Net Asset Value(s)

Net Asset Value(s)

Seneca Growth Capital VCT Plc (the “Company”)

12 October 2023

Net Asset Value (“NAV”) Update for the period ended 30 September 2023

The Directors and the Investment Manager of the Company, Seneca Partners Limited (“Seneca”), have reviewed the valuation of the Company’s investment portfolios as at 30 September 2023.

B share NAV

As at 30 September 2023, the unaudited B share NAV was 74.4p per share, a 7.2% increase from the previously published unaudited NAV as at 30 June 2023 of 69.4p.

The 5.0p increase in NAV per B share is predominantly a result of a net increase in the value of the B share pool’s AIM quoted investments, with the largest increase in value coming from the B share pool’s investment in Oxford Biodynamics Plc (“OBD”). The Company originally invested £700k in OBD in October 2022 and invested a further £421k in August 2023. OBD’s share price increased by 158% from 13.5p to 34.8p in the 3-month period to 30 September 2023 with Seneca also taking the opportunity to realise some profit selling 1,250,000 OBD shares generating proceeds of £431k and profit of £240k during the period.  

The period also saw increases in the share prices of the B share pools AIM quoted investee companies Probiotix Health Plc and SkinBioTherapeutics Plc.

Seneca also successfully concluded the exit of the B share pool’s investment in Optibiotix Health Plc during the period by selling the remaining holding of 350,000 shares. In total, the Company generated sales proceeds of £378k and a profit of £115k on its investment in Optibiotix Health Plc.

New Investments

In addition to the AIM quoted follow-on investment into OBD, noted above, the B share pool also completed two additional unquoted company follow-on investments in the 3-month period to 30 September 2023. The Company invested a further £85k into Alderley Lighthouse Labs (“ALL”) and a further £359k into Bright Network (UK) Limited (“Bright”). Accordingly, the carrying value of the B share pool’s investments in ALL and Bright have been brought in line with the valuation of these latest funding rounds, resulting in a modest increase in the overall value of the B share pool’s unquoted investment portfolio.