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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 |
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TIDMHYG
For immediate release 24 July 2018
Hygea vct plc
Unaudited Half-Yearly Report
For the Six Months Ended 30 June 2018
Financial Headlines
62.3p Net Asset Value per share at 30 June 2018
24.25p Cumulative dividends paid to date
86.55p Total return per share since launch
Financial Summary
Six months to Six months to Year to
30 June 2018 30 June 2017 31 December 2017
Net assets (GBP'000s) 5,053 5,225 5,180
Return on ordinary activities
after tax (GBP'000s) (127) (322) (367)
Earnings per share (1.5p) (3.9p) (4.5p)
Net asset value per share 62.3p 64.4p 63.8p
Dividends paid to date 24.25p 24.25p 24.25p
Total return per share 86.55p 88.65p 88.05p
Dividends declared for the - - -
period
Chairman's Statement
I present the unaudited results for the six months ended 30 June 2018.
The Company's net asset value ('NAV') per share at 30 June 2018 was
62.3p compared to 63.8p at 31 December 2017 and 64.4p at 30 June 2017.
Results
The total negative return for the period amounted to 1.5p per share
(June 2017: negative 3.9p) and is made up of a negative revenue return
of 0.7p (June 2017: negative 0.7p) and a negative capital return of 0.8p
(June 2017: negative 3.2p), net of performance fee reduction.
The value of our AIM portfolio has reduced in the period through the
fall in the bid price of Omega Diagnostics Group PLC ('Omega') shares
following publication of the results of the strategic review on 10 April
2018, albeit that, in the opinion of the Hygea Board, the actions
resulting from the strategic review will strengthen Omega's business.
Scancell Holdings Plc ('Scancell') shares have returned to the share
price as reported in Hygea's 2017 accounts, despite the very encouraging
third party endorsements of Scancell's science as reported in Hygea's
2017 accounts. Our unquoted portfolio remains as valued at 31 December
2017.
As previously reported, 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 is due to be repaid by 30 September 2018.
Portfolio review
During the period we have realised 200,000 shares in Scancell at an
average price of 15.7p to provide working capital to cover operating
expenses.
The Company's holding in Scancell (13,049,730 shares) continues to
represent approximately one third of the portfolio at 30 June 2018 and
the shares have been valued at their bid price of 12.5p. As reported in
our update on 3 May 2018, Scancell announced a placing and open offer to
raise up to GBP8.9 million at 12p per share in which we were unable to
partake and which successfully raised GBP8.7 million, and so our holding
has been further diluted to 3.5%. This fundraising will allow further
development of the Moditope and ImmunoBody platforms and other studies.
Following Omega's April 2018 announcement referred to above, the share
price has recovered a little on recent news of the sale of the
infectious disease business, enabling funds to be redeployed from a low
growth business into projects with a much higher growth potential and
which the company has been developing over a number of years.
We have reviewed the valuation of our unquoted portfolio and do not
believe that any revaluations are necessary but overall we remain
pleased with the development of that portfolio.
I have previously expressed some optimism regarding potential liquidity
events in the portfolio and your Board remains of the view that such an
event may occur before the Company's year-end.
Fundraising
As shareholders will be aware, we published a prospectus to raise GBP10
million in a new B share class (with an overallotment facility of a
further GBP10 million) in May 2018. The funds raised for the B shares
will be managed by Seneca Partners Limited ('Seneca'). I am pleased to
say that, despite the challenges of fundraising so early in the new tax
year, as at 30 June 2018 over GBP1.6 million of applications had been
received and as at 20 July 2018 we have received a total of GBP2.4
million. Seneca, which is responsible for the fundraising, remains
optimistic that the minimum fundraise of GBP3 million will be reached
before 30 September 2018.
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 in the Prospectus (which also refers to certain
changes to the management of the Company and its Investment Policy and
other matters which will be effective as soon as the minimum
subscription has been reached and the first new B shares allotted).
These can both be accessed on the Company's website at www.hygeavct.com.
