Seneca Growth Capital VCT plc (SVCT) · LSE:SVCT
Seneca Growth Capital VCT plc (SVCT) — Seneca Growth Capital VCT — Investor Presentation (March 2021)
35 slides from Seneca Growth Capital VCT plc (SVCT)'s investor presentation, March 2021
Slide 1: Investor Update Presentation March 2021
Investor Update Presentation March 2021
Slide 2: Important Notice
Important Notice The following presentation, including a hard copy of these slides/the talks given by the presenters, the information which may become apparent. No reliance may be placed for any purpose whatsoever on the information or opinions communicated during any delivery of the presentation an
Slide 3: Welcome – Today's Panel
Welcome – Today’s Panel Seneca Growth Capital VCT Plc - The Board Investment Manager John Hustler Richard Manley John Davies Director and Chairman Director Investment Director at Seneca and CEO of Seneca Partners Partners Limited Limited Richard Roth Alex Clarkson Director Director and Chairman of t
Slide 4: Housekeeping
Housekeeping Audio Q&A Recording Troubleshoot During this presentation Questions are This presentation If your video stream attendees will be in listen however encouraged is being recorded and freezes during the only mode and we have a Q&A will be available via the presentation, please close slot at
Slide 5: Agenda
Agenda 1 Company Overview 5 Company Outlook 2 Seneca Partners Overview 6 Open Offer for B Shares 3 B Share Pool 7 Q&A 4 Ordinary Share Pool
Slide 6: Company Overview
Company Overview Background Launched the Ordinary share class in 2001 Launched the B share class in 2018 Company name changed from Hygea vct plc to Seneca Growth Capital VCT Plc Ordinary Seneca Partners Limited B Share appointed Investment Share Pool Manager Pool Strategy remains to continue Continu
Slide 7: Who are the VCT's Investment Manager – Seneca Partners?
Who are the VCT’s Investment Manager – Seneca Partners? Founded in 2010 Award-winning Tax Efficient £30m+ of IHT £20m+ Property Specialists funds under Development management* Loan Book* £30m+ £20m+ £100m+ £1bn+ £100m+ Headquartered in the Launched multiple £100m+ of SME advisory £100m+ of property
Slide 8: Seneca Partners' Growth Capital Credentials
Seneca Partners’ Growth Capital Credentials c.£100 million 50+ 100+ 22 of EIS and VCT SME companies funding rounds Growth Capital Exits investment funds £30m+ of realisations Average 1.7x+ growth 20+ Partner network of sector Experience & capabilities capital return (excluding AIM quoted investments
Slide 9: The B Share Pool
The B Share Pool
Slide 10: B Share Investment Strategy
B Share Investment Strategy Well managed businesses with strong Generalist value led & proven leadership investors Seneca’s Strengths Experienced growth capital investors Avoid start-ups which Expansion capital to helps to de-risk our Multiple disciplines under one roof drive growth proposition Stro
Slide 11: B Share Pool Overview
B Share Pool Overview Emerging Exit Track Record: Raised c.£10m to date £5m invested across 5 AIM quoted and 8 unquoted investee companies 4 full and partial exits already achieved NAV of 99.4p per B share as at 19 February 2021 3p of dividends paid in 2020 and a total of 6p paid since launch taking
Slide 12: B Share Net Asset Value: Recent History
B Share Net Asset Value: Recent History 110.0p NAV at 19/02/21 NAV at NAV at 99.4p 100.0p 31/12/19 31/12/20 0.5p 93.1p 4.2p 1.9p 91.8p 8.1p 3.0p NAV at 0.4p 90.0p 5.2p 31/03/20 13.1p 7.9p 79.8p 80.0p 0.7p 0.5p 49.6p NAV per Share in pence 70.0p 50.8p 47.9p 60.0p 44.0p 50.0p 40.0p 34.7p 30.0p 29.2p 3
Slide 13: B Share Dividend Track Record
B Share Dividend Track Record Year Target Dividends Paid Cumulative Dividends Paid Dividends on Target 2019 n/a 3p 3p 2020 3p+ 3p 6p 7.5p (YTD, includes 1.5p 2021 3p+ 1.5p (declared) declared) B Share Target Dividend • At least 3p per annum in relation to the Company’s B Shares with an ambition to i
Slide 14: B Share Asset Exposures as at December 2020
B Share Asset Exposures as at 31 December 2020 Underlying Sector Exposure Bio Tech Saas 32% 30% 34% NAV £8.3m 52% Manufacturing – Medical 4% Devices 16% 4% Manufacturing - Pharma 6% 12% 10% Online Retail HR & Recruitment Cash Aim quoted investee companies Unquoted investee companies Tech Platform
Slide 15: The B Share Pool Investee Company Profiles
The B Share Pool Investee Company Profiles
Slide 16: SilkFred: What they do, Why we like it
