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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Seneca Growth Capital Vct Plc | 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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.50 | 10.00 | 17.00 | 13.50 | 13.50 | 13.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | -2.26M | -2.75M | -0.0950 | -6.37 | 17.5M |
TIDMHYG For immediate release 10 July 2019 Seneca Growth Capital VCT Plc Unaudited Half-Yearly Report For the Six Months Ended 30 June 2019 Financial Headlines Ordinary Shares 33.6p Net Asset Value per share at 30 June 2019 52.25p Cumulative dividends paid to date 85.85p Total return per share since launch B Shares 99.5p Net Asset Value per share at 30 June 2019 1.5p Cumulative dividends paid to date 101p Total return per share since launch Financial Summary Six months to Six months to Year to Year to 30 June 2019 30 June 2019 Six months to 31 December 2018 31 December 2018 Ordinary Share Pool B Share Pool 30 June 2018 (Ordinary Share Pool only) (Ordinary Share Pool) (B Share Pool) Net assets (GBP'000s) 2,728 5,359 5,053 5,282 3,999 Return on ordinary activities after tax (GBP'000s) (281) 102 (127) 102 (36) Earnings per share (3.5p) 2.1p (1.5p) 1.3p (0.9p) Net asset 33.6p 99.5p 62.3p 65.1p 99.1p value per share Dividends 52.25p 1.5p 24.25p 24.25p - paid to date Total 85.85p 101.0p 86.55p 89.35p 99.1p return per share Dividends 18.0p 1.5p - 10.0p - declared for the period For further information, please contact: John Hustler, Seneca Growth Capital VCT Plc at john.hustler@btconnect.com https://www.globenewswire.com/Tracker?data=mFLRIPGXYpC5PVnWft47g7VnaK3lVVRJOFao-Mz3OGF3OsJxVj3CkFCApCi19J07mrMeB4xLSWTWSyfcGdtecgBn7H5pQsjQcE1qR1l8yeFkySfEfascg6cXhr52hdPN Richard Manley, Seneca Growth Capital VCT Plc at Richard.Manley@senecapartners.co.uk https://www.globenewswire.com/Tracker?data=UKcjvoAuqCfgo3keo6u2217NM9u5xftvbJgR_z_DMTBkTkemuu75V-a0bEKu_9pfyhykohD2knElgdvwogNJW_AywIqrzsRElmU6JnP78EibB5teeOHO2arD52qBQo-_2imZpaT-kqWyJjeNYl-deg== Chairman's Statement I present the unaudited results for the six months ended 30 June 2019. The Company's net asset values ('NAV') per Ordinary Share and per B Share at 30 June 2019 were: -- Per Ordinary Share -- 33.6p compared to 65.1p at 31 December 2018 and 62.3p at 30 June 2018; and -- Per B Share -- 99.5p compared to 99.1p at 31 December 2018 (No B Shares were in issue as at 30 June 2018). Dividends paid during the period were as follows: -- 2 dividends totalling 28p per Ordinary Share; and -- 1 dividend of 1.5p per B Share. The Company's maiden B share offer closed in the period and it was very pleasing to see that a total of GBP5.5m was raised. It was also positive to see that the Company's Investment Manager, Seneca Partners Limited ("Seneca"), added a further 4 new investments to the B Share pool during the period as noted below: Company Name Date of Investment Amount Invested ------------------------ ------------------ --------------- Fabacus Holdings Limited 15 February 2019 GBP500,000 ------------------------ ------------------ --------------- SkinBioTherapeutics Plc 21 February 2019 GBP750,000 ------------------------ ------------------ --------------- Old St Labs Limited 28 March 2019 GBP500,000 ------------------------ ------------------ --------------- Qudini Limited 4 April 2019 GBP500,000 ------------------------ ------------------ --------------- The above investments take the total number of investments in the B Share portfolio to 5 and further information in relation to each investee company was included in the 2018 Annual Report and can also be found on the Company's website https://www.globenewswire.com/Tracker?data=82KJD4VeS-FmkViGAZpq9zw61a8mWH4QnXPtweQ0jbDScwvzrxYolVJNfE5p_IoUhBXv-IU2rlGPm7WE8ITxbq6h4bRciTExdPt3LZZ7IeE= www.senecavct.co.uk Results - Ordinary Shares The total reduction in NAV per Ordinary Share for the six month period to 30 June 2019 amounted to 31.5p (June 2018: reduction 1.5p). This reduction is the result of the combination of dividend payments made in the period totalling 28p per Ordinary Share and a negative capital return of 3.5p per Ordinary Share (30 June 2018: negative 0.8p), net of the corresponding reduction in the accrued performance fee relating to the Ordinary Share pool: the amount of the performance fee accrued at 30 June 2019 is GBP118,996. The negative capital return of 3.5p per Ordinary Share noted above is principally a result of the reduction in the value of the Ordinary Share pool's AIM portfolio which has seen reductions in the bid prices of the shares of Omega Diagnostics Group PLC ('Omega') and Scancell Holdings Plc ('Scancell'), with bid prices of 9.7p and 6.5p respectively. The value