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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Albion Development Vct Plc | LSE:AADV | London | Ordinary Share | GB0004832472 | 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% | 87.00 | 85.50 | 88.50 | 87.00 | 87.00 | 87.00 | 18,841 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 558k | -2.25M | -0.0166 | -52.41 | 117.98M |
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Albion Development VCT PLC
LEI Code 213800FDDMBD9QLHLB38
As required by the UK Listing Authority's Disclosure Guidance and
Transparency Rule 4.2, Albion Development VCT PLC today makes public its
information relating to the Half-yearly Financial Report (which is
unaudited) for the six months to 30 June 2020. This announcement was
approved by the Board of Directors on 3 September 2020.
The full Half-yearly Financial Report (which is unaudited) for the
period to 30 June 2020 will shortly be sent to shareholders and will be
available on the Albion Capital Group LLP website by clicking
www.albion.capital/funds/AADV/30Jun2020.pdf.
Investment policy
The Company will invest in a broad portfolio of higher growth businesses
with a stronger focus on technology companies across a variety of
sectors of the UK economy. Allocation of assets will be determined by
the investment opportunities which become available but efforts will be
made to ensure that the portfolio is diversified in terms of sector and
stage of maturity of company.
Funds held pending investment or for liquidity purposes will be held as
cash on deposit or up to 8 per cent. of its assets, at the time of
investment, in liquid open-ended equity funds providing income and
capital equity exposure (where it is considered economic to do so).
Risk diversification and maximum exposures
Risk is spread by investing in a number of different businesses within
venture capital trust qualifying industry sectors using a mixture of
securities. The maximum amount which the Company will invest in a single
portfolio company is 15 per cent. of the Company's assets at cost thus
ensuring a spread of investment risk. The value of an individual
investment may increase over time as a result of trading progress and it
is possible that it may grow in value to a point where it represents a
significantly higher proportion of total assets prior to a realisation
opportunity being available.
The Company's maximum exposure in relation to gearing is restricted to
10 per cent. of the adjusted share capital and reserves.
Background to the Company
The Company is a venture capital trust which raised a total of GBP33.3
million through the issue of shares between 1999 and 2004. The C shares
merged with the Ordinary shares in 2007. A further GBP6.3 million was
raised through an issue of new D shares in 2010. The D shares converted
to Ordinary shares in 2015.
An additional GBP45.2 million has been raised for the Ordinary shares
through the Albion VCTs Top Up Offers since 2011.
Financial calendar
Record date for second dividend for the year 11 September 2020
Payment date for second dividend for the year 30 September 2020
Financial year end 31 December
Financial summary
Unaudited six months ended Unaudited six months ended Audited year ended
Ordinary 30 June 2020 30 June 2019 31 December 2019
shares (pence per share) (pence per share) (pence per share)
-------------- -------------------------- -------------------------- ------------------
Opening net
asset value 83.47 84.70 84.70
Capital
(loss)/return (2.03) 2.64 2.55
Revenue return 0.08 0.28 0.73
-------------------------- -------------------------- ------------------
Total
(loss)/return (1.95) 2.92 3.28
Impact from
share capital
movements 0.03 (0.09) (0.01)
Dividends paid (2.25) (2.25) (4.50)
-------------------------- -------------------------- ------------------
Net asset
value 79.30 85.28 83.47
-------------- -------------------------- -------------------------- ------------------
Total shareholder value to 30 June 2020 Ordinary shares (pence per share)
Total dividends paid during the period
ended:
31 December 1999 1.00
31 December 2000 2.90
31 December 2001 3.95
31 December 2002 4.20
31 December 2003 4.50
31 December 2004 4.00
31 December 2005 5.20
31 December 2006 3.00
31 December 2007 5.00
31 December 2008 12.00
31 December 2009 4.00
31 December 2010 8.00
31 December 2011 5.00
31 December 2012 5.00
31 December 2013 5.00
31 December 2014 5.00
31 December 2015 5.00
31 December 2016 5.00
31 December 2017 4.00
31 December 2018 4.00
31 December 2019 4.50
30 June 2020 2.25
Total dividends paid to 30 June 2020 102.50
Net asset value as at 30 June 2020 79.30
---------------------------------
Total shareholder value to 30 June 2020 181.80
---------------------------------
The financial summary above is for the Company, Albion Development VCT
PLC Ordinary shares only. Details of the financial performance of the C
shares and D shares, which have been merged into the Ordinary shares,
can be found at www.albion.capital/funds/AADV under the 'Financial
summary for previous funds' section.
In addition to the dividends summarised above, the Board has declared a
second dividend for the year ending 31 December 2020, of 1.99 pence per
Ordinary share to be paid on 30 September 2020 to shareholders on the
register on 11 September 2020. The details of the new dividend policy
can be found in the Interim Management Report below.
Notes
Total shareholder value for every 100 pence invested on initial
allotment. The table above excludes tax benefits upon subscription.
Interim management report
Introduction
Since the announcement of our year end results to 31 December 2019, we
have entered a global health and economic crisis due to the coronavirus
(Covid-19) pandemic, and unsurprisingly our portfolio has been affected.
However, the Board has been in close contact with the Manager and has
undergone a rigorous and robust revaluation process to quantify the
effect of the coronavirus (Covid-19) pandemic on the portfolio.
Valuations and results
The net effect of the Board's portfolio valuation exercise has been an
overall loss on investments of GBP1.3 million for the six months to 30
June 2020.
I am pleased to report that there have been some uplifts to portfolio
companies during this time, showing the resilience of our portfolio and
some of the businesses we have backed. There was a GBP2.6 million uplift
in the valuation of Quantexa, following a GBP50 million externally led
fundraising, and a GBP0.9 million uplift in the valuation of Proveca,
due to strong sales of its product Sialanar across Europe.
