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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 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 558k | -2.25M | -0.0166 | -52.41 | 117.98M |
TIDMAADV
ALBION DEVELOPMENT VCT PLC
LEI Code 213800FDDMBD9QLHLB38
Interim Management Statement
Introduction
I am pleased to present Albion Development VCT PLC (the "Company")'s interim management statement for the period from 1 January 2022 to 31 March 2022.
Performance and dividends
The Company's unaudited net asset value (NAV) on 31 March 2022 was GBP119.94 million or 97.15 pence per share (excluding treasury shares), an increase of 2.17 pence per share (2.28%) since 31 December 2021.
After accounting for the dividend of 2.37 pence per share to be paid on 31 May 2022 to shareholders on the register on 6 May 2022, the NAV is 94.78 pence per share.
Fundraising and share issues
During the period from 1 January 2022 to 31 March 2022, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2021/22:
Issue price per share Number of shares (including costs of Net proceeds Date issued issue) GBP'000 ----------------- ---------------------- --------------------- ------------ 25 February 2022 12,901,184 96.5p -- 97.5p 12,265 ----------------- ---------------------- --------------------- ------------ 31 March 2022 7,756,832 97.5p 7,374 ----------------- ---------------------- --------------------- ------------
On 23 March 2022, the Company announced that applications under the Prospectus offer had reached its GBP21 million gross limit and was therefore fully subscribed and closed to further applications.
Portfolio
The following investments have been made during the period from 1 January 2022 to 31 March 2022:
New investments GBP000s Activity ----------------- ------- -------------------------------------------------- PerchPeek Limited 517 Digital relocation platform ----------------- ------- -------------------------------------------------- Regulatory Genome Development Provider of machine readable structured regulatory Limited 112 content ----------------- ------- -------------------------------------------------- Total new investments 629 ----------------- ------- -------------------------------------------------- Further investments GBP000s Activity ------------------- ------- -------------------------------------------------------- Black Swan Data Limited 721 Predictive analytics for consumer brands ------------------- ------- -------------------------------------------------------- A provider of a connectivity solution, connecting financial institutions with trading venues via a single TransFICC Limited 684 API ------------------- ------- -------------------------------------------------------- Seldon Technologies Software company that enables enterprises to deploy Limited 517 Machine Learning models in production ------------------- ------- -------------------------------------------------------- Cantab Research Provider of low footprint automated speech recognition Limited (T/A which can be deployed in the cloud, on premise or Speechmatics) 391 on device across over 31 languages ------------------- ------- -------------------------------------------------------- NuvoAir Holdings Digital therapeutics and decentralised clinical trials Inc 122 for respiratory conditions ------------------- ------- -------------------------------------------------------- Koru Kids Limited 113 Online marketplace connecting parents and nannies ------------------- ------- -------------------------------------------------------- Locum's Nest Provides a technology solution for the management Limited 112 of locum doctors for the NHS ------------------- ------- -------------------------------------------------------- Total further investments 2,660 ------------------- ------- --------------------------------------------------------
Disposals
The following disposals were made during the period from 1 January 2022 to 31 March 2022:
Portfolio Company GBP000s ----------------- ------- -------------------------------------------------- Disposal of investment on a cost of GBP0.9 million MyMeds&Me Limited 3,152 realising a gain of GBP2.2 million on cost ----------------- ------- -------------------------------------------------- Disposal of investment on a cost of GBP0.7 million Phrasee Limited 2,297 realising a gain of GBP1.6 million on cost ----------------- ------- -------------------------------------------------- Credit Kudos Disposal of investment on a cost of GBP0.3 million Limited 1,776 realising a gain of GBP1.4 million on cost ----------------- ------- -------------------------------------------------- Total proceeds 7,225 ----------------- -------
Top ten holdings (on 31 March 2022)
% of net Carrying value asset Investment GBP000s value Activity ------------- -------------- ----- ------------------------------------------------------------ Quantexa Limited 14,911 12.4 Network analytics platform to detect financial crime ------------- -------------- ----- ------------------------------------------------------------ Egress Software Technologies Limited 9,224 7.7 Encrypted email & file transfer service provider ------------- -------------- ----- ------------------------------------------------------------ Proveca Limited 7,621 6.4 Reformulation of medicines for children ------------- -------------- ----- ------------------------------------------------------------ A technology enabled service business in medical nutritional Oviva AG 5,357 4.5 therapy (MNT) ------------- -------------- ----- ------------------------------------------------------------ Radnor House School (TopCo) Limited 3,083 2.6 Independent school for children aged 2-18 ------------- -------------- ----- ------------------------------------------------------------ Black Swan Data Limited 2,909 2.4 Predictive analytics for consumer brands ------------- -------------- ----- ------------------------------------------------------------ The Evewell 2,795 2.3 Operator and developer of women's health centres focusing Group on fertility Limited ------------- -------------- ----- ------------------------------------------------------------ Chonais River 2,366 2.0 Owner and operator of a 2 MW hydro-power scheme in Hydro the Scottish Highlands Limited ------------- -------------- ----- ------------------------------------------------------------ The Street by 2,343 2.0 Owner and operator of photovoltaic systems on domestic Street Solar properties in the UK Programme Limited ------------- -------------- ----- ------------------------------------------------------------ Regenerco 1,954 1.6 Generator of renewable energy from roof top solar Renewable installations Energy Limited ------------- -------------- ----- ------------------------------------------------------------
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=E6CWufsIX4n2Hx-irHy9SToZy-WqAeinI6zoXUQIo7SWlaZ-ZscNRHF0mj3-Yb1T_3TWK4v7JSiy2KYOqtjrTip8sHhLqNfYJbDl3OLEJi_iK4qwhBG9GsT7zYPd_i7L www.albion.capital/funds/AADV.
Share buy-backs
During the period from 1 January 2022 to 31 March 2022, the Company did not buy back any shares.
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
The following new Ordinary shares of nominal value 1 penny each were allotted under the Albion VCTs Prospectus Top Up Offers 2021/22 after 31 March 2022:
Issue price per share (including costs of Net proceeds Date Number of shares issued issue) GBP'000 -------------- ----------------------- ----------------------- ------------ 11 April 2022 896,583 96.5p -- 97.5p 852 -------------- ----------------------- ----------------------- ------------
There have been no other material events or transactions after the period end 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=E6CWufsIX4n2Hx-irHy9SToZy-WqAeinI6zoXUQIo7Q8b3qCP1cj04W0wxNfgLX6pZ56cTZGLxEtoXIBlP-Ap4jESxu0qEeWHJpS5PaGhUj-bScNHFb0qjAFKNZ8x6zB www.albion.capital/funds/AADV.
Ben Larkin, Chairman
10 May 2022
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
May 10, 2022 06:44 ET (10:44 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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