of the Ordinary Share pool's unquoted portfolio remains in line with the valuations as at 31 December 2018. Portfolio review -- Ordinary Shares Following the sale of the Ordinary Share pool's investment in Hallmarq Veterinary Imaging Limited in December 2018, realising GBP2.9m, we were very happy to be able to pay dividends totalling 28p per Ordinary Share during the 6 month period to 30 June 2019. The Total Return in relation to the Ordinary Shares is now 85.85p comprising cumulative distributions of 52.25p per Ordinary Share and a residual NAV per Ordinary Share of 33.6p as at 30 June 2019. The Company's holding in Scancell (13,049,730 shares) continues to represent approximately one third of the Ordinary Share pool portfolio value at 30 June 2019 and the shares have been valued at their bid price of 6.5p as at 30 June 2019 (12.5p per share as at 30 June 2018, and 9.0p as at 31 December 2018). Whilst this represents a reduction of 27.8% compared to the bid price as at 31 December 2018 (2018 nil movement), we are encouraged by the company's progress during the six month period to 30 June 2019 noting in particular: -- The strengthening of the company's senior team in January 2019 by appointing Dr Samantha Paston as Head of Research and Dr Adrian Parry as Head of Manufacturing; -- The company receiving the necessary regulatory and ethical approvals in April 2019 to initiate the UK arm of the SCIB1 clinical trial; and -- Raising gross proceeds of GBP3.9m by the issue of 77.6 million new ordinary shares to Vulpes Life Sciences Fund in June 2019, following which, Martin Diggle, Co-Founder and Portfolio Manager of Vulpes Investment Management, was appointed to the Scancell's Board of Directors as a Non-Executive Director. We have reviewed the valuation of the Ordinary Share pool's unquoted portfolio and do not believe that any revaluations are necessary as at 30 June 2019, and we continue to monitor the portfolio for opportunities to realise the Ordinary Share pool's investments at appropriate values. Results -- B Shares The increase in NAV for the six month period to 30 June 2019 amounted to 0.4p per B Share (June 2018 -- N/A as the first B shares were not issued until 23 August 2018). This increase is the result of the combination of the dividend payment of 1.5p per B Share made in the period, a negative revenue return of 0.7p per B Share (June 2018 -- N/A) and a positive capital return per B Share of 2.8p (June 2018 -- N/A). The remaining movement is a function of the increasing number of B Shares in issue throughout the period, with the return per share being calculated using a weighted average number of shares. The positive capital return of 2.8p per B Share noted above is a result of the increase in the bid price of the B Share pool's AIM quoted investment in SkinBioTherapeutics Plc, which increased to 19.5p as at 30 June 2019 compared to a cost price of 16p per share. As a result of this increase in value, the Investment Manager took the opportunity to realise a small proportion (3.7%) of the B Share pool holding, selling 175,000 shares and realising a gain of GBP14,289 on the disposal. The value of the B Share pool's unquoted portfolio remains in line with the values as at 31 December 2018. Portfolio review -- B Shares We are pleased with the development of the B Share portfolio and in particular that the Investment Manager has already made 5 investments, including one AIM quoted investment. The Investment Manager is currently exploring a number of further potential investment opportunities for the B Share pool and we therefore look forward to the continued development of the B Share portfolio. Whilst the five investments made by the B Share pool were all made relatively recently, we were also pleased to note the increase in the share price of AIM quoted SkinBioTherapeutics Plc during the period. We have also reviewed the valuation of the B Share pool's unquoted portfolio comprising four companies as at 30 June 2019 and do not believe that any revaluations are necessary as at that date. Fundraising Having launched the Company's B Share class in 2018 the Board were very