2011 2012 2017 2018 2020 2021 Company Seneca invest to Resilient Forecasting 35%+ SilkFred Seed capital surpasses c.£23m accelerate its high- performance during YoY Growth founded from HNWs of GMV growth trajectory C-19 pandemic What they do Why we like it SilkFred is a high growth online women's fa
Slide 17: Emma Watkinson – SilkFred Co-Founder and CEO
Emma Watkinson – SilkFred Co-Founder and CEO
Slide 18: SkinBioTherapeutics: What they do, Why we like it
2015 2017 2018 2019 2020 2021 Seneca VCT invests and Completes a Commences SkinBio IPO on AIM Positive results the company secures £4.5m funding AxisBiotix-Ps™ food founded from human commercial agreement round supplement study with Croda International consumer study Plc What they do Why we like it
Slide 19: Stuart Ashman – SkinBio CEO
FASkinBio THERAPEUTICS Stuart Ashman- SkinBio CEO
Slide 20: B Share Pool Current Investment Pipeline
B Share Pool Current Investment Pipeline 15+ £30m+ 15+ investment £30m+ of EIS and VCT Mix of AIM and An element of off opportunities currently funding requirements unquoted companies market deals in DD Diverse spread of sector Large proportion of Increase in number of focus covering online deal opp
Slide 21: The Ordinary Share Pool
The Ordinary Share Pool
Slide 22: Ordinary Share Overview
Ordinary Share Overview As at 31 December 2020 • 1 AIM quoted and 6 unquoted investee companies • NAV of £2.5m (30.2p per Ordinary share) including £0.5m of cash • 66% of NAV represented by investment in Scancell 13% 21% NAV £2.5m 66% Cash Scancell Plc Unquoted investee companies
Slide 23: Ordinary Share Overview
Ordinary Share Overview Two key themes since 1 January 2020 1 Realisations of AIM quoted investments have crystallised profits, funded dividends and increased cash reserves. • Omega Diagnostics – Full exit at 3.0x return on cost (£1.0m proceeds v’s £0.3m cost) • Scancell – Partial exit at 2.8x retur
Slide 24: Seneca Growth Capital VCT Company Outlook & B Share Offer
Seneca Growth Capital VCT Company Outlook & B Share Offer
Slide 25: Company Outlook
Company Outlook B Share Outlook Ordinary Share Outlook Our aims over the next 12 months are as follows: Seek to continue to realise Ordinary share pool investments Continue to increase funds raised via current offer and as opportunities arise to maximise Return to Shareholders under the 2021 offer e
Slide 26: Offer for B Shares
Offer for B Shares Why consider an investment in the current B share offer? Driving stable NAV Track record of More than 50% of B Exit track record Diversified investment growth consistent dividends Share NAV* building portfolio and existing represented by cash distributable reserves *as at 31 Decem
Slide 27: Offer for B Shares Remains Open
Offer for B Shares Remains Open Key Dates 2020/21 Tax Year 2021/22 Tax Year 1 April 2021 allotment 28 April 2021 Allotment and 1st Interim Dividend Payment 14 May 2021 19 March 2021 Cheques with applications to be received by Midday 15 April 2021 Cheques with applications to be received by 3pm 26 Ap
Slide 28: Annual General Meeting
Annual General Meeting Key Dates Annual General Meeting The Company’s AGM will be held as a closed meeting at 14.00 on Monday, 29 March 2021 Proxy forms should be completed and returned to Neville Registrars by 14.00 on Saturday, 27 March 2021 Please send any questions you may have to enquiries@sene
Slide 29: Q&A
Q&A
Slide 30: Question 1
Question 1 Do you still think valuations are being impacted by Covid-19 for new deals and are you still seeing the same volume of opportunities?
Slide 31: Question 2
Question 2 How has Covid-19 impacted on the funding opportunities available to the types of businesses in which the VCT invests?
Slide 32: Question 3
Question 3 AIM has seen increased volatility given Brexit and Covid-19, do you still see this as a good place to get returns?
Slide 33: Question 4
Question 4 What’s the Board’s view on their intentions to realise the Scancell shares given the recent improvements in the Scancell share price?
Slide 34: Question 5
Question 5 From reading the Annual Report, it’s clear that the VCT has supported SkinBio from an early stage and that the company is doing very well, so why has 40% of the VCT’s holding been sold?
Slide 35: Investor Update Presentation March 2021
Investor Update Presentation March 2021
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