BVP Bioscience Vct

Issue of Equity and Total Voting Rights and Capital Reorganisation

Seneca Growth Capital VCT Plc (the "Company")

18 August 2023

Issue of Equity and Total Voting Rights and Capital Reorganisation

Issue of Equity and Closure of the Offer of Subscription

The Company announces that it has today allotted and issued 446,755 new B ordinary shares of 1p each in the Company (“B Shares”).

The shares were issued pursuant to an offer for subscription for B Shares launched on 26 August 2022 to raise, in aggregate, up to £10 million with an over-allotment facility of up to a further £10 million (before issue costs) (the "Offer").

Pursuant to the Offer, and the £311,000 of valid applications received since 28 June 2023 (the cut-off date for the last allotment of shares made on 30 June 2023), and up to and including 17 August 2023 in respect of the 2023/2024 tax year, the Company has today allotted and issued 446,755 B Shares. In accordance with the allotment formula set out in the prospectus for the Offer, the B Shares have been allotted at the offer prices in the range of 69.4p to 71.6p per share, calculated by reference to the unaudited net asset value of a B Share as at 30 June 2023 (69.4p per B Share as announced on 2 August 2023).

As a result of this allotment, the number of shares now in issue is 8,115,376 Ordinary Shares of 1p each and 20,817,717 B Shares. Therefore, the total number of voting rights in the Company is 28,933,093.

In respect of this allotment, an application will be made by the Company to the Financial Conduct Authority and to the London Stock Exchange for the B Shares so issued to be admitted to the Official List and to trading on the London Stock Exchange's main market for listed securities. It is expected that the admission of the B Shares will become effective and dealings will commence on or around 24 August 2023.

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

The Offer is now closed to further applications. The Company announces that under the Offer it received and accepted valid applications to the value of £2,529,717 (before issue costs).

Cancellation of Share Premium Account and Capital Redemption Reserve 

The Company announces that earlier today the High Court of Justice confirmed the cancellation of the sum standing to the credit of the Company's share premium account and capital redemption reserve (the "Reduction of Capital"), which totalled £15,729,185. The Reduction of Capital will become effective on registration of the Court Order at Companies House, which is expected to occur on or around 24 August 2023.

The Reduction of Capital was approved by way of a special resolution passed by the shareholders of the Company at the general meeting held on 18 May 2023.

The purpose of the Reduction of Capital is to create distributable reserves which will provide the Company with the flexibility to support, amongst other things the payment of dividends and the buy-back of shares.

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

For further information, please contact:

John Hustler, Seneca Growth Capital VCT Plc at john.hustler@btconnect.com

Richard Manley, Seneca Growth Capital VCT Plc at Richard.Manley@senecapartners.co.uk