pleased with the GBP5.5m raised under that maiden B Share offer. We will shortly launch our next offer for B shares to raise a further GBP10 million (with an overallotment facility of an additional GBP10 million) to enable Seneca to continue to increase the number and diversity of investments in the B Share pool. Presentation of half-year report As previously noted, in order to simplify this report and to reduce costs, we have omitted details of the Company's objectives and investment strategy, its Advisers and Registrars and how to buy and sell shares in the Company. These details are all included in the latest Annual Report and can be accessed on the Company's website at https://www.globenewswire.com/Tracker?data=82KJD4VeS-FmkViGAZpq9zw61a8mWH4QnXPtweQ0jbBMuw9eiIxNhaSvkWoQt1tywGmwE--DlEIM3PXffUG8nB1xCLFFPMNrCxUBpvasYr8= www.senecavct.co.uk Outlook After a year of significant developments and change in the Ordinary Share portfolio, including the successful exit of the Company's largest investment in December 2018, 2019 is expected to represent a period of consolidation for the Ordinary Share Pool. We note that 2018/19 was again a very strong year for VCT fundraising in the UK with more than GBP700m flowing into VCTs in the period. Against this backdrop, the Board remain optimistic about the success of the imminent B Share offer and the continued development of the B Share portfolio. John Hustler Chairman 10 July 2019 Investment Portfolio -- Ordinary Shares Investment Unrealised Carrying value at Movement in the six months to Unquoted Equity Held at cost profit/(loss) 30 June 2019 30 June 2019 Investments (%) (GBP'000) (GBP'000) (GBP'000) (GBP'000) -------------- ----------- ---------- ------------- ----------------------- ----------------------------- OR Productivity Limited 10.3 765 (101) 664 - Fuel 3D Technologies Limited <1.0 299 (23) 276 - Arecor Limited 1.3 141 63 205 - Insense Limited 4.6 509 (389) 120 - Microarray Limited 1.8 132 (65) 67 - ImmunoBiology Limited 2.0 868 (868) - - Exosect Limited 1.4 270 (270) - - Total Unquoted Investments 2,985 (1,653) 1,332 - Investment Unrealised Movement in the six months to Quoted at cost profit/(loss) Carrying value at 30 June 2019 Investments Shares Held (GBP'000) (GBP'000) 30 June 2019 (GBP'000) (GBP'000) -------------- ----------- ---------- ------------- ----------------------- ----------------------------- Scancell plc 13,049,730 789 59 848 (326) Omega Diagnostics plc 2,293,868 328 (105) 223 (64) Total Quoted Investments 1,117 (46) 1,071 (390) -------------- ----------- ---------- ------------- ----------------------- ----------------------------- Total Investments 4,102 (1,699) 2,403 (390) -------------- ----------- ---------- ------------- ----------------------- ----------------------------- Investment Portfolio -- B Shares Investment Unrealised Carrying value at Movement in the six months to Equity Held at cost profit/(loss) 30 June 2019 30 June 2019 Unquoted Investments (%) (GBP'000) (GBP'000) (GBP'000) (GBP'000) -------------------- ----------- ---------- ------------- ----------------------- ----------------------------- Silkfred Limited <1.0 500 - 500 - Fabacus Limited 2.2 500 - 500 - Old St Labs Limited 3.4 500 - 500 - Qudini Limited 2.2 500 - 500 - Total Unquoted Investments 2,000 - 2,000 - Investment Unrealised Movement in the six months to at cost profit/(loss) Carrying value at 30 June 2019 Quoted Investments Shares Held (GBP'000) (GBP'000) 30 June 2019 (GBP'000) (GBP'000) -------------------- ----------- ---------- ------------- ----------------------- ----------------------------- SkinBioTherapeutics plc 4,502,107 720 158 878 158 Total Quoted Investments 720 158 878 158 -------------------- ----------- ---------- ------------- ----------------------- ----------------------------- Total Investments 2,720 158 2,878 158 -------------------- ----------- ---------- ------------- ----------------------- ----------------------------- Responsibility Statement of the Directors in respect of the half-yearly report We confirm that to the best of our knowledge: -- the half-yearly financial statements have been prepared in accordance with the statement "Interim Financial Reporting" issued by the Financial Reporting Council; -- the half-yearly report includes a fair review of the information required by the Financial Services Authority Disclosure and Transparency Rules, being: -- an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements. -- a description of the principal risks and uncertainties for the remaining six months of the year. -- a description of related party transactions that have taken place in the first six months of the current financial year that may have materially affected the financial position or performance of the Company during that period and any changes in the related party transactions described in the last annual report that could do so. On behalf of the Board: John Hustler Chairman 10 July 2019 Income Statement - Combined Combined Combined Combined Six months to 30 June 2019 Six months to 30 June 2018 Year to 31 December 2018 Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Gain on disposal of fixed asset investments - 52 52 - 6 6 - 903 903 Loss on valuation of fixed asset investments - (232) (232) - (108) (108) - (716) (716) Performance fee - 71 71 - 32 32 - (26) (26) Investment management fee net of cost cap 20 (35) (15) - - - 36 (18) 18 Other expenses (55) - (55) (57) - (57) (113) - (113) Return on ordinary activities before tax (35) (144) (179) (57) (70) (127) (77) 143 66 Taxation on return on ordinary activities - - - - - - - - - Return on ordinary activities after tax (35) (109) (179) (57) (70) (127) (77) 143 66 ------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -- The 'Total' column of this statement is the profit and loss account of the Company; the supplementary Revenue return and Capital return columns
