Albion Tech&Gen VCT Albion Technology & General Vct Plc - Ordinary Shares : Interim Management Statement

 
TIDMAATG 
 
   Albion Technology & General VCT PLC Interim Management Statement 
 
   LEI code: 213800TKJUY376H3KN16 
 
   Introduction 
 
   I present Albion Technology & General 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 GBP71.5 million or 73.7 pence per share (excluding treasury shares), 
an increase of 2.2 pence per share or 3.1 per cent. since 30 June 2017 
(71.5 pence per share) as a result of an increase in investment 
valuations. 
 
   A third dividend for the year ending 31 December 2017 of 2.0 pence per 
Ordinary share is to be paid on 29 December 2017 to shareholders on the 
register on 1 December 2017, resulting in total dividends of 4.0 pence 
per share for the year. 
 
   Albion VCTs Prospectus Top Up Offers 2017/2018 
 
   On 6 September 2017 the Company announced the publication of a 
prospectus in relation to an offer for subscription for new Ordinary 
shares. The Company is aiming to raise circa GBP6 million out of a 
target of GBP32 million in aggregate that the Albion VCTs are seeking to 
raise. A Securities Note, which forms part of the prospectus, has been 
sent to shareholders. All applications that are received before 2:00pm 
on 17 November 2017 will be included in the first allotment on that 
date. 
 
   Share buy-backs 
 
   During the period from 1 July 2017 to 30 September 2017, the Company 
purchased 242,000 shares for GBP160,097 at an average price of 66.16 
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 July 
2017 to 30 September 2017: 
 
 
 
 
Follow-on 
investments      GBP000's  Activity 
                           A technology enabled service business in medical nutritional 
Oviva AG           500      therapy (MNT) 
G. Network 
Communications 
Limited            337     Fibre optic broadband provider in central London 
Egress Software 
Technologies 
Limited            266     Encrypted email and file transfer service provider 
Black Swan Data 
Limited            233     Data analysis that supports corporate decision making 
Convertr Media 
Limited            130     Digital lead generation software 
Abcodia Limited     30     Validation and discovery of serum biomarkers 
Aridhia 
Informatics 
Limited             11     Healthcare informatics and analysis provider 
Beddlestead                Developer and operator of a dedicated wedding venue 
Limited             10      in the UK 
Total follow-on 
 investments        1,517 
 
 
 
 
New investments                         GBP000's 
SVS Albion OLIM UK Equity Income Fund    1,050    Liquidity management 
Total new investments                      1,050 
 
   Disposals 
 
   The following disposals were made during the period from 1 July 2017 to 
30 September 2017: 
 
 
 
 
Portfolio company               GBP000's 
                                             Disposal of multi-disciplinary 
Hilson Moran Holdings Limited    1,324          engineering consultancy 
Total proceeds                     1,324 
 
 
   Furthermore, Relayware Limited merged with Zift Solutions Inc. to form 
Zift Channel Solutions Inc.. 
 
   Top ten holdings as at 30 September 2017: 
 
 
 
 
                             % of 
                              net 
             Carrying value  asset 
Investment      GBP000's     value                         Activity 
Radnor 
House 
School 
(Holdings) 
Limited          10,334      14.5%        Independent schools for children aged 5-18 
Process 
 Systems 
 Enterprise 
 Limited              4,657   6.5%                 Process modelling software and services 
Chonais 
River Hydro                             Owner and operator of a 2 MW hydro-power scheme in 
Limited               3,228   4.5%                                   the Scottish Highland 
Bravo Inns 
 II 
 Limited              3,037   4.2%                     Owner and operator of freehold pubs 
Earnside 
Energy                                 Anaerobic digestion and composting plant located in 
Limited               2,476   3.5%                                                Scotland 
memsstar                            Refurbisher and manufacturer of MEMS and semiconductor 
Limited               2,392   3.3%                                   fabrication equipment 
Mirada 
 Medical 
 Limited              2,048   2.9%                    Provider of medical imaging software 
Bravo Inns 
 Limited              1,902   2.7%                     Owner and operator of freehold pubs 
Gharagain 
River Hydro                            Owner and operator of a 1 MW hydroelectricity plant 
Limited               1,861   2.6%                                     in Western Scotland 
MHS 1 
 Limited              1,562   2.2%                                               Education 
 
 
   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/AATG, 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 the following material investment 
transactions: 
 
 
   -- Investment of GBP1,039,000 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 GBP980,000 in an existing portfolio company, Beddlestead 
      Limited, which is a developer and operator of a dedicated wedding venue 
      in the UK; 
 
   -- Investment of GBP376,000 in an existing portfolio company, G. Network 
      Communications Limited, a provider of fibre optic broadband to SMEs in 
      central London; 
 
   -- Investment of GBP56,000 in an existing portfolio company, OmPrompt 
      Holdings Limited, a provider of process automation software; 
 
   -- Investment of GBP47,000 in an existing portfolio company, Sandcroft 
      Avenue Limited, a provider of flexible access to gyms, trading as 
      PayasUgym. 
 
 
   Patient capital review 
 
   The current consultation entitled "Financing growth in innovative firms" 
may result in changes to VCT legislation in the next Budget, which may 
limit the category of business in which the Company currently invests. 
 
   Further information 
 
   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.capital/funds/AATG. 
 
   Dr. Neil Cross, Chairman 
 
   16 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 Technology & General VCT PLC - Ordinary Shares via 
Globenewswire 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

November 16, 2017 13:28 ET (18:28 GMT)

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