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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Albion Enterprise Vct Plc | LSE:AAEV | London | Ordinary Share | GB00B1G3LR35 | 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% | 119.50 | 118.00 | 121.00 | 119.50 | 119.50 | 119.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 5.74M | 2.77M | 0.0274 | 43.61 | 120.55M |
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TIDMAAEV
Albion Enterprise VCT PLC
LEI Code 213800OVSRDHRJBMO720
As required by the UK Listing Authority's Disclosure Guidance and
Transparency Rule 4.2, Albion Enterprise VCT PLC today makes public its
information relating to the Half-yearly Financial Report (which is
unaudited) for the six months to 30 September 2020. This announcement
was approved by the Board of Directors on 20 November 2020.
The full Half-yearly Financial Report (which is unaudited) for the
period to 30 September 2020, will shortly be sent to shareholders.
Copies of the full Half-yearly Financial Report will be shown via the
Albion Capital Group LLP website by clicking
https://www.globenewswire.com/Tracker?data=ieFX9xgPL7oC_8xOsRmacIY1UFIZm6vBOaieebEnTtGaHMiFKmKvmFYL03RKDTGf0VgmQlNyVcOsvL6Mk0Wh1jGatqSidtbOUyRZJmFJP5ficjUfByAQa8bZDcR9DIAesISZTp3CHGQJYvCVqKtUguikMA5vpTjVZmChj1j_uKk=
www.albion.capital/funds/AAEV/30Sep20.pdf .
Investment policy
Albion Enterprise VCT PLC (the "Company") is a Venture Capital Trust and
the investment objective of the Company is to provide investors with a
regular source of income, combined with the prospect of longer term
capital growth.
Investment policy
The Company will invest in a broad portfolio of higher growth businesses
across a variety of sectors of the UK economy including higher risk
technology companies. Allocation of assets will be determined by the
investment opportunities which become available but efforts will be made
to ensure that the portfolio is diversified both in terms of sector and
stage of maturity of company.
VCT qualifying and non-VCT qualifying investments
Application of the investment policy is designed to ensure that the
Company continues to qualify and is approved as a VCT by HM Revenue and
Customs ("VCT regulations"). The maximum amount invested in any one
company is limited to any HMRC annual investment limits. It is intended
that normally at least 80 per cent. of the Company's funds will be
invested in VCT qualifying investments. The VCT regulations also have an
impact on the type of investments and qualifying sectors in which the
Company can make investment.
Funds held prior to investing in VCT qualifying assets or for liquidity
purposes will be held as cash on deposit, invested in floating rate
notes or similar instruments with banks or other financial institutions
with high credit ratings or invested in liquid open-ended equity funds
providing income and capital equity exposure (where it is considered
economic to do so). Investment in such open-ended equity funds will not
exceed 10 per cent. of the Company's assets at the time of investment.
Risk diversification and maximum exposures
Risk is spread by investing in a number of different businesses within
venture capital trust qualifying industry sectors using a mixture of
securities. The maximum amount which the Company will invest in a single
company is 15 per cent. of the Company's assets at cost, thus ensuring a
spread of investment risk. The value of an individual investment may
increase over time as a result of trading progress and it is possible
that it may grow in value to a point where it represents a significantly
higher proportion of total assets prior to a realisation opportunity
being available.
Gearing
The Company's maximum exposure in relation to gearing is restricted to
10 per cent. of its adjusted share capital and reserves.
Financial calendar
Record date for second dividend 5 February 2021
Payment date for second dividend 26 February 2021
Financial year end 31 March
Financial summary
Unaudited six Audited
Unaudited six months ended months ended year ended
30 September 2020 30 September 2019 31 March 2020
(pence per share) (pence per share) (pence per share)
-------------- -------------------------- ------------------ -----------------
Opening net
asset value 106.54 117.76 117.76
Capital
return/(loss) 5.85 4.52 (6.31)
Revenue
return/(loss) (0.20) 0.31 0.61
-------------------------- ------------------ -----------------
Total
return/(loss) 5.65 4.83 (5.70)
Dividends paid (2.70) (3.00) (6.00)
Impact from
share capital
movements 0.06 (0.17) 0.48
-------------------------- ------------------ -----------------
Net asset
value 109.55 119.42 106.54
-------------- -------------------------- ------------------ -----------------
Total shareholder value to 30 September 2020: (Pence per share)
Dividends paid during the year ended:
31 March 2008 0.70
31 March 2009 1.65
31 March 2010 2.00
31 March 2011 3.00
31 March 2012 3.00
31 March 2013 3.50
31 March 2014 5.00
31 March 2015 5.00
31 March 2016 5.00
31 March 2017 5.00
31 March 2018 5.00
31 March 2019 6.00
31 March 2020 6.00
Dividends paid in the six months to 30 September 2020 2.70
-----------------
Total dividends paid to 30 September 2020 53.55
Net asset value as at 30 September 2020 109.55
-----------------
Total shareholder value to 30 September 2020 163.10
------------------------------------------------------ -----------------
In addition to the dividends summarised above, the Board has declared a
second dividend for the year ending 31 March 2021, of 2.74 pence per
share to be paid on 26 February 2021 to shareholders on the register on
5 February 2021.
Notes
The dividend of 0.70 pence per share paid during the period ended 31
March 2008 and first dividend of 0.40 pence per share paid during the
year ended 31 March 2009 were paid to shareholders who subscribed in the
2006/2007 offer only.
Interim management report
Introduction
Despite the impact of the coronavirus (Covid-19) on the economy and the
way we live, we are pleased to report a total return of 5.65 pence per
share for the six months to 30 September 2020 (30 September 2019: 4.83
pence per share). Since the Company's year end many of our portfolio
companies have demonstrated resilient growth, providing products and
services that are both innovative and necessary, even in these uncertain
times. During this period a number of our portfolio companies have
raised further investment at uplifted valuations.
Valuations and results
The net effect of the Board's portfolio revaluation at 30 September 2020
has been an overall gain of GBP4.5 million. The key movements in the
period include: a GBP2.5 million uplift in the valuation of Quantexa
following a GBP50 million externally led fundraising; a GBP1.0 million
uplift in Proveca as a result of strong sales across Europe; and GBP0.7
million uplift in Aridhia Informatics, a healthcare analytics company
which is trading well.
