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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Albion Crown Vct Plc | LSE:CRWN | London | Ordinary Share | GB0002577434 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.90 | 28.40 | 29.40 | 28.90 | 28.90 | 28.90 | 24,008 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 4.78M | 2.82M | 0.0100 | 28.90 | 81.13M |
TIDMCRWN
Crown Place VCT PLC
Interim Management Statement
LEI Code: 213800SYIQPA3L3T1Q68
Introduction
I present Crown Place VCT PLC's interim management statement for the period from 1 July 2023 to 30 September 2023.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2023 was GBP92.1 million or 32.47 pence per share (excluding treasury shares), a decrease of 0.66 pence per share (1.99%) since 30 June 2023.
After accounting for the first interim dividend of 0.83 pence per share which will be paid on 30 November 2023 to shareholders on the register on 3 November 2023, the NAV is 31.64 pence per share.
Fundraising
The Company announced on 12 October 2023 that, subject to obtaining the requisite regulatory approval, it intended to launch a prospectus top up offer of new ordinary shares. Full details of the Offer will be contained in a prospectus that is expected to be published prior to launch in early January 2024.
Portfolio
The following investments have been made during the period from 1 July 2023 to 30 September 2023:
New investments GBP'000 Activity ----------------- ------- ------------------------------ Phasecraft 358 Software for Quantum Computers ----------------- ------- ------------------------------ Kennek Solutions 147 Vertical software for lenders ----------------- ------- ------------------------------ Total new investments 505 ----------------- ------- ------------------------------ Further investments GBP'000 Activity --------------- ------- ---------------------------------------------------- Gravitee Topco (T/A Gravitee.io) 584 API management platform --------------- ------- ---------------------------------------------------- A middleware technology platform that enables life uMedeor (T/A science organisations to conduct medical research uMed) 366 programmes --------------- ------- ---------------------------------------------------- Accelex Data extraction and analytics technology for private Technology 107 capital markets --------------- ------- ---------------------------------------------------- Total further investments 1,057 --------------- ------- ----------------------------------------------------
Top ten holdings as at 30 September 2023:
% of net Carrying value asset Investment GBP'000 value Activity ------------------- -------------- ----- ------------------------------------------------------------ Quantexa 16,936 18.4% Network analytics platform to detect financial crime ------------------- -------------- ----- ------------------------------------------------------------ Proveca 4,781 5.2% Reformulation of medicines for children ------------------- -------------- ----- ------------------------------------------------------------ Radnor House School (TopCo) 3,623 3.9% Independent school for children aged 2-18 ------------------- -------------- ----- ------------------------------------------------------------ Owner and operator of a 2 MW hydro-power scheme in Chonais River Hydro 3,039 3.3% the Scottish Highlands ------------------- -------------- ----- ------------------------------------------------------------ A technology enabled service business in medical nutritional Oviva AG 3,001 3.3% therapy (MNT) ------------------- -------------- ----- ------------------------------------------------------------ Operator and developer of women's health centres focusing The Evewell Group 2,258 2.5% on fertility ------------------- -------------- ----- ------------------------------------------------------------ Cloud platform and infrastructure that enables corporates Runa Network 2,240 2.4% to issue digital incentives and payouts ------------------- -------------- ----- ------------------------------------------------------------ Gravitee Topco (T/A Gravitee.io) 2,016 2.2% API management platform ------------------- -------------- ----- ------------------------------------------------------------ Cantab Research 1,788 1.9% Provider of low footprint automated speech recognition (T/A which can be deployed in the cloud, on premise or Speechmatics) on device ------------------- -------------- ----- ------------------------------------------------------------ Gharagain River 1,781 1.9% Owner and operator of a 1 MW hydro-power scheme in Hydro Limited the Scottish Highlands ------------------- -------------- ----- ------------------------------------------------------------
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/CRWN.
Share buy-backs
During the period from 1 July 2023 to 30 September 2023, the Company did not buy back any shares.
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% discount to net asset value, so far as market conditions and liquidity permit.
Board composition
I am retiring from the Board today following the Annual General Meeting, having served as a Director of the Company for nine years, including three as Chair. It is proposed that James Agnew will succeed me as Chairman of the Board.
I would like to take this opportunity to thank all my existing and former board colleagues, the Manager, and all our shareholders for their support over the years.
Material events and transactions after the period end
-- As announced on 6 October 2023, the Company sold a proportion of its holding in Quantexa at its current holding value returning proceeds of GBP1.2m; and -- As announced on 30 October 2023, following a formal tender process, Johnston Carmichael LLP were appointed the Company's Auditor.
There have been no other material events or transactions after the period end to the date of this announcement.
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/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.capital/funds/CRWN.
Penny Freer, Chairman
22 November 2023
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP -- Tel: 020 7601 1850
(END) Dow Jones Newswires
November 22, 2023 06:34 ET (11:34 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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