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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 0.0% 90.50 89.00 92.00 90.50 90.50 90.50 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 0.0 0.0 4,525.0 83

Albion Dev VCT Albion Development Vct Plc: Interim Management Statement

10/05/2022 11:44am

UK Regulatory (RNS & others)


Albion Development Vct (LSE:AADV)
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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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