Inevitably some of our portfolio companies are still impacted by
Covid-19, which has resulted in reduced valuations. One such company is
Mirada Medical, a medical imaging software company which uses deep
learning to help clinicians plan radiation treatment. Its value reduced
by GBP1.9 million due to the current difficulties selling to
overstretched hospitals.
Similarly, our investment in the SVS Albion OLIM UK Equity Income Fund
has been negatively impacted by the Covid-19 driven falls of UK quoted
equities. Given the negative outlook for the UK Equity Income sector,
the Board took the decision to dispose of this investment post period
end with the intention of redeploying the funds into innovative growth
companies where the Company is seeing resilient growth. This has
resulted in a disappointing GBP0.9 million loss on cost, after
accounting for dividends received and reduction in management fees over
the life of the investment. An unrealised loss was reported in the prior
year, consequently we are now reporting a small uplift reflecting a
modest market recovery in the current period.
Shortly after the period end, our holding in Clear Review was sold,
realising a profit of GBP0.3 million and generating a return of 2.1
times cost. During our short involvement, the Company scaled rapidly,
becoming a leading provider of employee performance management and
engagement software.
The net asset value of the Company increased from GBP72.5 million or
106.54 pence per share on 31 March 2020, to GBP74.3 million or 109.55
pence per share on 30 September 2020.
Dividend
A first dividend of 2.70 pence per share was paid on 28 August 2020. The
Board has declared a second dividend of 2.74 pence per share payable on
26 February 2021, to shareholders on the register on 5 February 2021.
This is in line with the new variable dividend policy, outlined in the
Annual Report and Financial Statements, of targeting an annual dividend
yield of around 5%. The Company continues to offer a Dividend
Reinvestment Scheme whereby shareholders can elect to receive dividends
in the form of new shares.
Investment activity
GBP3.7 million was invested in new and existing companies since 31
March. Investments in new companies included:
-- GBP564,000 in The Voucher Market Limited (trading as WeGift), a cloud
platform that enables corporates to purchase digital gift cards and to
distribute them to employees and customers; and
-- GBP234,000 in TransFICC Limited, a provider of a connectivity solution,
connecting financial institutions with trading venues via a single API.
Follow on investments included GBP1.4m in Quantexa, to aid enterprises
detecting financial crime, resulting in a significant valuation uplift;
GBP348,000 in Phrasee, which is an AI platform that optimises digital
marketing campaigns; and GBP294,000 in Oxsensis, a manufacturer of
industrial sensors for use in ultra-high temperature environments.
Investment portfolio by sector
The pie chart at the end of this announcement outlines the different
sectors in which the Company's assets, at carrying value, are currently
held.
Share buy-backs
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 new and existing portfolio companies and the continued
payment of dividends to shareholders. It is the Board's intention for
such buy-backs to be in the region of a 5% discount to net asset value
so far as market conditions and liquidity permit.
Transactions with the Manager
Details of the transactions that took place with the Manager during the
period can be found in note 5. Details of related party transactions can
be found in note 11.
Risks & uncertainties
The wide reaching implications arising from the Covid-19 crisis is the
key risk facing the Company, including its impact on the UK and Global
economies. There are also the potential implications of the UK's
departure from the European Union which may adversely affect our
underlying portfolio companies. The Manager is continually assessing the
exposure to such risks for each portfolio company, and where possible
appropriate actions are being implemented.
Other principal risks and uncertainties remain unchanged and are
detailed in note 13 below. The impact of the coronavirus (Covid-19)
pandemic has created heightened uncertainty but has not changed the
nature of these risks. The Board considers that the processes for
mitigating these risks remain appropriate.
Albion VCTs Top Up Offers
Details of the final allotment of shares under the Albion VCTs
Prospectus Top Up Offers 2019/20 can be found in note 8. The Offer was
fully subscribed and the Board elected not to exercise the over
allotment facility, having raised GBP6 million.
The proceeds are being used to nurture our existing portfolio companies
as they grow, but also to support existing portfolio companies during
the current pandemic. The proceeds raised also enable us to take
advantage of new and exciting investment opportunities as they arise.
Board composition
Lord St John of Bletso will retire from the board on 30 November 2020.
Anthony has acted as Senior Independent Director and Chairman of our
Audit Committee. We shall miss his contributions to the Board
deliberations and wish him well in the future.
Outlook
Whilst Covid-19 continues to have a far-reaching impact on society and
the economy, I am encouraged by the resilience of the portfolio. It is
the Board's priority to support the existing portfolio companies and to
make new investments in businesses that can innovate and grow despite
the healthcare crisis. It has been an encouraging six months, but I am
mindful that the effects of the pandemic have not yet fully played out.
Despite this, the Company and its portfolio are well positioned to
continue to generate long term value to shareholders.
Maxwell Packe
Chairman
20 November 2020
Responsibility statement
The Directors, Maxwell Packe, Lord St John of Bletso, The Dowager Lady
Balfour of Burleigh, Christopher Burrows and Patrick Reeve, are
responsible for preparing the Half-yearly Financial Report. In preparing
these condensed Financial Statements for the period to 30 September 2020
we, the Directors of the Company, confirm that to the best of our
knowledge:
1. the condensed set of Financial Statements, which has been prepared in
accordance with Financial Reporting Standard 104 "Interim Financial
Reporting", give a true and fair view of the assets, liabilities,
financial position and profit and loss of the Company as required by DTR
4.2.4R;
2. the Interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first
six months and description of principal risks and uncertainties for the
remaining six months of the year); and
3. the Interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and
changes therein).
This Half-yearly Financial Report has not been audited or reviewed by
the Auditor.
