Seneca Growth Capital VCT plc (SVCT) · LSE:SVCT
Seneca Growth Capital VCT plc (SVCT) — Seneca Growth Capital VCT — Investor Presentation (May 2023)
28 slides from Seneca Growth Capital VCT plc (SVCT)'s investor presentation, May 10, 2023
Slide 1: Seneca Growth Capital VCT Investor Update Presentation, 10 May 2023
Seneca Growth Capital VCT Thank you for joining the 10 May 2023 Seneca Growth Capital VCT Investor Update Presentation The presentation will begin at 2pm 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 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 B Share Pool
The B Share Pool 6 Seneca Growth Capital VCT
Slide 7: B Share Pool – 2022 Investment Activity
Seneca Growth Capital VCT B Share Pool – 2022 Investment Activity £6m deployed | 10 new investments and 1 follow-on investment | 1 full and 2 partial exits totalling £1m AIM v Private Sector Split 20% 30% 30% 70% 31% 19% AIM quoted investee companies Life Science Software Unquoted investee companies
Slide 8: B Share Pool – 2023 Investment Activity
Seneca Growth Capital VCT B Share Pool – 2023 Investment Activity 2 New Investments Completed • £376k • AIM quoted • Specialist in metaverse technologies • £500k • Follow on investment • Supplier collaboration software provider 1 Full Exit Achieved • Queue management software provider acquired by le
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 Index fell by 33% in the 15 months to 31 March 2023 • B Share Total Return was down by 23.3p (21%) in the same period 1,
Slide 10: B Share Pool – Attraction to AIM
Seneca Growth Capital VCT B Share Pool – Attraction to AIM With a material exposure to AIM* quoted companies, public market sentiment impacts on the B Share NAV We remain attracted to the continued potential benefits of investing in AIM* quoted companies including: • Access to capital markets • Impr
Slide 11: B Share NAV Movement
Seneca Growth Capital VCT B Share NAV Movement 31 December 2021 to 31 December 2022 to 31 March 2023 110.0p 100.1p 100.0p 90.0p 1.4p 0.4p 2.9p (15.5)p (2.7)p 80.7p 80.0p (3.0)p 73.8p NAV per Share in Pence (9.2)p (0.6)p 70.0p 60.0p 50.0p 40.0p 30.0p 20.0p 10.0p 0.0p 1 s s ce r d 2 s s r 23 2 /2 os s
Slide 12: Current B Share Pool – 2022 Biggest Movers
Seneca Growth Capital VCT Current B Share Pool – 2022 Biggest Movers Top risers Closing Change Value in Value NAV Seneca % Company 31 Dec 31 Dec Movement 2022 Key Points View Change 2021 2022 (Pence) (+,O,-) (£000) (£000) • Doubled its revenue in FY2023 281 176 63% 1.1 • Expanded internationally • £
Slide 13: Current B Share Pool – Q1 2023 Biggest Movers
Seneca Growth Capital VCT Current B Share Pool – Q1 2023 Biggest Movers Top risers Closing Change Value in Value NAV Seneca % Company 31 Dec 31 Mar Movement 2023 Key Points View Change 2022 2023 (Pence) (+,O,-) (£000) (£000) • Granted first UK MHRA GMP grade license and Home Office license by 161 32
Slide 14: B Share Portfolio – Total Return
Seneca Growth Capital VCT B Share Portfolio – Total Return 120 • Availability of existing distributable 100 reserves and profits generated from exits have supported (to Mar 23): o Annual dividends of 3p 80 o Cumulative dividends of 12p 60 • Our aspirations remain to increase dividends to 5% of B Sha
Slide 15: B Share Pool Investee Company CEO Video Updates and Pipeline Opportunities
Seneca Growth Capital VCT B Share Pool Investee Company CEO Video Updates and Pipeline Opportunities 15
Slide 16: Vizibl investee company profile
Seneca Growth Capital VCT Investment Dates: Mar 2019 & Apr 2023 | Total Investment Amount: £1m What they do • The Vizibl platform is a project management tool, for teams and individuals managing suppliers and procurement within large, blue-chip customers • The primary function of the platform is to
Slide 17: Celadon investee company profile
Seneca Growth Capital VCT Investment Date: March 2022 | Investment Amount: £530k What they do • Celadon is a UK based pharmaceutical company targeting the research, cultivation, manufacturing and supply of cannabinoid-based medicines • Its primary focus is on improving quality of life for chronic pa
Slide 18: B Share Pool – Ones to Watch
Seneca Growth Capital VCT B Share Pool – Ones to Watch Investment date: Jan & Nov 2021 Investment Amount: £750k Sector: Life Science Type: Follow-on Status: Private Investment date: May 21 & Aug 22 Investment Amount: £620k Sector: Life Science Type: Follow-on Status: AIM Investment date: March 2022
Slide 19: B Share Pool Current Investment Pipeline
Seneca Growth Capital VCT B Share Pool Current Investment Pipeline Current Opportunity 1 Current Opportunity 2 Business: Software provider to Business: Proprietary technology individuals and institutions worldwide, provider in the field of eco-friendly primarily to facilitate learning for students p
Slide 20: B Share Pool – 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 • Positive to see uplift in two B Share Pool private company carrying values in 2022 as those businesses c
Slide 21: The Ordinary Share Pool
Seneca Growth Capital VCT The Ordinary Share Pool 23
Slide 22: Ordinary Share Pool Overview
Seneca Growth Capital VCT Ordinary Share Pool Overview Net Assets as at 31 March 2023: £2.3m (December 2021: £3.2m) Cash 16% 5 Unquoted 2% investments AIM quoted (4 of which written (Scancell) down to zero) Ordinary Share Asset 22% Exposure 60% AIM quoted (Arecor) 24
Slide 23: Ordinary Share Pool Overview
Seneca Growth Capital VCT Ordinary Share Pool Overview Update on two key aspects of Ord Share Pool for the 15 months to 31 March 2023 1 2 Dividends NAV moves in line with Ord Share Pool’s two quoted investments 2.0p per Ordinary Share dividends paid in 2022 and 2.0p per Ordinary Share declared in 20
Slide 24: Richard Roth's Retirement
Seneca Growth Capital VCT Richard Roth’s Retirement Richard Roth • After eight years of service, Richard Roth will retire as an independent non-executive Director of the Company at the forthcoming AGM with effect from 18 May 2023 • We thank Richard for his considerable contribution to the VCT over t
Slide 25: B Share Offer
Seneca Growth Capital VCT Seneca Growth Capital VCT B Share Offer 27
Slide 26: 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 35% of B Share NAV represented by E
Slide 27: Q&A
Seneca Growth Capital VCT Q&A Please send your questions to: enquiries@senecavct.co.uk 29
Slide 28: Thank you for joining the 10 May 2023 Investor Update
Seneca Growth Capital VCT Thank you for joining the 10 May 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 30
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