Seneca Growth Capital VCT Plc (the "Company")
Update for the quarter ended 30 September 2018
The Company presents its quarterly update for the period from 1 July 2018 to 30 September 2018.
The Directors have recently reviewed the valuation of its portfolio as at the quarter ended 30 September 2018.
The unaudited net asset value per share ("NAV") of an Ordinary Share as at 30 September 2018 was 60.4p. This is a decrease of 1.9p from the previously published NAV for the period ended 30 June 2018, due to changes in the value of the quoted investments. No changes have been made to the unquoted valuations. The ordinary running costs of the Company (limited by the Cost Cap) have been absorbed by the New "B" Share class as set out in the prospectus for the current offer for subscription for those shares (the "Prospectus").
The unaudited NAV of a New "B" Share as at 30 September 2018 was 99.7p. This is a decrease of 0.3p from the initial offer price of 100p, due to running costs incurred in the quarter. The decrease is limited by the impact of the Cost Cap which restricts the burden of ordinary running costs on the New "B" Share class to 3% of the NAV of the New "B" Shares on an annualised basis ("the Cost Cap").
On 23 August 2018 and 27 September 2018, the Company made two allotments, issuing a total of 3,461,786 New "B" Shares. In accordance with the allotment formula set out in the Prospectus, the offer prices at which the New "B" Shares were issued were in the range of 100p to 105.8p per share.
Following the initial allotment on 23 August 2018, the Company repaid its £200,000 bank loan with RBS and the debenture in relation to the loan has now been released. The payment created an inter share class balance between the Ordinary Shares and the New "B" Shares which will be repaid from the next realisations from the Ordinary Share investments.
James Cowper Kreston, our auditors for the last 8 years, have decided to withdraw from auditing Public Interest Entities for the time being due to the increasing regulatory landscape and associated costs. Unfortunately this includes VCTs. The Board would like to thank them for all their support and constructive feedback during their period in office. The Company has therefore carried out a tender process, and the Board, on the recommendation of the Audit Committee, has agreed to appoint UHY Hacker Young LLP ("UHY") to fill the casual vacancy that has arisen. UHY will audit the Company's 2018 annual results for the year ending 31 December 2018, and shareholders will be asked to reappoint them at next year's AGM for the following year's audit.
The Directors are not aware of any other events or transactions which have taken place between 1 October 2018 and the publication of this statement which have had a material effect on the financial position of the Company.
Furthermore, for the purposes of DTR 5.6.1 of the Financial Conduct Authority's (FCA) Disclosure Guidance and Transparency Rules, the total number of shares in the Company in issue as at close of business on 1 October 2018 was 8,115,376 Ordinary Shares and 3,461,786 New "B" Shares each with a nominal value of 1p each. The Company does not hold any Ordinary Shares nor New "B" Shares in treasury. Therefore, the total number of voting rights in the Company is 11,577,162 (the 'Figure').The Figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's shares under the FCA's Disclosure Guidance and Transparency Rules.
For further information, please contact:
John Hustler, Seneca Growth Capital VCT Plc at [email protected]
Richard Manley, Seneca Growth Capital VCT Plc at [email protected]
Any enquiries regarding the offer for subscription of New "B" Shares should be directed to:
John Davies at Seneca Partners Limited on 01942 295 981 or at [email protected]
