Seneca Growth Capital Vct Share Discussion Threads

[rivaldo] 02/4/2014 09:44

Cheers timbo, that's most useful.

Quite apart from SCLP, HYG's portfolio seems to be developing nicely, with greatest confidence in the 5 largest holdings by value, which is encouraging.

[timbo003] 01/4/2014 22:41

Updated table showing value of each investment expressed in pence per Hygea share (not corrected for management incentive fee).

Omega diagnostics are up around 50% since Dec 31st, the rest of the quoted portfolio is more or less unchanged, so current NAV is probably around 2.5p higher today compared to year end.

Spoke to Charles Breese today (on another matter), he singled out OR productivity for a special mention, as an investee company with particularly bright prospects.

The AGM will be held at the offices of Octopus Investments 20 Old Bailey London, EC4M 7AN, on Wednesday 7 May 2014 at 12.00 noon. I plan to go along.

[rivaldo] 01/4/2014 14:17

Results just out:



97p NAV now, so the share price is at a substantial discount. SCLP will either be a massive winner or a total flop I suppose.

But Hallmarq looks better and better imo. It made £648k PBT to 31/8/13 at a pretty reasonable £10m valuation - and that's before any contribution from the now-launched Petvet, which has a massive global market. I wish I could buy shares directly in Hallmarq.

And Eykona suddenly looks like being a bit of a goer since it's suddenly been discovered at the heart of the 3D printing industry:

"Eykona became aware of the opportunity within the 3D printing market to develop its camera as the world's first high resolution 3D scanner for the consumer market."

If progress in the USA continues, who knows what it might become worth?

[stupidboypike] 21/3/2014 10:35

Some news from Arecor, one of our investee companies.

www.vaccinenation.org/2014/03/20/arecor-present-data-world-vaccine-congress/#sthash.oXcsOcib.dpbs

Best regards SBP

[timbo003] 25/2/2014 14:17

indeed rivaldo, lots of progress in the quoted portfolio since June, most of it good. A picture (or two) is worth a thousand words:




*note: value (p/share) not adjusted for management incentive payments

[rivaldo] 25/2/2014 08:44

ODX has roughly doubled over the last few weeks. At 30/6/13 HYG's holding was worth £437k, so this must now be worth around £850k or so - quite a significant increase in the context of HYG's £5.4m m/cap.

EKF is also rising nicely, to 38p now and a £475k worth to HYG.

HYG is developing nicely, with SCLP, Hallmarq, ODX and EKF providing a variety of supports for the share price and NAV.

[stupidboypike] 20/1/2014 11:54

All in all HYG looks well placed for some significant return to shareholders over the coming years. I've held since launch and it would be nice for patience to be rewarded here!

Best regards SBP

[timbo003] 20/1/2014 07:24

Today's RNS from EKF sounds more than just interesting.



At the last full valuation (June 30th), EKF accounted for 4p/share of Hygea's NAV (with the underlying share price for EKF at around 26p/share), at close on Friday, EKF were around 35p/share, so presumably they currently account for around 5.5p/share of Hygea's NAV. I suspect EKF will have an "up" day today.

Here's the link to their summary quote page:

[rivaldo] 14/1/2014 10:22

Hallmarq seems to be thriving - news of its 40,000 MI scan, and now operating in 16 countries:



Plus, perhaps more importantly, the first commercial PetVet was installed in October (the dog looks contented!)

[stupidboypike] 09/12/2013 08:46

yes I would have bought some more hyg this morning but not with a 13% spread! The news from Scancell this morning significantly reduces the risk of holding HYG in my opinion.

[rivaldo] 09/12/2013 08:35

Terrific RNS from SCLP today, with a subsequent share price jump to 40p now:

[stupidboypike] 04/11/2013 11:25

Another piece of interesting news from Arecor ( A share held by Hygea).



Best regards

SBP

[timbo003] 03/11/2013 09:19

Tolmers and I both attended the Scancell AGM on Friday, see link to notes:



One additional thing to add to the notes which is HYG specific: I asked Charles Breese when he thought the valuation for Hallmarq might increase due to the transformational changes going on. His response was maybe in about a year, he added, that he was going on a site visit in a couple of weeks, to see the first installed companion animal MRI at a veterinary practice somewhere in the South of England.

[timbo003] 08/10/2013 22:20

That would be nice Rivaldo, current value for Hallmarq is 10.6p/share (not adjusted for management incentive), so that would imply a valuation in the region of 30 - 40p per hygea share.



