Interim Management Statement

 
TIDMAATC 
 
Albion Technology & General VCT PLC Interim Management Statement 
 
Introduction 
I  am  pleased  to  present  the  Albion  Technology & General VCT PLC's interim 
management  statement for the period from 1 July to 17 November 2010 as required 
by the UK Listing Authority's Disclosure and Transparency Rule 4.3. 
 
Performance and dividends 
The  Ordinary  shares'  unaudited  net  asset  value  (NAV), based on management 
accounts,  as  at  30 September  2010 was   GBP11.4  million  (30  June 2010:  GBP11.3 
million)   or   89.6 pence  per  share  (excluding  treasury  shares)  (30  June 
2010: 88.0 pence per share). 
 
The  C shares' unaudited net asset value (NAV), based on management accounts, as 
at  30 September 2010 was  GBP23.8  million (30 June  2010:  GBP23.6 million) or 70.2 
pence  per  share  (excluding  treasury  shares)  (30  June 2010: 69.1 pence per 
share). 
 
The current NAVs and comparative figures are calculated after accounting for the 
second  dividend for  the year  to 31 December  2010 of 4 pence per share (total 
cost:   GBP510,000) in  respect of  Ordinary shares  and 1.5 pence per share (total 
cost:   GBP509,000) in  respect of  C shares  which was  paid on 29 October 2010 to 
shareholders on the register as at 1 October 2010. 
 
After adding back the first dividend for the financial year, the net asset value 
of the Ordinary share portfolio has risen by 1.6 pence or 1.8 per cent., and the 
net asset value of the C share portfolio has risen by 1.1 pence or 1.6 per cent. 
since  30 June 2010.  In both cases, this growth in NAV is mainly a result of an 
increase in the valuation of the Company's unquoted investments. 
 
Portfolio 
The  following investments have been made  during the period from 1 July 2010 to 
17 November 2010: 
 
+--------------------------+---------------+--------+--------------------------+ 
|Name                      |     GBP000's     |  GBP000's |                          | 
+--------------------------+---------------+--------+--------------------------+ 
|                          |Ordinary shares|C shares|                          | 
+--------------------------+---------------+--------+--------------------------+ 
|Radnor House School       |      366      | 1,564  |Independent school in     | 
|Limited (new investment)  |               |        |Twickenham                | 
+--------------------------+---------------+--------+--------------------------+ 
|Xceleron Limited (further |      68       |   82   |Provider of a range of    | 
|investment)               |               |        |drug development services | 
|                          |               |        |to the life science       | 
|                          |               |        |industry                  | 
+--------------------------+---------------+--------+--------------------------+ 
|TEG Biogas (Perth) Limited|      78       |  466   |Anaerobic digestion plant | 
|(new investment - total   |               |        |in Scotland               | 
|includes total commitment)|               |        |                          | 
+--------------------------+---------------+--------+--------------------------+ 
|Rostima Limited / Rostima |      13       |  164   |Provider of workforce     | 
|Holdings Limited (further |               |        |management solutions      | 
|investment)               |               |        |software                  | 
+--------------------------+---------------+--------+--------------------------+ 
|Bravo Inns II Limited     |      30       |  130   |Freehold pub owner and    | 
|(further investment -     |               |        |operator                  | 
|total includes total      |               |        |                          | 
|commitment)               |               |        |                          | 
+--------------------------+---------------+--------+--------------------------+ 
|Mirada Medical Limited    |       -       |   63   |Provider of medical       | 
|(further investment)      |               |        |imaging software          | 
+--------------------------+---------------+--------+--------------------------+ 
 
 
Disposals 
During the period from 1 July 2010 to 17 November 2010, the following loan stock 
repayments were made: 
 
+----------------------------+-----------------+----------+ 
| Name                       |      GBP000's      |   GBP000's  | 
+----------------------------+-----------------+----------+ 
|                            | Ordinary shares | C shares | 
+----------------------------+-----------------+----------+ 
| Peakdale Molecular Limited |       133       |    -     | 
+----------------------------+-----------------+----------+ 
| Consolidated PR Limited    |        8        |    -     | 
+----------------------------+-----------------+----------+ 
| CS (Greenwich) Limited     |        4        |    -     | 
+----------------------------+-----------------+----------+ 
 
Top ten qualifying holdings as at 30 September 2010: 
 