For and on behalf of the Board
Maxwell Packe
Chairman
20 November 2020
Portfolio of investments
As at 30 September 2020
Cumulative movement Change in
Fixed asset % voting Cost in value Value value for the period(*)
investments rights GBP'000 GBP'000 GBP'000 GBP'000
------------------- -------- --------- ------------------------
Egress Software
Technologies
Limited 9.9 3,365 5,936 9,301 -
Quantexa Limited 3.5 2,108 4,738 6,846 2,541
Proveca Limited 9.6 1,512 3,262 4,774 1,010
Radnor House School
(TopCo) Limited 9.4 1,729 1,213 2,942 119
Regenerco Renewable
Energy Limited 12.5 1,261 875 2,136 154
The Street by
Street Solar
Programme Limited 8.6 891 751 1,642 33
G.Network
Communications
Limited 2.7 273 1,206 1,479 -
Alto Prodotto Wind
Limited 11.1 868 591 1,459 21
Oviva AG 3.4 1,021 418 1,439 167
Greenenerco Limited 28.6 797 572 1,369 35
Phrasee Limited 3.6 822 286 1,108 286
The Evewell (Harley
Street) Limited 7.3 1,054 - 1,054 183
Convertr Media
Limited 6.2 992 29 1,021 5
Oxsensis Limited 4.3 1,011 (8) 1,003 227
OmPrompt Holdings
Limited 10.7 994 (32) 962 -
MPP Global
Solutions Limited 2.9 950 - 950 -
Aridhia Informatics
Limited 6.4 1,244 (332) 912 747
Mirada Medical
Limited 14.2 1,487 (613) 874 (1,852)
Black Swan Data
Limited 2.5 1,051 (241) 810 (241)
Elliptic
Enterprises
Limited 1.0 792 - 792 -
Concirrus Limited 1.5 755 - 755 -
Panaseer Limited 2.3 547 204 751 -
Cantab Research
Limited (T/A
Speechmatics) 1.7 696 - 696 -
MyMeds&Me Limited 7.6 720 (35) 685 -
Beddlestead Limited 8.1 966 (294) 672 (40)
uMotif Limited 2.6 578 61 639 171
DySIS Medical
Limited 5.0 2,742 (2,136) 606 32
Koru Kids Limited 2.5 541 57 598 -
The Voucher Market
Limited (T/A
WeGift) 1.5 564 - 564 -
SBD Automotive
Limited 1.9 280 278 558 75
Clear Review
Limited 2.1 256 272 528 272
Cisiv Limited 9.0 799 (285) 514 130
InCrowd Sports
Limited 3.9 499 (11) 488 (7)
Locum's Nest
Limited 4.8 500 (31) 469 49
ePatient Network
Limited (T/A
Raremark) 3.4 384 74 458 90
Credit Kudos
Limited 2.1 454 - 454 -
Avora Limited 2.4 430 - 430 -
Abcodia Limited 5.6 953 (616) 337 -
memsstar Limited 8.8 201 136 337 50
Limitless
Technology
Limited 2.1 320 - 320 -
Sandcroft Avenue
Limited (T/A
Hussle) 6.8 1,370 (1,068) 302 173
Arecor Limited 1.5 290 - 290 -
Healios Limited 0.9 270 - 270 -
AVESI Limited 5.5 179 82 261 6
TransFICC Limited 1.6 234 - 234 -
Innovation Broking
Group Limited 8.4 84 148 232 41
Zift Channel
Solutions Inc. 2.0 1,053 (852) 201 (127)
Imandra Inc. 1.3 121 - 121 -
MHS 1 Limited 1.2 83 (10) 73 -
Forward Clinical
Limited (T/A
Pando) 1.8 219 (147) 72 (1)
Symetrica Limited 0.2 55 (11) 44 12
Mi-Pay Group PLC 5.8 39 - 39 -
------------------------
Total fixed asset
investments 41,404 14,467 55,871 4,361
------------------- -------- -------- ------------------- --------- ------------------------
As at 30 September 2020
Current Cumulative movement Change in
asset Cost in value Value value for the period(*)
investments GBP'000 GBP'000 GBP'000 GBP'000
------------ --------- ------------------------
SVS Albion
OLIM UK
Equity
Income
Fund 4,990 (1,392) 3,602 101
------------ -------- ------------------- --------- ------------------------
Total
current
asset
investments 4,990 (1,392) 3,602 101
------------ -------- ------------------- --------- ------------------------
* as adjusted for additions and disposals during the period; including
realised gains/(losses).
Opening Total Gain on
carrying Disposal realised opening
Investment realisations in the period to 30 September Cost value proceeds gain value
2020 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------------------ -------- --------- --------- --------- --------
Loan stock repayments and other:
------------------------------------------------------
Greenenerco Limited 27 38 38 11 -
Alto Prodotto Wind Limited 25 38 38 13 -
memsstar Limited 19 19 19 - -
Escrow adjustments** - - 37 37 37
Total fixed asset realisations 71 95 132 61 37
------------------------------------------------------ -------- --------- --------- --------- --------
** Fair value movements on deferred consideration from previously
disposed investments.
Total change in value of investments for the period 4,361
Movement in loan stock accrued interest 2
-----
Unrealised gains on fixed asset investments 4,363
Realised gains on fixed asset investments 37
Unrealised gains on current asset investments 101
Total gains on investments as per Income statement 4,501
----------------------------------------------------- -----
Condensed income statement
Unaudited Unaudited Audited
six months ended six months ended year ended
30 September 2020 30 September 2019 31 March 2020
---------------------------------------------------------- ---- ------------------------------- ------------------------------- -------------------------------
Revenue Capital Revenue Capital Revenue Capital
Note GBP'000 GBP'000 Total GBP'000 GBP'000 GBP'000 Total GBP'000 GBP'000 GBP'000 Total GBP'000
---- ------- ------- ------------- ------- ------- ------------- ------- ------- -------------
Gains/(losses) on investments 3 - 4,501 4,501 - 3,860 3,860 - (2,884) (2,884)
Investment income 4 266 - 266 659 - 659 1,157 - 1,157
Investment management fee 5 (171) (513) (684) (220) (661) (881) (396) (1,189) (1,585)
Performance incentive fee 5 - - - (105) (314) (419) - - -
Other expenses (231) - (231) (138) - (138) (363) - (363)
------- ------- ------------- ------- ------- ------------- ------- ------- -------------
Return/(loss) on ordinary activities before taxation (136) 3,988 3,852 196 2,885 3,081 398 (4,073) (3,675)
Tax on ordinary activities - - - - - - - - -
------- ------- ------------- ------- ------- ------------- ------- ------- -------------
Return/(loss) and total comprehensive income attributable
to shareholders (136) 3,988 3,852 196 2,885 3,081 398 (4,073) (3,675)
------- ------- ------------- ------- ------- ------------- ------- ------- -------------
Basic and diluted return/(loss) per share (pence)* 7 (0.20) 5.85 5.65 0.31 4.52 4.83 0.61 (6.31) (5.70)
---------------------------------------------------------- ---- ------- ------- ------------- ------- ------- ------------- ------- ------- -------------
* adjusted for treasury shares
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 September 2019 and the
audited statutory accounts for the year ended 31 March 2020.
