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

 
TIDMAADV 
 
 
   Albion Development VCT PLC Interim Management Statement 
 
   LEI Code 213800FDDMBD9QLHLB38 
 
   Introduction 
 
   I am pleased to present Albion Development VCT PLC (the "Company")'s 
interim management statement for the period from 1 July 2017 to 30 
September 2017. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 September 2017 
was GBP48.7 million or 72.1 pence per share (excluding treasury shares), 
after accounting for the dividend of 2.0 pence per share paid on 29 
September 2017 to shareholders on the register on 8 September 2017. 
 
   Share issues 
 
   During the period from 1 July 2017 to 30 September 2017, the Company 
issued the following shares under the dividend reinvestment scheme (and 
are included in the net asset value figures for 30 September 2017 
above): 
 
 
 
 
                     Number of shares    Issue price per       Net invested 
Date                      issued              share              GBP'000 
29 September 2017              311,615          69.3 pence                 214 
 
 
   Share buybacks 
 
   During the period from 1 July 2017 to 30 September 2017, the Company 
purchased 445,000 Ordinary shares for GBP301,000 at an average price of 
67.67p pence per Ordinary share. All of the shares are to be held in 
treasury. 
 
   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 
2017 to 30 September 2017: 
 
 
 
 
Further 
investments      GBP000s  Activity 
Egress Software 
Technologies 
Limited            812    Encrypted email & file transfer service provider 
                          A technology enabled service business in medical nutritional 
Oviva AG           483     therapy (MNT) 
G.Network 
Communications 
Limited            273    Fibre optic broadband provider in central London 
Black Swan Data 
Limited            239    Data analysis that supports corporate decision making 
Convertr Media 
Limited            117    Digital lead generation software 
Abcodia Limited    45     Validation and discovery of serum biomarkers 
Aridhia 
Informatics 
Limited            14     Healthcare informatics and analysis provider 
Beddlestead               Developer and operator of a dedicated wedding venue 
Limited            10      in the UK 
Total further 
 investments       1,993 
 
 
   Disposals 
 
   The following material disposals and loan stock repayments were made 
during the period from 1 July 2017 to 30 September 2017: 
 
 
 
 
Portfolio 
company        GBP000s 
Hilson Moran 
Holdings                Disposal of investment on a cost of GBP231k, realising 
Limited         1,691                  a gain of GBP1.46 million 
Total 
 proceeds        1,691 
 
 
   Furthermore, Relayware Limited merged with Zift Solutions Inc. to form 
Zift Channel Solutions Inc.. 
 
   Top ten holdings as at 30 September 2017: 
 
 
 
 
                         % of 
                          net 
                Value    asset 
Investment      GBP000s  value                         Activity 
Radnor House 
School 
(Holdings) 
Limited          5,950   12.2%        Independent schools for children aged 5-18 
Egress 
Software 
Technologies 
Limited          3,216   6.6%      Encrypted email & file transfer service provider 
Grapeshot 
 Limited          2,451   5.0%                  Provider of digital marketing software 
Proveca 
 Limited          2,351   4.8%                   Reformulation of paediatric medicines 
Chonais River 
Hydro                               Owner and operator of a 2 MW hydro-power scheme in 
Limited           2,098   4.3%                                  the Scottish Highlands 
The Street by 
Street Solar 
Programme                           Owns and operates photovoltaic systems on domestic 
Limited           2,053   4.2%                                    properties in the UK 
Regenerco 
Renewable 
Energy                               Generator of renewable energy from roof top solar 
Limited           1,789   3.7%                                           installations 
Earnside 
Energy                             Anaerobic digestion and composting plant located in 
Limited           1,380   2.8%                                                Scotland 
Mirada 
 Medical 
 Limited          1,315   2.7%                   Developer of medical imaging software 
Alto Prodotto    1,289   2.6%   Owns and operates community scale wind energy projects 
 Wind                            on brownfield sites in the UK 
 Limited 
 
 
   A full breakdown of the Company's portfolio can be found on the 
Company's webpage on the Manager's website at 
www.albion.capital/funds/AADV, by following the 'Portfolio of 
Investments' link under the 'Fund reports' section. 
 
 
 
   Material events and transactions after the period end 
 
   Portfolio 
 
   After the period end, the Company had made the following material 
investment transactions: 
 
 
   -- Investment of GBP933k in a new portfolio company, Women's Health (London 
      West One) Limited, to develop a women's health centre of excellence 
      focussing on fertility; 
 
   -- Investment of GBP830k in an existing portfolio company, Beddlestead 
      Limited, which develops and operates a dedicated wedding venue in the UK; 
      and 
 
   -- Investment of GBP305k in an existing portfolio company, G.Network 
      Communications Limited, which is a fibre optic broadband provider in 
      Central London. 
 
 
   Further information 
 
   The Company continues to offer a Dividend Reinvestment Scheme to 
existing shareholders. Details of this Scheme can be found on the 
Company's webpage on the Manager's website at 
www.albion.capital/funds/AADV. 
 
   Further information regarding historic and current financial performance 
and other useful shareholder information can be found on the Company's 
webpage on the Manager's website under www.albion.capital/funds/AADV. 
 
 
 
 
 
   Geoffrey Vero, Chairman 
 
   6 November 2017 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Capital Group 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 06, 2017 11:50 ET (16:50 GMT)

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