+-------------------------+--------------+----------------------+--------------+ 
|Ordinary share portfolio |Carrying value| C share portfolio -  |Carrying value| 
|            -            |     GBP000's    |       Investment     |     GBP000's    | 
|       Investment        |              |                      |              | 
+-------------------------+--------------+----------------------+--------------+ 
|Evolutions Television    |    1,166     |Kensington Health     |    2,124     | 
|Limited                  |              |Clubs Limited         |              | 
+-------------------------+--------------+----------------------+--------------+ 
|The Q Garden Company     |    1,032     |The Charnwood Pub     |    1,723     | 
|Limited                  |              |Company Limited       |              | 
+-------------------------+--------------+----------------------+--------------+ 
|Xceleron Limited         |     959      |Mi-pay Limited        |    1,450     | 
+-------------------------+--------------+----------------------+--------------+ 
|Peakdale Molecular       |     759      |Helveta Limited       |    1,136     | 
|Limited                  |              |                      |              | 
+-------------------------+--------------+----------------------+--------------+ 
|The Weybridge Club       |     519      |Taunton Hospital      |    1,018     | 
|Limited                  |              |Limited               |              | 
+-------------------------+--------------+----------------------+--------------+ 
|Consolidated PR Limited  |     497      |Blackbay Limited      |     973      | 
+-------------------------+--------------+----------------------+--------------+ 
|Geronimo Inns I Limited  |     422      |Radnor House School   |     931      | 
|                         |              |Limited               |              | 
+-------------------------+--------------+----------------------+--------------+ 
|Geronimo Inns II Limited |     422      |Xceleron Limited      |     892      | 
+-------------------------+--------------+----------------------+--------------+ 
|Bravo Inns II Limited    |     407      |Bravo Inns II Limited |     785      | 
+-------------------------+--------------+----------------------+--------------+ 
|Blackbay Limited         |     405      |Dexela Limited        |     762      | 
+-------------------------+--------------+----------------------+--------------+ 
 
Albion VCTs Linked Top Up Offer 
On  1 November 2010 the Company  announced the launch  of the Albion VCTs Linked 
Top  Up Offer.  In aggregate, the Albion VCTs  will be aiming to raise up to  GBP15 
million  across all of the  seven VCTs managed by  Albion Ventures LLP, of which 
Albion Technology & General VCT PLC's share will be approximately  GBP2.25 million. 
 The maximum amount raised by each of the Albion VCTs will be the lower of Euros 
2.5 million, and 10 per cent. of its issued share capital (over any one 12 month 
period,  and including any  shares issued under  Dividend Reinvestment Schemes), 
being  the amount  that they  may issue  under the  Prospectus Rules without the 
publication  of a full prospectus. The number of new shares available may change 
depending on the  GBP: euro exchange rate at the date of allotment. 
 
The  proceeds of  the Offer  will be  used to  provide further  resources to the 
Albion  VCTs at a time when a  number of attractive new investment opportunities 
are being seen. 
 
An  Investor Guide and Offer Document has been sent to shareholders and can also 
be   found  on  the  websitewww.albion-ventures.co.uk,  under  the  'Our  Funds' 
section. . 
 
On 1 November 2010, the Company announced notice of a General Meeting to be held 
on 8 December 2010 at 11.00am, at the offices of Albion Ventures LLP, 1, King's 
Arms Yard. London, EC2R 7AF. 
 
The purpose of this General Meeting is to consider resolutions required for the 
issue of shares under the Albion VCTs Linked Top Up Offer, as detailed above. 
 
A copy of the circular has being sent to all shareholders, and can also be found 
on the websitewww.albion-ventures.co.uk, under the 'Our Funds' section. 
 
Material Events and Transactions 
As mentioned above, a dividend of 4 pence per Ordinary share and 1.5 pence per C 
share  was paid  on 29 October  2010 to shareholders  on the  register as  at 1 
October 2010. 
 
On  29 October 2010, the Company issued  34,450 Ordinary shares of 50 pence each 
at  a price of  88.0 pence per share  and 60,068 C shares  of 50 pence each at a 
price of 69.1 pence per share under the Dividend Reinvestment Scheme. 
 
During  the period from  1 July 2010 to 17 November  2010, the Company purchased 
237,776 Ordinary  shares at an average price of 77 pence per share and 267,500 C 
shares  at an average price of 60 pence per  share. These shares will be held in 
treasury. 
 
The  Company  continues  to  offer  a  Dividend  Reinvestment Scheme to existing 
shareholders.    Details   of   this   Scheme   can   be   found   atwww.albion- 
ventures.co.uk/Our Funds/Albion Technology & General VCT PLC. 
 
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 2010 and 17 November 2010. 
 
Further  information regarding  historic and  current financial  performance and 
other  useful  shareholder  information  can  be  found  on  the  Fund's website 
underwww.albion-ventures.co.uk/Our Funds/Albion Technology & General VCT PLC. 
 
Dr. Neil Cross, Chairman 
17 November 2010 
 
For further information please contact: 
Patrick Reeve, Albion Ventures LLP - tel: [phone] 
 
 
[HUG#1463599] 
 
 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Albion Technology & General VCT PLC - C Shares via Thomson Reuters ONE