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Share Name Share Symbol Market Type Share ISIN Share Description
Hygea Vct LSE:HYG London Ordinary Share GB0031256109 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +2.00p +4.65% 45.00p 43.00p 47.00p 45.00p 43.00p 43.00p 5,000 10:48:51
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -0.1 -1.5 - 3.65

Hygea VCT plc Hygea Vct Plc : Update For The Quarter Ended 31 March 2018

03/05/2018 7:01am

UK Regulatory (RNS & others)


 
TIDMHYG 
 
 
   FOR IMMEDIATE RELEASE                                                                                                                              3 May 2018 
 
 
   HYGEA VCT PLC 
 
   ("Hygea" or "the Company") 
 
   Update for the quarter ended 31 March 2018 
 
   Hygea vct plc presents its quarterly update for the period commencing 1 
January 2018. 
 
   The Directors have recently reviewed the valuation of its portfolio as 
at the quarter ended 31 March 2018. 
 
   The unaudited Net Asset Value ("NAV") per ordinary share as at 31 March 
2018 was 64.4p.  This is a rise of 0.6p from the previously published 
NAV for the period ended 31 December 2017, 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 
2018.  The bid price of Scancell's shares used for the calculation of 
the Company's net assets on 31 March 2018 was 13.5p, a 1.0p increase 
from 31 December 2017. On 18 April 2018, Scancell announced a placing 
and open offer to raise up to GBP8.9m at 12p per share; the funds raised 
will be used to further develop both the Moditope(R) and  ImmunoBody(R) 
platforms, and progress various studies - the latter are planned to 
include the First-In-Human study (starting in H1 2019) with Modi-1 in 
patients with triple-negative breast cancer, ovarian cancer and sarcoma. 
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 our holding of 13,149,730 shares now 
represents 3.5% of Scancell's share capital. 
 
   During the period under review, 100,000 shares in Scancell were sold at 
18p per share for liquidity management purposes. 
 
   At 31 March 2018, the Company had used GBP166,822 of its GBP200,000 
overdraft facility.  After the end of the period under review, the 
overdraft facility of GBP200,000 has been converted to a formal loan of 
GBP200,000 following changes at RBS due to Ring-Fencing, the loan due to 
be repaid by 30 September 2018. 
 
   At the Company's AGM on 5 April 2018, shareholders approved the 
subdivision of the ordinary share capital, reducing the nominal value 
from 50p per ordinary share to 1p per ordinary share, and the creation 
of 8,115,376 deferred shares of 49p each. These deferred shares were 
repurchased by the Company on 6 April 2018 for an aggregate price of 1p. 
The share restructuring as detailed in the notice of AGM of the Company 
dated 5 February 2018 has now been fully implemented. 
 
   The Directors confirm that a prospectus to raise up to GBP10m via the 
issue of new B shares to be managed by Seneca Partners Limited (with an 
over allotment facility of GBP10m) is expected to be issued shortly. 
 
   The Directors are not aware of any other events or transactions which 
have taken place between 1 April 2018 and the publication of this 
statement which have had a material effect on the financial position of 
the Company. 
 
   Furthermore, for the purposes of DTR 5.6.1 of the Financial Conduct 
Authority's (FCA) Disclosure Guidance and Transparency Rules, the total 
number of shares in Hygea vct plc in issue as at close of business on 1 
May 2018 was 8,115,376 ordinary shares with a nominal value of 1p each. 
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 Guidance 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 john.hustler@btconnect.com 
 
   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 03, 2018 02:01 ET (06:01 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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