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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Seneca Growth Capital Vct Plc | LSE:SVCT | London | Ordinary Share | GB00BG13MH08 | B 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% | 54.00 | 52.50 | 55.50 | 54.00 | 54.00 | 54.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -2.19M | -2.67M | -0.0840 | -6.43 | 17.17M |
From Oct 2019 to Oct 2024
TIDMHYG TIDMSVCT
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For immediate release
26 July 2021
Seneca Growth Capital VCT Plc
Unaudited Half-Yearly Report
For the Six Months Ended 30 June 2021
Financial Headlines
Ordinary Shares
39.0p Net Asset Value per share at 30 June 2021 69.3p Cumulative dividends paid to date 108.3p Total return per share since launch
B Shares
104.6p Net Asset Value per share at 30 June 2021 7.5p Cumulative dividends paid to date 112.1p Total return per share since launch
Financial Summary
Hot Features
Premium
Six months to 30 Six months to 30 Year to
June 2021 June 2020 31 December 2020
Ordinary
Ordinary B share Ordinary B share share B share
share pool pool share pool pool pool pool
----------- ------- ----------- ------- --------- --------
Net assets (GBP'000s) 3,166 13,082 2,450 6,558 2,453 8,317
Return on ordinary
activities after tax
(GBP'000s) 1,038 1,480 (13) (90) 1,045 252
Earnings per share
(p) 12.8 13.8 (0.2) (1.7) 12.8 3.5
Net asset value per
share (p) 39.0 104.6 30.2 89.3 30.2 91.8
Dividends paid since
inception (p) 69.25 7.50 52.25 4.50 65.25 6.00
Total return (NAV
plus cumulative dividends
paid) per share (p) 108.25 112.10 82.45 93.80 95.45 97.80
Dividends declared
for the period (p) 4.0 1.5 0.0 1.5 13.0 3.0
--------------------------- ----------- ------- ----------- ------- --------- --------
For further information, please contact:
John Hustler, Seneca Growth Capital VCT Plc at john.hustler@btconnect.com https://www.globenewswire.com/Tracker?data=w9G2o1DmYxsXb2NE0W-RygHRplyHYn2OEpK6gWEOQKNpwP7CRUFBxXXb8Pmnw8HwJ31M7vHDjyADwN4FIw8Q-Gkn4bJ9xA8bXViUHu3Wnyj13KsBPRykQW6Axv8fiZMO
Richard Manley, Seneca Growth Capital VCT Plc at Richard.Manley@senecapartners.co.uk https://www.globenewswire.com/Tracker?data=FOrSQ4UHGEOjlgoS06sHybGUinYuEYa4UkI44WOthuOESwVtG8NAQxiR67A13rknkx4v8oI_k6gMMV-3btXDOkVmCjdhvQ99eJXy7VjPcxCoNO5pEZJs7SUdWAExIsQ30y01ncFnsBQSEs9D010CFA==
Chairman's Statement
I am pleased to present the unaudited results for the six months ended 30 June 2021.
Further to the success of the Company's B share offers over the last three years, under which the Company has raised more than GBP12m, we expect to issue a further prospectus shortly to enable the Company to continue to raise funds for the ongoing development of the B share portfolio. I would like to welcome all new investors and thank existing shareholders who have continued to support the Company.
Despite the unprecedented economic climate and general turmoil of financial markets as a result of the Covid-19 pandemic ("C-19"), I am encouraged that the net asset values of both the B share and Ordinary share portfolios have increased over the six-month period to 30 June 2021. The Net Asset Value ("NAV") per B share increased from 91.8p to 104.6p and the NAV per Ordinary share increased from 30.2p to 39.0p during the period.
The key activities in respect of the B share portfolio in the period to 30 June 2021 included:
-- Four new investments (three of which were AIM quoted).
-- An increase in the share price of SkinBioTherapeutics Plc ("SkinBio")
from 22p at 31 December 2020 to 63p at 30 June 2021.
-- Two partial exits, including a realisation of 1,750,000 in SkinBio shares
generating GBP621k and a profit of GBP341k.
-- A dividend of 1.5p per B share paid in May 2021.
The key activities in respect of the Ordinary Share portfolio in the period to 30 June 2021 included:
-- A significant increase in the share price of Scancell Holdings Plc
("Scancell") from 13.5p at 31 December 2020 to 21.5p at 30 June 2021.
-- A partial realisation of Scancell shares in February 2021 at 21.7p per
Scancell share, boosting the Ordinary share pool's cash position.
-- A dividend of 4.0p per Ordinary share paid in June 2021.
