Albion EnterpriseVCT Albion Enterprise Vct Plc: Interim Management Report

 
TIDMAAEV 
 

ALBION ENTERPRISE VCT PLC

LEI Code: 213800OVSRDHRJBMO720

Interim Management Statement

Introduction

I present Albion Enterprise VCT PLC (the "Company")'s interim management statement for the period from 1 April 2023 to 30 June 2023.

Performance and dividends

The Company's unaudited net asset value (NAV) on 30 June 2023 was GBP129.08 million or 127.43 pence per share (excluding treasury shares), a decrease of 1.17 pence per share (0.9%) since 31 March 2023.

After accounting for the first interim dividend for the year ending 31 March 2024 of 3.22 pence per share to be paid on 31 August 2023 to shareholders on the register on 4 August 2023, the NAV is 124.21 pence per share.

Fundraising and share issues

During the period from 1 April 2023 to 30 June 2023, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2022/23:

 
                                          Issue price per share 
                                           (including costs of    Net proceeds 
Date            Number of shares issued          issue)              GBP'000 
--------------  -----------------------  -----------------------  ------------ 
14 April 2023                   415,875         128.9p -- 130.2p           528 
--------------  -----------------------  -----------------------  ------------ 
 

Portfolio

There have been no material investments or disposals in the period from 1 April 2023 to 30 June 2023.

Top ten holdings (on 30 June 2023)

 
                                  % of 
                                   net 
                  Carrying value  asset 
Investment            GBP000s     value                            Activity 
----------------  --------------  -----  ------------------------------------------------------------ 
Quantexa              24,319      18.8%     Network analytics platform to detect financial crime. 
----------------  --------------  -----  ------------------------------------------------------------ 
Egress Software 
Technologies          12,766      9.9%        Encrypted email & file transfer service provider. 
----------------  --------------  -----  ------------------------------------------------------------ 
Proveca               6,706       5.2%           Reformulation of medicines for paediatrics. 
----------------  --------------  -----  ------------------------------------------------------------ 
Radnor House 
School (TopCo)        3,883       3.0%            Independent school for children aged 2-18. 
----------------  --------------  -----  ------------------------------------------------------------ 
                                         A technology enabled service business in medical nutritional 
Oviva                 3,780       2.9%                          therapy (MNT). 
----------------  --------------  -----  ------------------------------------------------------------ 
                                           Provider of an online platform delivering family centric 
Healios               3,022       2.3%                        psychological care. 
----------------  --------------  -----  ------------------------------------------------------------ 
The Evewell                               Operator and developer of women's health centres focusing 
Group                 2,933       2.3%                           on fertility. 
----------------  --------------  -----  ------------------------------------------------------------ 
Threadneedle 
 Software 
 Holdings (t/a 
 Solidatus)                1,909   1.5%                            Provider of data lineage software. 
----------------  --------------  -----  ------------------------------------------------------------ 
Convertr Media             1,905   1.5%                             Digital lead generation software. 
----------------  --------------  -----  ------------------------------------------------------------ 
Regenerco             1,895       1.5%   Generator of renewable energy from roof top solar 
 Renewable                                installations. 
 Energy 
----------------  --------------  -----  ------------------------------------------------------------ 
 

A full breakdown of the Company's portfolio can be found on the Company's webpage on the Manager's website at https://www.globenewswire.com/Tracker?data=2Z_DM51jVCLx-i_hTPN1IwosSgqhegLC6VUVZfdujYfP8aeyHUHZiH3Ml4Y16sSF1GlklEPKDQsK4w_36pGrKUyvr2WwYJznrjs93yzq6lu-P0T7uem8GeqYqUu8FaK- www.albion.capital/funds/AAEV.

Share buy-backs

During the period from 1 April 2023 to 30 June 2023, the Company did not buy back any shares.

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% discount to net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end

Other than as described above, there have been no material events or transactions during the quarter and to the date of this announcement.

Further information

The Company continues to offer a dividend reinvestment scheme to existing shareholders. Details of this Scheme can be found at https://www.globenewswire.com/Tracker?data=2Z_DM51jVCLx-i_hTPN1IwosSgqhegLC6VUVZfdujYeEq-PWvWemSoEu0bSJ5VpswKSZ2zazqEqG0t_i5isiFHgB3QCb9YwRI3TqGdTMZ0vY_EcgBvb0bCNCqXmk734u www.albion.capital/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 https://www.globenewswire.com/Tracker?data=2Z_DM51jVCLx-i_hTPN1IwosSgqhegLC6VUVZfdujYcDzVrB_oNgAArWva1E4bnEYtT4pGc7qmjQHxZVj0P_JtQhVorGlHQztl7v8l7hYCgUB6AQoqsewvPhu4zuJdjM www.albion.capital/funds/AAEV.

Maxwell Packe, Chairman

30 August 2023

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: [phone]

(END) Dow Jones Newswires

August 30, 2023 06:43 ET (10:43 GMT)

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