Albion Ven Cap Trust Albion Venture Capital Trust Plc : Interim Management Statement

 
TIDMAAVC 
 
   ALBION VENTURE CAPITAL TRUST PLC 
 
   Interim Management Statement 
 
   Introduction 
 
   I am pleased to present Albion Venture Capital Trust PLC (the 
"Company")'s interim management statement for the period from 1 April 
2016 to 8 August 2016. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 June 2016 was 
GBP57.4 million or 72.3 pence per share (excluding treasury shares), an 
increase of 0.3 pence per share (0.4 per cent.) since 31 March 2016. 
 
   After accounting for a dividend for the year to 31 March 2017 of 2.5 
pence per share (total value: GBP2.0 million), paid on 29 July 2016 to 
shareholders on the register as at 8 July 2016, the NAV is 69.8 pence 
per share. 
 
   Disposals and loan stock repayments 
 
   During the period from 1 April 2016 to 8 August 2016, the Company 
received loan stock repayments from Kew Green VCT (Stansted) Limited of 
GBP243,000. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 April 
2016 to 8 August 2016: 
 
 
 
 
Name                   GBP'000   Activity 
Ryefield Court Care     1,063   Owns and operates a 60 bed care home in Hillingdon, 
Limited (existing                Middlesex. 
investment) 
Earnside Energy         1,022   Anaerobic digestion and composting plant located in 
Limited (existing                Scotland. 
investment) 
Active Lives Care        945    Owns and operates a 75 bed care home in Cumnor Hill, 
Limited (existing                Oxfordshire. 
investment) 
Shinfield Lodge Care     885    Owns and operates a 66 bed care home in Shinfield, 
Limited (existing                Berkshire. 
investment) 
The Weybridge Club        3     Health and Fitness Club located in Weybridge. 
Limited (existing 
investment) 
 
 
   Top ten holdings (as at 30 June 2016) 
 
 
 
 
Investment  Carrying value  % of   Activity 
             GBP000's       net 
                            asset 
                            value 
Kew Green            7,877  13.7%  Operator of a Holiday Inn Express hotel at Stansted 
VCT                                 Airport. 
(Stansted) 
Limited 
Shinfield            7,642  13.3%  Owns and operates a 66 bed care home in Shinfield, 
Lodge Care                          Berkshire. 
Limited 
Active               4,247   7.4%  Owns and operates a 75 bed care home in Cumnor Hill, 
Lives Care                          Oxfordshire. 
Limited 
Radnor               3,840   6.7%  Independent schools for children aged 5-18. 
House 
School 
(Holdings) 
Limited 
Chonais              3,719   6.5%  Owner and operator of a 2 MW hydro-power scheme in 
River                               the Scottish Highlands. 
Hydro 
Limited 
Ryefield             3,079   5.4%  Owns and operates a 60 bed care home in Hillingdon, 
Court Care                          Middlesex. 
Limited 
The Crown            2,975   5.2%  Owner and operator of a 114 bedroom hotel located 
Hotel                               in Harrogate, Yorkshire. 
Harrogate 
Limited 
The                  2,511   4.4%  Boutique hotel located near Heathrow terminal 5. 
Stanwell 
Hotel 
Limited 
Gharagain            1,790   3.1%  Owner and operator of a 1 MW hydroelectricity plant 
River                               in Western Scotland. 
Hydro 
Limited 
Earnside             1,614   2.8%  Anaerobic digestion and composting plant located in 
Energy                              Scotland. 
Limited 
 
 
   A full breakdown of the Company's portfolio can be found on the 
Company's webpage on the Manager's website at 
http://www.albion-ventures.co.uk/funds/AAVC. 
 
   Share buy-backs 
 
   During the period from 1 April 2016 to 8 August 2016, the Company 
purchased 306,748 shares at an average price of 66.155 pence per share. 
These shares will be held in treasury. 
 
   Fundraising and share issues 
 
   The Board announced on 17 March 2016 that the Company had reached its 
GBP6 million limit under its offer pursuant to the Prospectus dated 17 
November 2015, and so was closed. 
 
   During the period from 1 April 2016 to 6 April 2016, the Company issued 
the following shares under the Albion VCTs Prospectus Top Up Offers 
2015/2016: 
 
 
 
 
                                       Issue price per 
                 Number of shares     share (including 
Date                  issued           costs of issue)    Net proceeds GBP'000 
6 April 2016                245,265          72.00 pence                   173 
6 April 2016                  9,897          72.40 pence                     7 
6 April 2016                107,001          72.80 pence                    76 
Total                       362,163                                        256 
 
 
   In addition, the following shares were issued under the dividend 
reinvestment scheme on 29 July 2016: 
 
 
 
 
                                       Issue price per 
                 Number of shares     share (including 
Date                  issued           costs of issue)    Net proceeds GBP'000 
29 July 2016                374,773          69.50 pence                   259 
 
   Share price 
 
   The closing mid-market price for the shares on 5 August 2016 was 66.5 
pence per share, a 4.7 per cent. discount to the net asset value at 30 
June 2016 of 69.8 pence per share (after accounting for the dividend of 
2.50 pence per share paid on 29 July 2016). 
 
   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 April 2016 to 8 August 2016. 
 
   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 
http://www.albion-ventures.co.uk/funds/AAVC. 
 
   David Watkins, Chairman 
 
   8 August 2016 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Ventures LLP - Tel: [phone] 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX 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 Venture Capital Trust PLC via Globenewswire 
 
   HUG#2033805 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

August 08, 2016 05:58 ET (09:58 GMT)

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