Albion Dev VCT Albion Development Vct Plc - Ordinary Shares : Interim Management Statement

 
TIDMAADV 
 
 
   Albion Development VCT PLC 
 
   Interim Management Statement as at 31 March 2018 
 
   LEI Code 213800FDDMBD9QLHLB38 
 
   Introduction 
 
   I am pleased to present Albion Development VCT PLC (the "Company")'s 
interim management statement for the period from 1 January 2018 to 31 
March 2018. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 31 March 2018 was 
GBP58.0 million or 78.2 pence per share (excluding treasury shares), an 
increase of 4.4 pence per share (6.0 per cent.) since 31 December 2017. 
 
   A major contributor of the increase was the successful sale of Grapeshot 
Limited which completed after the period end. If the full escrow amount 
is received, we will have realised approximately 10 times our original 
investment. 
 
   After accounting for the first dividend for the year ending 31 December 
2018 of 2.0 pence per share (2017: first dividend of 2.0 pence per 
share) to be paid on 31 May 2018 to shareholders on the register on 4 
May 2018, the NAV is 76.2 pence per share. 
 
   Albion VCTs Prospectus Top Up Offers 2017/18 
 
   During the period from 1 January 2018 to 31 March 2018, the Company 
issued new Ordinary shares under the Albion VCTs Prospectus Top Up 
Offers 2017/18: 
 
 
 
 
                                  Aggregate 
                   Number of    nominal value  Issue price per 
                    shares        of shares    share (including  Net proceeds 
Date                issued         GBP'000     costs of issue)      GBP'000 
31 January 2018      1,903,510             19             74.0p          1,373 
 
 
   The Board announced on 26 February 2018 that the Company had reached its 
GBP6 million limit under its offer pursuant to the Prospectus dated 6 
September 2017, and so was closed. 
 
   The proceeds of the Offer 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 buybacks 
 
   During the period from 1 January 2018 to 31 March 2018, there were no 
share buybacks undertaken by the Company. 
 
   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 
January 2018 to 31 March 2018: 
 
 
 
 
New qualifying investments         GBP'000  Activity 
                                            Online marketplace connecting 
Koru Kids Limited                    272    parents and nannies 
Total new qualifying investments       272 
 
 
 
 
Follow on investments into 
existing portfolio companies        GBP'000  Activity 
                                             Provider of cyber security 
Panaseer Limited                      309    services 
Convertr Media Limited                175    Digital lead generation software 
Total further investments               484 
 
 
   Top ten holdings as at 31 March 2018: 
 
 
 
 
                         % of 
                          net 
                Value    asset 
Investment      GBP'000  value                         Activity 
Grapeshot 
 Limited          6,102   10.5                  Provider of digital marketing software 
Radnor House 
School 
(Holdings) 
Limited           5,930   10.2              Independent schools for children aged 3-18 
Egress 
Software 
Technologies 
Limited           3,216    5.5        Encrypted email & file transfer service provider 
Chonais River 
Hydro                               Owns and operates a 2 MW hydro-power scheme in the 
Limited           2,372    4.1                                      Scottish Highlands 
Proveca 
 Limited          2,354    4.1                   Reformulation of paediatric medicines 
The Street by 
Street Solar 
Programme                           Owns and operates photovoltaic systems on domestic 
Limited           2,115    3.6                                    properties in the UK 
Regenerco 
Renewable 
Energy                               Generator of renewable energy from roof top solar 
Limited           1,827    3.1                                           installations 
Alto Prodotto                   Owns and operates community scale wind energy projects 
Wind Limited      1,397    2.4                           on brownfield sites in the UK 
Mirada 
 Medical 
 Limited          1,382    2.4                   Developer of medical imaging software 
Bravo Inns II 
 Limited          1,377    2.4                     Owner and operator of freehold pubs 
 
 
   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/AADV, by following the 'Portfolio of 
Investments' link under the 'Funds reports' section. 
 
   Material events and transactions after the period end 
 
   Portfolio 
 
   After the period end, the Company undertook the following investment 
transactions: 
 
 
   -- As announced on 24 April 2018, contracts were exchanged for the sale of 
      Grapeshot Limited, which subsequently completed on 15 May 2018. The 
      valuation of the holding as at 31 March 2018 includes discounts to the 
      total estimated consideration to reflect completion and other risks; 
 
   -- Investment of GBP899,000 in an existing portfolio company Sandcroft 
      Avenue Limited, which provides flexible access to gyms trading as 
      PayasUgym.com; 
 
   -- Investment of GBP239,000 in an existing portfolio company, Black Swan 
      Data Limited, which provides data analysis that supports corporate 
      decision making; 
 
   -- Investment of GBP180,000 in an existing portfolio company, InCrowd Sports 
      Limited, which is a developer of mobile apps for professional sports 
      clubs; 
 
   -- Investment of GBP160,000 in an existing portfolio company, Abcodia 
      Limited, which focuses on the validation and discovery of serum 
      biomarkers; 
 
   -- Investment of GBP100,000 into a new portfolio company, Healios Limited, 
      which provides online delivery of mental health therapy services; and 
 
   -- Investment of GBP56,000 in an existing portfolio company, DySIS Medical 
      Limited, which is a developer of medical devices for the detection of 
      cervical cancer. 
 
 
   Albion VCTs prospectus Top Up Offers 
 
   The following new Ordinary shares of nominal value 1 penny per share 
were allotted under the Albion VCTs prospectus Top Up Offers 2017/18 
after 31 March 2018: 
 
 
 
 
                                 Aggregate 
                  Number of    nominal value  Issue price per 
                   shares        of shares    share (including   Net proceeds 
Date               issued         GBP'000     costs of issue)      GBP'000 
5 April 2018          964,862             10             75.7p             712 
11 April 2018         214,652              2    75.0p to 75.7p             158 
 
 
   There have been no further significant events or transactions between 1 
April 2018 and 29 May 2018 that the Board is aware of which would have 
had a material impact on the financial position of the Company. 
 
   Further information 
 
   The Company continues to offer a Dividend Reinvestment Scheme to 
existing shareholders. Details of this Scheme can be found on the 
Company's webpage on the Manager's website at 
www.albion.capital/funds/AADV. 
 
   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/AADV. 
 
 
 
   Geoffrey Vero, Chairman 
 
 
 
   29 May 2018 
 
   For further information please contact: 
 
   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: Albion Development VCT PLC - Ordinary Shares via Globenewswire 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

May 29, 2018 05:53 ET (09:53 GMT)

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