Albion Dev VCT Albion Development Vct Plc: 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 2020 to 30 
September 2020. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 September 2020 
was GBP72.61 million or 78.36 pence per share (excluding treasury 
shares). After accounting for the dividend of 1.99 pence per share paid 
on 30 September 2020 to shareholders on the register on 11 September 
2020, this is an increase of 1.05 pence per share (1.36 per cent.) since 
30 June 2020. 
 
   Share issues 
 
   During the period from 1 July 2020 to 30 September 2020, the Company 
issued the following shares under the dividend reinvestment scheme (and 
are included in the net asset value figures for 30 September 2020 
above): 
 
 
 
 
                     Number of shares    Issue price per       Net invested 
Date                      issued              share              GBP'000 
------------------  ------------------  ------------------  ------------------ 
30 September 2020              401,094         77.31 pence                 294 
------------------  ------------------  ------------------  ------------------ 
 
 
   Share buy-backs 
 
   During the period from 1 July 2020 to 30 September 2020, the Company 
purchased 364,722 Ordinary shares for GBP269,000 at an average price of 
73.44 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 
2020 to 30 September 2020: 
 
 
 
 
New 
investment     GBP'000                         Activity 
-------------  -------  ------------------------------------------------------- 
The Voucher 
Market                   A cloud platform that enables corporates to purchase 
Limited (T/A             digital gift cards and to distribute them to employees 
WeGift)          492                         and customers 
-------------  -------  ------------------------------------------------------- 
Total new 
 investments       492 
-------------  ------- 
 
 
 
 
 
 
Further 
investments       GBP'000  Activity 
----------------  -------  --------------------------------------------------- 
                           Network analytics platform to detect financial 
Quantexa Limited   1,374   crime 
----------------  -------  --------------------------------------------------- 
                           AI platform that generates optimised marketing 
Phrasee Limited     301    campaigns 
----------------  -------  --------------------------------------------------- 
                           A patient engagement and data capture platform for 
uMotif Limited      234     use in real world and observational research 
----------------  -------  --------------------------------------------------- 
                           A developer and producer of industrial sensors for 
Oxsensis Limited    112     use in ultra-high temperature environments 
----------------  -------  --------------------------------------------------- 
ePatient Network 
Limited (T/A               Online community connecting people affected by rare 
Raremark)           54      diseases 
----------------  -------  --------------------------------------------------- 
The Evewell 
(Harley Street)            Operator of a women's health centre focusing on 
Limited             47     fertility 
----------------  -------  --------------------------------------------------- 
Total further 
 investments        2,122 
----------------  ------- 
 
 
   Top ten holdings as at 30 September 2020: 
 
 
 
 
                                 % of 
                                  net 
                 Carrying value  asset 
Investment           GBP'000     value                            Activity 
---------------  --------------  -----  ------------------------------------------------------------ 
Quantexa 
Limited              7,026       9.7%       Network analytics platform to detect financial crime 
---------------  --------------  -----  ------------------------------------------------------------ 
Egress Software 
Technologies 
Limited              6,447       8.9%         Encrypted email & file transfer service provider 
---------------  --------------  -----  ------------------------------------------------------------ 
Proveca Limited           5,838   8.0%                         Reformulation of paediatric medicines 
---------------  --------------  -----  ------------------------------------------------------------ 
Radnor House              2,655   3.7%  Independent school for children aged 2.5-18 
 School (TopCo) 
 Limited 
---------------  --------------  -----  ------------------------------------------------------------ 
The Street by             2,374   3.3%  Owns and operates photovoltaic systems on domestic 
 Street Solar                            properties in the UK 
 Programme 
 Limited 
---------------  --------------  -----  ------------------------------------------------------------ 
Chonais River             2,298   3.2%  Owner and operator of a 2 MW hydro-power scheme in 
 Hydro Limited                           the Scottish Highlands 
---------------  --------------  -----  ------------------------------------------------------------ 
Regenerco                 2,040   2.8%  Generator of renewable energy from roof top solar 
 Renewable                               installations 
 Energy 
 Limited 
---------------  --------------  -----  ------------------------------------------------------------ 
G.Network                 1,479   2.0%  Ultra-fast fibre optic broadband provider in central 
 Communications                          London 
 Limited 
---------------  --------------  -----  ------------------------------------------------------------ 
Oviva AG                  1,439   2.0%  A technology enabled service business in medical nutritional 
                                         therapy (MNT) 
---------------  --------------  -----  ------------------------------------------------------------ 
Alto Prodotto             1,232   1.7%  Owns and operates community scale wind energy projects 
 Wind Limited                            on brownfield sites in the UK 
---------------  --------------  -----  ------------------------------------------------------------ 
 
 
   Material events and transactions after the period end 
 
   After the period end, the Company undertook the following material 
investment transactions: 
 
 
   -- Our holding in SVS Albion OLIM UK Equity Income Fund was exited with 
      proceeds of GBP3.95 million on cost of GBP4.99 million; 
 
   -- Proceeds of GBP844,000 received from the sale of Clear Review Limited on 
      cost of GBP409,000; 
 
   -- Investment of GBP356,000 in a new portfolio company, Seldon Technologies 
      Limited, a software company that enables enterprises to deploy Machine 
      Learning models in production; 
 
   -- Investment of GBP128,000 in a new portfolio company, uMedeor Limited (T/A 
      uMed), a middleware technology platform that enables life science 
      organisations to conduct medical research programmes; and 
 
   -- Investment of GBP107,000 in an existing portfolio company, Arecor Limited, 
      which develops biopharmaceuticals through the application of a 
      formulation technology platform. 
 
 
   There have been no further significant events or transactions that the 
Board is aware of which would have a material impact on the financial 
position of the Company between 1 October 2020 and 4 November 2020. 
 
   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 under www.albion.capital/funds/AADV. 
 
 
   Ben Larkin, Chairman 
 
   4 November 2020 
 
   For further information please contact: 
 
   Albion Capital Group LLP -- Tel: [phone] 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 04, 2020 07:54 ET (12:54 GMT)

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