have been prepared under guidance published by the Association of Investment Companies. -- All revenue and capital items in the above statement derive from continuing operations. -- The accompanying notes are an integral part of the half-yearly report. -- The Company has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds. -- The Company has no recognised gains or losses other than the results for the period as set out above. Accordingly a Statement of Comprehensive Income is not required. Income Statement -- Ordinary Shares Ordinary Shares Ordinary Shares Ordinary Shares Six months to 30 June 2019 Six months to 30 June 2018 Year to 31 December 2018 Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Gain on disposal of fixed asset investments - 38 38 - 6 6 - 903 903 Loss on valuation of fixed asset investments - (390) (390) - (108) (108) - (716) (716) Performance fee - 71 71 - 32 32 - (26) (26) Investment management fee net of cost cap - - - - - - - - - Other expenses - - - (57) - (57) (59) - (59) Return on ordinary activities before tax - (281) (281) (57) (70) (127) (59) 161 102 Taxation on return on ordinary activities - - - - - - - - - Return on ordinary activities after tax - (281) (281) (57) (70) (127) (59) 161 102 ------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Earnings per share -- basic and diluted - (3.5p) (3.5p) (0.7p) (0.8p) (1.5p) (0.7p) 2.0p 1.3p ------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Income Statement -- B Shares B Shares B Shares B Shares Six months to 30 June 2019 Six months to 30 June 2018 Year to 31 December 2018 Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Gain on disposal of fixed asset investments - 14 14 - - - - - - Gain on valuation of fixed asset investments - 158 158 - - - - - - Performance fee - - - - - - - - - Investment management fee net of cost cap 20 (35) (15) - - - 36 (18) 18 Other expenses (55) - (55) - - - (54) - (54) Return on ordinary activities before tax (35) `137 102 (18) (18) (36) Taxation on return on ordinary activities - - - - - - - - - Return on ordinary activities after tax (35) 137 102 - - - (18) (18) (36) ------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Earnings per share -- basic and diluted (0.7p) 2.8p 2.1p - - - (0.45p) (0.45p) (0.9p) ------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Balance Sheet - Combined Combined Combined Combined As at 30 June 2019 As at 30 June 2018 As at 31 December 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------- -------- ----------- -------- ----------- ---------- ----------------- Fixed asset investments* 5,281 5,431 3,293 Current assets: Cash received for B shares not yet allotted - 1,648 219 Cash at Bank 2,934 7 6,227 Debtors 119 10 23 ---------------- -------- ----------- -------- ----------- ---------- ----------------- 3,053 1,665 6,469 Creditors: Amounts falling due within one year (128) (63) (72) Cash received for B shares not yet allotted - (1,648) (219) Bank Loan - (200) - ---------------- -------- ----------- -------- ----------- ---------- ----------------- (128) (1,911) (291) Net current assets 2,925 (246) 6,178 Performance fee payable (119) (132) (190) Net assets 8,087 5,053 9,281 ---------------- -------- ----------- -------- ----------- ---------- ----------------- Called up equity share capital 135 4,058 121 Share premium 1,889 - 568 Special distributable reserve 8,489 3,397 10,839 Capital redemption reserve - 38 - Capital reserve -- gains/(losses) on disposal 1,117 (381) 1,029 -- holding gains/(losses) (1,541) (113) (1,309) Revenue reserve (2,002) (1,946) (1,967) ---------------- -------- ----------- -------- ----------- ---------- ----------------- Total equity shareholders' funds 8,087 5,053 9,281 ---------------- -------- ----------- -------- ----------- ---------- ----------------- *At fair value through profit and loss Balance Sheet -- Ordinary Shares Ordinary Shares Ordinary Shares Ordinary Shares As at 31 December As at 30 June 2019 As at 30 June 2018 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------- -------- ----------- -------- ----------- ------- ------------ Fixed asset investments* 2,403 5,431 2,793 Current assets: Cash received for B Shares not yet allotted - 1,648 - Cash at Bank 476 7 2,738 Debtors - 10 - ---------------- -------- ----------- -------- ----------- ------- ------------ 476 1,665 2,738 Creditors: Amounts falling due within one year (32) (63) (59)
