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 2023 to 30 September 2023.

Performance and dividends

The Company's unaudited net asset value ("NAV") on 30 September 2023 was GBP120.13 million or 88.58 pence per share (excluding treasury shares). After accounting for the dividend of 2.29 pence per share paid on 29 September 2023 to shareholders on the register on 8 September 2023, this is a decrease of 0.88 pence per share (0.98%) since 30 June 2023.

Fundraising and share issues

During the period from 1 July 2023 to 30 September 2023, the Company issued the following shares under the dividend reinvestment scheme (and are included in the net asset value figures for 30 September 2023 above):

 
                     Number of shares    Issue price per       Net invested 
Date                      issued              share              GBP'000 
------------------  ------------------  ------------------  ------------------ 
29 September 2023              567,025              89.46p                 488 
------------------  ------------------  ------------------  ------------------ 
 

The Company announced on 12 October 2023 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 prior to launch in early January 2024.

Portfolio

The following investments have been made during the period from 1 July 2023 to 30 September 2023:

 
New investments         GBP000s             Activity 
----------------------  -------  ------------------------------ 
Phasecraft                418    Software for Quantum Computers 
----------------------  -------  ------------------------------ 
Kennek                    171    Vertical software for lenders 
----------------------  -------  ------------------------------ 
Total new investments       589 
----------------------  -------  ------------------------------ 
 
 
Further 
investments      GBP000s                        Activity 
---------------  -------  ---------------------------------------------------- 
Gravitee           568                  API management platform 
---------------  -------  ---------------------------------------------------- 
                           A middleware technology platform that enables life 
                            science organisations to conduct medical research 
uMed               391                         programmes 
---------------  -------  ---------------------------------------------------- 
                          Data extraction and analytics technology for private 
Accelex            89                        capital markets 
---------------  -------  ---------------------------------------------------- 
Total further 
 investments       1,048 
---------------  -------  ---------------------------------------------------- 
 

Top ten holdings (on 30 September 2023)

 
                               % of 
                                net 
Portfolio      Carrying value  asset 
Company            GBP000s     value                            Activity 
-------------  --------------  -----  ------------------------------------------------------------ 
Quantexa           24,958      20.8       Network analytics platform to detect financial crime 
-------------  --------------  -----  ------------------------------------------------------------ 
Proveca                 9,131    7.6                       Reformulation of medicines for children 
-------------  --------------  -----  ------------------------------------------------------------ 
Egress 
Software 
Technologies            8,890    7.4              Encrypted email & file transfer service provider 
-------------  --------------  -----  ------------------------------------------------------------ 
                                      A technology enabled service business in medical nutritional 
Oviva                   4,424    3.7                                                 therapy (MNT) 
-------------  --------------  -----  ------------------------------------------------------------ 
Radnor House 
School 
(TopCo)                 3,552    3.0                     Independent school for children aged 2-18 
-------------  --------------  -----  ------------------------------------------------------------ 
The Evewell                              Operator and developer of women's health centres focusing 
Group                   2,618    2.2                                                  on fertility 
-------------  --------------  -----  ------------------------------------------------------------ 
Chonais River                                   Owner and operator of a 2 MW hydro-power scheme in 
Hydro                   2,288    1.9                                        the Scottish Highlands 
-------------  --------------  -----  ------------------------------------------------------------ 
The Street by 
Street Solar                                Owner and operator of photovoltaic systems on domestic 
Programme               2,199    1.8                                          properties in the UK 
-------------  --------------  -----  ------------------------------------------------------------ 
Convertr 
 Media                  1,872    1.6                              Digital lead generation software 
-------------  --------------  -----  ------------------------------------------------------------ 
Regenerco          1,804        1.5   Generator of renewable energy from roof top solar 
 Renewable                             installations 
 Energy 
-------------  --------------  -----  ------------------------------------------------------------ 
 

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=pIj9XtTx0Tor9ei-zgpLqzV0yWPVyd4otBIUYQ-I4EnJVyyGH_zKqdfOV09rxyNL1EH4bQMZBeTdNoYN4zv51RpZlOeHJVnSSITPxeexxMGUMArmF2u_x2ebAmBsSefU www.albion.capital/funds/AADV.

Share buy-backs

During the period from 1 July 2023 to 30 September 2023, the Company purchased 533,338 shares for GBP456,000 (including stamp duty) at a price of 84.99 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

   -- As announced on 6 October 2023, the Company sold a proportion of its 
      holding in Quantexa at its current holding value returning proceeds of 
      GBP2.7m; and 
 
   -- As announced on 30 October 2023, following a formal tender process, 
      Johnston Carmichael LLP were appointed the Company's Auditor. 

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=pIj9XtTx0Tor9ei-zgpLqzV0yWPVyd4otBIUYQ-I4EndGOHQNuITtnMBrYt-pZyq6I880c3b2MUPSlY1B8rfDfcYAaEGP-3uk5QSpwKzJ8BqgfXyUlEvmN9LLKELNF9h www.albion.capital/funds/AADV.

Ben Larkin, Chairman

20 November 2023

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: [phone]

(END) Dow Jones Newswires

November 20, 2023 07:15 ET (12:15 GMT)

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