The accompanying notes below form an integral part of this Half-yearly
Financial Report.
The total column of this Condensed income statement represents the
profit and loss account of the Company. The supplementary revenue and
capital columns have been prepared in accordance with The Association of
Investment Companies' Statement of Recommended Practice.
Condensed balance sheet
Unaudited Unaudited Audited
30 September 2020 30 September 2019 31 March 2020
Note GBP'000 GBP'000 GBP'000
---------------- ---- ------------------ ------------------ --------------
Fixed asset
investments 55,871 62,616 47,859
Current assets
Current asset
investments 3,602 4,948 3,501
Trade and other
receivables
less than one
year 178 2,681 182
Cash and cash
equivalents 15,542 6,947 21,510
------------------ ------------------ --------------
19,322 14,576 25,193
Total assets 75,193 77,192 73,052
Payables:
amounts falling
due within one
year
Trade and other
payables less
than one year (913) (988) (499)
------------------ ------------------ --------------
Total assets
less current
liabilities 74,280 76,204 72,553
------------------ ------------------ --------------
Equity
attributable to
equity holders
Called up share
capital 8 775 720 770
Share premium 44,679 38,285 44,183
Capital
redemption
reserve 104 104 104
Unrealised
capital
reserve 13,075 21,789 8,636
Realised capital
reserve 13,601 7,857 14,052
Other
distributable
reserve 2,046 7,449 4,808
------------------ ------------------ --------------
Total equity
shareholders'
funds 74,280 76,204 72,553
------------------ ------------------ --------------
Basic and
diluted net
asset value per
share (pence)* 109.55 119.42 106.54
---------------- ---- ------------------ ------------------ --------------
* excluding treasury shares
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 September 2019 and the
audited statutory accounts for the year ended 31 March 2020.
The accompanying notes below form an integral part of this Half-yearly
Financial Report.
These Financial Statements were approved by the Board of Directors, and
authorised for issue on 20 November 2020 and were signed on its behalf
by
Maxwell Packe
Chairman
Company number: 05990732
Condensed statement of changes in equity
Called up Unrealised Realised
share Share capital capital Other distributable
capital premium Capital redemption reserve reserve reserve* reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------------- --------- -------- ---------------------------- ---------- --------- ------------------- --------
As at 1 April 2020 770 44,183 104 8,636 14,052 4,808 72,553
Return/(loss) and total comprehensive income for the
period - - - 4,464 (476) (136) 3,852
Transfer of previously unrealised gains on disposal
of investments - - - (25) 25 - -
Issue of equity 5 502 - - - - 507
Cost of issue of equity - (6) - - - - (6)
Purchase of own shares for treasury - - - - - (790) (790)
Dividends paid - - - - - (1,836) (1,836)
As at 30 September 2020 775 44,679 104 13,075 13,601 2,046 74,280
----------------------------------------------------- --------- -------- ---------------------------- ---------- --------- ------------------- --------
As at 1 April 2019 650 30,255 104 18,672 8,089 9,618 67,388
Return/(loss) and total comprehensive income for the
period - - - 3,599 (714) 196 3,081
Transfer of previously unrealised gains on disposal
of investments - - - (482) 482 - -
Issue of equity 70 8,229 - - - - 8,299
Cost of issue of equity - (199) - - - - (199)
Purchase of own shares for treasury - - - - - (454) (454)
Dividends paid - - - - - (1,911) (1,911)
As at 30 September 2019 720 38,285 104 21,789 7,857 7,449 76,204
----------------------------------------------------- --------- -------- ---------------------------- ---------- --------- ------------------- --------
As at 1 April 2019 650 30,255 104 18,672 8,089 9,618 67,388
Return/(loss) and total comprehensive income for the
year - - - (5,996) 1,923 398 (3,675)
Transfer of previously unrealised gains on disposal
of investments - - - (4,040) 4,040 - -
Issue of equity 120 14,270 - - - - 14,390
Cost of issue of equity - (342) - - - - (342)
Purchase of own shares for treasury - - - - - (1,252) (1,252)
Dividends paid - - - - - (3,956) (3,956)
As at 31 March 2020 770 44,183 104 8,636 14,052 4,808 72,553
----------------------------------------------------- --------- -------- ---------------------------- ---------- --------- ------------------- --------
* These reserves amount to GBP15,647,000 (30 September 2019:
GBP15,306,000; 31 March 2020: GBP18,860,000) which is considered
distributable.
Condensed statement of cash flows
Unaudited Unaudited Audited
six months ended six months ended year ended
30 September 2020 30 September 2019 31 March 2020
GBP'000 GBP'000 GBP'000
----------------------------- ------------------ ------------------ --------------
Cash flow from operating
activities
Investment income received 211 735 1,001
Dividend income received 42 106 310
Deposit interest received 16 27 71
Investment management fee
paid (710) (832) (1,648)
Performance incentive fee
paid - (1,332) (1,332)
Other cash payments (268) (160) (307)
UK corporation tax paid - - -
------------------ ------------------ --------------
Net cash flow from operating
activities (709) (1,456) (1,905)
Cash flow from investing
activities
Purchase of current asset
investments - (1,190) (1,194)
Purchase of fixed asset
investments (3,745) (2,978) (5,340)
Disposal of fixed asset
investments 139 2,340 16,656
Net cash flow from investing
activities (3,606) (1,828) 10,122
Cash flow from financing
activities
Issue of share capital 205 7,807 13,432
Cost of issue of equity (17) (2) (17)
Dividends paid (1,535) (1,603) (3,311)
Purchase of own shares
(including costs) (306) (412) (1,252)
Net cash flow from financing
activities (1,653) 5,790 8,852
(Decrease)/increase in cash
and cash equivalents (5,968) 2,506 17,069
Cash and cash equivalents at
start of the period 21,510 4,441 4,441
------------------ ------------------ --------------
Cash and cash equivalents at
end of the period 15,542 6,947 21,510
----------------------------- ------------------ ------------------ --------------
Notes to the condensed Financial Statements
1. Accounting convention
The condensed Financial Statements have been prepared in accordance with
applicable United Kingdom law and accounting standards, including
Financial Reporting Standard 102 ("FRS 102"), Financial Reporting
Standard 104 -- Interim Financial Reporting ("FRS 104"), and with the
Statement of Recommended Practice "Financial Statements of Investment
Trust Companies and Venture Capital Trusts" ("SORP") issued by The
Association of Investment Companies ("AIC"). The Financial Statements
have been prepared on a going concern basis.
