Albion EnterpriseVCT Albion Enterprise Vct Plc: Interim Management Statement

 
TIDMAAEV 
 
   ALBION ENTERPRISE VCT PLC 
 
   LEI Code: 213800OVSRDHRJBMO720 
 
   Interim Management Statement 
 
   Introduction 
 
   I am pleased to present Albion Enterprise VCT PLC (the "Company")'s 
interim management statement for the period from 1 April 2019 to 30 June 
2019. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) on 30 June 2019 was 
GBP75.55 million or 118.42 pence per share (excluding treasury shares), 
an increase of 0.66 pence per share (0.56 per cent.) since 31 March 
2019. 
 
   The company will pay a dividend of 3.00 pence per share on 30 August 
2019 to shareholders on the register on 2 August 2019. After accounting 
for the dividend the NAV will be 115.42 pence per share. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 April 
2019 to 30 June 2019: 
 
 
 
 
New qualifying 
investments          GBP000s                         Activity 
-------------------  -------  ------------------------------------------------------ 
Limitless                       Provider of a customer service platform powered by 
Technology Limited     320          the crowd and machine learning technology. 
-------------------  -------  ------------------------------------------------------ 
One Touch Apps 
Limited (T/A Clear             Provider of Human Resources technology to mid market 
Review)                256                         enterprises. 
-------------------  -------  ------------------------------------------------------ 
                              Provider of automated software testing and an enhanced 
Imandra Inc.           121      learning experience for artificial neural networks. 
-------------------  -------  ------------------------------------------------------ 
                                A designer and manufacturer of radiation detection 
Symetrica Limited      47                           equipment. 
-------------------  -------  ------------------------------------------------------ 
Total new 
 qualifying 
 investments             744 
-------------------  ------- 
 
 
 
 
 
 
Follow on 
investments into 
existing 
portfolio 
companies          GBP000s                       Activity 
-----------------  -------  -------------------------------------------------- 
Proveca Limited      606      Reformulation of medicines for paediatric use. 
-----------------  -------  -------------------------------------------------- 
OmPrompt Holdings 
Limited              130        A provider of process automation software. 
-----------------  -------  -------------------------------------------------- 
                            A developer and producer of industrial sensors for 
Oxsensis Limited     92         use in ultra-high temperature environments. 
-----------------  -------  -------------------------------------------------- 
Aridhia 
Informatics 
Limited              83       Healthcare informatics and analysis provider. 
-----------------  -------  -------------------------------------------------- 
Total follow on 
 investments           911 
-----------------  ------- 
 
 
   In addition, GBP600,000 was invested into SVS Albion OLIM UK Equity 
Income Fund, an open-ended equity fund. 
 
   Disposals 
 
   The following material disposals and loan stock repayments were made 
during the period from 1 April 2019 to 30 June 2019: 
 
 
 
 
Portfolio 
company          GBP000s 
---------------  -------  ---------------------------------------------------- 
Earnside Energy           Disposal of investment on a cost of GBP1.39 million, 
Limited           1,675          realising a gain of GBP281,000 on cost. 
---------------  -------  ---------------------------------------------------- 
Total proceeds     1,675 
---------------  ------- 
 
 
   Top ten holdings (as at 30 June 2019) 
 
 
 
 
                                 % of 
                                  net 
                 Carrying value  asset 
Investment           GBP000s     value                        Activity 
---------------  --------------  -----  ---------------------------------------------------- 
Egress Software 
Technologies 
Limited              9,301       12.3%  Encrypted email and file transfer service provider. 
---------------  --------------  -----  ---------------------------------------------------- 
Radnor House 
School 
(Holdings) 
Limited              7,355       9.7%       Independent schools for children aged 5-18. 
---------------  --------------  -----  ---------------------------------------------------- 
Mirada Medical                            Developer of medical imaging software using Deep 
Limited              3,787       5.0%                        Learning. 
---------------  --------------  -----  ---------------------------------------------------- 
Proveca Limited      3,616       4.8%      Reformulation of medicines for paediatric use. 
---------------  --------------  -----  ---------------------------------------------------- 
Bravo Inns II 
 Limited                  3,140   4.2%                  Owner and operator of freehold pubs. 
---------------  --------------  -----  ---------------------------------------------------- 
Quantexa                                      Network analytics platform to detect financial 
Limited                   2,896   3.8%                                                crime. 
---------------  --------------  -----  ---------------------------------------------------- 
Regenerco 
Renewable                                  Generator of renewable energy from roof top solar 
Energy Limited            2,041   2.7%                                        installations. 
---------------  --------------  -----  ---------------------------------------------------- 
G.Network 
Communications                          Ultra-fast fibre optic broadband provider in central 
Limited                   1,860   2.5%                                               London. 
---------------  --------------  -----  ---------------------------------------------------- 
The Street by 
Street Solar 
Programme                                 Owns and operates photovoltaic systems on domestic 
Limited                   1,571   2.1%                                 properties in the UK. 
---------------  --------------  -----  ---------------------------------------------------- 
Process Systems 
 Enterprise 
 Limited                  1,558   2.1%              Process modelling software and services. 
---------------  --------------  -----  ---------------------------------------------------- 
 
 
   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/AAEV, by following the 'Portfolio of 
Investments' link under the 'Fund reports' section. 
 
   Share buy-backs 
 
   During the period from 1 April 2019 to 30 June 2019, the Company 
purchased 156,000 Ordinary shares for GBP173,000 including stamp duty, 
at an average price of 110.09p pence per Ordinary 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 per 
cent. discount to net asset value, so far as market conditions and 
liquidity permit. 
 
   Fundraising and share issues 
 
   During the period from 1 April 2019 to 30 June 2019, the Company issued 
the following new Ordinary shares of nominal value 1 penny per share 
under the Albion VCTs Prospectus Top Up Offers 2018/19: 
 
 
 
 
                                               Issue price per 
                         Number of shares     share (including    Net proceeds 
Date                          issued           costs of issue)       GBP'000 
---------------------  --------------------  -------------------  ------------ 
1 April 2019 -- 12 
 April 2019                       6,728,561     117.8p to 119.0p         7,807 
---------------------  --------------------  -------------------  ------------ 
 
 
   Management arrangements 
 
   Your Board is currently reviewing the management arrangements in place 
with Albion Capital Group LLP, the Manager, with a view to provide 
further benefit to shareholders. The Board will provide an update 
including proposed changes, once the evaluation is concluded. 
 
   Material events and transactions after the period end 
 
   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 April 2019 and 30 July 2019. 
 
   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 www.albion.capital/funds/AAEV. 
 
   Maxwell Packe, Chairman 
 
   30 July 2019 
 
   For further information please contact: 
 
   Albion Capital Group LLP, Company Secretary - Tel: [phone] 
 
 
 
 

(END) Dow Jones Newswires

July 30, 2019 06:31 ET (10:31 GMT)

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