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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 present Albion Development VCT PLC (the "Company")'s interim management statement for the period from 1 July 2022 to 30 September 2022.
Performance and dividends
The Company's unaudited net asset value (NAV) on 30 September 2022 was GBP112.97 million or 91.32 pence per share (excluding treasury shares). After accounting for the dividend of 2.34 pence per share paid on 30 September 2022 to shareholders on the register on 9 September 2022, this is an increase of 0.11 pence per share (0.12%) since 30 June 2022.
Fundraising and share issues
During the period from 1 July 2022 to 30 September 2022, the Company issued the following shares under the dividend reinvestment scheme (and are included in the net asset value figures for 30 September 2022 above):
Number of shares Issue price per Net invested Date issued share GBP'000 ------------------ ------------------ ------------------ ------------------ 30 September 2022 559,250 91.21p 491 ------------------ ------------------ ------------------ ------------------
A prospectus Top Up Offer of new Ordinary shares was launched on 10 October 2022. The Company's Offer is GBP8.0 millionm with an over-allotment facility if GBP5.0 million. Any election to make use of the over-allotment facility will be subject to the decision of the Board at the relevant time.
The first allotment of shares under the Offer took place on 2 December 2022 and more information can be found in the transactions after the period end section below. Full details of the Offer are in a prospectus that is available on the Albion Capital website ( https://www.globenewswire.com/Tracker?data=fVoHueZJylMia5Wb2xdKMcSvMe9-W4RgSSSlzWiMAC0FkYfN-rm40W2_UlQ3C14RlKeuK6a0ZhKvgcuRFm_Iru57quleGclg29o6_c58eXk= www.albion.capital).
Portfolio
The following investments have been made during the period from 1 July 2022 to 30 September 2022:
New investments GBP000s Activity ------------------ ------- -------------------------------------------------- Toqio FinTech Holdings 1,369 Provider of embedded FinTech solutions ------------------ ------- -------------------------------------------------- GX Molecular (T/A CS Genetics) 741 Developer of single-cell sequencing solutions ------------------ ------- -------------------------------------------------- SaaS platform to measure and manage human risk for OutThink 610 enterprises ------------------ ------- -------------------------------------------------- Neurofenix 523 Neurorehabilitation platform ------------------ ------- -------------------------------------------------- Total new investments 3,243 ------------------ ------- -------------------------------------------------- Further investments GBP000s Activity ------------- ------- ------------------------------------------------------- The Voucher A cloud platform that enables corporates to purchase Market (T/A digital gift cards and to distribute them to employees WeGift) 767 and customers ------------- ------- ------------------------------------------------------- InCrowd Sports 97 Developer of mobile apps for professional sports clubs ------------- ------- ------------------------------------------------------- A middleware technology platform that enables life uMedeor (T/A science organisations to conduct medical research uMed) 64 programmes ------------- ------- ------------------------------------------------------- Brytlyt 33 A GPU database software provider ------------- ------- ------------------------------------------------------- Total further investments 961 ------------- ------- -------------------------------------------------------
Top ten holdings (on 30 September 2022)
% of net Carrying value asset Investment GBP000s value Activity ------------------- -------------- ----- ------------------------------------------------------------ Quantexa 14,911 13.2 Network analytics platform to detect financial crime ------------------- -------------- ----- ------------------------------------------------------------ Egress Software Technologies 8,708 7.7 Encrypted email & file transfer service provider ------------------- -------------- ----- ------------------------------------------------------------ Proveca 7,718 6.8 Reformulation of medicines for children ------------------- -------------- ----- ------------------------------------------------------------ Oviva 5,317 4.7 A technology enabled service business in medical nutritional therapy (MNT) ------------------- -------------- ----- ------------------------------------------------------------ Radnor House School 3,040 2.7 Independent school for children aged 2-18 (TopCo) ------------------- -------------- ----- ------------------------------------------------------------ The Evewell Group 2,813 2.5 Operator and developer of women's health centres focusing on fertility ------------------- -------------- ----- ------------------------------------------------------------ Chonais River Hydro 2,321 2.1 Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands ------------------- -------------- ----- ------------------------------------------------------------ The Street by 2,300 2.0 Owner and operator of photovoltaic systems on domestic Street Solar properties in the UK Programme ------------------- -------------- ----- ------------------------------------------------------------ Threadneedle 2,238 2.0 Provider of data lineage software to enterprise customers Software Holdings in regulated sectors (T/A Solidatus) ------------------- -------------- ----- ------------------------------------------------------------ Cantab Research 2,130 1.9 Provider of low footprint automated speech recognition (T/A which can be deployed in the cloud, on premise or Speechmatics) on device ------------------- -------------- ----- ------------------------------------------------------------
A full breakdown of the Company's portfolio can be found on the Company's webpage on the Manager's website at www.albion.capital/funds/AADV.
Share buy-backs
During the period from 1 July 2022 to 30 September 2022, the Company purchased 414,104 shares for GBP361,000 (including stamp duty) at an average price of 86.65 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 issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2022/23:
Issue price per share Number of shares (including costs of Net proceeds Date issued issue) GBP'000 ---------------- ---------------------- ---------------------- ------------ 2 December 2022 6,172,639 92.80p to 93.70p 5,640 ---------------- ---------------------- ---------------------- ------------
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=fVoHueZJylMia5Wb2xdKMULAPEN-dEt4oUYO7-2GZtY4EQcUaEJQc4qRw7n_aO9lJNMla-UwWgltO3KcH1R8BusDZ6vylCj8zkgL3ZF2zQaIcWoem5j2G0Vy0SnzZ7CM www.albion.capital/funds/AADV.
Ben Larkin, Chairman
12 December 2022
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
December 12, 2022 08:46 ET (13:46 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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