Cash received for B shares not yet allotted - (1,648) - Bank Loan - (200) - ---------------- -------- ----------- -------- ----------- ------- ------------ (32) (1,911) (59) Net current assets 444 (246) 2,679 Performance fee payable (119) (132) (190) Net assets 2,728 5,053 5,282 ---------------- -------- ----------- -------- ----------- ------- ------------ Called up equity share capital 81 4,058 81 Share premium - - - Special distributable reserve 5,139 3,397 7,412 Capital redemption reserve - 38 - Capital reserve -- gains/(losses) on disposal 1,156 (381) 1,047 -- holding gains/(losses) (1,699) (113) (1,309) Revenue reserve (1,949) (1,946) (1,949) ---------------- -------- ----------- -------- ----------- ------- ------------ Total equity shareholders' funds 2,728 5,053 5,282 ---------------- -------- ----------- -------- ----------- ------- ------------ Net asset value 33.6p 62.3p 65.1p per share ---------------- -------- ----------- -------- ----------- ------- ------------ *At fair value through profit and loss Balance Sheet -- B Shares B Shares B Shares B Shares As at 30 June 2019 As at 30 June 2018 As at 31 December 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------- -------- ----------- -------- ----------- ---------- ----------------- Fixed asset investments* 2,878 - 500 Current assets: Cash received for B Shares not yet allotted - - 219 Cash at Bank 2,458 - 3,489 Debtors 119 - 23 ---------------- -------- ----------- -------- ----------- ---------- ----------------- 2,577 - 3,731 Creditors: Amounts falling due within one year (96) - (13) Cash received for B Shares not yet allotted - - (219) ---------------- -------- ----------- -------- ----------- ---------- ----------------- (96) - (232) Net current assets 2,481 - 3,499 Performance fee payable - - - Net assets 5,359 - 3,999 ---------------- -------- ----------- -------- ----------- ---------- ----------------- Called up equity share capital 54 - 40 Share premium 1,889 - 568 Special distributable reserve 3,350 - 3,427 Capital redemption reserve - - - Capital reserve -- gains/(losses) on disposal (39) - (18) -- holding gains/(losses) 158 - - Revenue reserve (53) - (18) ---------------- -------- ----------- -------- ----------- ---------- ----------------- Total equity shareholders' funds 5,359 - 3,999 ---------------- -------- ----------- -------- ----------- ---------- ----------------- Net asset value 99.5p - 99.1p per share ---------------- -------- ----------- -------- ----------- ---------- ----------------- *At fair value through profit and loss Statement of Changes in Equity - Combined Special Capital Share distributable redemption Capital reserve gains/ Capital reserve holding gains/ Revenue Capital Share premium GBP'000 reserve reserve (losses) (losses) reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------- ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- As at 1 January 2018 4,058 - 3,397 38 (432) 9 (1,890) 5,180 Revenue return on ordinary activities after tax - - - - - - (57) (57) Performance fee allocated as capital expenditure - - - - 32 - - 32 Current period gains on disposal - - - - 6 - - 6 Current period losses on fair value of investments - - - - - (108) - (108) Prior years' unrealised gains now realised - - - - 13 (13) - - -------------- ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- Balance as at 30 June 2018 4,058 - 3,397 38 (381) (112) (1,947) 5,053 As at 1 January 2018 4,058 - 3,397 38 (432) 9 (1,890) 5,180 B Share issue 40 3,995 - - - - - 4,035 Capital restructuring (3,977) - - 3,977 - - - - Capital reduction - (3,427) 7,442 (4,015) - - - - Revenue return on ordinary activities after tax - - - - - - (77) (77) Expenses charged to capital - - - - (18) - - (18) Performance fee allocated as capital expenditure - - - - (26) - - (26) Current period gains on disposal - - - - 903 - - 903 Current period losses on fair value of investments - - - - - (716) - (716) Prior years' unrealised losses now realised - - - - 602 (602) - - -------------- ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- Balance as at 31 December 2018 121 568 10,839 - 1,029 (1,309) (1,967) 9,281 B Share issue 14 1,321 - - - - - 1,335 Revenue return on ordinary activities after tax - - - - - - (35) (35) Expenses charged to capital - - - - (35) - - (35) Performance fee allocated as capital expenditure - - - - 71 - - 71