Unfortunately, two of our portfolio companies have been particularly
hard hit by Covid-19, which has resulted in corresponding declines in
their value. These are Mirada Medical, a medical imaging software
company which uses deep learning to help clinicians plan radiation
treatment, which saw a reduction of GBP1.5 million in the period, and
Sandcroft Avenue (trading as Hussle), a provider of flexible gym
memberships to thousands of venues across the UK, whose value declined
by GBP1.1 million. Our investment in the SVS Albion OLIM UK Equity
Income Fund declined by GBP1.0 million due to the impact of Covid-19 on
quoted markets.
Further details of the portfolio of investments can be found below.
This has resulted in a total loss for the six months to 30 June 2020 of
1.95 pence per share (2.34% loss on opening net asset value) compared to
a positive total return of 2.92 pence per share for the same period in
the previous year.
The net asset value per share has fallen to 79.30 pence (30 June 2019:
85.28 pence; 31 December 2019: 83.47 pence) following the loss during
the period and the payment of a 2.25 pence per share dividend on 29 May
2020.
New dividend policy
The Board is aware of the importance of dividends to shareholders and it
remains its intention to continue to pay regular dividends, as far as
liquidity permits. Given the uncertainty that the current pandemic has
created and the volatile nature of investing in small unquoted growth
businesses, the Board considers it appropriate to move to a variable
dividend policy targeting an annual dividend yield of around 5%.
Semi-annual dividends will be paid calculated as 2.5% of the most
recently announced net asset value when the dividend is declared (in
most cases this will be the net asset value announced in the Half-yearly
Financial Report or in the Annual Report and Financial Statements). This
has the advantage of avoiding unsustainably high dividends if the net
asset value falls, whilst rewarding shareholders more immediately if the
net asset value rises.
As a result, the Company will pay a second dividend for the financial
year ending 31 December 2020 of 1.99 pence per share on 30 September
2020 to shareholders on the register on 11 September 2020.
Investment activity
During the period the Company has invested GBP1.6 million of cash into
new and existing portfolio companies, with new investments comprising:
-- GBP575,000 into Concirrus (a software provider bringing real-time
behavioural data analytics to the marine and transport insurance
industries);
-- GBP344,000 into Credit Kudos (a challenger credit bureau helping lenders
optimise and automate their affordability and risk assessments); and
-- GBP207,000 into TransFICC (a provider of a connectivity solution,
connecting financial institutions with trading venues via a single API).
Following the period end, the Company has invested a further GBP2.6
million into new and existing companies, the largest being GBP1.4
million into Quantexa. Further details of post balance sheet events can
be found in note 10.
Investment portfolio by sector
The pie chart at the end of this announcement outlines the different
sectors in which the Company's assets, at carrying value, are currently
held.
Corporate broker and share buy-backs
The Board was pleased to announce on 17 June 2020 the appointment of
Panmure Gordon (UK) Limited as corporate broker.
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. This includes the maintenance of sufficient cash resources for
investment in new and existing portfolio companies and the continued
payment of dividends to shareholders.
It is the Board's intention that such buy-backs should be at around a 5%
discount to net asset value, in so far as market conditions and
liquidity permit.
Transactions with the Manager
Details of transactions with the Manager for the reporting period can be
found in note 5. Details of related party transactions can be found in
note 11.
Risks and uncertainties
The wide reaching implications arising from the Covid-19 crisis is the
key risk facing the Company, including its impact on the UK and Global
economies and recent turmoil in the quoted market. There are also the
potential implications of the UK's departure from the European Union
which may adversely affect our underlying portfolio companies. The
Manager is continually assessing the exposure to such risks for each
portfolio company, and where possible appropriate actions are being
implemented.
Other principal risks and uncertainties remain unchanged and are as
detailed in note 13.
Albion VCTs Top Up Offers
As announced in the Annual Report and Financial Statements for the year
ended 31 December 2019, the Board was pleased to close the Offer having
raised GBP8 million for the 2019/20 tax year.
The proceeds are continually being used to nurture our existing
portfolio companies as they grow, as highlighted by our further
investment into Quantexa detailed above, but also to support existing
portfolio companies during the current pandemic. The proceeds raised
also enable us to take advantage of new and exciting investment
opportunities as they arise, and three of such are detailed above.
Details on the share allotments during the period can be found in note
8.
Prospects
Given the current uncertainty around the Covid-19 pandemic, the Board
was pleased to see some large uplifts in the Company's investment
portfolio during the period. The priority of the Board is to give
support to the existing portfolio where it is needed, whilst also taking
advantage of new business ideas which are proving resilient to the
current pandemic. We believe the portfolio is well positioned to
continue to provide long term growth to shareholders.
Ben Larkin
Chairman
3 September 2020
Responsibility statement
The Directors, Ben Larkin, Lyn Goleby, Lord O' Shaughnessy and Patrick
Reeve, are responsible for the preparation of the Half-yearly Financial
Report. In preparing these condensed Financial Statements for the period
to 30 June 2020 we, the Directors of the Company, confirm that to the
best of our knowledge:
(a) the condensed set of Financial Statements, which has been prepared
in accordance with Financial Reporting Standard 104 "Interim Financial
Reporting", give a true and fair view of the assets, liabilities,
financial position and profit and loss of the Company as required by DTR
4.2.4R;
(b) the Interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
(c) the Interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
This Half-yearly Financial Report has not been audited or reviewed by
the Auditor.
