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

 
TIDMAADV 
 
   Albion Development VCT PLC Interim Management Statement 
 
   LEI Code 213800FDDMBD9QLHLB38 
 
   Introduction 
 
   I am pleased to present Albion Development VCT PLC (the "Company")'s 
interim management statement for the period from 1 July 2018 to 30 
September 2018. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 September 2018 
was GBP60.5 million or 80.4 pence per share (excluding treasury shares), 
after accounting for the dividend of 2.0 pence per share paid on 28 
September 2018 to shareholders on the register on 14 September 2018. 
 
   Albion VCTs Prospectus Top Up Offers 2018/19 
 
   The Company announced on 6 November 2018 that, subject to obtaining the 
requisite regulatory approval, it is the Company's intention to launch a 
prospectus top up offer to raise up to GBP6 million before issue costs, 
with a further over-allotment facility of GBP2 million, of new Ordinary 
shares for subscription in the 2018/19 and 2019/20 tax years. Full 
details of the offer will be contained in a prospectus that is expected 
to be published in early January 2019. 
 
   Share issues 
 
   During the period from 1 July 2018 to 30 September 2018, the Company 
issued the following shares under the dividend reinvestment scheme (and 
are included in the net asset value figures for 30 September 2018 
above): 
 
 
 
 
                     Number of shares    Issue price per       Net invested 
Date                      issued              share              GBP'000 
------------------  ------------------  ------------------  ------------------ 
28 September 2018              316,891          78.9 pence                 248 
------------------  ------------------  ------------------  ------------------ 
 
   Share buybacks 
 
   During the period from 1 July 2018 to 30 September 2018, the Company 
purchased 109,000 Ordinary shares for GBP78,000 at an average price of 
71.2p pence per Ordinary share. All of the shares are to be held in 
treasury. 
 
   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 
2018 to 30 September 2018: 
 
 
 
 
New investments            GBP000s  Activity 
-------------------------  -------  --------------------------------- 
                                    AI platform that generates 
Phrasee Limited              410     optimised marketing campaigns 
-------------------------  -------  --------------------------------- 
                                    Development of biopharmaceuticals 
                                     through the application 
                                     of a formulation technology 
Arecor Limited               224     platform 
-------------------------  -------  --------------------------------- 
                                    A secure mobile communication 
                                     and collaboration platform 
Forward Clinical Limited     190     in healthcare 
-------------------------  -------  --------------------------------- 
                                    Online community connecting 
                                     people affected by rare 
                                     diseases with up-to-date 
                                     scientific information, 
                                     community insights and 
ePatient Network Limited     135     medical research 
-------------------------  -------  --------------------------------- 
Total new investments          959 
-------------------------  ------- 
 
 
 
 
 
 
Further investments         GBP000s  Activity 
--------------------------  -------  ---------------------------- 
                                     Provides a technology 
                                      solution for the management 
                                      of locum doctors for 
Locum's Nest Limited          440     the NHS 
--------------------------  -------  ---------------------------- 
                                     Network analytics platform 
                                      to detect financial 
Quantexa Limited              411     crime 
--------------------------  -------  ---------------------------- 
Total further investments       851 
--------------------------  ------- 
 
 
   Top ten holdings as at 30 September 2018: 
 
 
 
 
                                          % of 
                                           net 
                                Value     asset 
Investment                      GBP000s   value                  Activity 
-----------------------------  --------  ------  ---------------------------------------- 
Radnor House School                                      Independent schools for children 
 (Holdings) Limited               6,634   11.0%                                 aged 5-18 
-----------------------------  --------  ------  ---------------------------------------- 
Egress Software Technologies                              Encrypted email & file transfer 
 Limited                          3,216    5.3%                          service provider 
-----------------------------  --------  ------  ---------------------------------------- 
                                                     Network analytics platform to detect 
Quantexa Limited                  3,010    5.0%                           financial crime 
-----------------------------  --------  ------  ---------------------------------------- 
Chonais River Hydro                              Owner and operator of a 2 MW hydro-power 
 Limited                          2,373    3.9%          scheme in the Scottish Highlands 
-----------------------------  --------  ------  ---------------------------------------- 
Proveca Limited                   2,320    3.8%     Reformulation of paediatric medicines 
-----------------------------  --------  ------  ---------------------------------------- 
                                                           Owns and operates photovoltaic 
The Street by Street                                       systems on domestic properties 
 Solar Programme Limited          2,169    3.6%                                 in the UK 
-----------------------------  --------  ------  ---------------------------------------- 
Regenerco Renewable                                    Generator of renewable energy from 
 Energy Limited                   1,894    3.1%              roof top solar installations 
-----------------------------  --------  ------  ---------------------------------------- 
G.Network Communications                                 Ultra-fast fibre optic broadband 
 Limited                          1,796    3.0%                provider in central London 
-----------------------------  --------  ------  ---------------------------------------- 
                                                           Owner and operator of freehold 
Bravo Inns II Limited             1,413    2.3%                                      pubs 
-----------------------------  --------  ------  ---------------------------------------- 
                                                        Owns and operates community scale 
Alto Prodotto Wind                                     wind energy projects on brownfield 
 Limited                          1,391    2.3%                           sites in the UK 
-----------------------------  --------  ------  ---------------------------------------- 
 
 
   A full breakdown of the Company's portfolio can be found on the 
Company's webpage on the Manager's website at 
https://www.globenewswire.com/Tracker?data=YsDDz4-D4NdoOrhJCKJlJDcDOtI1UFXWb3N1nlW006lrj0QTnMj-EQr7MJQThqe3zYqw_SUUOiRlShoOVzCtJ-TpAjaInFV8SeQfrH_Lsdc9IBvyPPxovBaB0lBwChDA 
www.albion.capital/funds/AADV, 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 made the following material 
investment transactions: 
 
 
   -- Investment of GBP120k in an existing portfolio company, Cisiv Limited, 
      which develops software and services for non-interventional clinical 
      trials. 
 
   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 
https://www.globenewswire.com/Tracker?data=YsDDz4-D4NdoOrhJCKJlJDcDOtI1UFXWb3N1nlW006nWwzP84k70khszRpf4VeEvzqebIBaDeapc_dLoYxlKpXxqIRWat_yqHVJliRAP3V83OPDD3Z-FO4uNh3msAoYN 
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 under 
https://www.globenewswire.com/Tracker?data=YsDDz4-D4NdoOrhJCKJlJDcDOtI1UFXWb3N1nlW006nqif7sSQQjH7CB_5n5eo5uUrIffu1UoQadSsVV2k1tFiBdCxHfm9zIjYUAe-xQEA3hS5BoK8FVBmoaPQGVlNcB 
www.albion.capital/funds/AADV. 
 
   Geoffrey Vero, Chairman 
 
   6 November 2018 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Capital Group LLP -- Tel: [phone] 
 
 
 
 

(END) Dow Jones Newswires

November 06, 2018 11:24 ET (16:24 GMT)

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