Seneca Growth Capital VCT plc (SVCT) · LSE:SVCT
Seneca Growth Capital VCT plc (SVCT) — Seneca Growth Capital VCT — Investor Presentation (November 2022)
27 slides from Seneca Growth Capital VCT plc (SVCT)'s investor presentation, November 2022
Slide 1: Seneca Growth Capital VCT Investor Update Presentation November 2022
Thank you for joining the November 2022 Seneca Growth Capital VCT Investor Update Presentation The presentation will begin at 11am
Slide 2: Important Notice
Important Notice Questions can be submitted to enquiries@senecavct.co.uk The following presentation, including a hard copy of these slides/the talks given by the presenters, the information to update the Presentation or to correct any inaccuracies in, or omissions from the Presentation which may bec
Slide 3: Welcome – Today's Speakers
Welcome – Today’s Speakers Questions can be submitted to enquiries@senecavct.co.uk John Hustler Richard Manley Matt Currie VCT Director VCT Director Investment Director and Chairman CEO Seneca Partners Limited Seneca Partners Limited 3 Investor Update Presentation November 2022
Slide 4: Housekeeping
Housekeeping Questions can be submitted to enquiries@senecavct.co.uk Audio Q&A Recording Troubleshoot During this presentation Questions are encouraged and we This presentation is being If your video stream freezes attendees will be in have a Q&A slot at the end to recorded and will be available dur
Slide 5: Company Overview
Company Overview Company name • 19 B share Seneca Partners investee Launched the Launched the changed from Limited appointed companies Ordinary share B Share class Hygea vct plc to Investment • £14.5m NAV class in 2001 in 2018 Seneca Growth Manager • £7.5m+ in cash Capital VCT Plc * As at 30 Sep 22
Slide 6: The B Share Pool
The B Share Pool
Slide 7: B Share Pool – 2022 Summary
B Share Pool – 2022 Summary 8 new investments 30 Sept 22 NAV: deploying £4.6m YTD 82.6p per B share 30 Sept 22 Total Return 1 full exit (£670k at 1.3x) (NAV + cum dividends): 1 partial exit (£65k at 3.2x) 93.1p per B share (14.7% down from 31/12/21) 1.5p divi per B share 1.5p divi per B share (paid
Slide 8: B Share Total Return – 2022 Movement
B Share Total Return – 2022 Movement 31 December 2021 to 30 September 2022 115.0p 110.0p 109.1p 0.5p 105.0p 100.0p NAV per Share in Pence 1.4p 95.0p (14.8)p (1.2)p 93.1p (1.9)p 90.0p 85.0p 80.0p 75.0p 70.0p 65.0p Total Return Quoted unrealised Quoted unrealised Quoted realised Unquoted Expenses & To
Slide 9: FTSE AIM All Share Index Movement
FTSE AIM All Share Index Movement 9 months to 30 September 2022 1,300.00 1,200.00 1,100.00 Return (p) 1,000.00 -34% 900.00 800.00 700.00 600.00 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 Price 9 Investor Update Presentation November 2022
Slide 10: B Share Total Return – AIM Portfolio Impact
B Share Total Return – AIM Portfolio Impact NAV reduction per B share - Drivers SkinBioTherapeutics plc 3.3 3.1 Poolbeg Pharma plc Reductions in the prices of the B Share pool’s Arecor Therapeutics plc AIM quoted investments account for 14.3p of the 16.0p reduction (89.4%) in the NAV per B share Cel
Slide 11: B Share Total Return – AIM Portfolio Impact
B Share Total Return – AIM Portfolio Impact Company Share Share % NAV 2022 Key Points Seneca Price Price Change Movement View 31 Dec 30 Sep (Pence) (+,O,-) 2021 2022 (Pence) (Pence) • Launched AxisBiotix-PS product late 2021 & seeing retention rates of 85%+ • Slower D2C traction of AxisBiotix-PS mea
Slide 12: B Share Total Return – AIM Portfolio Impact
B Share Total Return – AIM Portfolio Impact Company Share Share % NAV 2022 Key Points Seneca Price Price Change Movement View 31 Dec 30 Sep (Pence) (+,O,-) 2021 2022 (Pence) (Pence) • Industry leading growing facility in the Midlands with £9m of cash on balance sheet as at Celadon 30 June 2022 Pharm
Slide 13: B Share Total Return – AIM Portfolio Impact
B Share Total Return – AIM Portfolio Impact Company Share Share % NAV 2022 Key Points Seneca Price Price Change Movement View 31 Dec 30 Sep (Pence) (+,O,-) 2021 2022 (Pence) (Pence) Selected Highlights: • Evgen recently announced a new commercial deal worth $160.5m with near term milestone payments
