Seneca Growth Capital VCT plc (SVCT) · LSE:SVCT
Seneca Growth Capital VCT plc (SVCT) — Seneca Growth Capital VCT — Investor Presentation (May 2024)
30 slides from Seneca Growth Capital VCT plc (SVCT)'s investor presentation, May 7, 2024
Slide 1: Seneca Growth Capital VCT Investor Update Presentation
Seneca Growth Capital VCT Thank you for joining the 7 May 2024 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 – Today's Speakers
Seneca Growth Capital VCT Welcome – Today’s Speakers John Hustler Richard Manley Matt Currie Siobhan Pycroft VCT Director VCT Director Investment Director Head of Operations for the VCT Outgoing Chair CEO Seneca Partners Limited Seneca Partners Limited Seneca Partners Limited Questions can be submit
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 Seneca Growth Capital VCT Two share classes 30 total investee companies Ordinary B Share Share Pool Pool Strategy remains to continue Continuing to fundraise, make to realise investments with the new investments and secure objective of maximising value and
Slide 6: The Current Board
Seneca Growth Capital VCT The Current Board John Hustler Ian Dighé Mary Anne Cordeiro Alexander Clarkson Richard Manley Independent Non- Independent Non- Independent Non-Executive Independent Non-Executive Non-Executive Executive Director Executive Director Director and Incoming Senior Director and
Slide 7: The B Share Pool
The B Share Pool 7 Seneca Growth Capital VCT
Slide 8: B Share Pool – 2023 Investment Activity
Seneca Growth Capital VCT B Share Pool – 2023 Investment Activity £2.4 million deployed AIM quoted investments Private Company Investments Manufacturing Software 6 investments Velocity Composites Plc £696k Old St Labs £500k Provider of engineered Supplier collaboration and 3 AIM quoted investments |
Slide 9: B Share Pool – Q1 2024 Investment Activity
Seneca Growth Capital VCT B Share Pool – Q1 2024 Investment Activity £542k deployed AIM quoted investments 2 investments Manufacturing Software AIM quoted companies £206k B share pool follow-on investment alongside £306k Seneca EIS investment Bio-Technology Life Sciences Verici DX Plc OptiBiotix Hea
Slide 10: Diversification
Seneca Growth Capital VCT B Share Pool - Diversification Life Sciences Health & Consumer 42% AIM Split 58% Software Manufacturing Unquoted investee companies 58% AIM/AQSE quoted investee companies 42% *As at 29 April 2024 Technology E-Commerce 10
Slide 11: 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 Index fell by 24% in the 27 months to 29 April 2024 • B Share Total Return was down by 30% in the same period FTSE AIM A
Slide 12: B Share NAV Movement December 2022 to 29 April 2024
Seneca Growth Capital VCT B Share NAV Movement 31 December 2022 to 31 December 2023 to 29 April 2024 12
Slide 13: Current B Share Pool – 2023 Biggest Movers
Seneca Growth Capital VCT Current B Share Pool – 2023 Biggest Movers Largest risers Closing Closing Change in NAV Seneca Share Price Share Price Company share price Movement 2023 Key Points View 31 Dec 2022 31 Dec 2023 % (Pence) (+,O,-) (p) (p) • Launched 94% accurate EpiSwitch PSE test in Feb 2023
Slide 14: Current B Share Pool – 2024 Biggest Movers
Seneca Growth Capital VCT Current B Share Pool – 2024* Biggest Movers *to 29 April 2024 Largest risers Closing Closing Change in NAV Seneca Share Price Share Price Company share price Movement 2024 Key Points View 31 Dec 2023 29 April 2024 % (Pence) (+,O,-) (p) (p) • Significant POLB 001 Patent gran
Slide 15: B Share Pool – Established Exit Track Record
Seneca Growth Capital VCT B Share Pool – Established Exit Track Record These exits have continued to build our cumulative exit track record*: Full exits to date 5 Partial exits to date 5 Gross exit proceeds £5.3m Profits generated £2.4m Average money multiple 1.8x Total cost of dividends paid to dat
Slide 16: B Share Portfolio – Total Return
Seneca Growth Capital VCT B Share Portfolio – Total Return • Total Return of 75.8p as at 29 April 2024 B Share Pool Total Return • Distributable reserves were increased 120 by c.£15m via a capital reduction approved by the High Court on 18 100 August 2023 • c.£5m of reserves now available 80 • c.£10
Slide 17: B Share Pool Investee Company CEO Interviews
Seneca Growth Capital VCT B Share Pool Investee Company CEO Interviews Interviews with Victoria Edwards, Investment Manager 17
Slide 18: Northcoders
Seneca Growth Capital VCT AIM Quoted (CODE:LSE) Investment Date: November 2022 Investment Amount: £300k What they do Northcoders is a Manchester based, market leading, provider of coding and software development training for businesses and individuals. Founded in 2015 and admitted to AIM in 2021, it
Slide 19: Northcoders
Northcoders
Slide 20: Verici Dx
Seneca Growth Capital VCT AIM Quoted (VRCI:LSE) Round 1 Investment Date: March 2022 Investment Amount: £280k Round 2 Investment Date: February 2024 Investment Amount: £206k What they do Verici Dx is a developer of a complementary suite of leading-edge tests forming a kidney transplant platform. The
Slide 21: Q&A with Verici Dx
Slide 22: Outlook
Seneca Growth Capital VCT B Share Pool - Outlook • Recent B Share NAV impacted by AIM performance • Not reflective of underlying progress being made by B Share portfolio companies in many cases • OptiBiotix Health Plc raised £1.4m in March 2024. New manufacturing agreement with KAG industries in Apr
Slide 23: The Ordinary Share Pool
Seneca Growth Capital VCT The Ordinary Share Pool 23
Slide 24: Ordinary Share Pool Overview - 2023
Seneca Growth Capital VCT Ordinary Share Pool Overview - 2023 Net Assets as at 31 December 2023: £1.5m (18.5p per share) 0% 13% AIM quoted (Scancell) 63% Ordinary Share AIM quoted (Arecor) 24% 24% Asset Exposure Cash 13% 5 Unquoted investments (valued at zero) 0% 63% 24
Slide 25: Ordinary Share Pool Overview
Seneca Growth Capital VCT Ordinary Share Pool Overview Update on two key aspects of Ord Share Pool 1 2 NAV moves in line with Ord Share Pool’s Dividends two quoted investments 2.0p per Ordinary Share dividends paid in 2023 31-Dec-22 31-Dec-23 31-Mar-24 73.3p dividends paid since launch Scancell Shar
Slide 26: John Hustler's Retirement
Seneca Growth Capital VCT John Hustler’s Retirement John Hustler • After twenty-two years of service, John Hustler will retire as Chair and independent non-executive Director of the Company at the forthcoming AGM with effect from 15 May 2024. • John has been integral to the development of the VCT an
Slide 27: B Share Offer
Seneca Growth Capital VCT Seneca Growth Capital VCT B Share Offer 27
Slide 28: Why consider an investment in the current B Share offer?
Seneca Growth Capital VCT Why consider an investment in the current B Share offer? £1.4m+ 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 37% of B Share NAV represented by E
Slide 29: Q&A
Seneca Growth Capital VCT Q&A Please send your questions to: enquiries@senecavct.co.uk 29
Slide 30: Thank you for joining the Investor Update Presentation
Seneca Growth Capital VCT Thank you for joining the 7 May 2024 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 30
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