-- A follow-on investment of GBP85k into existing Ordinary share portfolio
company Arecor Limited (now Arecor Therapeutics Plc) ("Arecor") to
support the investee company's IPO.
Further details in respect of the results and the Company's B share and Ordinary share portfolios are set out below.
B share portfolio
Results
The total return (NAV increase plus dividends paid) per B share for the six-month period to 30 June 2021 amounted to 14.3p per B share (a 16% increase on the opening NAV for the period) (30 June 2020: 2.3p or 3% decrease). This increase is the result of the combination of a positive capital return of 14.8p per B share (30 June 2020: negative capital return of 0.4p) and a negative revenue return of 1.0p per B share (30 June 2020: negative revenue return of 1.3p). 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 14.8p per B share is a result of the net increase in the aggregate carrying value of the B share pool's quoted and unquoted investee companies and the profit generated on the partial sale of two of the B share pool's AIM quoted investments, being SkinBio and Abingdon Health plc, as further detailed below, offset by the reduction in the carrying value of Ten80 Group Ltd.
The negative revenue return of 1.0p per B share was principally a result of the impact of the Company's running costs on the B share pool. The Company's running expenses were however capped at 3% of the B share NAV until July 2021. Going forward, general expenses will now be allocated to the Ordinary share pool and the B share pool pro-rata to their respective NAVs subject to a cost cap of 3% of each share pool's NAV.
The B share pool also paid an interim dividend of 1.5p per B share in the period, with 7.5p cumulative dividends paid to date.
Portfolio review
The Company's Investment Manager, Seneca Partners Limited ("Seneca"), has made four additions to the B share portfolio in the six months to 30 June 2021, totalling GBP2.3m as follows:-
-- Solascure Ltd -- an innovative early stage wound care specialist biotech
company in which we invested GBP500k
-- Evgen Pharma Plc -- a drug development company whose lead asset has
various clinical applications in cancer in which we invested GBP400k
-- Polarean Imaging Plc ("Polarean") -- a drug-device company specialising
in evaluating pulmonary function with lung imaging in which we invested
GBP986k
-- Arecor -- an existing Ordinary share portfolio company that brings
innovative medicines to market through the enhancement of existing
therapeutic products in which the B share pool invested GBP425k
With the AIM market proving buoyant for certain sectors in the period, Seneca took the opportunity in January 2021 to realise 37% of its original shareholding in SkinBio, selling 1,750,000 shares and realising a gain of GBP341k on the disposal (2.2x cash return) in addition to selling 78,000 shares in Abingdon for GBP76k, 50% of its holding, realising a small profit.
The period also saw a sustained increase in the bid price of two of the B share pool's AIM quoted investments: the SkinBio share price increased to 63p as at 30 June 2021 (from 22p as at 31 December 2020) and the Polarean share price increased to 92p as at 30 June 2021 (compared to a cost price of 60p per share).
Despite the positive performance of the B share portfolio as a whole during the period which remained impacted by C-19, Seneca continue to work closely with the investee companies to monitor the impact of C-19 and to provide support where required to overcome any further challenges which may arise including assessing any need they may have for further finance.
Ordinary share portfolio
Results
The total return (NAV increase plus dividends paid) per Ordinary share for the six-month period to 30 June 2021 amounted to 12.8p (June 2020: reduction 0.2p).
As noted above, the share price of Scancell shares showed significant gains and the Ordinary share pool sold 1,000,000 shares in February 2021 at 21.7p per Scancell share. This has realised GBP217k for the portfolio representing a profit over original cost of GBP157k. We continue to hold 11,000,000 shares in Scancell.
We were particularly encouraged that Arecor, a long-standing Ordinary share pool unquoted investee company, announced its intention to float on AIM in May 2021. We considered the terms of the fundraise to be attractive and in order to support the IPO the Ordinary share pool purchased a further 37,611 shares in Arecor at GBP2.26 per share. Following a share reorganisation prior to flotation, the Ordinary share pool's existing shares were converted to 186,366 shares and the Ordinary share pool now holds a total of 223,977 shares in Arecor valued at GBP526k.
The effect of these transactions and the continued increase in Scancell's share price has resulted in a return per Ordinary share for the period of 12.8p (a 42% increase on the opening NAV for the period) per Ordinary share (30 June 2020: negative 0.2p or 0.7% decrease). The aggregate impact of these changes is net of the corresponding increase in the accrued Ordinary share pool performance fee, which was GBP352k as at 30 June 2021 (30 June 2020: GBP50k) and the interim capital dividend of 4.0p per Ordinary share paid on 25 June 2021, totalling GBP325k. The Ordinary share pool has now paid a total of 69.25p dividends per Ordinary share since launch.
