Albion Dev VCT Albion Development Vct Plc - Ordinary Shares : Interim Management Statement

 
TIDMAADV 
 
 
   Albion Development VCT PLC Interim Management Statement 
 
   Introduction 
 
   I am pleased to present Albion Development VCT PLC (the "Company")'s 
interim management statement for the period from 1 July 2015 to 5 
November 2015. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 September 2015 
was GBP39.3 million or 71.3 pence per share (excluding treasury shares) 
(30 June 2015: 71.2 pence per share) after accounting for the dividend 
of 2.50 pence per share paid on 30 September 2015 to shareholders on the 
register as at 11 September 2015. 
 
   Adjusting for the payment of the dividend, the net asset value has risen 
marginally by 0.1 pence per share since 30 June 2015, as a result of an 
increase in investment valuations. 
 
   Share issues 
 
   During the period from 1 July 2015 to 30 September 2015, the Company 
issued the following Ordinary shares under the Albion VCTs Prospectus 
Top Up Offers 2014/2015: 
 
 
 
 
                     Number of shares      Issue price         Net proceeds 
Date                      issued         (pence per share)       GBP'000 
30 September 2015              908,183               73.50                 647 
 
 
 
   The Albion VCT Prospectus Top Up Offers 2014/2015 closed on 30 September 
2015 having raised GBP5.8 million in total for the Company. 
 
   Further Top Up Offers are being considered for later this year and if 
appropriate details are expected to be sent to shareholders in November 
2015. 
 
   The proceeds of the Offers are being used to provide further resources 
to the Company at a time when a number of attractive new investment 
opportunities are being seen. 
 
   In addition, the following shares were issued under the dividend 
reinvestment scheme (and are included in the net asset value figures for 
30 September 2015 above): 
 
 
 
 
                     Number of shares    Issue price per       Net proceeds 
Date                      issued              share              GBP'000 
30 September 2015              283,909         71.20 pence                 200 
 
   Share buybacks 
 
   During the period from 1 July 2015 to 5 November 2015, the Company 
purchased 216,000 Ordinary shares for GBP147,000 at an average price of 
68.2p pence per Ordinary 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 net asset value, 
so far as market conditions and liquidity permit. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 July 
2015 to 5 November 2015: 
 
 
 
 
New 
investments    GBP000's                        Activity 
Panaseer 
Limited          110          Provider of cyber security threat analysis 
Total new 
 investments        110 
 
Further 
investments    GBP000's                                               Activity 
Radnor House 
School 
(Holdings) 
Limited             573          Independent schools for children aged 3 to 18 
Relayware 
Limited             256     Business collaboration and communication solutions 
MyMeds&Me 
Limited              76    Software for managing pharmaceutical adverse events 
Sandcroft 
Avenue                   Online gym directory and seller of gym passes trading 
Limited              45                                     as Payasyougym.com 
Bravo Inns 
Limited              37                    Owner and operator of freehold pubs 
Process 
Systems 
Enterprise 
Limited              13        Provider of process systems modelling solutions 
The Charnwood 
Pub Company 
Limited               3                    Owner and operator of freehold pubs 
Total further 
 investments      1,003 
 
   Disposals and loan stock repayment 
 
   The following amounts were received from portfolio companies during the 
period from 1 July 2015 to 5 November: 
 
 
 
 
Name                                GBP000's 
                                              Loan stock and redemption 
Masters Pharmaceuticals Limited       315     premium repayment 
Radnor House School (Holdings) 
Limited                                79     Loan stock repayment 
                                              Loan stock and redemption 
Hilson Moran (Holdings) Limited        64     premium repayment 
The Charnwood Pub Company Limited      37     Loan stock repayment 
Total proceeds                           495 
 
 
   Rostima (Holdings) Limited was sold to ComOps Limited, a competitor 
listed on the Australian Stock Exchange (COM:ASX), via a pre-packaged 
administration on 26 August 2015. 
 
   Top ten holdings as at 30 September 2015: 
 
 
 
 
                                                 Value 
                 Investment                     GBP000's  % of net asset value 
Radnor House School (Holdings) Limited             4,771                 12.2% 
Chonais River Hydro Limited                        2,199                  5.4% 
The Street by Street Solar Programme Limited       1,841                  4.7% 
Regenerco Renewable Energy Limited                 1,559                  4.0% 
Exco Intouch Limited                               1,436                  3.7% 
Blackbay Limited                                   1,368                  3.5% 
Alto Prodotto Wind Limited                         1,249                  3.2% 
Kensington Health Clubs Limited                    1,112                  2.8% 
Bravo Inns II Limited                              1,111                  2.8% 
Mirada Medical Limited                               942                  2.4% 
 
 
   A full breakdown of the Company's portfolio can be found on the funds 
website at www.albion-ventures.co.uk/ourfunds/AADV.htm, by following the 
'Portfolio of Investments' link under the 'Investor Centre' section. 
 
   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 July 2015 to 5 November 2015. 
 
   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/ourfunds/AADV.htm. 
 
   Further information regarding historic and current financial performance 
and other useful shareholder information can be found on the Fund's 
website under www.albion-ventures.co.uk/ourfunds/AADV.htm. 
 
   Geoffrey Vero, Chairman 
 
   5 November 2015 
 
   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 Development VCT PLC - Ordinary Shares via Globenewswire 
 
   HUG#1964707 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

November 05, 2015 11:08 ET (16:08 GMT)

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