The preparation of the Financial Statements requires management to make
judgements and estimates that affect the application of policies and
reported amounts of assets, liabilities, income and expenses. The most
critical estimates and judgements relate to the determination of
carrying value of investments at fair value through profit and loss
("FVTPL"). The Company values investments by following the International
Private Equity and Venture Capital Valuation ("IPEV") Guidelines and
further detail on the valuation techniques used are outlined in note 2
below.
This Half-yearly Financial Report has not been audited, nor has it been
reviewed by the auditor pursuant to the FRC's guidance on Review of
interim financial information.
Company information can be found on page 2 of the full Half-yearly
Financial Report.
2. Accounting policies
Fixed and current asset investments
The Company's business is investing in financial assets with a view to
profiting from their total return in the form of income and capital
growth. This portfolio of financial assets is managed and its
performance evaluated on a fair value basis, in accordance with a
documented investment policy, and information about the portfolio is
provided internally on that basis to the Board.
In accordance with the requirements of FRS 102, those undertakings in
which the Company holds more than 20 per cent. of the equity as part of
an investment portfolio are not accounted for using the equity method.
In these circumstances the investment is measured at FVTPL.
Upon initial recognition (using trade date accounting) investments,
including loan stock, are classified by the Company as FVTPL and are
included at their initial fair value, which is cost (excluding expenses
incidental to the acquisition which are written off to the Income
statement).
Subsequently, the investments are valued at 'fair value', which is
measured as follows:
-- Investments listed on recognised exchanges, including liquid open-ended
equity funds, are valued at their bid prices at the end of the accounting
period or otherwise at fair value based on published price quotations.
-- Unquoted investments, where there is not an active market, are valued
using an appropriate valuation technique in accordance with the IPEV
Guidelines. Indicators of fair value are derived using established
methodologies including earnings multiples, the level of third party
offers received, cost or price of recent investment rounds, net assets
and industry valuation benchmarks. Where the Company has an investment in
an early stage enterprise, the price of a recent investment is often the
most appropriate approach to determining fair value.
-- In situations where cost or price of recent investment is used,
consideration is given to the circumstances of the portfolio company
since that date in determining fair value. This includes consideration of
whether there is any evidence of deterioration or strong definable
evidence of an increase in value. In the absence of these indicators, the
investment in question is valued at the amount reported at the previous
reporting date. Examples of events or changes that could indicate a
diminution include:
-- the performance and/or prospects of the underlying business are
significantly below the expectations on which the investment was
based;
-- a significant adverse change either in the portfolio company's
business or in the technological, market, economic, legal or
regulatory environment in which the business operates; or
-- market conditions have deteriorated, which may be indicated by a
fall in the share prices of quoted businesses operating in the
same or related sectors.
Investments are recognised as financial assets on legal completion of
the investment contract and are de-recognised on legal completion of the
sale of an investment.
Dividend income is not recognised as part of the fair value movement of
an investment, but is recognised separately as investment income through
the other distributable reserve when a share becomes ex-dividend.
Other current assets and payables
Receivables, payables and cash are carried at amortised cost, in
accordance with FRS 102. There are no financial liabilities other than
payables.
Investment income
Equity income
Dividend income is included in revenue when the investment is quoted
ex-dividend.
Unquoted loan stock
Fixed returns on non-equity shares and debt securities are recognised
when the Company's right to receive payment and expected settlement is
established. Where interest is rolled up and/or payable at redemption
then it is recognised as income unless there is reasonable doubt as to
its receipt.
Bank interest income
Interest income is recognised on an accruals basis using the rate of
interest agreed with the bank.
Investment management fee, performance incentive fee and other expenses
All expenses have been accounted for on an accruals basis. Expenses are
charged through the other distributable reserve except the following
which are charged through the realised capital reserve:
-- 75 per cent. of management fees and performance incentive fees are
allocated to the capital account to the extent that these relate to an
enhancement in the value of investments. This is in line with the Board's
expectation that over the long term 75 per cent. of the Company's
investment returns will be in the form of capital gains; and
-- expenses which are incidental to the purchase or disposal of an
investment are charged through the realised capital reserve.
Taxation
Taxation is applied on a current basis in accordance with FRS 102.
Current tax is tax payable (refundable) in respect of the taxable profit
(tax loss) for the current period or past reporting periods using the
tax rates and laws that have been enacted or substantively enacted at
the financial reporting date. Taxation associated with capital expenses
is applied in accordance with the SORP.
Deferred tax is provided in full on all timing differences at the
reporting date. Timing differences are differences between taxable
profits and total comprehensive income as stated in the Financial
Statements that arise from the inclusion of income and expenses in tax
assessments in periods different from those in which they are recognised
in the Financial Statements. As a VCT the Company has an exemption from
tax on capital gains. The Company intends to continue meeting the
conditions required to obtain approval as a VCT in the foreseeable
future. The Company, therefore, should have no material deferred tax
timing differences arising in respect of the revaluation or disposal of
investments and the Company has not provided for any deferred tax.
Reserves
Share premium
This reserve accounts for the difference between the price paid for
shares and the nominal value of the shares, less issue costs.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own
shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the
period end against cost are included in this reserve.
Realised capital reserve
The following are disclosed in this reserve:
--gains and losses compared to cost on the realisation of investments,
or permanent diminutions in value;
--expenses, together with the related taxation effect, charged in
accordance with the above policies; and
--dividends paid to equity holders.
Other distributable reserve
The special reserve, treasury share reserve and the revenue reserve were
combined in 2013 to form a single reserve named other distributable
reserve.
This reserve accounts for movements from the revenue column of the
Income statement, the payment of dividends, the buyback of shares and
other non-capital realised movements.
Dividends
Dividends by the Company are accounted for in the period in which the
dividend is paid or approved at the Annual General Meeting.
Segmental reporting
The Directors are of the opinion that the Company is engaged in a single
operating segment of business, being investment in equity and debt. The
Company invests in smaller companies principally based in the UK.
