Kings Arms Yard Kings Arms Yard Vct Plc : Interim Management Statement

 
TIDMKAY 
 
 
   Kings Arms Yard VCT PLC Interim Management Statement 
 
   LEI Code 213800DK8H27QY3J5R45 
 
   Introduction 
 
   I am pleased to present Kings Arms Yard VCT PLC (the "Company")'s 
interim management statement for the period from 1 July 2017 to 30 
September 2017. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 September 2017 
was GBP59.32 million or 21.76 pence per share (excluding treasury 
shares), a decrease of 0.05 pence per share (0.2 per cent.) since 30 
June 2017. 
 
   After accounting for the dividend paid of 0.50 pence per share on 31 
October 2017 to shareholders on the register on 6 October 2017, the NAV 
is 21.26 pence per share. 
 
   Albion VCTs Prospectus Top Up Offers 2017/2018 
 
   On 6 September 2017 the Company announced the publication of a 
prospectus in relation to an offer for subscription for new Ordinary 
shares. The Company is aiming to raise circa GBP8 million out of a 
target of GBP32 million in aggregate that the Albion VCTs are seeking to 
raise. A Securities Note, which forms part of the prospectus, has been 
sent to shareholders. All applications that are received before 2:00pm 
on 17 November 2017 will be included in the first allotment on that 
date. 
 
   Share buy-backs 
 
   During the period from 1 July 2017 to 30 September 2017, the Company 
purchased 344,000 shares for GBP70,000 at an average price of 20.45 
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 
2017 to 30 September 2017: 
 
 
 
 
Follow on 
investments 
into existing 
investee 
companies        GBP000s                            Activity 
Egress Software 
Technologies 
Limited            573         Encrypted email and file transfer service provider 
                          A technology enabled service business in medical nutritional 
Oviva AG           276                            therapy (MNT) 
Ryefield Court                Owns and operates a 60 bed care home in Hillingdon, 
Care Limited       270                              Middlesex 
Active Lives                  Owns and operates a 75 bed care home in Cumnor Hill, 
Care Limited       255                             Oxfordshire 
G.Network 
Communications 
Limited            204          Fibre optic broadband provider in central London 
Black Swan Data 
Limited            189       Data analysis that supports corporate decision making 
Convertr Media 
Limited            56                   Digital lead generation software 
Abcodia Limited    41             Validation and discovery of serum biomarkers 
Beddlestead                   Developer and operator of a dedicated wedding venue 
Limited             6                               in the UK 
Aridhia 
Informatics 
Limited             5             Healthcare informatics and analysis provider 
Total follow on 
 investments       1,875 
 
 
   Disposals 
 
   The following disposals were made during the period from 1 July 2017 to 
30 September 2017: 
 
 
 
 
Portfolio 
company           GBP000s 
Hilson Moran 
Holdings                   Full disposal for a realised gain on cost of GBP1.9 
Limited            2,205                         million 
Oxford Immunotec 
PLC                 846                Partial disposal of shares 
ErgoMed PLC         202                Partial disposal of shares 
Total proceeds      3,253 
 
 
   Furthermore, Relayware Limited merged with Zift Solutions Inc. to form 
Zift Channel Solutions Inc.. 
 
   Top ten holdings as at 30 September 2017: 
 
 
 
 
                               % of 
                                net 
Portfolio      Carrying value  asset 
company            GBP000s     value                        Activity 
Active Lives                          Owns and operates a 75 bed care home in Cumnor Hill, 
Care Limited       6,347       10.7                        Oxfordshire 
Ryefield 
Court Care                            Owns and operates a 60 bed care home in Hillingdon, 
Limited            4,641        7.8                         Middlesex 
Chonais River 
Hydro                                  Owns and operates a 2 MW hydro-power scheme in the 
Limited            2,987        5.0                    Scottish Highlands 
Proveca 
 Limited                2,985    5.0                 Reformulation of paediatric medicines 
Antenova 
Limited                 2,857    4.8      Supplier of integrated antennas and RF solutions 
Elateral 
 Group 
 Limited                2,666    4.5                Provider of digital marketing software 
Egress 
Software 
Technologies 
Limited                 2,267    3.8    Encrypted email and file transfer service provider 
Anthropics 
Technology 
Limited                 1,739    2.9      Provider of digital picture enhancement software 
The Street by 
Street Solar 
Programme                               Owns and operates photovoltaic systems on domestic 
Limited                 1,693    2.9                                  properties in the UK 
Grapeshot 
 Limited                1,589    2.7                Provider of digital marketing software 
 
 
   A full breakdown of the Company's portfolio can be found on the 
Company's webpage on the Manager's website at 
www.albion.capital/funds/KAY, by following the 'Portfolio of 
Investments' link under the 'Fund reports' section. 
 
   Material events and transactions after the period end 
 
   Portfolio 
 
   After the period end, the Company had the following material investment 
transactions: 
 
 
   -- Investment of GBP583,000 in a new portfolio company, Women's Health 
      (London West One) Limited, to develop a women's health centre of 
      excellence focussing on fertility; 
 
   -- Investment of GBP490,000 in an existing portfolio company, Beddlestead 
      Limited, which is a developer and operator of a dedicated wedding venue 
      in the UK; 
 
   -- Investment of GBP228,000 in an existing portfolio company, G.Network 
      Communications Limited, which is a fibre optic broadband provider in 
      central London; and 
 
   -- Investment of GBP150,000 in an existing portfolio company, Elateral Group 
      Limited, which is a provider of digital marketing software. 
 
 
   Patient capital review 
 
   The current consultation entitled "Financing growth in innovative firms" 
may result in changes to VCT legislation in the next Budget, which may 
limit the category of business in which the Company currently invests. 
 
   Further information 
 
   The Company continues to offer a dividend reinvestment scheme to 
existing shareholders.  Details of this Scheme can be found at 
www.albion.capital/funds/KAY. 
 
   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 under www.albion.capital/funds/KAY. 
 
   Robin Field, Chairman 
 
   9 November 2017 
 
 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Capital Group 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, 2017 09:30 ET (14:30 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.