REG-Hygea VCT plc : Update for the quarter ended 30 September 2017 <Origin Href="QuoteRef">HYG.L</Origin>

Seneca Growth Capital VCTAnnouncement

08/11/2017 07:05

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Hygea VCT PLC ORD 50P

Hygea VCT plc

FOR IMMEDIATE
RELEASE                                                                    
                                        
8 November 2017

HYGEA VCT PLC 

("Hygea" or "the Company")

Update for the quarter ended 30 September 2017

Hygea vct plc presents its quarterly update for the period commencing 1 July
2017. 

The Directors have recently reviewed the valuation of its portfolio as at the
quarter ended 30 September 2017.

The unaudited Net Asset Value ("NAV") per ordinary share as at 30 September
2017 was 64.0p.  This is a reduction of 0.4p from the previously published
NAV for the period ended 30 June 2017, due to running costs and a reduction in
the value of Glide Pharmaceutical Technologies Ltd: unfortunately, Glide has
entered administration during the period and its shareholders are unlikely to
receive any proceeds from the liquidation - its value has therefore been
written down to zero. No other changes have been made to the unquoted
valuations.  

The Company's holding in Scancell Holdings Plc ("Scancell"), listed on AIM,
represents approximately 30% of its net assets at 30 September 2017.  The bid
price of Scancell's shares used for the calculation of the Company's net
assets on 30 September 2017 was 12.0p, a slight reduction from 30 June 2017.
Scancell has recently announced the appointment of a new CEO, and is
continuing its preparations for clinical trials later this year and in 2018.
During the period under review, the holding in Genedrive plc was sold for
liquidity management purposes.   Omega Diagnostics plc is therefore the only
other listed holding in the portfolio, and its bid price at 30 September 2017
was 21.5p per share.

At 30 September 2017, the company had used £136,030 of its £200,000
overdraft facility, which has subsequently been renewed for a further 6
months.

In the absence of realisations, the Board continues to investigate ways to
mitigate the ongoing running costs of the Company and has had discussions with
various parties with a view to the expansion of the capital and investment
base. Once any such discussions are sufficiently advanced, an announcement
will be made but at present there is no certainty that any of the discussions
will lead to a proposal.

The Directors are not aware of any other events or transactions which have
taken place between 1 October 2017 and the publication of this statement which
have had a material effect on the financial position of the Company.

Furthermore, in conformity with the Disclosure and Transparency Rules, the
Company notifies the market that the capital of the Company consists of
8,115,376 Ordinary Shares with a nominal value of £0.50 each with voting
rights as at 7 November 2017. The Company does not hold any Ordinary Shares in
Treasury. Therefore, the total number of voting rights in the Company is
8,115,376 (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 under the FCA's Disclosure and
Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.

Enquiries:

John Hustler, Hygea vct plc at john.hustler@btconnect.com

Roland Cornish, Beaumont Cornish Limited on 020 7628 3396
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