3. Gains/(losses) on investments
Unaudited Unaudited Audited
six months ended six months ended year ended
30 September 2020 30 September 2019 31 March 2020
GBP'000 GBP'000 GBP'000
----------------------
Unrealised
gains/(losses) on
fixed asset
investments 4,363 3,484 (4,661)
Unrealised
gains/(losses) on
current asset
investments 101 115 (1,335)
Realised gains on
fixed asset
investments 37 261 3,112
------------------ ------------------ --------------
4,501 3,860 (2,884)
------------------ ------------------ --------------
4. Investment income
Unaudited Unaudited Audited
six months ended six months ended year ended
30 September 2020 30 September 2019 31 March 2020
GBP'000 GBP'000 GBP'000
----------------------
Interest from loans to
portfolio companies 209 526 776
Dividends 42 106 310
Bank deposit interest 15 27 71
266 659 1,157
------------------ ------------------ --------------
5. Investment management fee and performance incentive fee
Unaudited Unaudited Audited
six months ended six months ended year ended
30 September 2020 30 September 2019 31 March 2020
GBP'000 GBP'000 GBP'000
----------------------
Investment management
fee charged to
revenue 171 220 396
Investment management
fee charged to
capital 513 661 1,189
Performance incentive
fee charged to
revenue - 105 -
Performance incentive
fee charged to
capital - 314 -
------------------ ------------------ --------------
684 1,300 1,585
------------------ ------------------ --------------
Further details of the Management agreement under which the investment
management fee and performance incentive fee are paid is given in the
Strategic report on page 14 of the Annual Report and Financial
Statements for the year ended 31 March 2020.
During the period, services of a total value of GBP757,000 (30 September
2019: GBP881,000; 31 March 2020: GBP1,659,000) were purchased by the
Company from Albion Capital Group LLP; this includes GBP684,000 (30
September 2019: GBP881,000; 31 March 2020: GBP1,585,000) of management
fee and GBP73,000 (30 September 2019: GBPnil; 31 March 2020: GBP74,000)
of administration fee. At the financial period end, the amount due to
Albion Capital Group LLP in respect of these services disclosed within
payables was GBP359,000 (30 September 2019: GBP460,000; 31 March 2020:
GBP384,000). For the period to 30 September 2020, no performance
incentive fee has been accrued (30 September 2019: GBP419,000; 31 March
2020: GBPnil).
During the period, the Company was not charged by Albion Capital Group
LLP in respect of Patrick Reeve's services as a Director (30 September
2019: GBPnil; 31 March 2020: GBPnil).
Albion Capital Group LLP, its partners and staff (including Patrick
Reeve) hold a total of 468,349 shares in the Company as at 30 September
2020.
Albion Capital Group LLP is, from time to time, eligible to receive
arrangement fees and monitoring fees from portfolio companies. During
the period to 30 September 2020, fees of GBP89,000 attributable to the
investments of the Company were received pursuant to these arrangements
(30 September 2019: GBP103,000; 31 March 2020: GBP186,000).
The Company entered into an offer agreement relating to the Offers which
were open in the period with the Company's investment manager Albion
Capital Group LLP, pursuant to which Albion Capital receives a fee of
2.5 per cent. of the gross proceeds of the Offers, and out of which
Albion Capital will pay the costs of the Offers.
As part of the Company's management of surplus liquid funds, there was a
current asset investment held during this period; SVS Albion OLIM UK
Equity Income Fund ("OUEIF"). To avoid double charging, Albion Capital
agreed to reduce its management fee relating to the investment in the
OUEIF by 0.75 per cent., which represents the OUEIF management fee
charged by OLIM. This resulted in a reduction of the management fee of
GBP13,900 (30 September 2019: GBP16,100; 31 March 2020: GBP32,000).
6. Dividends
Unaudited Unaudited Audited
six months ended six months ended year ended
30 September 2020 30 September 2019 31 March 2020
GBP'000 GBP'000 GBP'000
----------------------
Dividend of 3.00p per
share paid on 30
August 2019 - 1,911 1,911
Dividend of 3.00p per
share paid on 28
February 2020 - - 2,045
Dividend of 2.70p per
share paid on 28
August 2020 1,836 - -
1,836 1,911 3,956
------------------ ------------------ --------------
In addition to the dividends summarised above, the Board has declared a
second dividend for the year ending 31 March 2021 of 2.74 pence per
share which will be paid on 26 February 2021 to shareholders on the
register on 5 February 2021. This is expected to amount to approximately
GBP1,858,000.
7. Basic and diluted return/(loss) per share
Unaudited Unaudited Audited
six months ended six months ended year ended
30 September 2020 30 September 2019 31 March 2020
Revenue Capital Total Revenue Capital Total Revenue Capital Total
--------------------------------------------------------- ------- ------- ----- ------- ------- ----- ------- ------- -------
Return/(loss) attributable to equity shares (GBP'000) (136) 3,988 3,852 196 2,885 3,081 398 (4,073) (3,675)
Weighted average shares in issue (adjusting for treasury
shares) 68,156,133 63,802,980 64,506,507
Return/(loss) attributable per Ordinary share (pence)
(basic and diluted) (0.20) 5.85 5.65 0.31 4.52 4.83 0.61 (6.31) (5.70)
The weighted average number of shares is calculated after adjusting for
treasury shares of 9,717,736 (30 September 2019: 8,231,443; 31 March
2020: 8,945,314).
There are no convertible instruments, derivatives or contingent share
agreements in issue for the Company, therefore no dilution affecting the
return per share. The basic return per share is therefore the same as
the diluted return per share.
8. Called up share capital
Allotted, called up and fully paid shares of 1 penny Unaudited 30 Unaudited 30 Audited
each September 2020 September 2019 31 March 2020
------------------------------------------------------
Number of shares 77,523,553 72,041,984 77,044,547
Nominal value of allotted shares (GBP'000) 775 720 770
Voting rights (number of shares net of treasury
shares) 67,805,817 63,810,541 68,099,233
In the six months to 30 September 2020, the Company purchased 772,422
shares (30 September 2019: 410,000; 31 March 2020: 1,123,871) to be held
in treasury at a nominal value of GBP7,724 and at a cost of GBP790,000
(30 September 2019: GBP454,000; 31 March 2020: GBP1,252,000),
representing 1.1% of the shares in issue (excluding treasury shares) as
at 30 September 2020.
The Company holds a total of 9,717,736 shares (30 September 2019:
8,231,443; 31 March 2020: 8,945,314) in treasury representing 12.5% of
the shares in issue as at 30 September 2020.
