Am wondering the same. Suspect they may start as we get close to 20p and above, given their desire to declare an annual dividend. They must want to focus attention on the B shares but with Arecor now at a ludicrously low valuation, they are probably stuck for a while longer. BTW, HYG NAV must be nearly double current share price at the moment up toward 25p |
Wonder if they have sold any of their 10m SCLP shares into the strength? |
The problem is there is no liquidity. You can only seem to buy at 17p today which is close to NAV. The last sell was about 9-10p as I recall. Ridiculous spread. So you can avoid CGT if you buy HYG rather than AREC and SCLP but you probably need to hold until the end. I think it is worth having a holding in the shares too in case things go south and you need to exit. |
>>>>Smithie
The only unique tax advantage to buying new issue shares in a VCT (compared to secondhand VCT shares) is the upfront tax relief, all other tax advantages (notably tax free capital gains, tax free dividends) are applicable to both newly issued VCT shares and secondhand VCT shares, see link below: |
Rivaldo
Is the header truthful ?
"It's worth noting that buying and selling VCT shares on the open market is free of CGT"
Personally I think that is completely false. VCTs used to have certain tax advantages but absolutely none for buying/selling on the open market where I thought it was treated as just another share.
To get the tax benefits you need to invest in new shares issued in a VCT (getting tax relief on that investment) & it used to be that one had to hold for 5 years to be able to sell without paying tax on any gain. The divis are phps tax free. |
Latest sell at 13p. Unreal |
I see an announcement on a new 2p dividend in May. So presumably selling a few more SCLP and AREC? |
Indeed :o))
Confirnation this morning of a nice 2p dividend. And that NAV two days ago was 40p per share. SCLP zoomed up again yesterday to 27p, so that should add roughly another 5p of NAV, which would now be 45p.
HYG's holding in SCLP is now 10.5m shares having sold another 500k presumably to fund the new dividend. I'd prefer they held on to them for capital gain, but I suppose it's safe to take small profits along the way:
PS : glad I wasn't persuaded years ago by Charles Breese to invest in OR Productivity, which I see has now gone into administration! |
Hi Rivaldo, Nice to see you. Small divi as we expected and things getting very interesting on all fronts! |
Hi Jonesey100, I'm still here and very happy with SCLP's rise - now up to 24.75p this morning. I agree that HYG should now sit on their stake if possible, there's no point in half measures. But they probably won't and will continue to sell small parcels of SCLP shares.
I believe HYG now hold 11m shares in SCLP, so will correct the thread header post. Plus the 223,977 shares in AREC. |
Nav now 40p. From their recent presentation, reckon the might sell a small portion of SCLP to pay a dividend. 2mn at this price would give us about 5.5p per share. But hope they hold tight and ride out the next phase. |
If anyone is still here, looks like NAV heading back to 35p with Scancell rise. The spread remains ludicrous so have to hang tight |
Wow, more sold at 15p. Discount must be approaching 60%, but the offer is still high 20s. |
Wow, NAV still around 27-29p and 8,000 sold for just 17p. That's a haircut of 40 percent. Hope not a sign of bad things ahead for SCLP |
Results out end of last week.NAV down to 29.2 due to SCLP drop. Little left now outside the two listed holdings https://www.investegate.co.uk/seneca-growth-capital-vct--hyg-/gnw/final-results-for-the-year-ended-31-december-2021/20220325070000H2863/ |
RNS out - latest NAV at 15/10 is 42.4p per share:
HYG own 11m shares in SCLP and 223,977 shares in AREC. |
AREC now up almost 50% today to around 450p.....HYG's holding is now worth £1m.
OT : nice one timbo003. |
I have now settled up on my Mello Charity wager on Arecor made last June at the time of the IPO:
Target price 325p by Dec 31st 2021
Looking at the table of selections, only 15 out of 119 have managed to hit or exceed target so far, hopefully some of the others will catch up as it is a commendable idea. |
AREC is zooming up again - now at 380p.
HYG held 223,977 shares at 30th June, so that's worth £0.85m now, alongside the 11m SCLP shares at 21.75p now worth £2.63m. |
AREC up 30% on insulin candidate news.Could start to really move HYG NAV if this gathers momentum. Reckon we are now at 41p |
Half yearly report out. New NAV 39p.Cash offset by performance fee accrual.Some more AREC taken up. |
You are welcome. I just did a back of envelope on NAV.I have SCLP at 30p. AREC about 6p. The unlisted companies at 4p. Cash ex div at under 0.5p. This puts us somewhere at 40-42p if I am correct. |
Thanks a lot for the reply Jonesy - appreciate it. Have a good weekend. |
Hi DrDre, Personally I might wait and see what new NAV is. They owe us an update but are never very quick. Saw the spread at 43/30 today. Not clear that this is such a good entry point given the ords are essentially as you describe - a play now on SCLP and AREC with some Fuel3D thrown in. Would have to work out whether to hold directly and have more liquidity. 30% spread is steep. GLA |
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