Seneca Growth Capital VCT plc (SVCT) · LSE:SVCT
Seneca Growth Capital VCT plc (SVCT) — Seneca Growth Capital VCT — Investor Presentation (November 2023)
27 slides from Seneca Growth Capital VCT plc (SVCT)'s investor presentation, Nov 9, 2023
Slide 1: Seneca Growth Capital VCT Investor Update Presentation
Seneca Growth Capital VCT Thank you for joining the 9 November 2023 Seneca Growth Capital VCT Investor Update Presentation The presentation will begin at 11am 1
Slide 2: Important Notice
Seneca Growth Capital VCT Important Notice The following presentation, including a hard copy of these slides/the talks given by the presenters, the information with access to any additional information or to update the Presentation or to correct any inaccuracies in, or communicated during any delive
Slide 3: Welcome and Today's Speakers
Seneca Growth Capital VCT Welcome and Today’s Speakers John Hustler Richard Manley Matt Currie VCT Director VCT Director Investment Director and Chair Seneca Partners Limited CEO Seneca Partners Limited Questions can be submitted to enquiries@senecavct.co.uk 3
Slide 4: Housekeeping
Seneca Growth Capital VCT Housekeeping Questions can be submitted to enquiries@senecavct.co.uk Audio: During this presentation attendees will be in listen only mode Q&A: Questions are encouraged and we have a Q&A slot at the end to respond to any questions received. Please send questions to enquirie
Slide 5: Company Overview
Seneca Growth Capital VCT Company Overview Ordinary Share Pool Launched the Ordinary Share class in 2001 • Strategy remains to continue to realise investments • Maximise value • Return proceeds to shareholders Launched the B Share class in 2018 Company name changed from Hygea vct plc to Seneca Growt
Slide 6: The Current Board
Seneca Growth Capital VCT The Current Board John Hustler Richard Manley Alexander Clarkson Mary Anne Cordeiro Ian Dighe Independent Non- Non-Executive Independent Non-Executive Independent Non- Independent Non- Executive Director Director Director and Chair of Executive Director Executive Director a
Slide 7: The B Share Pool
The B Share Pool 7 Seneca Growth Capital VCT
Slide 8: B Share Pool Overview
Seneca Growth Capital VCT B Share Pool Overview 2023 Activity: £2.4m deployed* | 6 investments* | 3 full exits and 1 partial exit totalling £1.3m* B Share Portfolio by Value – AIM v Private B Share Portfolio by Value – Sector Split 12% 32% 21% 50% 50% 2% 6% 27% AIM quoted investee companies Life Sci
Slide 9: B Share Pool – NAV Performance
Seneca Growth Capital VCT B Share Pool – NAV Performance With a material exposure to AIM* quoted companies, public market sentiment impacts on the B Share NAV • FTSE AIM All-Share TR Index fell by 12% in the 9 months to 30 September 2023 • B Share NAVTR was down by 5.2% (4.8p) in the same period 900
Slide 10: B Share NAV Total Return December 2022 to September 2023
Seneca Growth Capital VCT B Share NAV Total Return 31 December 2022 to 30 June 2023 to 30 September 2023 10
Slide 11: B Share Pool NAV Movement – 2023 Biggest Movers
Seneca Growth Capital VCT B Share Pool NAV Movement – 2023 Biggest Movers Share Share NAV NAV Seneca Price Price Change Change Company Movement Movement H1 2023 Key Points View 31 Dec 30 June (Pence) (%) (£000) (Pence) (+,O,-) 2022 2023 • Lost largest customer and experienced 2.75p 0.75p (2.00) -73%
Slide 12: B Share Pool – 2023 Unquoted Company Highlights
Seneca Growth Capital VCT B Share Pool – 2023 Unquoted Company Highlights 9 months to 30 September 2023 Carrying Carrying Value Value NAV NAV Seneca Company 31 Dec 30 Sep Movement Movement 2023 Key Points View 2022 2023 (£000) (Pence) (+,O,-) (£000) (£000) • Continued growth in client numbers and su
Slide 13: B Share Pool – Continued Focus on Exits
Seneca Growth Capital VCT B Share Pool – Continued Focus on Exits 4 realisations of shares of B share investee These exits have continued to build our companies in the 9 months to Sept 2023: cumulative exit track record: Full exits to date 5 Final deferred consideration of c.£0.3m received, taking t
Slide 14: B Share Portfolio – Total Return
Seneca Growth Capital VCT B Share Portfolio – Total Return • Distributable reserves were increased B Share Pool Total Return by c.£15m via a capital reduction 120 approved by the High Court on 18 109.1p August 2023 99.1p 97.8p 100 96.1p 92.7p • c.£3m of reserves immediately 82.9p 87.9p available 80
Slide 15: B Share Pool Investee Company Video Updates
Seneca Growth Capital VCT B Share Pool Investee Company Video Updates 15
Slide 16: Velocity Composites investment update
Seneca Growth Capital VCT Investment Date: October 2023 | Investment Amount: £700k What they do • Velocity manufacture advanced composite material kits for use in the production of carbon fibre composite parts for primary aircraft manufacturers and Tier 1 suppliers. • Customers include Boeing, Airbu
Slide 17: Slide 17
Slide 18: Bright Network investment update
Seneca Growth Capital VCT 1st Investment Date: March 2020 | Total Investment Amount: £594k 2nd Investment Date: July 2023 What they do • The UK’s leading graduate talent platform. • It uses data and technology to match the next generation of graduates with the opportunities, insights and advice to s
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Slide 20: The Ordinary Share Pool
Seneca Growth Capital VCT The Ordinary Share Pool 20
Slide 21: Ordinary Share Pool Overview
Seneca Growth Capital VCT Ordinary Share Pool Overview Net Assets as at 30 September 2023: £2.1m (December 2022: £3.0m) Cash 9% 5 Unquoted 3% investments (4 of which written down to zero) AIM quoted 18% (Scancell) Ordinary Share Asset Exposure AIM quoted (Arecor) 70% 21
Slide 22: Ordinary Share Pool Overview: NAV and Dividends
Seneca Growth Capital VCT Ordinary Share Pool Overview Update on two key aspects of Ord Share Pool for the 9 months to 30 September 2023 1 2 NAV moves in line with Ord Share Pool’s Dividends two quoted investments 2.0p per Ordinary Share dividends paid in 2023 The NAV decreased by 11.3p from 37.1p t
Slide 23: B Share Offer
Seneca Growth Capital VCT Seneca Growth Capital VCT B Share Offer 23
Slide 24: Why consider an investment in the current B Share offer?
Seneca Growth Capital VCT Why consider an investment in the current B Share offer? £1.3m+ invested by the Directors and AIM quoted investments provide key members of the management potential to benefit in any market team in the Seneca family of recovery businesses 33% of B Share NAV represented by E
Slide 25: Offer for B Shares - OPEN
Seneca Growth Capital VCT Offer for B Shares - OPEN Key Dates for 2023/24 Tax Year Investment Application Deadline: Application to qualify for: • 1% Early Bird Discount Midday on 5 December 2023 • 0.5% Loyalty Discount for existing shareholders • 1.5p per B share dividend payable on 22 December 2023
Slide 26: Q&A
Seneca Growth Capital VCT Q&A Please send your questions to: enquiries@senecavct.co.uk 26
Slide 27: Thank you for joining
Seneca Growth Capital VCT Thank you for joining the 9 November 2023 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 27
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