As shareholders will recall, the Ordinary share portfolio has not borne any general running costs from July 2018 until July 2021.
Portfolio review
The Ordinary share portfolio now comprises two AIM listed holdings, Scancell and Arecor, and five unquoted holdings.
The AIM listed holdings represented 90% of the Ordinary share portfolio at 30 June 2021. The bid price of Scancell continues to see significant volatility but has recently maintained a sustained increase from its 31 December 2020 share price of 13.5p per share and Arecor has remained relatively stable since its admission to AIM. It is not our policy to update the market following these fluctuations unless there are abnormal events (e.g. sale of a significant holding) but shareholders are advised to review the current Ordinary share NAV taking account of the latest bid price of each holding, net of Performance Fee calculated as set out in the in the latest Annual Report, which can be accessed on the Company's website at www.senecavct.co.uk.
In addition, the Ordinary share portfolio now holds GBP334k in cash. It is the Board's policy that we retain a certain level of cash to further invest in existing portfolio companies and pay running costs from July 2021. We will continue to pay dividends following any further realisations.
Fundraising
Having launched the Company's B share class in 2018 the Board are very pleased with the GBP12m raised to date, including GBP3.5m raised in the six-month period to 30 June 2021.
Seneca expect to continue to see an increase in the number of businesses seeking investment to support their growth plans over the next 12-18 months and therefore the Company 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 www.senecavct.co.uk.
In order to ensure that shareholders receive regular information in respect of their investment in the Company, we intend to continue to provide a virtual presentation of the interim and annual results as well as a general portfolio update at least twice annually. As such, the Company is pleased to confirm that the third virtual shareholder update presentation will be held at 10am on Wednesday, 8 September 2021, details of which and how to join the webinar will be made available on www.senecavct.co.uk shortly.
Outlook
Notwithstanding the significant challenges faced by the UK economy since the onset of C-19, we are encouraged by the positive progress being made by the B share pool. As at 30 March 2020, just after the onset of C-19, the B share NAV stood at 79.5p per B share. By 30 June 2021, the increase in total return per B share amounted to 29.6p (a 37% increase on the NAV as at 30 March 2020) to 109.1p per B share -- a performance which we believe will be very well received by our B share investors in these unprecedented times.
We are pleased that Seneca have developed a spread of B share portfolio investee companies, some of which are unquoted and some of which are AIM quoted, thereby reducing concentration risk for the Company's B shareholders in relation to any one single investment.
We also note that with GBP6m of cash on the B share pool balance sheet as at 30 June 2021 (equivalent to 46% of the B share NAV at 30 June 2021,) Seneca believe they are very well placed to continue to support the existing B share investment portfolio as well as adding attractive new growth capital investments from the strong pipeline of opportunities presented to them. We therefore look forward to the continued development of the B share portfolio.
As noted above, we have continued our policy of returning realised cash to Ordinary shareholders through the dividend paid following the sale of Scancell shares. We are also encouraged by Arecor's float on AIM and believe further opportunities to realise profitable returns for Ordinary shareholders are achievable.
John Hustler
Chairman
23 July 2021
Investment Portfolio -- Ordinary Shares
Movement
Carrying in the six
value at months to
Equity Investment Unrealised 30 June 30 June
held at cost profit/(loss) 2021 2021
Unquoted Investments % GBP'000 GBP'000 GBP'000 GBP'000
Fuel 3D Technologies
Limited <1.0 299 (104) 195 -
--------------------- ---------- ---------- -------------- ------------- -----------
Insense Limited 4.6 509 (388) 121 -
--------------------- ---------- ---------- -------------- ------------- -----------
ImmunoBiology Limited 1.2 868 (868) - -
--------------------- ---------- ---------- -------------- ------------- -----------
OR Productivity
Limited 7.9 765 (765) - -
--------------------- ---------- ---------- -------------- ------------- -----------
Microarray Limited 1.8 132 (132) - -
