Kings Arms Yard Interim Management Statement

 
TIDMKAY 
 
 
   Kings Arms Yard VCT PLC Interim Management Statement 
 
   Introduction 
 
   I am pleased to present Kings Arms Yard VCT PLC's interim management 
statement for the period from 1 July 2016 to 9 November 2016. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 September 2016 
was GBP52.06 million or 20.94 pence per share (excluding treasury 
shares), an increase of 1.28 pence per share (6.5 per cent.) since 30 
June 2016. 
 
   After accounting for the dividend paid of 0.50 pence per share on 31 
October 2016 to shareholders on the register as at 7 October 2016, the 
NAV is 20.44 pence per share. 
 
   Share issues 
 
   During the period from 1 July 2016 to 9 November 2016, the Company 
issued the following new Ordinary shares under the dividend reinvestment 
scheme: 
 
 
 
 
                   Number of shares     Issue price per       Net proceeds 
Date                    issued               share               GBP'000 
31 October 2016              649,493          19.16 pence                  123 
 
   Share buy-backs 
 
   During the period from 1 July 2016 to 9 November2016, the Company 
purchased 1,187,000 shares for GBP215,000 at an average price of 18.13 
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. As mentioned in the Interim 
management report of the latest Half-yearly Financial Report, the 
Company intends to limit the sum available for share buy-backs for the 
six month period ending 31 December 2016 to GBP750,000 unless a material 
exit occurs. 
 
   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 9 November 2016: 
 
 
 
 
New investments    GBP000's  Activity 
Secured By Design            Research and consulting for the global automotive 
Limited              260      sector 
Convertr Limited     284     Digital lead generation software 
Oviva AG              91     Medical nutritional therapy 
Total new 
 investments            635 
 
 
 
 
Further 
investments        GBP000's  Activity 
Active Lives Care            Owner and operator of a care home for the elderly 
Limited              490      in Oxford 
Ryefield Court               Owner and operator of a care home for the elderly 
Care Limited         486      in Hillingdon 
Abcodia Limited      121     Validation and discovery of serum biomarkers 
Elateral Group 
Limited              100     Provider of digital marketing software 
Proveca Limited       56     Reformulation of pediatric medicines 
Shinfield Lodge              Owner and operator of a care home for the elderly 
Care Limited          10      in Shinfield, Berkshire 
Total further 
 investments          1,263 
 
   Disposals 
 
   The following disposals were made during the period from 1 July 2016 to 
9 November 2016: 
 
 
 
 
Portfolio company               GBP000's 
                                             Partial disposal of investment 
Oxford Immunotec Global PLC      1,055               (October 2016) 
                                           Loan stock and redemption premium 
Hilson Moran Holdings Limited      60                  repayment 
Total proceeds                     1,115 
 
 
   Top ten holdings as at 30 September 2016: 
 
 
 
 
                             % of 
                              net 
             Carrying value  asset 
Investment      GBP000's     value                          Activity 
Elateral 
 Group 
 Limited              5,801   11.1                    Provider of digital marketing software 
Active 
Lives Care                                 Owner and operator of a care home for the elderly 
Limited               5,396   10.4                                                 in Oxford 
Ryefield 
Court Care                                 Owner and operator of a care home for the elderly 
Limited               3,902    7.5                                             in Hillingdon 
Chonais 
 River 
 Hydro 
 Limited              2,839    5.5                            Hydropower project in Scotland 
Oxford 
Immunotec                               A global, commercial-stage diagnostic company in the 
Global PLC           2,773*    5.3                                       field of immunology 
Proveca 
 Limited              2,206    4.2                      Reformulation of pediatric medicines 
Sift             1,627        3.1   Web based provision of online business and community 
 Limited                             management solutions 
The Street       1,544        3.0   Builds, owns and operates photovoltaic systems on 
 by Street                           domestic properties in the UK 
 Solar 
 Programme 
 Limited 
Alto             1,539        3.0   Owns and operates community scale wind energy projects 
 Prodotto                            on brownfield sites in the UK 
 Wind 
 Limited 
Perpetuum        1,421        2.7   Provider of vibration harvester powered wireless sensing 
 Limited                             systems for the rail and industrial sectors 
 
 
   *Prior to the sale of shares totalling GBP1,055,000 as noted in 
Disposals above. 
 
   A full breakdown of the Company's portfolio can be found on the Fund's 
webpage on the Manager's website at www.albion-ventures.co.uk/funds/KAY, 
by following the 'Portfolio of Investments' link under the 'Funds 
reports' 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 2016 and 9 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/KAY. 
 
   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 under 
www.albion-ventures.co.uk/funds/KAY. 
 
   Robin Field, Chairman 
 
   9 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: Kings Arms Yard VCT PLC via Globenewswire 
 
 
  http://www.sparkventures.com 
 

(END) Dow Jones Newswires

November 09, 2016 09:39 ET (14:39 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.