Slide 14: B Share Pool – Continued Focus on Diversification
B Share Pool – Continued Focus on Diversification Our B share investment portfolio is not only diversified by sector but also by public v private AIM v Private Sector Exposure Life Science 20% Manufacturing AIM quoted investee 37% 45% companies Software 10% 55% Unquoted investee e-Commerce companies
Slide 15: B Share Pool – Continued Focus on Exits
B Share Pool – Continued Focus on Exits We have secured profitable realisations of shares of 2 B share investee companies in the 9 months to Sept 2022: Establishing a strong exit track record is key as it: • CPH2 – full exit realising c.£0.7m at a return of 1.3x • SkinBio – small further partial exi
Slide 16: Dividend Track Record
B Share Portfolio Dividend Track Record 12 10 • Availability of existing distributable 8 Dividends (p) reserves and profits generated from exits have supported (to Sept 22): 6 o Annual dividends of 3p o Cumulative dividends of 10.5p 4 • Our aspirations remain to increase 2 dividends to 5% of B share
Slide 17: Investee Company CEO Video Update and Pipeline Opportunities
The B Share Pool Investee Company CEO Video Update and Pipeline Opportunities
Slide 18: Investment Date: October 2022 | Investment Amount: £500k
Investment Date: October 2022 | Investment Amount: £500k What they do A northwest based full-service diagnostic business spun out from the UK Lighthouse Lab Network - the largest diagnostic network in British history. The Company will support both public and private customers in the UK from its full
Slide 19: B Share Pool Current Investment Pipeline
B Share Pool Current Investment Pipeline Current Opportunity 1 Current Opportunity 2 Business: Digital manufacturing platform Business: Medical device supplier with experiencing rapid growth in 2022. diversified portfolio of products and extensive IP Round: Opportunity alongside leading European dev
Slide 20: The Ordinary Share Pool
@: CAPITAL VCT PLC 2 The Ordinary Share Pool ((7
Slide 21: Ordinary Share Pool Overview
Ordinary Share Pool Overview Net Assets as at 30 September 2022: £2.2m (December 2021: £3.2m) Cash 13% 5 Unquoted investments 10% (3 of which written down to zero) AIM quoted Ordinary Share (Scancell) Asset 55% Exposure AIM quoted (Arecor) 22% 22 Investor Update Presentation November 2022
Slide 22: Ordinary Share Pool Overview
Ordinary Share Pool Overview Update on two key aspects of Ord share pool for 9 months to 30 September 2022 1 2 NAV moves in line with Ord share pool’s two quoted investments Dividends NAV per Ordinary share decreased by 11.9p No further dividends in the period as no further cash from 38.9p to 27.0p
Slide 23: Company Outlook & B Share Offer
Seneca Growth Capital VCT Company Outlook & B Share Offer
Slide 24: Why consider an investment in the current B share offer?
Why consider an investment in the current B share offer? AIM quoted investments Established exit Track record of consistent Diversified investment provides potential to benefit track record dividends and existing portfolio in any market recovery distributable reserves £1.3m+ invested by the 52% of B
Slide 25: Offer for B Shares Remains Open
Offer for B Shares Remains Open Key Dates 2022/23 Tax Year Investment Application Deadline To qualify for the 1.5p per B share dividend announced payable on 16 December 2022 Midday on 28 November 2022 Investment deadline for current tax year Midday on 4 April 2023 Initial fee discounts are available
Slide 26: Q&A
Q&A Please send your questions to: enquiries@senecavct.co.uk
Slide 27: Thank you for joining the November 2022 Investor Update Presentation
Thank you for joining the November 2022 Seneca Growth Capital VCT Investor Update Presentation For any enquiries regarding the Offer please contact us on 01942 295 981 or email siobhan.pycroft@senecapartners.co.uk
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