Seneca Growth Capital Vct Share Discussion Threads

[rivaldo] 17/8/2012 13:24

Apologies for all the posts, but this is quite exciting for a change :o))

SCLP now up above 32p....HYG's NAV now closing in on 120p or so methinks.

[rivaldo] 17/8/2012 10:58

SCLP is above 28p now.

I also note that Northern Venture Trust in their quarter to 30th June received another tranche of consideration from the DXS earn-out:



HYG mentioned in their 10th May IMS that they may receive another £300,000 from the DXS earn-out. It may well be that this has now been received given the Northern Venture RNS - this alone would be another 3.7p of NAV.

[rivaldo] 17/8/2012 07:58

SCLP still rising - up to 27.5p now. HYG's NAV must be getting close to 110p.

[rivaldo] 15/8/2012 14:11

Who knows?! I don't follow it closely enough, and frankly the SCLP share price could quickly go back down to 15p imo even though it's now up to 26p.

But even SCLP's going back to 15p would still give large upside here.

[jonwig] 15/8/2012 13:43

Interesting RNS - and HYG waited nearly half an hour to jump 2p.

I see SCLP had a recent fundraising and has £1.9m in cash. Is that enough?

[rivaldo] 15/8/2012 12:59

News just out from SCLP and its share price has jumped to above 23p.

HYG's NAV should be pushing above 100p now.

[rivaldo] 15/8/2012 11:39

:o)) Can't blame you jonwig, I feel much the same. However, my first multibagger was Shield Diagnostics, so I have a fondeness towards the sector even if I don't invest very often in it.

Like you I'm keen on the NAV discount in HYG, together with the huge potential upside from a £4m m/cap if one or two investments go well.

APHB is similar in a way, in that from a £4m m/cap it also has a variety of possible sources of upside, plus it has extremely capable management and some top quality shareholders. It's worth a punt imho.

[jonwig] 15/8/2012 10:25

Rivaldo - yes, HYG is playing catch-up.

About - anyone interested in APHB per my prior post?

There are a few sectors I never touch, and pharma is one of them. So I won't feel too sad when they rocket!
I bought HYG more as an arbitrage opportunity than an interest in the sector.

[rivaldo] 15/8/2012 09:41

SCLP now up to 20.5p. HYG's NAV now around 95p-96p.

[rivaldo] 14/8/2012 14:42

SCLP is now up to 17.75p, so HYG's NAV probably now above 90p.

OT : anyone interested in APHB per my prior post?

[rivaldo] 20/7/2012 13:59

OT : Timbo (and everyone else), if you have a minute I'd be very interested in your opinion on a biotech stock I'm invested in called Ampliphi Biosciences. It's listed in the USA with just a £4.6m m/cap at present and has had some very good news today. I first invested in it when it was a private company in the UK called Biocontrol Limited, before it gained a US listing by merging with Targeted Genetics Corp.

Here's the ADVFN thread I've started - I'm just building up the thread header at present:

[127tolmers] 11/7/2012 13:49

Timbo, I thought that might have been you this morning. I got the next lot at 45p at about a 50% discount.

I think the advantage with HYG over SCLP is that you get the same amount of shares for your money but no with CGT implications.

[jonwig] 11/7/2012 13:23

rivaldo - unfortunately (as I hinted) I didn't trade SCLP. I thought about it, then missed a trick ... it's an age thing!

timbo00 - my quick look at some of the other stuff in the portfolio suggested to me that their valuations were a bit rich.

There's a very interesting recent post on TMF (PPPub, Share Ideas) on private equity trust valuations. TMF seems to be down, so I can't link to it.

[timbo003] 11/7/2012 11:46

Scancell @ 17.5p/share accounts for 38p of Hygea's NAV. You can currently buy HYG for 45p/share (I know because I bought some more this morning), so at 45p/share you are getting the rest of the Hygea portfolio (worth around 58p/share) for 7p. Bargain!

[rivaldo] 11/7/2012 08:27

Jonwig, each 1p added to SCLP's share price is worth roughly 2p onto HYG's NAV, so I suspect your 89p-90p NAV here is about right.

Perhaps I should have bought some SCLP as well!

[jonwig] 11/7/2012 07:58

SCLP issued FY figures on 30 June last year, so they should be imminent.

The thread over on iii seems to be well-informed and is getting excited. I make the NAV of HYG about 89p now that SCLP is back to 17p, is that right?

[rivaldo] 03/7/2012 09:25

Yep, SCLP up again today to above 15p. I'd guess HYG's NAV is now around 82p-84p.

SCLP is a little too illiquid for me to trade, but if you've done it successfully then well done. I prefer to hold HYG long-term for a potential multibagger like SCLP - and maybe add if there's an obvious discrepancy to the NAV.

At the current price, which must be almost half of NAV, such a time may well be soon!

[jonwig] 02/7/2012 13:32

rivaldo - and again today, I see!

There was a time when I'd have been trading SCLP on these announcements. Nowadays I'm not so bothered - but I'd like to see HYG do some sympathy moves.

[rivaldo] 29/6/2012 13:22

SCLP rebounding nicely now from a fall to above 12p. However, Immunobiology appears to have been written down today by the Oxford Tech VCT following a fundraising (I did say in post 17 I thought its valuation was "rich", but take no pleasure in being right!):

[jonwig] 10/5/2012 18:23

Thanks timbo - very informative! (I never knew of that TMF board, though I do have some VCT holdings.)

The 'B' share idea has been used by other VCTs, and it gets support because of the tax breaks. I agree that HYG might have problems though!

[bargainbob] 10/5/2012 18:18

Timbo003


Can you please post your comments on Meldex a few years on the MDX thread. Please be aware people value your view.

Yours Bargainbob

[timbo003] 10/5/2012 18:05

I attended the AGM yesterday, a very useful meeting, see AGM report on the Motley Fool VCT board:

[rivaldo] 10/5/2012 11:53

Yep, good to see NAV holding up at 74p. Not much to say until something concrete happens with one of the investee companies, i.e SCLP starts moving up or down or Hallmarq or the like are sold.

[jonwig] 10/5/2012 06:21

IMS from yesterday's AGM:



So current NAV is about 74p, seeing that SCLP has fallen back. Lots of speculation around boards over SCLP's next trials, but there's been selling off of the shares.

[rivaldo] 13/4/2012 12:53

SCLP is down to just above 14p, though well up on the day today. So HYG is still trading at less than half of NAV (which is going to be volatile given the movement in SCLP).

Welcome timbo003, seen you around the threads for a while now. The Oxford VCTs always struck me as a little too risky/flaky, whereas HYG is a little less blue sky. Perhaps this has changed, or perhaps there are some future IPO candidates you're aware of which make them good value?

The SCLP bulls talk about a $1 billion take-out in the next two years or so for SCLP following successful phase 2 trials, after the example of Biovex (assuming no dilution). This would give HYG a stake worth a mere £48m, or almost 600p per share...

Well, stranger things have happened :o))