Albion Dev VCT Albion Development Vct Plc: Interim Management Statement

 
TIDMAADV 
 

ALBION DEVELOPMENT VCT PLC

LEI Code 213800FDDMBD9QLHLB38

Interim Management Statement

Introduction

I present Albion Development VCT PLC (the "Company")'s interim management statement for the period from 1 July 2021 to 30 September 2021.

Performance and dividends

The Company's unaudited net asset value (NAV) on 30 September 2021 was GBP95.41 million or 92.52 pence per share (excluding treasury shares). After accounting for the dividend of 2.31 pence per share paid on 30 September 2021 to shareholders on the register on the 10 September 2021, this is an increase of 2.42 pence per share (2.7%) since 30 June 2021.

Fundraising and share issues

During the period from 1 July 2021 to 30 September 2021, the Company issued the following shares under the dividend reinvestment scheme (and are included in the net asset value figures for 30 September 2021 above):

 
                     Number of shares    Issue price per       Net invested 
Date                      issued              share              GBP'000 
------------------  ------------------  ------------------  ------------------ 
30 September 2021              444,130         90.10 pence                 383 
------------------  ------------------  ------------------  ------------------ 
 

The Company announced on 18 October 2021 that, subject to obtaining the requisite regulatory approval, it intended to launch a prospectus top up offer of new ordinary shares. Full details of the Offer will be contained in a prospectus that is expected to be published in early January 2022.

Portfolio

The following investments have been made during the period from 1 July 2021 to 30 September 2021:

 
Further 
investments   GBP000s                            Activity 
------------  -------  ------------------------------------------------------------ 
                       A technology enabled service business in medical nutritional 
Oviva AG       1,450                           therapy (MNT) 
------------  -------  ------------------------------------------------------------ 
The Evewell 
Group                   Operator and developer of women's health centres focusing 
Limited         334                            on fertility 
------------  -------  ------------------------------------------------------------ 
                          Provider of automated software testing and an enhanced 
Imandra Inc.    70          learning experience for artificial neural networks 
------------  -------  ------------------------------------------------------------ 
Total 
 further 
 investments    1,854 
------------  -------  ------------------------------------------------------------ 
 

Top ten holdings (on 30 September 2021)

 
                         % of 
               Carrying   net 
                value    asset 
Investment     GBP000s   value                            Activity 
-------------  --------  -----  ------------------------------------------------------------ 
Quantexa 
Limited         14,911   15.6%      Network analytics platform to detect financial crime 
-------------  --------  -----  ------------------------------------------------------------ 
Egress 
Software 
Technologies 
Limited         8,291    8.7%         Encrypted email & file transfer service provider 
-------------  --------  -----  ------------------------------------------------------------ 
Proveca                              UK based pharma company specialising in medicines 
Limited         7,534    7.9%                           for children 
-------------  --------  -----  ------------------------------------------------------------ 
                                A technology enabled service business in medical nutritional 
Oviva AG        5,219    5.5%                           therapy (MNT) 
-------------  --------  -----  ------------------------------------------------------------ 
Radnor House 
School 
(TopCo) 
Limited         3,254    3.4%            Independent school for children aged 2-18 
-------------  --------  -----  ------------------------------------------------------------ 
Black Swan 
 Data 
 Limited          2,472   2.6%                      Predictive analytics for consumer brands 
-------------  --------  -----  ------------------------------------------------------------ 
The Evewell     2,381    2.5%   Operator and developer of women's health centres focusing 
 Group                           on fertility 
 Limited 
-------------  --------  -----  ------------------------------------------------------------ 
The Street by   2,280    2.4%   Owner and operator of photovoltaic systems on domestic 
 Street Solar                    properties in the UK 
 Programme 
 Limited 
-------------  --------  -----  ------------------------------------------------------------ 
Chonais River   2,247    2.4%   Owner and operator of a 2 MW hydro-power scheme in 
 Hydro                           the Scottish Highlands 
 Limited 
-------------  --------  -----  ------------------------------------------------------------ 
Regenerco       1,946    2.0%   Generator of renewable energy from roof top solar 
 Renewable                       installations 
 Energy 
 Limited 
-------------  --------  -----  ------------------------------------------------------------ 
 

Share buy-backs

During the period from 1 July 2021 to 30 September 2021, the Company purchased 479,912 shares for GBP413,000 (including stamp duty) at an average price of 85.60 pence per share. All of the shares are to be held in treasury.

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% discount to net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end

After the period end, the Company had the following material investment transactions:

   -- Proceeds of GBP1,327,000 received from the sale of MPP Global Solutions 
      Limited on a cost of GBP1,000,000; and 
 
   -- Investment of GBP344,000 in an existing portfolio company, Elliptic 
      Enterprises Limited, a provider of Anti Money Laundering services to 
      digital asset institutions. 

Other than as described above, there have been no material events or transactions during the quarter and to the date of this announcement.

Further information

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 https://www.globenewswire.com/Tracker?data=ckezbtwRIkiz9pGQIb4Tppr53rGssts0VDPseybalikJ2gikAVV40Qajz2DlmSICb-tqeO44W4Ief1JwlDhOM68rpYRdCFpKals4Lf6cLf1mYaBKpmrc01xc3ilMgonB www.albion.capital/funds/AADV.

Ben Larkin, Chairman

8 November 2021

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: [phone]

(END) Dow Jones Newswires

November 08, 2021 07:57 ET (12:57 GMT)

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