Hygea VCT plc Hygea Vct Plc : Update For The Quarter Ended 30 September 2017

 
TIDMHYG 
 
 
 
   Hygea VCT PLC ORD 50P 
 
   Hygea VCT plc 
 
   FOR IMMEDIATE RELEASE                                                                                                              8 November 2017 
 
 
   HYGEA VCT PLC 
 
   ("Hygea" or "the Company") 
 
   Update for the quarter ended 30 September 2017 
 
   Hygea vct plc presents its quarterly update for the period commencing 1 
July 2017. 
 
   The Directors have recently reviewed the valuation of its portfolio as 
at the quarter ended 30 September 2017. 
 
   The unaudited Net Asset Value ("NAV") per ordinary share as at 30 
September 2017 was 64.0p.  This is a reduction of 0.4p from the 
previously published NAV for the period ended 30 June 2017, due to 
running costs and a reduction in the value of Glide Pharmaceutical 
Technologies Ltd: unfortunately, Glide has entered administration during 
the period and its shareholders are unlikely to receive any proceeds 
from the liquidation - its value has therefore been written down to 
zero. No other changes have been made to the unquoted valuations. 
 
   The Company's holding in Scancell Holdings Plc ("Scancell"), listed on 
AIM, represents approximately 30% of its net assets at 30 September 
2017.  The bid price of Scancell's shares used for the calculation of 
the Company's net assets on 30 September 2017 was 12.0p, a slight 
reduction from 30 June 2017. Scancell has recently announced the 
appointment of a new CEO, and is continuing its preparations for 
clinical trials later this year and in 2018. During the period under 
review, the holding in Genedrive plc was sold for liquidity management 
purposes.   Omega Diagnostics plc is therefore the only other listed 
holding in the portfolio, and its bid price at 30 September 2017 was 
21.5p per share. 
 
   At 30 September 2017, the company had used GBP136,030 of its GBP200,000 
overdraft facility, which has subsequently been renewed for a further 6 
months. 
 
   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. 
 
   The Directors are not aware of any other events or transactions which 
have taken place between 1 October 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 7 November 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. 
 
   This announcement contains inside information for the purposes of 
Article 7 of EU Regulation 596/2014. 
 
   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

November 08, 2017 02:00 ET (07:00 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.