Under the terms of the Dividend Reinvestment Scheme Circular (dated 26
November 2009), the following new Ordinary shares of nominal value 1
penny each were allotted during the period to 30 September 2020:
Aggregate Issue
Number of nominal price Opening market
Date of shares value of (pence Net price on
allotment allotted shares per invested allotment date
GBP'000 share) GBP'000 (pence per share)
----------- --------- --------- ---------- ---------- -----------------
28 August
2020 286,480 3 103.84 296 98.00
Under the terms of the Albion VCTs Prospectus Top Up Offers 2019/20, the
following new Ordinary shares of nominal value 1 penny each were
allotted during the period to 30 September 2020:
Aggregate Issue
Number of nominal price Net Opening market
Date of shares value of (pence consideration price on
allotment allotted shares per received allotment date
GBP'000 share) GBP'000 (pence per share)
---------- --------- --------- ---------- ------------- -----------------
30 April
2020 90,192 1 108.20 96 95.00
30 April
2020 102,334 1 109.30 109 95.00
192,526 2 205
--------- --------- -------------
9. Commitments and contingencies
As at 30 September 2020, the Company had no financial commitments in
respect of investments (30 September 2019: GBPnil; 31 March 2020:
GBP139,000).
There were no contingencies or guarantees of the Company as at 30
September 2020 (30 September 2019: GBPnil; 31 March 2020: GBPnil).
10. Post balance sheet events
The following are the post balance sheet events since 30 September 2020:
-- Our holding in SVS Albion OLIM UK Equity Income Fund was exited with
total proceeds (including dividends and management fees saved) of GBP4.11
million on cost of GBP4.99 million;
-- Proceeds of GBP528,000 received from the sale of Clear Review Limited on
cost of GBP256,000;
-- Investment of GBP371,000 in a new portfolio company, Seldon Technologies
Limited, a software company that enables enterprises to deploy Machine
Learning models in production;
-- Investment of GBP151,000 in an existing portfolio company, Limitless
Technology Limited, a provider of a customer service platform powered by
the crowd and Machine Learning technology;
-- Investment of GBP134,000 in a new portfolio company, uMedeor Limited
(trading as uMed), a middleware technology platform that enables life
science organisations to conduct medical research programmes; and
-- Investment of GBP110,000 in an existing portfolio company, Arecor Limited,
which develops biopharmaceuticals through the application of a
formulation technology platform.
11. Related party transactions
Other than transactions with the Manager as described in note 5, there
are no other related party transactions.
12. Going concern
The Board has conducted a detailed assessment of the Company's ability
to meet its liabilities as they fall due. Cash flow forecasts are
updated and discussed quarterly at Board level and have been stress
tested to allow for the forecasted impact of Coronavirus (Covid-19). The
Board have revisited and updated their assessment of liquidity risk and
concluded that it remains unchanged since the last Annual Report and
Financial Statements. Further details can be found on page 67 of those
accounts.
The portfolio of investments is diversified in terms of sector and the
major cash outflows of the Company (namely investments, dividends and
share buy-backs) are within the Company's control. Accordingly, after
making diligent enquiries, the Directors have a reasonable expectation
that the Company has adequate cash and liquid resources to continue in
operational existence for the foreseeable future. For this reason, the
Directors have adopted the going concern basis in preparing this
Half-yearly Financial Report and this is in accordance with the Guidance
on Risk Management, Internal Control and Related Financial and Business
Reporting issued by the Financial Reporting Council.
13. Risks and Uncertainties
In addition to the risks and uncertainties outlined in the Interim
management report, the Board confirms that the following major risks and
uncertainties facing the Company have not materially changed from those
identified in the Annual Report and Financial Statements for the year
ended 31 March 2020. The impact of the Coronavirus (Covid-19) pandemic
has created heightened uncertainty but has not changed the nature of
these risks. The Board considers that the processes for mitigating these
risks remain appropriate.
1. Investment, performance and valuation risk
The risk of investment in poor quality businesses, which could reduce
the capital and income returns to shareholders and could negatively
impact on the Company's current and future valuations. By nature,
smaller unquoted businesses, such as those that qualify for venture
capital trust purposes, are more volatile than larger, long established
businesses. Investments in open-ended equity funds result in exposure to
market risk through movements in price per unit. The Company's
investment valuation methodology is reliant on the accuracy and
completeness of information that is issued by portfolio companies. In
particular, the Directors may not be aware of or take into account
certain events or circumstances which occur after the information issued
by such companies is reported.
To reduce this risk, the Board places reliance upon the skills and
expertise of the Manager and its track record over many years of making
successful investments in this segment of the market. In addition, the
Manager operates a formal and structured investment appraisal and review
process, which includes an Investment Committee, comprising investment
professionals from the Manager and at least one external investment
professional. The Manager also invites and takes account of comments
from non-executive Directors of the Company on matters discussed at the
Investment Committee meetings. Investments are actively and regularly
monitored by the Manager (investment managers normally sit on portfolio
company boards), including the level of diversification in the portfolio,
and the Board receives detailed reports on each investment as part of
the Manager's report at quarterly board meetings. The Board and Manager
regularly reviews the deployment of cash resources into equity markets,
the extent of exposure and performance of the exposure. The unquoted
investments held by the Company are designated at fair value through
profit or loss and valued in accordance with the International Private
Equity and Venture Capital Valuation Guidelines updated in 2018. These
guidelines set out recommendations, intended to represent current best
practice on the valuation of venture capital investments. The valuation
takes into account all known material facts up to the date of approval
of the Financial Statements by the Board.
2. VCT approval risk
The Company must comply with section 274 of the Income Tax Act 2007
which enables its investors to take advantage of tax relief on their
investment and on future returns. Breach of any of the rules enabling
the Company to hold VCT status could result in the loss of that status.
To reduce this risk, the Board has appointed the Manager, which has a
team with significant experience in venture capital trust management,
used to operating within the requirements of the venture capital trust
legislation. In addition, to provide further formal reassurance, the
Board has appointed Philip Hare & Associates LLP as its taxation adviser,
who report quarterly to the Board to independently confirm compliance
with the venture capital trust legislation, to highlight areas of risk
and to inform on changes in legislation. Each investment in a new
portfolio company is also pre-cleared with our professional advisers or
H.M. Revenue & Customs. The Company monitors closely the extent of
qualifying holdings and addresses this as required.
