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2017-05-19 08:00 CEST
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Hygea VCT plc : Update for the quarter ended 31 March 2017

FOR IMMEDIATE RELEASE                                                                     19 May 2017


("Hygea" or "the Company")

Update for the quarter ended 31 March 2017

Hygea vct plc presents its quarterly update for the period commencing 1 January 2017. 

The Directors have recently reviewed the valuation of its portfolio as at the quarter ended 31 March 2017.

The unaudited Net Asset Value ("NAV") per ordinary share as at 31 March 2017 was 68.8p.  This is a rise of 0.5p from the previously published NAV for the period ended 31 December 2016, due to changes in the value of the quoted investments, net of running costs. No changes have been made to the unquoted valuations.

The Company's holding in Scancell Holdings Plc ("Scancell"), listed on AIM, represents approximately one third of its portfolio at 31 March 2017.  The bid price of Scancell's shares used for the calculation of the Company's net assets on 31 March 2017 was 14.0p, a slight reduction from 31 December 2016. On 11 May 2017, Scancell announced a placing to raise £5m at 10p per share; the funds raised will be used to initiate the clinical development of Modi-1, the first product from the Moditope® platform, and to continue to support the ImmunoBody® platform pipeline .Hygea's  Net Asset Value per share would have reduced by 5.2p (net of the reduction in the performance fee provision) had its Scancell  holding  been valued at the placing price. Hygea was unable to subscribe in this funding round due to limitations imposed by HMRC to maintain VCT qualifying status, and, as a result, we have been further diluted and now hold 4.2% of Scancell.

At 31 March 2017, the company had used £169,424 of its £200,000 overdraft facility.

During the period under review, 208,727 shares in EKF Diagnostics plc were sold for liquidity management purposes (and a further 185,832 shares have been sold since 31 March 2017).  

The Directors are not aware of any other events or transactions which have taken place between 1 April 2017 and the publication of this statement which have had a material effect on the financial position of the Company.

Furthermore, in conformity with the Disclosure and Transparency Rules, the Company notifies the market that the capital of the Company consists of 8,115,376 Ordinary Shares with a nominal value of £0.50 each with voting rights as at 18 May 2017. The Company does not hold any Ordinary Shares in Treasury. Therefore, the total number of voting rights in the Company is 8,115,376 (the 'Figure').

The Figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.


John Hustler, Hygea vct plc at

Roland Cornish, Beaumont Cornish Limited on 020 7628 3396