*note: value (p/share) not adjusted for management incentive payments

[rivaldo] 08/10/2013 09:34

Cheers timbo. Agreed re the trade sale for Hallmarq being the obvious outer.

Based on Hallmarq's apparently improving profitability, market leadership and global prospects in the pet health sector I can foresee a multiple of say 3 or 4 times the current valuation, which would be a nice exit multiple for HYG against its £5.8m m/cap.

[timbo003] 07/10/2013 20:54

Sbp and Rivaldo

James didn't expand much on what I've already said.
I think he sees the end game as a trade sale, possibly a US vet chain, or someone like Seimens or Hitachi.

He didn't really expand on the valuation method, other than to say that he thought that Forsight 4 were undervaluing it on their books.

[rivaldo] 07/10/2013 15:03

Thx from me too timbo. I'm also keen for more detail on Hallmarq - the news flow is certainly impressive:

hxxp://www.hallmarq.net/news

As for valuation, did he suggest when/how the Hallmarq valuation might be revisited? I assume this might only happen on an event such as an IPO or fundraising rather than merely a year end review. Did he suggest that an IPO might be in the frame at all in the next year or two, or did he think acquisition was the more likely exit route?

[stupidboypike] 04/10/2013 07:56

Thanks for that timbo. Any more detail on what was said about Hallmarq?

Best regards SBP

[timbo003] 03/10/2013 19:11

It was at the Scancell Investor day on Tuesday, there are a number of write ups of the event on the LSE Scancell BB, my own version of events is on the ADVFN Scancell thread

After the meeting I had a chance to chat to a few people, including: a couple of ADVFNers, Lucius (chief cheese fund manager for the Oxford VCTs), James (Chairman and fund manager at Hygea VCT) and Chris (market maker at Panmure).

The Oxford VCTs took up their allocation in the open offer, Hygea did not (for technical reasons), both Lucius and James seemed impressed with the Scancell BOD and with progress. I do not think they will be selling.

Note also that the Hygea share price (which usually tracks the Scancell share price) did not follow Scancell down yesterday, which I suspect was after all the praise that James was showering on Hallmarq (in reponse to a question from me). He was incredibly bullish on Hallmarq, but he says the problem is assigning a value, none of the current PE valuations are really appropriate.

[rivaldo] 22/8/2013 09:16

Foresight VCT4 have just released a trading statement which includes this rather promising summary of HYG's Hallmarq:



"Guildford based Hallmarq Veterinary Imaging is the only manufacturer of MRI systems for the standing equine market, with over 60 MRI scanners in use at equine practices throughout the World. For the year ended 31 August 2012, the company achieved an EBITDA of £1.18 million on sales of £3.31 million, well ahead of budget and trading in the previous year. In the current year to 31 August 2013, sales growth continues to be strong but continuing investment in the PetVet scanner (an MRI scanner for the companion animal market i.e. cats and dogs) is expected to hold back EBITDA growth."

[127tolmers] 14/8/2013 09:51

rivaldo, yes I just copied my comment on Motley Fool over to this board.

[rivaldo] 14/8/2013 09:31

Great minds think alike tolmers - your post is almost an exact repeat of mine :o))

[127tolmers] 14/8/2013 08:39

Half year results have NAV at 112.8p or 103.7p at today's Scancell prices.

Hygea sold 1m Scancell shares at 43.6p in the period up to 30 June and another 0.5m shares at 49.2p afterwards. They were unable to participate in the open offer at 22.5p due to HMRC rules.

They are upbeat that they have another 4 companies other than Scancell with significant potential; reading between the lines they seem to be Hallmarq, Omega Diagnostics, Glide and EKF diagnostics.

3p divi to be paid on 25 Oct.

Share price jumped this morning as buyers came out of the woods

[rivaldo] 14/8/2013 08:37

Interim results out today show a current 103.7p NAV (112p at 30th June), with a 3p interim divi coming our way:



Interesting comment that "We currently consider there to be at least five companies (including Scancell) each of which has the potential to achieve significant growth in value".

Some good profit-taking in hindsight at SCLP at 40p+, but a shame that HMRC rules prevented HYG from reinvesting at basically half the price at 22.5p!

I like the Hallmarq comment that "PetVet (which started two years ago) has been completed, with the first system being delivered to a vet practice in August 2013."

I'm reasonably happy overall with the strategy and the way things are going.