--------------------- ---------- ---------- -------------- ------------- -----------
Total unquoted
investments 2,573 (2,257) 316 -
--------------------- ---------- ---------- -------------- ------------- -----------
Movement
in the six
Carrying months to
Investment Unrealised value at 30 June
Shares at cost profit/(loss) 30 June 2021
Quoted Investments held GBP'000 GBP'000 2021 GBP'000 GBP'000
Scancell Plc 11,000,000 665 1,699 2,364 879
---------- ---------- -------------- ------------- -----------
Arecor Therapeutics
Plc 223,977 227 299 526 236
--------------------- ---------- ---------- -------------- ------------- -----------
Total quoted
investments 892 1,998 2,890 1,115
--------------------- ---------- ---------- -------------- ------------- -----------
Total investments 3,465 (259) 3,206 1,115
--------------------- ---------- ---------- -------------- ------------- -----------
Investment Portfolio -- B Shares
Movement
in the
Carrying six months
value at to
Equity Investment Unrealised 30 June 30 June
held at cost profit/(loss) 2021 2021
Unquoted Investments % GBP'000 GBP'000 GBP'000 GBP'000
Fabacus Holdings
Limited 2.0 500 63 563 -
-------------------- --------- ---------- -------------- ------------- -----------
Old St Labs Limited 3.5 500 - 500 -
-------------------- --------- ---------- -------------- ------------- -----------
Silkfred Limited <1.0 500 - 500 -
-------------------- --------- ---------- -------------- ------------- -----------
Solascure Limited <1.0 500 - 500 -
-------------------- --------- ---------- -------------- ------------- -----------
Qudini Limited 2.2 500 (200) 300 -
-------------------- --------- ---------- -------------- ------------- -----------
Bright Network (UK)
Limited 1.7 234 - 234 -
-------------------- --------- ---------- -------------- ------------- -----------
Ten80 Group Limited 7.5 400 (200) 200 (200)
-------------------- --------- ---------- -------------- ------------- -----------
Total unquoted
investments 3,134 (337) 2,797 (200)
-------------------- --------- ---------- -------------- ------------- -----------
Movement
in the
six months
Carrying to
Investment Unrealised value at 30 June
Shares at cost profit/(loss) 30 June 2021
Quoted Investments held GBP'000 GBP'000 2021 GBP'000 GBP'000
SkinBioTherapeutics
Plc 2,752,107 440 1,294 1,734 1,129
--------- ---------- -------------- ------------- -----------
Polarean Imaging
Plc 1,644,070 986 525 1,511 526
--------- ---------- -------------- ------------- -----------
Arecor Therapeutics
Plc 188,053 425 17 442 17
--------- ---------- -------------- ------------- -----------
Evgen Pharma Plc 5,000,000 400 (10) 390 (10)
--------- ---------- -------------- ------------- -----------
OptiBiotix Health
Plc 350,000 140 28 168 (32)
--------- ---------- -------------- ------------- -----------
Abingdon Health Plc 78,250 75 (37) 38 (35)
-------------------- --------- ---------- -------------- ------------- -----------
Total quoted
investments 2,466 1,817 4,283 1,595
-------------------- --------- ---------- -------------- ------------- -----------
Total investments 5,600 1,480 7,080 1,395
-------------------- --------- ---------- -------------- ------------- -----------
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 Conduct 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 2021
Income Statement - Combined
Combined Combined Combined
Six months to 30 June 2021 Six months to 30 June 2020 Year to 31 December 2020
------------------------------------------- ------------------------------------------- -------------------------------------------
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 - 322 322 - 655 655 - 948 948
Gain/(loss)
on
valuation
of fixed
asset
investments - 2,510 2,510 - (672) (672) - 682 682
Income - - - - - - - - -
Performance
fee - (159) (159) - 3 3 - (140) (140)
Investment
management
fee net of
cost cap (17) (52) (69) (6) (18) (24) (10) (31) (41)
Other
expenses (86) - (86) (62) (3) (65) (150) (2) (152)
Return on
ordinary
activities
before tax (103) 2,621 2,518 (68) (35) (103) (160) 1,457 1,297
Taxation on
return on
ordinary
activities - - - - - - - - -
Return on
ordinary
activities
after tax (103) 2,621 2,518 (68) (35) (103) (160) 1,457 1,297
------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
There was no other Comprehensive Income recognised during the period.
-- The 'Total' column of the Income Statement and statement of comprehensive
income 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 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.
The accompanying notes are an integral part of the Financial Statements.
