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 July 2016 to 17 November 2016. 
 
   Performance and dividends 
 
   The Group's unaudited net asset value (NAV) as at 30 September 2016 was 
GBP39.7 million or 30.70 pence per share (excluding treasury shares), an 
increase of 1.76 pence per share (6.1 per cent.) since 30 June 2016. 
This is a result of an increase in investment valuations of the care 
homes, Radnor House and our hydro investments. 
 
   After accounting for a dividend of 1 penny per share, to be paid on 30 
November 2016 to shareholders on the register as at 4 November 2016, the 
NAV will be 29.70 pence per share. 
 
   Share issues 
 
   On 4 November 2016 the Board announced, subject to obtaining the 
requisite regulatory approval, its intention to launch a prospectus 
offer of new ordinary shares for subscription in the 2016/2017 and 
2017/2018 tax years (the "Offer").  The Offer will form part of top up 
offers for the six VCTs managed by Albion Ventures LLP seeking to raise, 
in aggregate, up to GBP24m. 
 
   Full details of the Offer will be contained in a prospectus that is 
expected to be published on or around 29 November 2016 and will be 
available on the Albion Ventures LLP website 
(www.albion-ventures.co.uk). A copy of the securities note will be sent 
to shareholders in December 2016. The Offer is expected to close on 29 
September 2017 unless fully subscribed or closed earlier. 
 
   Share buy-backs 
 
   During the period from 1 July 2016 to 17 November 2016, the Company 
purchased 1,476,000 shares for GBP380,000 at an average price of 25.75 
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 July 
2016 to 17 November 2016: 
 
 
 
 
 
 
New investments    GBP000's  Activity 
Convertr Limited     400     Digital sales lead generation software 
Secured By Design            Research and consulting for the global automotive 
Limited              220      sector 
Oviva AG             108     Medical nutritional therapy 
Total new 
 investments            728 
 
 
 
 
 
 
 
 
 Further investments   GBP000's  Activity 
Ryefield Court Care              Owner and operator of a care home for the elderly 
Limited                  190      in Hillingdon 
Active Lives Care                Owner and operator of a care home for the elderly 
Limited                  180      in Oxford 
                                 Medical devices for the detection of cervical 
DySIS Medical Limited     87     cancer 
Proveca Limited           69     Reformulation of paediatric medicines 
Shinfield Lodge Care             Owner and operator of a care home for the elderly 
Limited                   50      in Berkshire 
Abcodia Limited           50     Validation and discovery of serum biomarkers 
Total further 
 investments                626 
 
 
   Disposals 
 
   The following disposals and loan stock repayments were made during the 
period from 1 July 2016 to 17 November 2016: 
 
 
 
 
 
 
Portfolio company                   GBP000's 
Radnor House School (Holdings) 
Limited                                90           Loan stock repayment 
Kew Green VCT (Stansted) Limited       60           Loan stock repayment 
                                                 Loan stock and redemption 
Hilson Moran Holdings Limited          18            premium repayment 
Total proceeds                           168 
 
 
   Top ten holdings as at 30 September 2016: 
 
 
 
 
 
 
                               % of 
                                net 
               Carrying value  asset 
Investment        GBP000's     value                      Activity 
Radnor House 
School 
(Holdings) 
Limited            5,611       14.1      Independent schools for children aged 5-18 
Shinfield 
Lodge Care                            Owner and operator of a care home for the elderly 
Limited            2,608        6.6                      in Berkshire 
Chonais River 
 Hydro 
 Limited                2,056    5.2                     Hydropower project in Scotland 
Active Lives                          Owner and operator of a care home for the elderly 
Care Limited            1,976    5.0                                          in Oxford 
ELE Advanced 
Technologies 
Limited                 1,910    4.8   Manufacturer of precision engineering components 
The Crown 
Hotel 
Harrogate 
Limited                 1,884    4.8   Owner and operator of The Crown Hotel, Harrogate 
Ryefield 
Court Care                            Owner and operator of a care home for the elderly 
Limited                 1,603    4.0                                      in Hillingdon 
Gharagain 
 River Hydro 
 Limited                1,337    3.4                     Hydropower project in Scotland 
Earnside 
 Energy 
 Limited                1,240    3.1           An anaerobic digestion plant in Scotland 
Proveca 
 Limited                  798    2.0              Reformulation of paediatric medicines 
 
 
   A full breakdown of the Company's portfolio can be found on the 
Company's 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 July 2016 to 17 November 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 Company's 
webpage on the Manager's website at 
www.albion-ventures.co.uk/funds/CRWN. 
 
 
 
   Richard Huntingford, Chairman 
 
   [e-mail] 
 
   17 November 2016 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Ventures 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: Crown Place VCT PLC via Globenewswire 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

November 17, 2016 05:26 ET (10:26 GMT)

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