Albion Dev VCT Albion Development Vct Plc - Ordinary Shares : Interim Management Statement

 
TIDMAADV 
 
   Albion Development VCT PLC 
 
   Interim Management Statement 
 
   LEI Code 213800FDDMBD9QLHLB38 
 
   Introduction 
 
   I am pleased to present Albion Development VCT PLC (the "Company")'s 
interim management statement for the period from 1 July 2019 to 30 
September 2019. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 September 2019 
was GBP70.1 million or 83.52 pence per share (excluding treasury shares), 
after accounting for the dividend of 2.25 pence per share paid on 30 
September 2019 to shareholders on the register on 13 September 2019. 
 
   Albion VCTs Prospectus Top Up Offers 2019/20 
 
   The Company announced on 22 October 2019 that it has launched a 
Prospectus Top Up Offer to raise up to GBP8 million before issue costs, 
with a further over-allotment facility of GBP2 million, of new Ordinary 
shares for subscription in the 2019/20 and 2020/21 tax years. Full 
details of the offer are contained in a Prospectus that was published on 
the same date on the Manager's website at 
www.albion.capital/investor-center/current-offers. 
 
   Share issues 
 
   During the period from 1 July 2019 to 30 September 2019, the Company 
issued the following shares under the dividend reinvestment scheme (and 
are included in the net asset value figures for 30 September 2019 
above): 
 
 
 
 
                     Number of shares    Issue price per       Net invested 
Date                      issued              share              GBP'000 
------------------  ------------------  ------------------  ------------------ 
30 September 2019              378,342         83.03 pence                 299 
------------------  ------------------  ------------------  ------------------ 
 
   Share buybacks 
 
   During the period from 1 July 2019 to 30 September 2019, the Company 
purchased 223,000 Ordinary shares for GBP175,000 at an average price of 
78.15p pence per Ordinary share. All of the shares are to be held in 
treasury. 
 
   It is the Board's intention for such buy-backs to be at around a 5 per 
cent. discount to net asset value, so far as market conditions and 
liquidity permit. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 July 
2019 to 30 September 2019: 
 
 
 
 
New 
investments     GBP000s  Activity 
--------------  -------  ----------------------------------------------------- 
Elliptic 
Enterprises              Provider of Anti Money Laundering services to digital 
Limited           639     asset institutions 
--------------  -------  ----------------------------------------------------- 
Total new 
 investments        639 
--------------  ------- 
 
 
 
 
 
 
Further 
investments         GBP000s  Activity 
------------------  -------  ------------------------------------------------- 
Koru Kids Limited     188    Online marketplace connecting parents and nannies 
------------------  -------  ------------------------------------------------- 
The Evewell 
(Harley Street)              Developer and operator of a women's health centre 
Limited               37      of excellence focussing on fertility 
------------------  -------  ------------------------------------------------- 
Convertr Media 
Limited               23     Digital lead generation software 
------------------  -------  ------------------------------------------------- 
Total further 
 investments            248 
------------------  ------- 
 
   Disposals 
 
   The following material disposals and loan stock repayments were made 
during the period from 1 July 2019 to 30 September 2019: 
 
 
   -- As announced in the Half-yearly Financial Report, contracts were 
      exchanged for the sale of Process Systems Enterprise Limited. Proceeds of 
      GBP1.3 million have been received after the period end, generating a 10 
      times return on cost to the Company; and 
 
   -- G.Network Communications Limited repaid its loan stock of GBP577,000. 
 
 
   Top ten holdings as at 30 September 2019: 
 
 
 
 
                           % of 
                            net 
                  Value    asset 
Investment        GBP000s  value                        Activity 
---------------  --------  -----  ---------------------------------------------------- 
Radnor House 
School 
(Holdings) 
Limited            6,947    9.9        Independent schools for children aged 5-18 
---------------  --------  -----  ---------------------------------------------------- 
Egress Software 
Technologies 
Limited            6,447    9.2     Encrypted email & file transfer service provider 
---------------  --------  -----  ---------------------------------------------------- 
Proveca Limited    4,412    6.3      Reformulation of medicines for paediatric use 
---------------  --------  -----  ---------------------------------------------------- 
Quantexa 
Limited            3,010    4.3   Network analytics platform to detect financial crime 
---------------  --------  -----  ---------------------------------------------------- 
Chonais River                      Owner and operator of a 2 MW hydro-power scheme in 
Hydro Limited      2,359    3.4                  the Scottish Highlands 
---------------  --------  -----  ---------------------------------------------------- 
The Street by 
Street Solar 
Programme                          Owns and operates photovoltaic systems on domestic 
Limited            2,353    3.4                   properties in the UK 
---------------  --------  -----  ---------------------------------------------------- 
Mirada Medical                      Developer of medical imaging software using Deep 
Limited            2,057    2.9                         Learning 
---------------  --------  -----  ---------------------------------------------------- 
Regenerco 
Renewable                          Generator of renewable energy from roof top solar 
Energy Limited     2,016    2.9                       installations 
---------------  --------  -----  ---------------------------------------------------- 
Bravo Inns II 
 Limited            1,621    2.3                   Owner and operator of freehold pubs 
---------------  --------  -----  ---------------------------------------------------- 
G.Network          1,479    2.1   Ultra-fast fibre optic broadband provider in central 
 Communications                    London 
 Limited 
---------------  --------  -----  ---------------------------------------------------- 
 
 
   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, by following the 'Portfolio of 
Investments' link under the 'Fund reports' section. 
 
   Material events and transactions after the period end 
 
   After the period end, the Company undertook the following material 
investment transaction: 
 
 
   -- Following a restructuring of Radnor House School (Holdings) Limited, 
      Radnor House Twickenham was sold generating proceeds of GBP4.0 million; 
 
   -- Proceeds of GBP1.3 million received from the sale of Process Systems 
      Enterprise Limited; 
 
   -- Investment of GBP685,000 in a new portfolio company, Cantab Research 
      Limited (trading as Speechmatics), a provider of low footprint automated 
      speech recognition which can be deployed in the cloud, on premise or on 
      device across 29 languages; 
 
   -- Investment of GBP107,000 in an existing portfolio company, Oviva AG, a 
      technology enabled service business in medical nutritional therapy (MNT); 
      and 
 
   -- Investment of GBP100,000 in an existing portfolio company, uMotif Limited, 
      a patient engagement and data capture platform used in real world and 
      observational research. 
 
 
   There have been no further significant events or transactions that the 
Board is aware of which would have a material impact on the financial 
position of the Company between 1 October 2019 to 8 November 2019. 
 
   Further information 
 
   The Company continues to offer a Dividend Reinvestment Scheme to 
existing shareholders. Details of this Scheme can be found on the 
Company's webpage on the Manager's website at 
www.albion.capital/funds/AADV. 
 
   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 under www.albion.capital/funds/AADV. 
 
   Ben Larkin, Chairman 
 
   8 November 2019 
 
   For further information please contact: 
 
   Albion Capital Group LLP -- Tel: [phone] 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 08, 2019 03:37 ET (08:37 GMT)

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