Income Statement -- Ordinary Shares
Ordinary shares Ordinary shares Ordinary shares
Six months to 30 June 2021 Six months to 30 June 2020 Year to 31 December 2020
------------------------------------------- ------------------------------------------- -------------------------------------------
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 - 82 82 - 426 426 - 720 720
Gain/(loss)
on
valuation
of fixed
asset
investments - 1,115 1,115 - (439) (439) - 467 467
Income - - - - - - - - -
Performance
fee - (159) (159) - 3 3 - (140) (140)
Investment
management
fee net of
cost cap - - - - - - - - -
Other
expenses - - - - (3) (3) - (2) (2)
Return on
ordinary
activities
before tax - 1,038 1,038 - (13) (13) - 1,045 1,045
Taxation on
return on
ordinary
activities - - - - - - - - -
Return on
ordinary
activities
after tax - 1,038 1,038 - (13) (13) - 1,045 1,045
------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
Earnings per
share --
basic and
diluted - 12.8 12.8 - (0.2p) (0.2p) - 12.8p 12.8p
------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
Income Statement -- B Shares
B shares B shares B shares
Six months to 30 June 2021 Six months to 30 June 2020 Year to 31 December 2020
------------------------------------------- ------------------------------------------- -------------------------------------------
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 - 240 240 - 229 229 - 228 228
Gain/(loss)
on
valuation
of fixed
asset
investments - 1,395 1,395 - (233) (233) - 215 215
Income - - - - - - - - -
Performance
fee - - - - - - - - -
Investment
management
fee net of
cost cap (17) (52) (69) (6) (18) (24) (10) (31) (41)
Other
expenses (86) - (86) (62) - (62) (150) - (150)
Return on
ordinary
activities
before tax (103) 1,583 1,480 (68) (22) (90) (160) 412 252
Taxation on
return on
ordinary
activities - - - - - - - - -
Return on
ordinary
activities
after tax (103) 1,583 1,480 (68) (22) (90) (160) 412 252
Earnings per
share --
basic and
diluted (1.0p) 14.8p 13.8p (1.3p) (0.4p) (1.7p) (2.2p) 5.7p 3.5p
------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
Balance Sheet - Combined
Combined
Combined Combined As at 31 December
As at 30 June 2021 As at 30 June 2020 2020
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Fixed asset investments* 10,286 4,600 6,123
Current assets:
Cash at bank and in hand 6,341 4,541 5,056
Debtors 157 9 7
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
6,498 4,550 5063
Creditors:
Amounts falling due within
one year (184) (92) (223)
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Net current assets 6,314 4,458 4,840
Creditors: amounts falling
due after more
than one year
Performance fee payable (352) (50) (193)
Net assets 16,248 9,008 10,770
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Called up equity share
capital 206 154 172
Share premium 8,603 3,634 5,169
Special distributable reserve 6,586 8,285 7,094
Capital redemption reserve - - -
Capital reserve -- gains/(losses)
on disposal 1,992 1,557 1,704
-- holding gains/(losses) 1,221 (2,457) (1,112)
Revenue reserve (2,360) (2,165) (2,257)
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Total equity shareholders'
funds 16,248 9,008 10,770
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
*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 2021 As at 30 June 2020 2020
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Fixed asset investments* 3,206 1,364 2,141
Current assets:
Cash at bank and in hand 334 1,158 527
Debtors - - -
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
334 1,158 527
Creditors:
Amounts falling due within
one year (22) (22) (22)
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Net current assets 312 1,136 505
Creditors: amounts falling
due after more
than one year
Performance fee payable (352) (50) (193)
Net assets 3,166 2,450 2,453
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Called up equity share
capital 81 81 81
Share premium - - -
Special distributable reserve 3,760 5,140 4,085
Capital redemption reserve - - -
Capital reserve -- gains/(losses)
on disposal 1,529 1,371 1,532
-- holding gains/(losses) (259) (2,197) (1,300)
Revenue reserve (1,945) (1,945) (1,945)
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Total equity shareholders'
funds 3,166 2,450 2,453
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Net asset value per share 39.0p 30.2p 30.2p
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
*At fair value through
profit and loss
Balance Sheet -- B Shares
B shares
B shares B shares As at 31 December
As at 30 June 2021 As at 30 June 2020 2020
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Fixed asset investments* 7,080 3,236 3,982
Current assets:
Cash at bank and in hand 6,007 3,383 4,529
Debtors 157 9 7
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
6,164 3,392 4,536
Creditors:
Amounts falling due within
one year (162) (70) (201)
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Net current assets 6,002 3,322 4,335