For and on behalf of the Board
Ben Larkin
Chairman
3 September 2020
Portfolio of investments
As at 30 June 2020
% voting Cost Cumulative movement in value Value Change in value for the period*
Fixed asset investments rights GBP'000 GBP'000 GBP'000 GBP'000
Egress Software Technologies
Limited 6.9 2,332 4,115 6,447 -
Quantexa Limited 2.9 727 4,925 5,652 2,641
Proveca Limited 11.8 1,829 3,628 5,457 915
Radnor House School (TopCo)
Limited 8.5 1,560 1,033 2,593 (130)
Chonais River Hydro Limited 4.6 1,705 660 2,365 7
The Street by Street Solar
Programme Limited 12.4 1,291 1,002 2,293 (70)
Regenerco Renewable Energy
Limited 11.9 1,204 759 1,963 (71)
Black Swan Data Limited 3.9 1,610 - 1,610 -
G.Network Communications
Limited 2.7 273 1,206 1,479 -
Alto Prodotto Wind Limited 9.4 741 516 1,257 4
Oviva AG 3.4 1,021 160 1,181 (210)
Panaseer Limited 3.2 752 281 1,033 -
Convertr Media Limited 6.2 992 27 1,019 5
MPP Global Solutions Limited 3.0 1,000 - 1,000 -
OmPrompt Holdings Limited 10.7 994 (32) 962 -
Albion Investment Properties
Limited 68.2 929 27 956 28
The Evewell (Harley Street)
Limited 7.5 1,027 (93) 934 (93)
MyMeds&Me Limited 9.9 940 (46) 894 5
Beddlestead Limited 8.6 1,026 (270) 756 (265)
Aridhia Informatics Limited 5.8 1,129 (420) 709 559
Cantab Research Limited
(T/A Speechmatics) 1.7 685 - 685 -
SBD Automotive Limited 2.2 330 339 669 27
Elliptic Enterprises Limited 0.8 639 - 639 -
Concirrus Limited 1.2 575 - 575 -
InCrowd Sports Limited 4.3 545 (12) 533 (170)
Locum's Nest Limited 5.6 550 (18) 532 10
Mirada Medical Limited 7.7 909 (396) 513 (1,545)
Clear Review Limited 3.2 409 103 512 103
Koru Kids Limited 2.1 460 48 508 (208)
AVESI Limited 10.5 340 138 478 (29)
Limitless Technology Limited 2.8 440 - 440 -
The Q Garden Company Limited 16.6 466 (49) 417 (48)
Phrasee Limited 2.0 410 - 410 -
Avora Limited 2.2 400 - 400 -
Dragon Hydro Limited 5.5 217 137 354 10
Credit Kudos Limited 1.6 344 - 344 -
uMotif Limited 1.2 300 40 340 122
ePatient Network Limited
(T/A Raremark) 2.9 270 62 332 (32)
Cisiv Limited 7.7 686 (357) 329 (66)
Abcodia Limited 4.7 809 (523) 286 -
Arecor Limited 1.5 280 - 280 -
Healios Limited 0.9 270 - 270 -
DySIS Medical Limited 1.9 1,038 (815) 223 (219)
Innovation Broking Group
Limited 8.4 84 134 218 30
Greenenerco Limited 4.0 121 86 207 (1)
TransFICC Limited 1.4 207 - 207 -
MHS 1 Limited 3.3 231 (24) 207 (24)
Zift Channel Solutions
Inc. 1.7 885 (715) 170 (335)
Imandra Inc. 1.7 166 - 166 -
Oxsensis Limited 1.7 274 (111) 163 (47)
Sandcroft Avenue Limited
(T/A Hussle) 6.4 1,281 (1,160) 121 (1,142)
memsstar Limited 2.8 68 51 119 5
Premier Leisure (Suffolk)
Limited 6.2 109 - 109 (12)
Erin Solar Limited 4.3 120 (17) 103 (12)
Forward Clinical Limited
(T/A Pando) 1.8 219 (146) 73 (56)
Symetrica Limited 0.3 89 (18) 71 (13)
Mi-Pay Group PLC 3.2 22 - 22 -
Elements Software Limited 0.6 3 (3) - -
-------- ---------------------------- --------
Total fixed asset investments 38,333 14,252 52,585 (327)
As at 30 June 2020
Current
asset Cost Cumulative movement in value Value Change in value for the period*
investments GBP'000 GBP'000 GBP'000 GBP'000
------------ -------- -------------------------------
SVS Albion
OLIM UK
Equity
Income
Fund 4,990 (933) 4,057 (1,011)
Total
current
asset
investments 4,990 (933) 4,057 (1,011)
------------ -------- ---------------------------- -------- -------------------------------
* as adjusted for additions and disposals during the period; including
realised gains/(losses).
Cost Opening value Disposal proceeds Total realised gain/(loss) Gain/(loss) on opening value
Investment realisations in the period to 30 June 2020 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------------------- -------- ------------- ----------------- -------------------------- ----------------------------
Disposals:
-------------------------------------------------------
TWCL Limited 518 487 485 (33) (2)
Loan stock repayments and other:
-------------------------------------------------------
Alto Prodotto Wind Limited 21 31 31 10 -
memsstar Limited 6 6 6 - -
Greenenerco Limited 3 4 4 1 -
Escrow adjustments** - - 45 45 45
Total 548 528 571 23 43
------------------------------------------------------- -------- ------------- ----------------- -------------------------- ----------------------------
** Fair value movements on deferred consideration from previously
disposed investments.
Unrealised losses on fixed asset investments (327)
Unrealised losses on current asset investments (1,011)
Realised gains in the current period 43
-------
Total losses on investments as per Income statement (1,295)
------------------------------------------------------ -------
Condensed income statement
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
---------------------------------------------------------- ---- ---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
(Losses)/gains on investments 3 - (1,295) (1,295) - 2,678 2,678 - 3,074 3,074
Investment income 4 403 - 403 593 - 593 1,294 - 1,294
Investment management fee 5 (186) (558) (744) (172) (515) (687) (357) (1,070) (1,427)
Performance incentive fee 5 - - - (32) (94) (126) - - -
Other expenses (141) - (141) (143) - (143) (268) - (268)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Profit/(loss) on ordinary activities before tax 76 (1,853) (1,777) 246 2,069 2,315 669 2,004 2,673
Tax (charge)/credit on ordinary activities (2) 2 - (21) 21 - (76) 76 -
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Profit/(loss) and total comprehensive income attributable
to shareholders 74 (1,851) (1,777) 225 2,090 2,315 593 2,080 2,673
---------------------------------------------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Basic and diluted return/(loss) per share (pence)* 7 0.08 (2.03) (1.95) 0.28 2.64 2.92 0.73 2.55 3.28
---------------------------------------------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
* adjusted for treasury shares
The accompanying notes below form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2019 and the audited
statutory accounts for the year ended 31 December 2019.