Outlook
2017/18 was the second best fundraising year for VCTs and we foresee
that the demand for the product in 2018/19 will outstrip supply in view
of the fact that many VCTs have raised significant funds which will need
to be invested in businesses which are at an earlier stage than many
managers are experienced in. Seneca's experience fits the parameters for
VCT investments well and we remain hopeful that our vision for both
existing shareholders (who will be able to retain their ordinary shares
at relatively low cost until liquidity events occur) and new B
shareholders (who will have access to, effectively, a new fund building
a portfolio of growth capital investments in UK SMEs run by an
experienced manager) will be realised before too long.
We are grateful to all shareholders and other applicants who have
applied for new B shares and will be updating you on the progress of the
fundraising via RIS announcements during the coming months.
John Hustler
Chairman
23 July 2018
Enquiries:
John Hustler, Hygea vct plc at john.hustler@btconnect.com
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396
Investment Portfolio
Unrealised Carrying value at Movement in the six months to
Unquoted Equity Held Investment at profit/(loss) 30 June 2018 30 June 2018
Investments (%) cost (GBP'000) (GBP'000) (GBP'000) (GBP'000)
Hallmarq
Veterinary
Imaging
Limited 10.2 1,116 913 2,029 -
OR Productivity
Limited 11.1 765 (101) 664 -
Fuel 3D
Technologies
Limited <1.0 299 (23) 276 -
Arecor Limited 1.9 141 111 252 -
Insense Limited 4.6 509 (388) 121 -
Exosect Limited 1.3 270 (150) 120 -
Microarray
Limited 1.8 132 (65) 67 -
ImmunoBiology
Limited 2.0 868 (868) - -
Glide
Pharmaceutical
Technologies
Limited 1.2 326 (326) - -
Total Unquoted
Investments 4,426 (897) 3,529 -
Unrealised Movement in the six months to
Quoted Investment at profit/(loss) Carrying value at 30 June 2018
Investments Shares Held cost (GBP'000) (GBP'000) 30 June 2018 (GBP'000) (GBP'000)
Scancell plc 13,049,730 790 841 1,631 (25)
Omega
Diagnostics
plc 2,293,868 328 (57) 271 (108)
Total Quoted
Investments 1,118 784 1,902 (133)
Total
Investments 5,544 (113) 5,431 (133)
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
23 July 2018
Income Statement
Six months to 30 June Six months to 30 June
2018 2017 Year to 31 December 2017
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 - 6 6 - 26 26 - 19 19
Loss on
valuation
of fixed
asset
investments - (108) (108) - (368) (368) - (359) (359)
Performance
fee - 32 32 - 80 80 - 91 91
Investment
income - - - - - - - - -
Other
expenses (57) - (57) (60) - (60) (118) - (118)
Return on
ordinary
activities
before tax (57) (70) (127) (60) (262) (322) (118) (249) (367)
Taxation on
loss on
ordinary
activities - - - - - - - - -
Return on
ordinary
activities
after tax (57) (70) (127) (60) (262) (322) (118) (249) (367)
Earnings per
share -
basic and
diluted (0.7p) (0.8p) (1.5p) (0.7p) (3.2p) (3.9p) (1.5p) (3.0p) (4.5p)
-- 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.