Creditors: amounts falling
due after more
than one year
Performance fee payable - - -
Net assets 13,082 6,558 8,317
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Called up equity share
capital 125 73 91
Share premium 8,603 3,634 5,169
Special distributable reserve 2,826 3,145 3,009
Capital redemption reserve - - -
Capital reserve -- gains/(losses)
on disposal 463 186 172
-- holding gains/(losses) 1,480 (260) 188
Revenue reserve (415) (220) (312)
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Total equity shareholders'
funds 13,082 6,558 8,317
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Net asset value per share 104.6p 89.3p 91.8p
---------------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
*At fair value through
profit and loss
Statement of Changes in Equity - Combined
Capital
Capital reserve
Special Capital reserve holding
Share Share distributable redemption gains/ gains/ Revenue
Capital premium reserve reserve (losses) (losses) reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- --------- -------------- ----------- --------- --------- -------- -------
As at 1 January 2020 145 2,806 8,395 - 1,196 (2,061) (2,097) 8,384
B share issue 9 828 - - - - - 837
Revenue return on ordinary
activities after tax - - - - - - (68) (68)
Expenses charged to capital - - - - (21) - - (21)
Performance fee allocated
as capital expenditure - - - - 3 - - 3
Dividends paid - - (110) - - - - (110)
Current period gains
on disposal - - - - 655 - - 655
Current period losses
on fair value of investments - - - - - (672) - (672)
Prior years' unrealised
losses now realised - - - - (276) 276 - 0
Balance as at 30 June
2020 154 3,634 8,285 - 1,557 (2,457) (2,165) 9,008
As at 1 January 2020 145 2,806 8,395 - 1,196 (2,061) (2,097) 8,384
B share issue 27 2,363 - - - - - 2,390
Revenue return on ordinary
activities after tax - - - - - - (160) (160)
Expenses charged to capital - - - - (33) - - (33)
Performance fee allocated
as capital expenditure - - - - (140) - - (140)
Dividends Paid - - (1,301) - - - - (1,301)
Current period gains
on disposal - - - - 948 - - 948
Current period gains
on fair value of investments - - - - - 682 - 682
Prior years' unrealised
losses now realised - - - - (267) 267 - -
Balance as at 31 December
2020 172 5,169 7,094 - 1,704 (1,112) (2,257) 10,770
B share issue 34 3,434 - - - - - 3,468
Revenue return on ordinary
activities after tax - - - - - - (103) (103)
Expenses charged to capital - - - - (52) - - (52)
Performance fee allocated
as capital expenditure - - - - (159) - - (159)
Dividends paid - - (508) - - - - (508)
Current period gains
on disposal - - - - 322 - - 322
Current period gains
on fair value of investments - - - - - 2,510 - 2,510
Prior years' unrealised
profits now realised - - - - 177 (177) - -
-------- --------- -------------- ----------- --------- --------- -------- -------
Balance as at 30 June
2021 206 8,603 6,586 - 1,992 1,221 (2,360) 16,248
------------------------------ -------- --------- -------------- ----------- --------- --------- -------- -------
Statement of Changes in Equity -- Ordinary Shares
Capital
Capital reserve
Special Capital reserve holding
Share Share distributable redemption gains/ gains/ Revenue
Capital premium reserve reserve (losses) (losses) reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- --------- -------------- ----------- --------- --------- -------- -------
As at 1 January 2020 81 - 5,140 - 1,221 (2,034) (1,945) 2,463
Revenue return on ordinary
activities after tax - - - - - - - -
Expenses charged to capital - - - - (3) - - (3)
Performance fee allocated
as capital expenditure - - - - 3 - - 3
Dividends paid - - - - - - - -
Current period gains
on disposal - - - - 426 - - 426
Current period losses
on fair value of investments - - - - - (439) - (439)
Prior years' unrealised
losses now realised - - - - (276) 276 - -
Balance as at 30 June
2020 81 - 5,140 - 1,371 (2,197) (1,945) 2,450
As at 1 January 2020 81 - 5,140 - 1,221 (2,034) (1,945) 2,463
Revenue return on ordinary
activities after tax - - - - - - - -
Expenses charged to capital - - - - (2) - - (2)
Performance fee allocated
as capital expenditure - - - - (140) - - (140)
Dividends Paid - - (1,055) - - - - (1,055)
Current period gains
on disposal - - - - 720 - - 720
Current period gains
on fair value of investments - - - - - 467 - 467
Prior years' unrealised
losses now realised - - - - (267) 267 - -
Balance as at 31 December
2020 81 - 4,085 - 1,532 (1,300) (1,945) 2,453
Revenue return on ordinary
activities after tax - - - - - - - -
Expenses charged to capital - - - - - - - -
Performance fee allocated
as capital expenditure - - - - (159) - - (159)
Dividends paid - - (325) - - - - (325)
Current period gains
on disposal - - - - 82 - - 82
Current period gains
on fair value of investments - - - - - 1,115 - 1,115
Prior years' unrealised
profits now realised - - - - 74 (74) - -