The total column of this condensed income statement represents the
profit and loss account of the Company. The supplementary revenue and
capital columns have been prepared in accordance with The Association of
Investment Companies' Statement of Recommended Practice.
Condensed balance sheet
Unaudited Unaudited Audited
30 June 2020 30 June 2019 31 December 2019
Note GBP'000 GBP'000 GBP'000
----------------------- ---- ------------- ------------- -----------------
Fixed asset investments 52,585 56,233 51,406
Current assets
Current asset
investments 4,057 2,603 3,878
Trade and other
receivables less than
one year 177 1,403 304
Cash and cash
equivalents 17,074 11,753 14,529
------------- ------------- -----------------
21,308 15,759 18,711
Total assets 73,893 71,992 70,117
Payables: amounts
falling due within one
year
Trade and other
payables less than one
year (446) (545) (434)
------------- ------------- -----------------
Total assets less
current liabilities 73,447 71,447 69,683
------------- ------------- -----------------
Equity attributable to
equity holders
Called up share capital 8 1,036 934 938
Share premium 44,687 36,418 36,712
Capital redemption
reserve 12 12 12
Unrealised capital
reserve 13,383 18,320 14,702
Realised capital
reserve 14,619 11,543 15,151
Other distributable
reserve (290) 4,220 2,168
------------- ------------- -----------------
Total equity
shareholders' funds 73,447 71,447 69,683
------------- ------------- -----------------
Basic and diluted net
asset value per share
(pence)* 79.30 85.28 83.47
----------------------- ---- ------------- ------------- -----------------
*excluding treasury shares
The accompanying notes below form an integral part of this Half-yearly
Financial Report.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2019 and the audited
statutory accounts for the year ended 31 December 2019.
These Financial Statements were approved by the Board of Directors and
authorised for issue on 3 September 2020, and were signed on its behalf
by
Ben Larkin
Chairman
Company number: 03654040
Condensed statement of changes in equity
Capital Unrealised Realised Other
Called up share Share redemption capital capital distributable
capital premium reserve reserve reserve* reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 1 January 2020 938 36,712 12 14,702 15,151 2,168 69,683
Profit/(loss) and total comprehensive income for the
period - - - (1,338) (513) 74 (1,777)
Transfer of previously unrealised losses on disposal
of investments - - - 19 (19) - -
Purchase of shares for treasury - - - - - (456) (456)
Issue of equity 98 8,172 - - - - 8,270
Cost of issue of equity - (197) - - - - (197)
Dividends paid - - - - - (2,076) (2,076)
As at 30 June 2020 1,036 44,687 12 13,383 14,619 (290) 73,447
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 1 January 2019 839 28,406 12 16,234 11,539 6,348 63,378
Profit/(loss) and total comprehensive income for the
period - - - 2,510 (420) 225 2,315
Transfer of previously unrealised gains on disposal
of investments - - - (424) 424 - -
Purchase of shares for treasury - - - - - (473) (473)
Issue of equity 95 8,211 - - - - 8,306
Cost of issue of equity - (199) - - - - (199)
Dividends paid - - - - - (1,880) (1,880)
As at 30 June 2019 934 36,418 12 18,320 11,543 4,220 71,447
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 1 January 2019 839 28,406 12 16,234 11,539 6,348 63,378
Profit and total comprehensive income for the period - - - 1,667 413 593 2,673
Transfer of unrealised gains on disposal of
investments - - - (3,199) 3,199 - -
Purchase of shares for treasury - - - - - (1,013) (1,013)
Issue of equity 99 8,521 - - - - 8,620
Cost of issue of equity - (215) - - - - (215)
Dividends paid - - - - - (3,760) (3,760)
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 31 December 2019 938 36,712 12 14,702 15,151 2,168 69,683
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
*These reserves amount to GBP14,329,000 (30 June 2019: GBP15,763,000; 31
December 2019: GBP17,319,000) which is considered distributable.
Condensed statement of cash flows
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
GBP'000 GBP'000 GBP'000
--------------------- ----------------- ----------------- -----------------
Cash flow from
operating activities
Loan stock income
received 301 588 1,131
Deposit interest
received 34 24 49
Dividend income
received 141 104 151
Investment management
fee paid (716) (708) (1,435)
Performance incentive
fee paid - (420) (420)
Other cash payments (154) (145) (253)
Corporation tax paid - - -
----------------- ----------------- -----------------
Net cash flow from
operating
activities (394) (557) (777)
Cash flow from
investing activities
Purchase of current
asset investments (1,190) (1,200) (2,400)
Purchase of fixed
asset investments (1,614) (2,832) (5,675)
Disposal of fixed
asset investments 196 1,382 10,560
Net cash flow from
investing
activities (2,608) (2,650) 2,485
----------------- ----------------- -----------------
Cash flow from
financing activities
Issue of share
capital 7,738 7,807 7,807
Cost of issue of
shares (16) (2) (30)
Equity dividends paid (1,719) (1,561) (3,132)
Purchase of own
shares (including
costs) (456) (473) (1,013)
----------------- ----------------- -----------------
Net cash flow from
financing
activities 5,547 5,771 3,632
----------------- ----------------- -----------------
Increase in cash and
cash equivalents 2,545 2,564 5,340
Cash and cash
equivalents at start
of period 14,529 9,189 9,189
----------------- ----------------- -----------------
Cash and cash
equivalents at end
of period 17,074 11,753 14,529
--------------------- ----------------- ----------------- -----------------
Notes to the condensed Financial Statements
1. Basis of accounting
The condensed Financial Statements have been prepared in accordance with
the historical cost convention, modified to include the revaluation of
investments, in accordance with applicable United Kingdom law and
accounting standards, including Financial Reporting Standard 102 ("FRS
102"), Financial Reporting Standard 104 -- Interim Financial Reporting
("FRS 104"), and with the Statement of Recommended Practice "Financial
Statements of Investment Trust Companies and Venture Capital Trusts"
("SORP") issued by The Association of Investment Companies ("AIC"). The
Financial Statements have been prepared on a going concern basis.