Dividends paid - - (2,350) - - - - (2,350) Current period gains on disposal - - - - 52 - - 52 Current period losses on fair value of investments - - - - - (232) - (232) Prior years' unrealised gains now realised - - - - - - - - -------------- ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- Balance as at 30 June 2019 135 1,889 8,489 - 1,117 (1,541) (2,002) 8,087 -------------- ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- Statement of Changes in Equity -- Ordinary Shares Special Capital Share distributable redemption Capital reserve gains/ Capital reserve holding gains/ Revenue Capital Share premium GBP'000 reserve reserve (losses) (losses) reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------- ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- As at 1 January 2018 4,058 - 3,397 38 (432) 9 (1,890) 5,180 Revenue return on ordinary activities after tax - - - - - - (57) (57) Performance fee allocated as capital expenditure - - - - 32 - - 32 Current period gains on disposal - - - - 6 - - 6 Current period losses on fair value of investments - - - - - (108) - (108) Prior years' unrealised gains now realised - - - - 13 (13) - - -------------- ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- Balance as at 30 June 2018 4,058 - 3,397 38 (381) (112) (1,947) 5,053 As at 1 January 2018 4,058 - 3,397 38 (432) 9 (1,890) 5,180 Capital restructuring (3,977) - - 3,977 - - - - Capital reduction - - 4,015 (4,015) - - - - Revenue return on ordinary activities after tax - - - - - - (59) (59) Expenses charged to capital - - - - - - - - Performance fee allocated as capital expenditure - - - - (26) - - (26) Current period gains on disposal - - - - 903 - - 903 Current period losses on fair value of investments - - - - - (716) - (716) Prior years' unrealised losses now realised - - - - 602 (602) - - -------------- ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- Balance as at 31 December 2018 81 - 7,412 - 1,047 (1,309) (1,949) 5,282 Revenue return on ordinary activities after tax - - - - - - - - Performance fee allocated as capital expenditure - - - - 71 - - 71 Dividends paid - - (2,273) - - - - (2,273) Current period gains on disposal - - - - 38 - - 38 Current period losses on fair value of investments - - - - - (390) - (390) Prior years' unrealised gains now realised - - - - - - - - -------------- ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- Balance as at 30 June 2019 81 - 5,139 - 1,156 (1,699) (1,949) 2,728 -------------- ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- Statement of Changes in Equity -- B Shares Special Capital Share distributable redemption Capital reserve gains/ Capital reserve holding gains/ Revenue Capital Share premium GBP'000 reserve reserve (losses) (losses) reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------ ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- As at 1 January 2018 - - - - - - - - Balance as at 30 June 2018 - - - - - - - - As at 1 January 2018 - - - - - - - - B Share issue 40 3,995 - - - - - 4,035 Capital reduction (3,427) 3,427 - - - - - Revenue return on ordinary activities after tax - - - - - - (18) (18) Expenses charged to capital - - - - (18) - - (18) Balance as at 31 December 2018 40 568 3,427 - (18) - (18) 3,999 B Share issue 14 1,321 - - - - - 1,335 Revenue return on ordinary activities after tax - - - - - - (35) (35) Expenses charged to capital - - - - (35) - - (35) Dividends paid - - (77) - - - - (77) Current period gains on disposal - - - - 14 - - 14 Current period gains on fair value of investments - - - - - 158 - 158 Prior years' unrealised gains now realised - - - - - - - -
------------ ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- Balance as at 30 June 2019 54 1,889 3,350 - (39) 158 (53) 5,359 ------------ ------- ----------------------- ------------- ---------- ---------------------- ------------------------------ ------- ------- Statement of Cash Flows -- Combined Combined Combined Combined Six months to 30 June 2019 Six months to 30 June 2018 Year to 31 December 2018 GBP'000 GBP'000 GBP'000 -------------------------- --------------------------- --------------------------- ------------------------- Cash flows from operating activities Return on ordinary activities before tax (179) (127) 66 Adjustments for: Increase in debtors (96) (3) (16) (Decrease)/increase in creditors (234) (36) 31 Gain on disposal of fixed asset investments (14) (6) (903) Loss on valuation of fixed asset investments 232 108 716 -------------------------- --------------------------- --------------------------- ------------------------- Cash from operations (291) (64) (106) Income taxes paid - - - -------------------------- --------------------------- --------------------------- ------------------------- Net cash used in operating activities (291) (64) (106) Cash flows