-------- --------- -------------- ----------- --------- --------- -------- -------
Balance as at 30 June
2021 81 - 3,760 - 1,529 (259) (1,945) 3,166
------------------------------ -------- --------- -------------- ----------- --------- --------- -------- -------
Statement of Changes in Equity -- B Shares
Capital
Capital reserve
Special Capital reserve holding
Share Share distributable redemption gains/ gains/ Revenue
Capital premium reserve reserve (losses) (losses) reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- --------- -------------- ----------- --------- --------- -------- -------
As at 1 January 2020 64 2,806 3,255 - (25) (27) (152) 5,921
B share issue 9 828 - - - - - 837
Revenue return on ordinary
activities after tax - - - - - - (68) (68)
Expenses charged to capital - - - - (18) - - (18)
Performance fee allocated
as capital expenditure - - - - - - - -
Dividends paid - - (110) - - - - (110)
Current period gains
on disposal - - - - 229 - - 229
Current period losses
on fair value of investments - - - - - (233) - (233)
Balance as at 30 June
2020 73 3,634 3,145 - 186 (260) (220) 6,558
As at 1 January 2020 64 2,806 3,255 - (25) (27) (152) 5,921
B share issue 27 2,363 - - - - - 2,390
Revenue return on ordinary
activities after tax - - - - - - (160) (160)
Expenses charged to capital - - - - (31) - - (31)
Dividends Paid - - (246) - - - - (246)
Current period gains
on disposal - - - - 228 - - 228
Current period gains
on fair value of investments - - - - - 215 - 215
Balance as at 31 December
2020 91 5,169 3,009 - 172 188 (312) 8,317
B share issue 34 3,434 - - - - - 3,468
Revenue return on ordinary
activities after tax - - - - - - (103) (103)
Expenses charged to capital - - - - (52) - - (52)
Performance fee allocated
as capital expenditure - - - - - - - -
Dividends paid - - (183) - - - - (183)
Current period gains
on disposal - - - - 240 - - 240
Current period gains
on fair value of investments - - - - - 1,395 - 1,395
Prior years' unrealised
profits now realised - - - - 103 (103) - -
Balance as at 30 June
2021 125 8,603 2,826 - 463 1,480 (415) 13,082
------------------------------ -------- --------- -------------- ----------- --------- --------- -------- -------
Statement of Cash Flows -- Combined
Combined Combined Combined
Six months to Six months to Year to
30 June 2021 30 June 2020 31 December 2020
GBP'000 GBP'000 GBP'000
--------------------------- -------------- -------------- -----------------
Cash flows from
operating activities
Return on ordinary
activities before
tax 2,518 (103) 1,297
Adjustments for:
Increase in debtors (150) (6) (4)
Increase/(decrease)
in creditors 199 (8) 143
Gain on disposal of
fixed asset
investments (322) (655) (948)
(Gain)/loss on
valuation of fixed
asset investments (2,510) 672 (682)
--------------------------- -------------- -------------- -----------------
Cash from operations (265) (100) (194)
Income taxes paid - - -
--------------------------- -------------- -------------- -----------------
Net cash used in operating
activities (265) (100) (194)
Cash flows from investing
activities
Purchase of fixed asset
investments (2,396) (1,062) (1,360)
Sale of fixed asset
investments 1,065 1,206 1,628
--------------------------- -------------- -------------- -----------------
Total cash outflow from
investing activities (1,331) 144 268
Cash flows from financing
activities
Dividends paid (508) (110) (1,301)
Issue of B shares 3,468 837 2,390
Awaiting B share issue (79) (139) (16)
--------------------------- -------------- -------------- -----------------
Total cash outflow from
financing activities 2,881 588 1,073
Decrease in cash and cash
equivalents 1,285 632 1,147
Opening cash and cash
equivalents 5,056 3,909 3,909
Closing cash and cash
equivalents 6,341 4,541 5,056
--------------------------- -------------- -------------- -----------------
Statement of Cash Flows -- Ordinary Shares
Ordinary shares Ordinary shares Ordinary shares
Six months to Six months to Year to
30 June 2021 30 June 2020 31 December 2020
GBP'000 GBP'000 GBP'000
-------------------------- --------------- --------------- -----------------
Cash flows from
operating
activities
Return on ordinary
activities before
tax 1,038 (13) 1,045
Adjustments for:
(Increase)/decrease
in debtors - - -
Increase/(decrease)
in creditors 159 (3) 140
Gain on disposal of
fixed asset
investments (82) (426) (720)
(Gain)/loss on
valuation of fixed
asset investments (1,115) 439 (467)
-------------------------- --------------- --------------- -----------------
Cash from operations - (3) (2)
Income taxes paid - - -
-------------------------- --------------- --------------- -----------------
Net cash used in operating
activities - (3) (2)
Cash flows from investing
activities
Purchase of fixed asset
investments (85) - -
Sale of fixed asset
investments 217 691 1,114
-------------------------- --------------- --------------- -----------------
Total cash inflow from
investing activities 132 691 1,114
Cash flows from financing