As at 30 June As at 31 December
As at 30 June 2018 2017 2017
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed asset investments* 5,431 5,575 5,564
Current assets:
Cash received for B shares not yet
allotted 1,648 - -
Cash at Bank 7 - -
Debtors 10 9 7
1,665 9 7
Creditors:
Amounts falling due within one year (63) (72) (67)
Cash received for B shares not yet
allotted (1,648) - -
Cash at Bank - (112) (160)
Bank Loan (200) - -
(1,911) (184) (227)
Net current assets (246) (175) (220)
Performance fee payable (132) (175) (164)
Net assets 5,053 5,225 5,180
Called up equity share capital 4,058 4,058 4,058
Share premium - - -
Special distributable reserve 3,397 3,397 3,397
Capital redemption reserve 38 38 38
Capital reserve - gains/(losses) on
disposal (381) (38) (432)
- holding
gains/(losses) (113) (398) 9
Revenue reserve (1,946) (1,832) (1,890)
Total equity shareholders' funds 5,053 5,225 5,180
Net asset value per share 62.3p 64.4p 63.8p
*At fair value through profit and loss
Balance Sheet
Statement of Changes in Equity
Special Capital
Share distributable redemption Capital reserve gains/ Capital reserve holding gains/ Revenue
Capital reserve reserve (losses) (losses) reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1
January
2017 4,058 3,397 38 (121) (53) (1,772) 5,547
Revenue
return on
ordinary
activities
after tax - - - - - (60) (60)
Performance
fee
allocated
as capital
expenditure - - - 80 - - 80
Current
period
gains on
disposal - - - 26 - - 26
Current
period
losses on
fair value
of
investments - - - - (368) - (368)
Prior years'
unrealised
losses now
realised - - - (23) 23 - -
Balance as
at 30 June
2017 4,058 3,397 38 (38) (398) (1,832) 5,225
As at 1
January
2017 4,058 3,397 38 (121) (53) (1,772) 5,547
Revenue
return on
ordinary
activities
after tax - - - (118) (118)
Performance
fee
allocated
as capital
expenditure - - - 91 - - 91
Current
period
gains on
disposal - - - 19 - - 19
Current
period
losses on
fair value
of
investments - - - - (359) - (359)
Prior years'
unrealised
losses now
realised - - - (421) 421 - -
Balance as
at 31
December
2017 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
Statement of Cash Flows
Six months to 30 Six months to 30 Year to 31
June 2018 June 2017 December 2017
GBP'000 GBP'000 GBP'000
Cash flows from
operating
activities
Return on ordinary
activities before
tax (127) (322) (367)
Adjustments for:
Increase in
debtors (3) (5) (3)
Decrease in
creditors (36) (63) (79)
Gain on disposal
of fixed asset
investments (6) (26) (19)
Loss on valuation
of fixed asset
investments 108 368 359
Cash from
operations (64) (48) (109)
Income taxes paid - - -
Net cash used in
operating
activities (64) (48) (109)
Cash flows from
investing
activities
Purchase of fixed
asset investments - - -
Sale of fixed
asset
investments 31 121 134
Total cash flows
from investing
activities 31 121 134
Cash flows from
financing
activities
Cash raised for B
shares not yet
allotted 1,648 - -
Bank loan 200 - -
Total cash flows
from financing
activities 1,848 - -
Increase in cash
and cash
equivalents 1,815 73 25
Opening cash and
cash equivalents (160) (185) (185)
Closing cash and
cash equivalents 1,655 (112) (160)
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 30 June
2018 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
43-46.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 30 June 2018
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 2017 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 share at 30 June 2018 are calculated on the basis of
8,115,376 shares (31 December 2017 8,115,376 and 30 June 2017:
8,115,376) 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 share is based on net assets as at 30 June 2018
divided by 8,115,376 (31 December 2017: 8,115,376 and 30 June 2017:
8,115,376) 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 2017. The Company's principal risks and uncertainties
have not changed materially since the date of that report.
6. Related party transactions
The Board of the Company acts as the investment manager of the Company
through its Commercial Advisory Committee. During the period under
review, no remuneration was paid to the Board in their capacity as
investment manager. The Directors received remuneration for their roles
as non-executive Directors to Hygea on the terms as set out in the
Directors' Remuneration Report of the Company's Annual Report and
Accounts for the year ended 31 December 2017.
The Commercial Advisory Committee is 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. 24.25p, 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 2017 Annual Report
and Accounts, which can be viewed on the Company's website.
7. Events after the Balance Sheet Date
As at 20 July 2018, subscriptions totalling GBP2.4 million have been
received in relation to the Company's Offer for new B shares. No B
shares have yet been allotted, as the Company needs to have raised a
minimum of GBP3 million before it can allot any new B shares.
8. Copies of this statement are available from the
Registrar's office at Neville House, 18 Laurel Lane, Halesowen, B63 3DA,
and on the company's website - www.hygeavct.com.
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
July 24, 2018 02:00 ET (06:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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