares are now worth £3.3m.

[rivaldo] 15/2/2021 08:36

SCLP up to 22p :o)) HYG have 12m shares.....

[jonesy100] 13/2/2021 20:51

https://news.sky.com/story/covid-19-new-vaccine-in-development-has-insurance-against-virus-mutations-12217119

[jonesy100] 20/10/2020 09:20

Thanks Rivaldo, hadn't spotted that one. I am not sure what to make of latest SCLP funding deal. Any views?

[rivaldo] 20/10/2020 08:30

SCLP is back to 14.5p now - but terrific news this morning from Arecor extending their agreement with Hikma:

[rivaldo] 05/10/2020 08:30

Yep, another nice 5p dividend coming our way. The 37.6p NAV is based on SCLP at 16.5p, which it's back down to as I write. This really is a one-way bet on SCLP now!

[jonesy100] 05/10/2020 07:41

And there it is. 5p. Sounds like no more SCLP selling. Discount still way too high. 24p to sell last week on NAV of 37.6p

[jonesy100] 02/10/2020 09:17

Agree about ODX. Should have kept a holding. I was expecting them to declare a further div. Hope they are not selling down more SCLP.

[rivaldo] 16/9/2020 07:28

Confirmation that the NAV is now 35.8p per share:



They've sold all the ODX shares, and also 1.05m SCLP shares - so the remainder are exactly 12m SCLP shares. IMO they may regret this - both ODX and SCLP have already gone up since they sold.

[jonesy100] 15/9/2020 15:13

Yes and I see the HYG price has started to move now in the feed although no trades. 33/25 is closer to what I would expect given historic discount. Am very happy other than they sold off so much ODX early in the run.

[rivaldo] 15/9/2020 11:50

SCLP up another 1.5p to 17p now (and ODX up 6p to 91p). That's presumably added another 2.5p to the NAV Jonesy100, which would make it now around 39p including the ODX gain.

[jonesy100] 14/9/2020 14:41

Nav now around 36p. 50% discount on a bid basis. No liquidity though

[jonesy100] 10/9/2020 18:31

Yep. My back of envelope says NAV at 33p.Could buy small amount yesterday. Not possible today