activities
Dividend paid (325) - (1,055)
-------------------------- --------------- --------------- -----------------
Total cash outflow (325) - (1,055)
Decrease in cash and cash
equivalents (193) 688 57
Opening cash and cash
equivalents 527 470 470
Closing cash and cash
equivalents 334 1,158 527
-------------------------- --------------- --------------- -----------------
Statement of Cash Flows -- B Shares
B shares B shares B shares
Six months to Six months to Year to
30 June 2021 30 June 2020 31 December 2020
GBP'000 GBP'000 GBP'000
--------------------------- -------------- -------------- -----------------
Cash flows from
operating activities
Return on ordinary
activities before
tax 1,480 (90) 252
Adjustments for:
Increase in debtors (150) (6) (4)
Increase/(decrease)
in creditors 40 (5) 3
Gain on disposal of
fixed asset
investments (240) (229) (228)
(Gain)/loss on
valuation of fixed
asset investments (1,395) 233 (215)
--------------------------- -------------- -------------- -----------------
Cash from operations (265) (97) (192)
Income taxes paid - - -
--------------------------- -------------- -------------- -----------------
Net cash used in operating
activities (265) (97) (192)
Cash flows from investing
activities
Purchase of fixed asset
investments (2,311) (1,062) (1,360)
Sale of fixed asset
investments 848 515 514
--------------------------- -------------- -------------- -----------------
Total cash outflow from
investing activities (1,463) (547) (846)
Cash flows from financing
activities
Dividends paid (183) (110) (246)
Issue of B shares 3,468 837 2,390
Awaiting B share issue (79) (139) (16)
--------------------------- -------------- -------------- -----------------
Total cash inflow from
financing activities 3,206 588 2,128
Decrease in cash and cash
equivalents 1,478 (56) 1,090
Opening cash and cash
equivalents 4,529 3,439 3,439
Closing cash and cash
equivalents 6,007 3,383 4,529
--------------------------- -------------- -------------- -----------------
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 30 June 2021 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) 'Financial Statements of Investment Trust Companies and Venture Capital Trusts (revised 2019)'. Details of the accounting policies and valuation methodologies are included within the Annual Report on Pages 82-98.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 30 June 2021 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 2020 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 2021 is calculated on the basis of 8,115,376 shares (31 December 2020: 8,115,376 and 30 June 2020: 8,115,376) being the weighted average number of shares in issue during the period.
The earnings per B share at 30 June 2021 is calculated on the basis of 10,729,105 (31 December 2020: 7,248,338 and 30 June 2020: 6,903,520) 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 Ordinary share pool net assets as at 30 June 2021 divided by 8,115,376 (31 December 2020: 8,115,376 and 30 June 2020: 8,115,376) Ordinary shares in issue at that date.
The net asset value per B share is based on B share net assets as at 30 June 2021 divided by 12,507,694 (31 December 2020: 9,062,948 and 30 June 2020: 7,345,171) B 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 2020.
In addition to the above, the Company is also facing risks resulting from the impact of the C-19 pandemic. The Company's Board and Investment Manager are focused on ensuring that investee companies are taking the required actions to minimise the potential impact that the C-19 pandemic could have on them.
The Board and Seneca will continue to review risks posed by C-19 and keep those risks under regular review.
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. 69.25p 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 Notes 5 and 6 of the 2020 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 GBP103k in management fees in the current period, however this is reduced to GBP69k as a result of the 3% cost cap (31 December 2020: reduced to GBP41k, 30 June 2020: reduced to GBP24k).
Seneca accrued GBP46k (30 June 2020: GBP56k) in transaction fees, monitoring and directors' fees from investee companies in the period. 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 13 October 2020, Seneca (as promoters of the Offer) are entitled to charge the Company up to 5.5% of investors' subscriptions. A total of GBP26k was payable to Seneca in the period, based on the allotments of GBP3,467,663 (net of facilitated fees, commission and promoter fees) as at 30 June 2021 (31 December 2020: GBP7k, 30 June 2020: GBPnil).
7. Events after the Balance Sheet Date
One additional AIM quoted investment was made in the B share pool in July 2021 into Poolbeg Pharma Plc for GBP755k.
8. Further Information
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 26, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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