Net Asset Value(s) - Seite 2

30 September 2023 Interim Financial Accounts

On 18 August 2023, the Company completed a capital reduction which produced an additional £15,729,185 of special distributable reserves. As part of this capital reduction process, the Company will file an additional set of interim financial accounts at Companies House for the nine months to 30 September 2023 which will reflect the additional distributable reserves created from the share premium and capital redemption reserve cancellation as well as the other events referenced in this quarter-end NAV update.

Post-period end events

The B share pool completed its fourth investment since 30 June 2023 on 6 October 2023, investing £696k into AIM quoted aerospace composites manufacturer Velocity Composites Plc.

In addition, OBD’s share price continued to rise following the period-end and Seneca decided to sell a further 950,000 of the B share pool’s holding at an average share price of 41p, generating profit of £247k and increasing the total weighted average return on sales to date to 2.5x over the average cost per share. The B share pool retains 5,127,628 shares in OBD and we remain confident of its long-term prospects of success.

Ordinary share NAV

As at 30 September 2023, the unaudited Ordinary share NAV was 25.8p per share.

This is a 12.7%, 2.9p, increase from the previously published unaudited NAV as at 30 June 2023 of 22.9p per Ordinary share and is principally due to the increase in the share price of AIM quoted Scancell Holdings Plc.

Scancell is the largest holding in the Ordinary share portfolio, representing 70% of the Ordinary share NAV as at 30 June 2023 and its shares increased in value by 27% in the 3 month period to 30 September 2023 rising from 13p to 16.5p per share. The period also however saw a decrease in the value of the Ordinary share pool’s investment in Arecor Therapeutics Plc, whose share price fell by 14% from 220p to 190p in the 3 months to 30 September 2023.

During the period unquoted investee companies Insense Limited and Microarray Limited, both of which were valued at £nil, received shareholder consent to wind the companies up and therefore the losses on these investments have been moved from unrealised losses to realised losses – which does not impact on the NAV per Ordinary share. The Directors have also reviewed the remaining unquoted investments held in the Ordinary share portfolio and concluded that no further changes were required to their carrying value.