from investing activities Purchase of fixed asset investments (2,248) - (500) Sale of fixed asset investments 42 31 2,958 -------------------------- --------------------------- --------------------------- ------------------------- Total cash flows from investing activities (2,206) 31 2,458 Cash flows from financing activities Dividends paid (2,350) - - Issue of B shares 1,335 - 4,035 Cash raised for B shares not yet allotted - 1,648 219 Bank loan - 200 - -------------------------- --------------------------- --------------------------- ------------------------- Total cash flows from financing activities (1,015) 1,848 4,254 Increase in cash and cash equivalents (3,512) 1,815 6.606 Opening cash and cash equivalents 6,446 (160) (160) Closing cash and cash equivalents 2,934 1,655 6,446 -------------------------- --------------------------- --------------------------- ------------------------- Statement of Cash Flows -- Ordinary Shares Ordinary Shares Ordinary Shares Ordinary Shares Six months to 30 June 2019 Six months to 30 June 2018 Year to 31 December 2018 GBP'000 GBP'000 GBP'000 -------------------------- --------------------------- --------------------------- ------------------------- Cash flows from operating activities Return on ordinary activities before tax (281) (127) 102 Adjustments for: (Increase)/decrease in debtors - (3) 7 (Decrease)/Increase in creditors (98) (36) 18 Gain on disposal of fixed asset investments - (6) (903) Loss on valuation of fixed asset investments 390 108 716 -------------------------- --------------------------- --------------------------- ------------------------- Cash from operations 11 (64) (60) Income taxes paid - - - -------------------------- --------------------------- --------------------------- ------------------------- Net cash used in operating activities 11 (64) (60) Cash flows from investing activities Purchase of fixed asset investments - - - Sale of fixed asset investments - 31 2,958 -------------------------- --------------------------- --------------------------- ------------------------- Total cash flows from investing activities - 31 2,958 Cash flows from financing activities Dividend paid (2,273) - - Cash raised for B shares not yet allotted - 1,648 - Bank loan - 200 - -------------------------- --------------------------- --------------------------- ------------------------- Total cash flows from financing activities (2,273) 1,848 - Increase in cash and cash equivalents (2,262) 1,815 2,898 Opening cash and cash equivalents 2,738 (160) (160) Closing cash and cash equivalents 476 1,655 2,738 -------------------------- --------------------------- --------------------------- ------------------------- Statement of Cash Flows -- B Shares B Shares B Shares B Shares Six months to 30 June 2019 Six months to 30 June 2018 Year to 31 December 2018 GBP'000 GBP'000 GBP'000 -------------------------- --------------------------- --------------------------- ------------------------- Cash flows from operating activities Return on ordinary activities before tax 102 - (36) Adjustments for: Increase in debtors (96) - (23) (Decrease)/increase in creditors (136) - 13 Gain on disposal of fixed asset investments (14) - - Gain on valuation of fixed asset investments (158) - - -------------------------- --------------------------- --------------------------- ------------------------- Cash from operations (302) - (46) Income taxes paid - - -------------------------- --------------------------- --------------------------- ------------------------- Net cash used in operating activities (302) - (46) Cash flows from investing activities Purchase of fixed asset investments (2,248) - (500) Sale of fixed asset investments 42 - -
-------------------------- --------------------------- --------------------------- ------------------------- Total cash flows from investing activities (2,206) - (500) Cash flows from financing activities Issue of B shares 1,335 - 4,035 Cash raised for B shares not yet allotted - - 219 Dividends paid (77) - - Bank loan - - - -------------------------- --------------------------- --------------------------- ------------------------- Total cash flows from financing activities 1,258 - 4,254 Increase in cash and cash equivalents (1,250) - 3,708 Opening cash and cash equivalents 3,708 - - Closing cash and cash equivalents 2,458 - 3,708 -------------------------- --------------------------- --------------------------- ------------------------- Notes to the Half-Yearly Report 1. Basis of preparation The unaudited half-yearly results which cover the six months to 30 June 2019 have been prepared in accordance with the Financial Reporting Council's (FRC) Financial Reporting Standard 104 Interim Financial Reporting ('FRS 104') and the Statement of Recommended Practice (SORP) for Investment Companies re-issued by the Association of Investment Companies in November 2014. Details of the accounting policies and valuation methodologies are included within the Annual Report on Pages 59-71. 