The preparation of the Financial Statements requires management to make
judgements and estimates that affect the application of policies and
reported amounts of assets, liabilities, income and expenses. The most
critical estimates and judgements relate to the determination of
carrying value of investments at fair value through profit and loss
("FVTPL"). The Company values investments by following the International
Private Equity and Venture Capital Valuation ("IPEV") Guidelines as
issued in 2018 and further detail on the valuation techniques used are
in note 2 below.
This Half-yearly Financial Report has not been audited, nor has it been
reviewed by the auditor pursuant to the FRC's guidance on Review of
interim financial information.
Company information can be found on page 2 of the full Half-yearly
Financial Report.
2. Accounting policies
Fixed and current asset investments
The Company's business is investing in financial assets with a view to
profiting from their total return in the form of income and capital
growth. This portfolio of financial assets is managed and its
performance evaluated on a fair value basis, in accordance with a
documented investment policy, and information about the portfolio is
provided internally on that basis to the Board.
In accordance with the requirements of FRS 102, the undertakings in
which the Company holds more than 20 per cent. of the equity as part of
an investment portfolio are not accounted for using the equity method.
In these circumstances the investment is measured at FVTPL.
Upon initial recognition (using trade date accounting) investments are
designated by the Company as FVTPL and are included at their initial
fair value, which is cost (excluding expenses incidental to the
acquisition which are written off to the income statement).
Subsequently, the investments are valued at fair value, which is
measured as follows:
-- Investments listed on recognised exchanges, including liquid
open-ended equity funds, are valued at their bid prices at the end of
the accounting period or otherwise at fair value based on published
price quotations;
-- Unquoted investments, where there is not an active market, are
valued using an appropriate valuation technique in accordance with the
IPEV Guidelines. Indicators of fair value are derived using established
methodologies including earnings multiples, the level of third party
offers received, cost or price of recent investment rounds, net assets
and industry valuation benchmarks. Where price of recent investment is
used as a starting point for estimating fair value at subsequent
measurement dates, this has been benchmarked using an appropriate
valuation technique permitted by the IPEV guidelines.
-- In situations where cost or price of recent investment is used,
consideration is given to the circumstances of the portfolio company
since that date in determining fair value. This includes consideration
of whether there is any evidence of deterioration or strong definable
evidence of an increase in value. In the absence of these indicators,
the investment in question is valued at the amount reported at the
previous reporting date. Examples of events or changes that could
indicate a diminution include:
-- the performance and/or prospects of the underlying business are
significantly below the expectations on which the investment was based;
-- a significant adverse change either in the portfolio company's
business or in the technological, market, economic, legal or regulatory
environment in which the business operates; or
-- market conditions have deteriorated, which may be indicated by a
fall in the share prices of quoted businesses operating in the same or
related sectors.
Investments are recognised as financial assets on legal completion of
the investment contract and are de-recognised on legal completion of the
sale of an investment.
Dividend income is not recognised as part of the fair value movement of
an investment, but is recognised separately as investment income through
the other distributable reserve when a share becomes ex-dividend.
Other current assets and payables
Receivables, payables and cash are carried at amortised cost, in
accordance with FRS 102. There are no financial liabilities other than
creditors.
Investment income
Equity income
Dividend income is included in revenue when the investment is quoted
ex-dividend.
Unquoted loan stock
Fixed returns on non-equity shares and debt securities are recognised
when the Company's right to receive payment and expect settlement is
established. Where interest is rolled up and/or payable at redemption
then it is recognised as income unless there is reasonable doubt as to
its receipt.
Bank interest income
Interest income is recognised on an accruals basis using the rate of
interest agreed with the bank.
Investment management fees, performance incentive fees and expenses
All expenses have been accounted for on an accruals basis. Expenses are
charged through the other distributable reserve except the following
which are charged through the realised capital reserve:
-- 75 per cent. of management fees and performance incentive fees are
allocated to the capital account to the extent that these relate to an
enhancement in the value of the investments. This is in line with the
Board's expectation that over the long term 75 per cent. of the Company's
investment returns will be in the form of capital gains; and
-- expenses which are incidental to the purchase or disposal of an
investment are charged through the realised capital reserve.
Taxation
Taxation is applied on a current basis in accordance with FRS 102.
Current tax is tax payable (refundable) in respect of the taxable profit
(loss) for the current period or past reporting periods using the tax
rates and laws that have been enacted or substantively enacted at the
financial reporting date. Taxation associated with capital expenses is
applied in accordance with the SORP.
Deferred tax is provided in full on all timing differences at the
reporting date. Timing differences are differences between taxable
profits and total comprehensive income as stated in the Financial
Statements that arise from the inclusion of income and expenses in tax
assessments in periods different from those in which they are recognised
in the Financial Statements. As a VCT the Company has an exemption from
tax on capital gains. The Company intends to continue meeting the
conditions required to obtain approval as a VCT in the foreseeable
future. The Company therefore, should have no material deferred tax
timing differences arising in respect of the revaluation or disposal of
investments and the Company has not provided for any deferred tax.
Reserves
Share premium
This reserve accounts for the difference between the price paid for
shares and the nominal value of the shares, less issue costs.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own
shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the
period end against cost, are included in this reserve.
Realised capital reserve
The following are disclosed in this reserve:
-- gains and losses compared to cost on the realisation of investments, or
permanent diminutions in value;
-- expenses, together with the related taxation effect, charged in
accordance with the above policies; and
-- dividends paid to equity holders.
