Albion Dev VCT Albion Development Vct Plc - Ordinary Shares : Interim Management Statement

 
TIDMAADV 
 
   Introduction 
 
   I am pleased to present Albion Development VCT PLC (the "Company")'s 
interim management statement for the period from 1 July 2016 to 3 
November 2016. 
 
   Performance 
 
   The Company's unaudited net asset value (NAV) as at 30 September 2016 
was GBP43.2 million or 68.9 pence per share (excluding treasury shares) 
(30 June 2016: 69.3 pence per share) after accounting for the dividend 
of 2.5 pence per share paid on 30 September 2016 to shareholders on the 
register as at 9 September 2016. 
 
   Adjusting for the payment of the dividend, the net asset value has risen 
by 2.1 pence per share (3.0 per cent.) since 30 June 2016, as a result 
of an increase in investment valuations. 
 
   Dividend target from 2017 
 
   The Company paid dividends totalling 5.0 pence per share during the 
financial year in line with the Company's policy, which has now been 
maintained for six years. For most of this period, however, this 
dividend has not been fully covered by total returns, resulting in a 
gradual decline in NAV per share over the years.  In an economic 
environment of persistently low interest rates, the Board considers a 
recalibration of the annual dividend target to 4.0 pence per share to be 
more appropriate, representing a dividend yield on current NAV of 5.8 
per cent. This target will apply from 2017. 
 
   Share issues 
 
   During the period from 1 July 2016 to 3 November 2016, the Company 
issued the following shares under the dividend reinvestment scheme (and 
are included in the net asset value figures for 30 September 2016 
above): 
 
 
 
 
                     Number of shares    Issue price per       Net proceeds 
Date                      issued              share              GBP'000 
30 September 2016              381,011          66.8 pence                 251 
 
   Share buybacks 
 
   During the period from 1 July 2016 to 3 November 2016, the Company 
purchased 614,000 Ordinary shares for GBP402,000 at an average price of 
65.4p pence per Ordinary share. All of the shares are to be held in 
treasury. 
 
   It remains the Board's policy to buy back shares in the market, subject 
to the overall constraint that such purchases are in the Company's 
interest, including the maintenance of sufficient resources for 
investment in existing and new portfolio companies and the continued 
payment of dividends to shareholders. It is the Board's intention for 
such buy-backs to be at around a 5 per cent. discount to net asset value, 
so far as market conditions and liquidity permit. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 July 
2016 to 3 November 2016: 
 
 
 
 
New investments    GBP000's                      Activity 
Convertr Limited     583             Digital lead generation software 
Secured by Design            Research and consulting for the global automotive 
Limited              330                           sector 
Oviva AG             159                Medical nutritional therapy 
Total new 
 investments          1,072 
 
Further 
investments        GBP000's                                           Activity 
Abcodia Limited         133       Validation and discovery of serum biomarkers 
Proveca Limited         100              Repositioning of paediatric medicines 
DySIS Medical                    Medical devices for the detection of cervical 
Limited                  87                                             cancer 
Total further 
 investments            320 
 
 
 
   Disposals 
 
   The following loan stock repayments were made during the period from 1 
July 2016 to 3 November 2016: 
 
 
 
 
Portfolio company                   GBP000's 
Radnor House School (Holdings) 
Limited                                88           Loan stock repayment 
                                                 Loan stock and redemption 
Hilson Moran Holdings Limited          46            premium repayment 
Total proceeds                           134 
 
 
   Top ten holdings as at 30 September 2016: 
 
 
 
 
                          % of 
                           net 
                 Value    asset 
Investment      GBP000's  value                         Activity 
Radnor House 
School 
(Holdings) 
Limited          5,395    12.5%        Independent schools for children aged 5-18 
Exco InTouch 
Limited          2,752    6.4%         Provider of mobile patient data solutions 
Chonais River 
 Hydro 
 Limited           1,995   4.6%                          Hydropower project in Scotland 
The Street by 
Street Solar 
Programme                             Builds, owns and operates photovoltaic systems on 
Limited            1,915   4.4%                           domestic properties in the UK 
Regenerco 
Renewable 
Energy                                Generator of renewable energy from roof top solar 
Limited            1,620   3.8%                                           installations 
Proveca 
 Limited           1,602   3.7%                   Repositioning of paediatric medicines 
Alto Prodotto                    Owns and operates community scale wind energy projects 
Wind Limited       1,296   3.0%                           on brownfield sites in the UK 
Earnside 
 Energy 
 Limited           1,271   2.9%                An anaerobic digestion plant in Scotland 
Bravo Inns II 
 Limited           1,173   2.7%                     Owner and operator of freehold pubs 
Egress           1,077    2.5%   Encrypted email & file transfer service provider 
 Software 
 Technologies 
 Limited 
 
 
   A full breakdown of the Company's portfolio can be found on the Fund's 
webpage on the Manager's website at www.albion-ventures.co.uk/funds/AADV, 
by following the 'Portfolio of Investments' link under the 'Funds 
reports' section. 
 
   Material events and transactions 
 
   There have been no further significant events or transactions that the 
Board is aware of which would have a material impact on the financial 
position of the Company between 1 July 2016 to 3 November 2016. 
 
   Further information 
 
   The Company continues to offer a Dividend Reinvestment Scheme to 
existing shareholders. Details of this Scheme can be found at 
www.albion-ventures.co.uk/funds/AADV. 
 
   Further information regarding historic and current financial performance 
and other useful shareholder information can be found on the Fund's 
webpage on the Manager's website under 
www.albion-ventures.co.uk/funds/AADV. 
 
   Geoffrey Vero, Chairman 
 
   3 November 2016 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Ventures LLP - Tel: [phone] 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Albion Development VCT PLC - Ordinary Shares via Globenewswire 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

November 03, 2016 11:25 ET (15:25 GMT)

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