2. Publication of non-statutory accounts The unaudited half-yearly results for the six months ended 30 June 2019 do not constitute statutory accounts within the meaning of Section 415 of the Companies Act 2006. The comparative figures for the year ended 31 December 2018 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor's report on those financial statements, in accordance with chapter 3, part 16 of the Companies Act 2006, was unqualified. This half-yearly report has not been reviewed by the Company's auditor. 3. Earnings per share The earnings per Ordinary Share at 30 June 2019 are calculated on the basis of 8,115,376 shares (31 December 2018: 8,115,376 and 30 June 2018: 8,115,376) being the weighted average number of shares in issue during the period. The earnings per B Share at 30 June 2019 are calculated on the basis of 4,783,679 (31 December 2018: 3,412,545 and 30 June 2018: nil) being the weighted average number of shares in issue during the period. There are no potentially dilutive capital instruments in issue and, therefore, no diluted returns per share figures are relevant. 4. Net asset value per share The net asset value per Ordinary Share is based on net assets as at 30 June 2019 divided by 8,115,376 (31 December 2018: 8,115,376 and 30 June 2018: 8,115,376) shares in issue at that date. The net asset value per B Share is based on net assets as at 30 June 2019 divided by 5,387,664 (31 December 2018: 4,036,370 and 30 June 2018: nil) shares in issue at that date. 5. Principal risks and uncertainties The Company's assets consist of equity and fixed interest investments, cash and liquid resources. Its principal risks are therefore market risk, credit risk and liquidity risk. Other risks faced by the Company include economic, loss of approval as a Venture Capital Trust, investment and strategic, regulatory, reputational, operational and financial risks. These risks, and the way in which they are managed, are described in more detail in the Company's Annual Report and Accounts for the year ended 31 December 2018. The Company's principal risks and uncertainties have not changed materially since the date of that report. 6. Related party transactions Certain Directors are entitled to participate in a performance bonus as detailed in note 6 of the Annual Report. Those Directors are entitled to receive a performance incentive fee, of up to 20% of sums returned to shareholders by way of dividends and capital distributions of whatever nature, which in aggregate exceeds the sum of 80p per share (including dividends paid to date, i.e. 52.25p per Ordinary Share, but excluding any sums returned to shareholders from HMRC in the year of subscription). Full details are included in the Directors' Remuneration Report and in Note 5 of the 2018 Annual Report and Accounts, which can be viewed on the Company's website. The management fee payable to Seneca is calculated as 2% of the weighted average net assets of the B share portfolio. As a result, Seneca would have earned GBP46,712 in management fees in the current period, however this is reduced to GBP15,420 as a result of the 3% cost cap. No payment has been made to Seneca, as money is still recoverable from Seneca as a result of the amounts outstanding from 2018 in line with the cost cap applied for that period. The remaining balance (GBP2,997) will be deducted from fees to be paid to Seneca for services in 2019 (31 December 2018: GBP18,417 recoverable from Seneca, 30 June 2018: N/A). Seneca accrued GBP141,250 (31 December 2018: GBP19,997, 30 June 2018: GBPnil) in transaction fees, monitoring and directors' fees from investee companies. Seneca may also become entitled to a performance fee. See note 3 to the Annual Report for more information on these fees. As detailed in the offer for subscription document dated 9 May 2018, Seneca (as promoters of the offer) were entitled to charge the Company up to 5.5% of investors' subscriptions. A total of GBP18,018 has been paid to Seneca in the period (31 December 2018: GBP40,596, 30 June 2018: n/a), based on allotments of GBP1,353,150 in the period. 7. Events after the Balance Sheet Date There are no post balance sheet events. 8. Copies of this statement are available from the Registrar's office at Neville House, Steelpark Road, Halesowen, B62 8HD, and on the company's website -- www.senecavct.co.uk.
(END) Dow Jones Newswires
July 10, 2019 12:20 ET (16:20 GMT)
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