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: 020 7601 1850
(END) Dow Jones Newswires
November 04, 2020 07:54 ET (12:54 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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