Other distributable reserve
The special reserve, treasury share reserve and the revenue reserve were
combined in 2012 to form a single reserve named other distributable
reserve.
This reserve accounts for the movements from the revenue column of the
Income statement, the payment of dividends, the buy-back of shares and
other non-capital realised movements.
Dividends
Dividends by the Company are accounted for in the period in which the
dividend is paid or approved at the Annual General Meeting.
Segmental reporting
The Directors are of the opinion that the Company is engaged in a single
operating segment of business, being investment in equity and debt. The
Company invests in smaller companies principally based in the UK.
3. (Losses)/gains on investments
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
GBP'000 GBP'000 GBP'000
---------------------
Unrealised
(losses)/gains on
fixed asset
investments (327) 2,350 1,431
Unrealised
(losses)/gains on
current asset
investments (1,011) 160 236
Realised gains on
fixed asset
investments 43 168 1,407
(1,295) 2,678 3,074
----------------- ----------------- -----------------
4. Investment income
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
GBP'000 GBP'000 GBP'000
---------------------
Loan stock interest
and other fixed
returns 302 435 977
UK dividend income 68 134 268
Bank deposit interest 33 24 49
----------------- ----------------- -----------------
403 593 1,294
----------------- ----------------- -----------------
5. Investment management fee and performance incentive fee
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
GBP'000 GBP'000 GBP'000
---------------------
Investment management
fee charged to
revenue 186 172 357
Investment management
fee charged to
capital 558 515 1,070
Performance incentive
fee charged to
revenue - 32 -
Performance incentive
fee charged to
capital - 94 -
----------------- ----------------- -----------------
744 813 1,427
----------------- ----------------- -----------------
Further details of the Management agreement under which the investment
management fee and performance incentive fee are paid are given in the
Strategic report on page 12 of the Annual Report and Financial
Statements for the year ended 31 December 2019.
During the period, services to a total value of GBP744,000 (30 June
2019: GBP687,000; 31 December 2019: GBP1,427,000) were purchased by the
Company from Albion Capital Group LLP. At the financial period end, the
amount due to Albion Capital Group LLP in respect of these services was
GBP375,000 (30 June 2019: GBP333,000; 31 December 2019: GBP347,000). The
total annual running costs of the Company are capped at an amount equal
to 2.5 per cent. of the Company's net assets, with any excess being met
by Albion by way of a reduction in management fees. During the period,
the management fee was reduced by GBP48,000 as a result of this cap (30
June 2019: GBP64,000; 31 December 2019: GBP105,000). For the period to
30 June 2020, no performance incentive fee has been accrued, however any
performance incentive fee is only payable on year end results (30 June
2019: GBP126,000; 31 December 2019: GBPnil).
During the period, the Company was not charged by Albion Capital Group
LLP in respect of Patrick Reeve's services as a Director (30 June 2019:
GBPnil; 31 December 2019: GBPnil).
Albion Capital Group LLP, its Partners and staff (including Patrick
Reeve) hold 660,830 Ordinary shares in the Company as at 30 June 2020.
The Manager is, from time to time, eligible to receive arrangement fees
and monitoring fees from portfolio companies. During the period ended 30
June 2020, fees of GBP77,000 attributable to the investments of the
Company were paid pursuant to these arrangements (30 June 2019:
GBP108,000; 31 December 2019: GBP198,000).
The Company has entered into an offer agreement relating to the Offers
with the Company's investment manager Albion Capital Group LLP, pursuant
to which Albion Capital will receive a fee of 2.5 per cent. of the gross
proceeds of the Offers and out of which Albion Capital will pay the
costs of the Offers, as detailed in the Prospectus.
During the period, an amount of GBP1,190,000 (30 June 2019:
GBP1,200,000; 31 December 2019: GBP2,400,000) was invested in the SVS
Albion OLIM UK Equity Income Fund ("OUEIF") as part of the Company's
management of surplus liquid funds. To avoid double charging, Albion
agreed to reduce its management fee relating to the investment in the
OUEIF by 0.75 per cent., which represents the OUEIF management fee
charged by OLIM. This resulted in a further reduction of the management
fee of GBP12,000 (30 June 2019: GBP7,000; 31 December 2019: GBP20,000).
6. Dividends
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
GBP'000 GBP'000 GBP'000
Dividend of 2.25p per Ordinary share paid on 31 May
2019 - 1,880 1,880
Dividend of 2.25p per Ordinary share paid on 30 September
2019 - - 1,885
Dividend of 2.25p per Ordinary share paid on 29 May
2020 2,076 - -
Unclaimed dividends - - (5)
2,076 1,880 3,760
----------------- ----------------- -----------------
The Directors have declared a second dividend for the year ending 31
December 2020 of 1.99 pence per Ordinary share (total approximately
GBP1,843,000), payable on 30 September 2020 to shareholders on the
register on 11 September 2020. The details of the new dividend policy
can be found in the Interim management report above.
7. Basic and diluted return/(loss) per share
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2020 30 June 2019 31 December 2019
Revenue Capital Revenue Capital Revenue Capital
-------------- --------- --------- ---------
Return/(loss)
attributable
to Ordinary
shares
(GBP'000) 74 (1,851) 225 2,090 593 2,080
Weighted
average
shares in
issue 91,020,671 79,196,675 81,487,820
Return/(loss)
per Ordinary
share
(pence) 0.08 (2.03) 0.28 2.64 0.73 2.55
The weighted average number of shares is calculated after adjusting for
treasury shares of 10,954,270 (30 June 2019: 9,668,156; 31 December
2019: 10,350,156).
There are no convertible instruments, derivatives or contingent share
agreements in issue hence there are no dilution effects to the return
per share. The basic return per share is therefore the same as the
diluted return per share.