3. Regulatory and compliance risk
The Company is listed on The London Stock Exchange and is required to
comply with the rules of the UK Listing Authority, as well as with the
Companies Act, Accounting Standards and other legislation. Failure to
comply with these regulations could result in a delisting of the
Company's shares, or other penalties under the Companies Act or from
financial reporting oversight bodies.
Board members and the Manager have experience of operating at senior
levels within or advising quoted companies. In addition, the Board and
the Manager receive regular updates on new regulation from its auditor,
lawyers and other professional bodies. The Company is subject to
compliance checks through the Manager's compliance officer, and any
issues arising from compliance or regulation are reported to its own
Board on a monthly basis. These controls are also reviewed as part of
the quarterly Board meetings, and also as part of the review work
undertaken by the Manager's compliance officer. The report on controls
is also evaluated by the internal auditors.
4. Operational and internal control risk
The Company relies on a number of third parties, in particular the
Manager, for the provision of investment management and administrative
functions. Failures in key systems and controls within the Manager's
business could put assets of the Company at risk or result in reduced or
inaccurate information being passed to the Board or to shareholders.
The Company and its operations are subject to a series of rigorous
internal controls and review procedures exercised throughout the year,
and receives reports from the Manager on internal controls and risk
management, including on matters relating to cyber security. The Audit
Committee reviews the Internal Audit Reports prepared by the Manager's
internal auditors, PKF Littlejohn LLP and has access to the internal
audit partner of PKF Littlejohn LLP to provide an opportunity to ask
specific detailed questions in order to satisfy itself that the Manager
has strong systems and controls in place including those in relation to
business continuity and cyber security. From 1 October 2018, Ocorian
(UK) Limited was appointed as Depositary to oversee the custody and cash
arrangements and provide other AIFMD duties. The Board reviews the
quarterly reports prepared by Ocorian (UK) Limited to ensure that Albion
Capital is adhering to its policies and procedures as required by the
AIFMD. In addition, the Board regularly reviews the performance of its
key service providers, particularly the Manager, to ensure they continue
to have the necessary expertise and resources to deliver the Company's
investment objective and policy. The Manager and other service providers
have also demonstrated to the Board that there is no undue reliance
placed upon any one individual.
5. Economic, political and social risk
Changes in economic conditions, including, for example, interest rates,
rates of inflation, industry conditions, competition, political and
diplomatic events and other factors could substantially and adversely
affect the Company's prospects in a number of ways. This also includes
risks of social upheaval, including from infection and population
re-distribution, as well as economic risk challenges as a result of
healthcare pandemics/infection. The current risk to the Company, and the
wider population and economy, is the coronavirus (Covid-19) pandemic..
The Company invests in a diversified portfolio of companies across a
number of industry sectors and in addition often invests a mixture of
instruments in portfolio companies and has a policy of minimising any
external bank borrowings within portfolio companies. At any given time,
the Company has sufficient cash resources to meet its operating
requirements, including share buy-backs and follow on investments. In
common with most commercial operations, exogenous risks over which the
Company has no control are always a risk and the Company does what it
can to address these risks where possible, not least as the nature of
the investments the Company makes are long term. With regards to
coronavirus (Covid-19), the Manager is having ongoing discussions with
all portfolio companies, in order to ascertain where support is most
needed. Cash comprises a significant proportion of net assets, following
a strong year of exits and the most recent Top Up, which can be used in
part to help mitigate any immediate cashflow problems for these
portfolio companies. The portfolio is structured as an all-weather
portfolio with c.50 companies which are diversified as discussed above.
Exposure is small to at-risk sectors that include leisure, hospitality,
retail and travel.
6. Market value of Ordinary shares
The market value of Ordinary shares can fluctuate. The market value of
an Ordinary share, as well as being affected by its net asset value and
prospective net asset value, also takes into account its dividend yield
and prevailing interest rates. As such, the market value of an Ordinary
share may vary considerably from its underlying net asset value. The
market prices of shares in quoted investment companies can, therefore,
be at a discount or premium to the net asset value at different times,
depending on supply and demand, market conditions, general investor
sentiment and other factors. Accordingly, the market price of the
Ordinary shares may not fully reflect their underlying net asset value.
The Company operates a share buy-back policy, which is designed to limit
the discount at which the Ordinary shares trade to around 5 per cent to
net asset value, by providing a purchaser through the Company in absence
of market purchasers. From time to time buy-backs cannot be applied, for
example when the Company is subject to a close period, or if it were to
exhaust any buy-back authorities. New Ordinary shares are issued at
sufficient premium to net asset value to cover the costs of issue and to
avoid asset value dilution to existing investors.
7. Reputational risk
The Company relies on the judgement and reputation of the Manager which
is itself subject to the risk of loss.
The Board regularly questions the Manager on its ethics, procedures,
safeguards and investment philosophy, which should consequently result
in the risk to reputation being minimised.
14. Other information
The information set out in this Half-yearly Financial Report does not
constitute the Company's statutory accounts within the terms of section
434 of the Companies Act 2006 for the periods ended 30 September 2020
and 30 September 2019, and is unaudited. The information for the year
ended 31 March 2020 does not constitute statutory accounts within the
terms of section 434 of the Companies Act 2006 but is derived from the
statutory accounts for the financial year, which have been delivered to
the Registrar of Companies. The Auditor reported on those accounts;
their report was unqualified and did not contain statements under s498
(2) or (3) of the Companies Act 2006.
15. Publication
This Half-yearly Financial Report is being sent to shareholders and
copies will be made available to the public at the registered office of
the Company, Companies House, the National Storage Mechanism and also
electronically at
https://www.globenewswire.com/Tracker?data=ieFX9xgPL7oC_8xOsRmacIY1UFIZm6vBOaieebEnTtHU5CZdecGDBF7Haax-ECTo7Y1ZAz4bV7ucZHG9juzlCcQZCY8Jz6dUSEGC8ULmDFwo6VbfXw_hr2gVe8j4kmO9
www.albion.capital/funds/AAEV, where the Report can be accessed from the
'Financial Reports and Circulars' section.
Attachment
-- Pie chart for AAEV announcement 30.09.2020
https://ml-eu.globenewswire.com/Resource/Download/a03ea848-cffd-46a6-a84e-e6c5250045b4
(END) Dow Jones Newswires
November 20, 2020 04:53 ET (09:53 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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