Crown Place VCT PLC Crown Place Vct Plc : Interim Management Statement

 
TIDMCRWN 
 
 
   Crown Place VCT PLC Interim Management Statement 
 
   Introduction 
 
   I am pleased to present Crown Place VCT PLC's interim management 
statement for the period from 1 January 2016 to 18 May 2016. 
 
   Performance and dividends 
 
   The Group's unaudited net asset value (NAV) as at 31 March 2016 was 
GBP37.5 million or 29.08 pence per share (excluding treasury shares) 
after accounting for a dividend of 1.25 pence per share which was paid 
on 31 March 2016 to shareholders on the register as at 4 March 2016. 
 
   After taking account of the total 2.50 pence per share of dividends paid 
on 30 November 2015 (1.25 pence) and 31 March 2016 (1.25 pence), the 
comparable ex-dividend NAV as at 30  June 2015 was 28.47 pence per 
share. Therefore, the NAV has risen by 0.61 pence per share or 2.1 per 
cent. since 30 June 2015. 
 
   Share issues 
 
   During the period from 1 January 2016 to 18 May 2016, the Company issued 
the following Ordinary shares under the Albion VCTs Prospectus Top Up 
Offers 2015/2016: 
 
 
 
 
                                          Issue price per 
                      Number of shares   share (including      Net proceeds 
Dates                      issued         costs of issue)        GBP'000 
29 January 2016 to 
    6 April 2016             19,842,040     29.7p to 31.1p               5,891 
 
 
 
   The Offer closed on 23 March 2016 having been fully subscribed and 
raising net proceeds of GBP5.89 million. 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 on 31 March 2016: 
 
 
 
 
                 Number of shares      Issue price per 
Date                  issued                share         Net proceeds GBP'000 
31 March 2016               791,479                29.01                   228 
 
   Share buy-backs 
 
   During the period from 1 January 2016 to 18 May 2016, the Company 
purchased 261,000 shares for GBP75,000 at an average price of 28.55 
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 net asset value, 
so far as market conditions and liquidity permit. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 
January 2016 to 18 May 2016: 
 
 
 
 
New investments          GBP000's  Activity 
                                   Developer of mobile apps for professional 
InCrowd Sports Limited      42     sports clubs 
Total new investments          42 
 
 
 
 
 
 
 
Further 
investments   GBP000's  Activity 
Shinfield 
Lodge Care              Owner and operator of a care home for the elderly 
Limited         830      in Berkshire 
Earnside 
Energy                  Owner and operator of an anaerobic digestion and composting 
Limited         562      plant near Perth, Scotland 
Ryefield 
Court Care              Owner and operator of a care home for the elderly 
Limited         250      in Hillingdon 
Active Lives 
Care                    Owner and operator of a care home for the elderly 
Limited         220      in Oxford 
DySIS 
Medical 
Limited          92     Medical devices for the detection of cervical cancer 
Proveca 
Limited          56     Repositioning of paediatric medicines 
Aridhia 
Informatics 
Limited          27     Healthcare informatics and analysis 
The 
Weybridge 
Club                    Owner and operator of a freehold health and fitness 
Limited          3       club in Weybridge, Surrey 
Total 
 further 
 investments     2,040 
 
   Disposals 
 
   The following disposals and loan stock repayments were made during the 
period from 1 January 2016 to 18 May 2016: 
 
 
 
 
Portfolio company                  GBP000's 
Silent Herdsman Holdings Limited     137          Disposal of investment 
Relayware Limited                     93        Part disposal of investment 
                                             Loan stock and redemption premium 
Hilson Moran Holdings Limited         11                 repayment 
Total proceeds                          241 
 
 
   Top ten holdings as at 31 March 2016: 
 
 
 
 
                               % of 
                                net 
               Carrying value  asset 
Investment        GBP000's     value                          Activity 
Radnor House 
School 
(Holdings) 
Limited            4,932       13.2%         Independent schools for children aged 5-18 
Shinfield 
Lodge Care                                Owner and operator of a care home for the elderly 
Limited            2,167       5.8%                          in Berkshire 
ELE Advanced 
Technologies 
Limited            2,090       5.6%       Manufacturer of precision engineering components 
The Crown 
Hotel 
Harrogate 
Limited            1,843       4.9%       Owner and operator of The Crown Hotel, Harrogate 
Chonais River 
 Hydro 
 Limited                1,715   4.6%                             Hydropower project in Scotland 
Gharagain 
 River Hydro 
 Limited                1,264   3.4%                             Hydropower project in Scotland 
Active Lives       1,172       3.1%   Owner and operator of a care home for the elderly 
 Care                                  in Oxford 
 Limited 
Ryefield            793        2.1%   Owner and operator of a care home for the elderly 
 Court Care                            in Hillingdon 
 Limited 
Kew Green VCT       791        2.1%   Owner and operator of the Holiday Inn Express at Stansted 
 (Stansted)                            Airport 
 Limited 
The Stanwell        694        1.9%   Owner and operator of the Stanwell Hotel near Heathrow 
 Hotel                                 Airport 
 Limited 
 
 
   A full breakdown of the Company's portfolio can be found on the funds 
webpage on the Manager's website at www.albion-ventures.co.uk/funds/CRWN, 
by following the 'Portfolio of Investments' link under the 'Funds 
reports' section. 
 
   Material events and transactions 
 
   There have been no 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 January 2016 to 18 May 2016. 
 
   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/funds/CRWN. 
 
   Further information regarding historic and current financial performance 
and other useful shareholder information can be found on the Fund's 
webpage on the Manager's website at 
www.albion-ventures.co.uk/funds/CRWN. 
 
   Richard Huntingford, Chairman 
 
   [e-mail] 
 
   18 May 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: Crown Place VCT PLC via Globenewswire 
 
   HUG#2013572 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

May 18, 2016 10:32 ET (14:32 GMT)

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