8. Called up share capital
Audited
Allotted, called up and fully paid Unaudited Unaudited 31 December
Ordinary shares of 1 penny each 30 June 2020 30 June 2019 2019
Number of shares 103,573,410 93,449,963 93,828,305
Nominal value of allotted shares
(GBP'000) 1,036 934 938
Voting rights (number of shares
net of treasury shares) 92,619,140 83,781,807 83,478,149
During the period to 30 June 2020 the Company purchased 604,114 Ordinary
shares (nominal value GBP6,041) for treasury at a cost of GBP456,000.
The total number of Ordinary shares held in treasury as at 30 June 2020
was 10,954,270 (30 June 2019: 9,668,156; 31 December 2019: 10,350,156)
representing 10.6 per cent. of the Ordinary shares in issue as at 30
June 2020.
Under the terms of the Dividend Reinvestment Scheme Circular dated 27
August 2008, the following new Ordinary shares, of nominal value 1 penny
each, were allotted:
Aggregate
Number nominal
of value of Issue price Net
Date of shares shares (pence per invested Opening market price on allotment date (pence per
allotment allotted (GBP'000) share) (GBP'000) share)
29 May
2020 467,957 5 75.41 336 72.00
Under the terms of the Albion VCTs Prospectus Top Up Offers 2019/20, the
following new Ordinary shares, of nominal value 1 penny each, were
allotted during the period to 30 June 2020:
Aggregate
nominal Net
Number of value of Issue price consideration
Date of shares shares (pence per received Opening market price on allotment date (pence per
allotment allotted (GBP'000) share) (GBP'000) share)
31 January
2020 1,843,797 18 84.80 1,540 79.50
31 January
2020 401,498 4 85.30 336 79.50
31 January
2020 6,789,082 68 85.70 5,674 79.50
30 April
2020 137,627 1 78.90 106 74.50
30 April
2020 105,144 1 79.70 81 74.50
9,277,148 93 7,737
--------- --------- -------------
9. Commitments and contingencies
As at 30 June 2020, the Company had no financial commitments in respect
of investments (30 June 2019: GBPnil; 31 December 2019: GBPnil).
There were no contingencies or guarantees of the Company as at 30 June
2020 (30 June 2019: GBPnil; 31 December 2019: GBPnil).
10. Post balance sheet events
The following are the post balance sheet events since 30 June 2020:
--Investment of GBP1,374,000 in Quantexa Limited;
--Investment of GBP492,000 in a new portfolio company, which provides a
cloud platform that enables corporates to purchase digital gift cards
and to distribute them to employees and customers;
--Investment of GBP301,000 in Phrasee Limited;
--Investment of GBP234,000 in uMotif Limited;
--Investment of GBP112,000 in Oxsensis Limited; and
--Investment of GBP47,000 in The Evewell (Harley Street) Limited.
11. Related party transactions
Other than transactions with the Manager as disclosed in note 5 and that
disclosed above, there are no other related party transactions or
balances requiring disclosure.
12. Going concern
The Board has conducted a detailed assessment of the Company's ability
to meet its liabilities as they fall due. Cash flow forecasts are
updated and discussed quarterly at Board level and have been stress
tested to allow for the forecasted impact of Coronavirus (Covid-19). The
Board have revisited and updated their assessment of liquidity risk and
concluded that it remains unchanged since the last Annual Report and
Financial Statements. Further details can be found on page 62 of those
accounts.
The portfolio of investments is diversified in terms of sector and the
major cash outflows of the Company (namely investments, dividends and
share buy-backs) are within the Company's control. Accordingly, after
making diligent enquiries, the Directors have a reasonable expectation
that the Company has adequate cash and liquid resources to continue in
operational existence for the foreseeable future. For this reason, the
Directors have adopted the going concern basis in preparing this
Half-yearly Financial Report and this is in accordance with the Guidance
on Risk Management, Internal Control and Related Financial and Business
Reporting issued by the Financial Reporting Council in September 2014.
13. Risks and uncertainties
In addition to the risks and uncertainties outlined in the Interim
management report, the Board confirms that the following major risks and
uncertainties facing the Company have not materially changed from those
identified in the Annual Report and Financial Statements for the year
ended 31 December 2019. The impact of the Coronavirus (Covid-19)
pandemic has created heightened uncertainty but has not changed the
nature of these risks. The Board considers that the processes for
mitigating these risks remain appropriate.
1. Investment, performance and valuation risk
The risk of investment in poor quality businesses, which could reduce
the capital and income returns to shareholders and could negatively
impact on the Company's current and future valuations.
By nature, smaller unquoted businesses, such as those that qualify for
venture capital trust purposes, are more fragile than larger, long
established businesses.
The Company's investment valuation methodology is reliant on the
accuracy and completeness of information that is issued by portfolio
companies. In particular, the Directors may not be aware of or take into
account certain events or circumstances which occur after the
information issued by such companies is reported.
To reduce this risk, the Board places reliance upon the skills and
expertise of the Manager and its track record over many years of making
successful investments in this segment of the market. In addition, the
Manager operates a formal and structured investment appraisal and review
process, which includes an Investment Committee, comprising investment
professionals from the Manager and at least one external investment
professional. The Manager also invites and takes account of comments
from non-executive Directors of the Company on matters discussed at the
Investment Committee meetings. Investments are actively and regularly
monitored by the Manager (investment managers normally sit on portfolio
company boards), including the level of diversification in the portfolio,
and the Board receives detailed reports on each investment as part of
the Manager's report at quarterly board meetings.
The unquoted investments held by the Company are designated at fair
value through profit or loss and valued in accordance with the
International Private Equity and Venture Capital Valuation Guidelines.
These guidelines set out recommendations, intended to represent current
best practice on the valuation of venture capital investments. The
valuation takes into account all known material facts up to the date of
approval of the Financial Statements by the Board.
2. VCT approval risk
The Company must comply with section 274 of the Income Tax Act 2007
which enables its investors to take advantage of tax relief on their
investment and on future returns. Breach of any of the rules enabling
the Company to hold VCT status could result in the loss of that status.
