Albion EnterpriseVCT Albion Enterprise Vct Plc : Interim Management Statement

 
TIDMAAEV 
 
 
   Albion Enterprise VCT PLC Interim Management Statement 
 
   Introduction 
 
   I am pleased to present Albion Enterprise VCT PLC (the "Company")'s 
interim management statement for the period from 1 October 2016 to 7 
February 2017. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 31 December 2016 was 
GBP45.97 million or 99.94 pence per share (excluding treasury shares). 
An increase of 2.55 pence per share (2.62 per cent.) since 30 September 
2016. This is a result of an increase in investment valuations and an 
excess of investment income over expenses. 
 
   After accounting for a dividend of 2.50 pence per share, due to be paid 
on 28 February 2017 to shareholders on the register as at 10 February 
2017, the NAV will be 97.44 pence per share. 
 
   Share issues 
 
   During the period from 1 October 2016 to 7 February 2017, the Company 
issued a total of 3,984,807 new Ordinary shares under the Albion VCTs 
Prospectus Top Up Offers 2016/2017 made up as follows: 
 
 
 
 
                                        Issue price per 
                   Number of shares     share (including      Net proceeds 
Date                    issued          costs of issue)          GBP'000 
31 January 2017               892,917               99.40                  870 
31 January 2017               309,346               99.90                  301 
31 January 2017             2,782,544              100.50                2,713 
Total                       3,984,807                                    3,884 
 
 
   The proceeds of the Offer are being used to provide further resources to 
the Company at a time when a number of attractive new investment 
opportunities are being seen. 
 
   A Securities Note which forms part of the Prospectus can be found on the 
website www.albion-ventures.co.uk. The Offer will close on 29 September 
2017 (unless fully subscribed earlier). 
 
   Share buy-backs 
 
   During the period from 1 October 2016 to 7 February 2017, the Company 
purchased 71,000 shares for GBP62,000 at an average price of 87.37 pence 
per 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 the most recently announced net asset value, so far as 
market conditions and liquidity permit. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 
October 2016 to 7 February 2017: 
 
 
 
 
New investments            GBP000's           Activity 
Convertr Media Limited       583     Digital marketing software 
Beddlestead Farm Limited      10     Wedding venue operator 
Total new investments           593 
 
 
 
 
Further investments         GBP000's                  Activity 
Proveca Limited               245     Reformulation of paediatric medicines 
                                      Data analysis that supports corporate 
Black Swan Data Limited       137     decision making 
Mirada Medical Limited         85     Developer of medical imaging software 
                                      Validation and discovery of serum 
Abcodia Limited                71     biomarkers 
Total further investments        538 
 
   Disposals and loan stock repayment 
 
   The following disposals were made during the period from 1 October 2016 
to 7 February 2017: 
 
 
 
 
Name                                    GBP000's 
Exco Intouch Limited                     2,871    Disposal of investment 
Radnor House School (Holdings) Limited     98     Loan stock repayment 
 
 
   Top ten holdings as at 31 December 2016: 
 
 
 
 
                               % of 
                                net 
               Carrying value  asset 
Investment        GBP000's     value                         Activity 
Radnor House 
School 
(Holdings) 
Limited            5,976       13.0%        Independent schools for children aged 5-18 
Egress 
Software 
Technologies 
Limited            2,533       5.5%      Encrypted email & file transfer service provider 
Bravo Inns II 
 Limited                2,386   5.2%                     Owner and operator of freehold pubs 
Mirada 
 Medical 
 Limited                1,925   4.2%                   Developer of medical imaging software 
Proveca 
 Limited                1,868   4.1%                   Reformulation of paediatric medicines 
Regenerco 
Renewable 
Energy                                     Generator of renewable energy from roof top solar 
Limited                 1,737   3.8%                                           installations 
Earnside 
 Energy 
 Limited                1,678   3.7%                An anaerobic digestion plant in Scotland 
Alto Prodotto                         Owns and operates community scale wind energy projects 
Wind Limited            1,532   3.3%                           on brownfield sites in the UK 
Greenenerco                                Installs, owns & operates a 500kW wind project in 
Limited                 1,531   3.3%                                                  the UK 
The Street by 
Street Solar 
Programme                                Photovoltaic installations on domestic roofs in the 
Limited                 1,341   2.9%                                        South of England 
Process 
 Systems 
 Enterprise 
 Limited                1,283   2.8%                 Process modelling software and services 
 
 
   A full breakdown of the Company's portfolio can be found on the 
Company's webpage on the Manager's website under Portfolio of 
investments at www.albion-ventures.co.uk/funds/AAEV. 
 
   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 October 2016 to 7 February 2017. 
 
   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/AAEV. 
 
   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 at 
www.albion-ventures.co.uk/funds/AAEV. 
 
   Maxwell Packe 
 
   Chairman 
 
   7 February 2017 
 
   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 Enterprise VCT PLC via Globenewswire 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

February 07, 2017 07:40 ET (12:40 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.