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 2015 to 12 November 2015. 
 
   Performance and dividends 
 
   The Group's unaudited net asset value (NAV) as at 30 September 2015 was 
GBP34.4 million or 31.57 pence per share (excluding treasury shares), an 
increase of 0.60 pence per share or 1.9 per cent. since 30 June 2015. 
This is a result of an increase in investment valuations and an excess 
of investment income over expenses. 
 
   After accounting for a dividend of 1.25 pence per share to be paid on 30 
November 2015 to shareholders on the register as at 6November 2015, the 
NAV will be 30.32 pence per share. 
 
   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: 
 
 
 
 
                                         Issue price per 
                     Number of shares    share (including      Net proceeds 
Date                      issued         costs of issue)         GBP'000 
30 September 2015            2,156,003          32.0 pence                 669 
 
 
 
   The Albion VCT Prospectus Top Up Offers 2014/2015 closed on 30 September 
2015 having raised GBP5.5 million in total for the Company. 
 
   Further Top Up Offers are planned for later this year and details are 
expected to be sent to shareholders shortly. 
 
   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. 
 
   Share buy-backs 
 
   During the period from 1 July 2015 to 12 November 2015, the Company 
purchased 743,000 shares for GBP214,000 at an average price of 28.79 
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 
2015 to 12 November 2015: 
 
 
 
 
New investments                      GBP000's  Activity 
                                               Provider of cyber security 
Panaseer Limited                        50     threat analysis 
Dickson Financial Services Limited             Corporate insurance broking 
 (t/a Innovation Broking)               27     services 
Total new investments                      77 
 
 
 
 
Further 
investments    GBP000's  Activity 
Radnor House 
School 
(Holdings) 
Limited          585     Independent schools for children aged 7 - 18 
Shinfield 
Lodge Care               Owner and operator of a care home for the elderly 
Limited          270      in Berkshire 
Active Lives             Owner and operator of a care home for the elderly 
Care Limited     150      in Oxford 
The Stanwell 
Hotel                    Owner and operator of the Stanwell Hotel at Heathrow 
Limited          108      Airport 
Relayware 
Limited           92     Business collaboration and communication solutions 
Bravo Inns 
Limited           76     Owner and operator of freehold pubs 
Ryefield 
Court Care               Owner and operator of a care home for the elderly 
Limited           65      in Hillingdon 
MyMeds&Me 
Limited           35     Software for managing pharmaceutical adverse events 
Process 
Systems 
Enterprise 
Limited           14     Provider of process systems modelling solutions 
The Charnwood 
Pub Company 
Limited           7      Owner and operator of freehold pubs 
Sandcroft 
Avenue                   Online gym directory and seller of gym passes trading 
Limited           6       as Payasugym.com 
The Weybridge            Owner and operator of a freehold health and fitness 
Club Limited      2       club in Weybridge, Surrey 
Total further 
 investments      1,410 
 
   Disposals and loan stock repayments 
 
   The following loan stock repayments were made during the period from 1 
July 2015 to 12 November 2015: 
 
 
 
 
Name                                GBP000's 
                                                 Loan stock and redemption 
Masters Pharmaceuticals Limited       211            premium repayment 
Radnor House School (Holdings)                   Loan stock and capitalised 
Limited                                81            interest repayment 
The Charnwood Pub Company Limited      76           Loan stock repayment 
Kew Green VCT (Stansted) Limited       75           Loan stock repayment 
                                                 Loan stock and redemption 
Hilson Moran Holdings Limited          25            premium repayment 
Total proceeds                           468 
 
 
   Rostima Holdings Limited was sold for nominal consideration 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: 
 
 
 
 
                                     % of 
                                      net 
                     Carrying value  asset 
    Investment          GBP000's     value                          Activity 
Radnor House School 
(Holdings) Limited       4,889       14.2%         Independent schools for children aged 7-18 
ELE Advanced 
Technologies 
Limited                  2,112       6.1%       Manufacturer of precision engineering components 
The Crown Hotel 
Harrogate Limited        1,884       5.5%       Owner and operator of The Crown Hotel, Harrogate 
Kensington Health                              Owner and operator of a health and fitness club in 
Clubs Limited            1,770       5.1%                          West London 
Chonais River Hydro 
 Limited                      1,737   5.0%                             Hydropower project in Scotland 
Gharagain River 
 Hydro Limited                1,286   3.7%                             Hydropower project in Scotland 
Shinfield Lodge                                     Owner and operator of a care home for the elderly 
Care Limited                    922   2.7%                                               in Berkshire 
Active Lives Care                                   Owner and operator of a care home for the elderly 
Limited                         907   2.6%                                                  in Oxford 
Lowcosttravelgroup 
 Limited                        821   2.4%                                     Online travel business 
Kew Green VCT             786        2.3%   Owner and operator of the Holiday Inn Express at Stansted 
 (Stansted)                                  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/ourfunds/CRWN.htm, by following the 'Portfolio 
of Investments' link under the 'Investor Centre' section. 
 
   Board composition 
 
   As previously announced, having served on the Board for over 9 years, 
Rachel Beagles has decided to retire at today's Annual General Meeting. 
Following a formal and competitive selection process, James Agnew was 
appointed to the Board with effect from 1 November 2015. 
 
   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 2015 to 12 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/CRWN.htm. 
 
   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/ourfunds/CRWN.htm. 
 
   Richard Huntingford, Chairman 
 
   [e-mail] 
 
   12 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: Crown Place VCT PLC via Globenewswire 
 
   HUG#1966395 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

November 12, 2015 05:50 ET (10:50 GMT)

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