To reduce this risk, the Board has appointed the Manager, which has a
team with significant experience in venture capital trust management,
used to operating within the requirements of the venture capital trust
legislation. In addition, to provide further formal reassurance, the
Board has appointed Philip Hare & Associates LLP as its taxation adviser,
who report quarterly to the Board to independently confirm compliance
with the venture capital trust legislation, to highlight areas of risk
and to inform on changes in legislation. Each investment in a new
portfolio company is also pre-cleared with our profession advisors or
H.M. Revenue & Customs. The Company monitors closely the extent of
qualifying holdings and addresses this as required.
3. Regulatory and compliance risk
The Company is listed on The London Stock Exchange and is required to
comply with the rules of the UK Listing Authority, as well as with the
Companies Act, Accounting Standards and other legislation. Failure to
comply with these regulations could result in a delisting of the
Company's shares, or other penalties under the Companies Act or from
financial reporting oversight bodies.
Board members and the Manager have experience of operating at senior
levels within or advising quoted companies. In addition, the Board and
the Manager receive regular updates on new regulation from its auditor,
lawyers and other professional bodies. The Company is subject to
compliance checks through the Manager's compliance officer, and any
issues arising from compliance or regulation are reported to its own
Board on a monthly basis. These controls are also reviewed as part of
the quarterly Board meetings, and also as part of the review work
undertaken by the Manager's compliance officer. The report on controls
is also evaluated by the internal auditors.
4. Operational and internal control risk
The Company relies on a number of third parties, in particular the
Manager, for the provision of investment management and administrative
functions. Failures in key systems and controls within the Manager's
business could put assets of the Company at risk or result in reduced or
inaccurate information being passed to the Board or to shareholders.
The Company and its operations are subject to a series of rigorous
internal controls and review procedures exercised throughout the year.
The Audit Committee reviews the Internal Audit Reports prepared by the
Manager's internal auditors, PKF Littlejohn LLP and has access to the
internal audit partner of PKF Littlejohn LLP to provide an opportunity
to ask specific detailed questions in order to satisfy itself that the
Manager has strong systems and controls in place including those in
relation to business continuity.
From 1 October 2018, Ocorian (UK) Limited was appointed as Depositary to
oversee the custody and cash arrangements and provide other AIFMD
duties. The Board reviews the quarterly reports prepared by Ocorian (UK)
Limited to ensure that Albion Capital is adhering to its policies and
procedures as required by the AIFMD.
In addition, the Board regularly reviews the performance of its key
service providers, particularly the Manager, to ensure they continue to
have the necessary expertise and resources to deliver the Company's
investment objective and policies. The Manager and other service
providers have also demonstrated to the Board that there is no undue
reliance placed upon any one individual.
5. Economic, political and social risk
Changes in economic conditions, including, for example, interest rates,
rates of inflation, industry conditions, competition, political and
diplomatic events and other factors could substantially and adversely
affect the Company's prospects in a number of ways. This also includes
risks of social upheaval, including from infection and population
re-distribution, as well as economic risk challenges as a result of
healthcare pandemics/infection.
The Company invests in a diversified portfolio of companies across a
number of industry sectors and in addition often invests a mixture of
instruments in portfolio companies and has a policy of minimising any
external bank borrowings within portfolio companies.
At any given time, the Company has sufficient cash resources to meet its
operating requirements, including share buy-backs and follow on
investments.
In common with most commercial operations, exogenous risks over which
the Company has no control are always a risk and the Company does what
it can to address these risks where possible, not least as the nature of
the investments the Company makes are long term.
6. Market value of Ordinary shares
The market value of Ordinary shares can fluctuate. The market value of
an Ordinary share, as well as being affected by its net asset value and
prospective net asset value, also takes into account its dividend yield
and prevailing interest rates. As such, the market value of an Ordinary
share may vary considerably from its underlying net asset value. The
market prices of shares in quoted investment companies can, therefore,
be at a discount or premium to the net asset value at different times,
depending on supply and demand, market conditions, general investor
sentiment and other factors. Accordingly, the market price of the
Ordinary shares may not fully reflect their underlying net asset value.
The Company operates a share buy-back policy, which is designed to limit
the discount at which the Ordinary shares trade to around 5 per cent to
net asset value, by providing a purchaser through the Company in absence
of market purchasers. From time to time buy-backs cannot be applied, for
example when the Company is subject to a close period, or if it were to
exhaust any buy-back authorities.
New Ordinary shares are issued at sufficient premium to net asset value
to cover the costs of issue and to avoid asset value dilution to
existing investors.
7. Reputational risk
The Company relies on the judgement and reputation of the Manager which
is itself subject to the risk of loss.
The Board regularly questions the Manager on its ethics, procedures,
safeguards and investment philosophy, which should consequently result
in the risk to reputation being minimised.
14. Other information
The information set out in this Half-yearly Financial Report does not
constitute the Company's statutory accounts within the terms of section
434 of the Companies Act 2006 for the periods ended 30 June 2020 and 30
June 2019 and is unaudited. The information for the year ended 31
December 2019, does not constitute statutory accounts within the terms
of section 434 of the Companies Act 2006 but is derived from the audited
statutory accounts for the financial year, which have been delivered to
the Registrar of Companies. The Auditor reported on those accounts;
their report was unqualified and did not contain a statement under s498
(2) or (3) of the Companies Act 2006.
15. Publication
This Half-yearly Financial Report is being sent to shareholders and
copies will be made available to the public at the registered office of
the Company, Companies House, the National Storage Mechanism and also
electronically at www.albion.capital/funds/AADV, where the Report can be
accessed from the 'Financial Reports and Circulars' section.
Attachment
-- Pie chart AADV June 2020
https://ml-eu.globenewswire.com/Resource/Download/b23ef101-f20e-4963-b8c8-757fae93ef89
(END) Dow Jones Newswires
September 03, 2020 09:15 ET (13:15 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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