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 2020 to 30 June 
2020. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 June 2020 was 
GBP75.08 million or 110.43 pence per share (excluding treasury shares), 
an increase of 3.89 pence per share (3.65 per cent.) since 31 March 
2020. 
 
   After accounting for the dividend paid of 2.70 pence per share on 28 
August 2020 to shareholders on the register on 7 August 2020, the NAV is 
107.73 pence per share. 
 
   Fundraising and share issues 
 
   During the period from 1 April 2020 to 30 June 2020, the Company issued 
the following new Ordinary shares of nominal value 1 penny per share 
under the Albion VCTs Prospectus Top Up Offers 2019/20: 
 
 
 
 
                                          Issue price per share 
                                           (including costs of    Net proceeds 
Date            Number of shares issued          issue)              GBP'000 
--------------  -----------------------  -----------------------  ------------ 
30 April 2020                   192,526         108.2p to 109.3p           205 
--------------  -----------------------  -----------------------  ------------ 
 
 
   Portfolio 
 
   The following investments have been made during the period from 1 April 
2020 to 30 June 2020: 
 
 
 
 
New          GBP000's  Activity 
investments 
-----------  --------  -------------------------------------------------------- 
TransFICC      234     A provider of a connectivity solution, connecting 
Limited                 financial institutions with trading venues via a single 
                        API 
-----------  --------  -------------------------------------------------------- 
 
 
 
 
 
 
Further 
investments       GBP000's                            Activity 
----------------  --------  ------------------------------------------------------------ 
Black Swan Data 
Limited             264               Predictive analytics for consumer brands 
----------------  --------  ------------------------------------------------------------ 
                            A technology enabled service business in medical nutritional 
Oviva AG            139                             therapy (MNT) 
----------------  --------  ------------------------------------------------------------ 
Credit Kudos                    Challenger credit bureau helping lenders to optimise 
Limited              76         and automate their affordability and risk assessments 
----------------  --------  ------------------------------------------------------------ 
The Evewell 
(Harley Street) 
Limited              37      Operator of a women's health centre focusing on fertility 
----------------  --------  ------------------------------------------------------------ 
Symetrica                        A designer and manufacturer of radiation detection 
Limited              8                                equipment 
----------------  --------  ------------------------------------------------------------ 
Total further 
 investments           524 
----------------  --------  ------------------------------------------------------------ 
 
 
   Top ten holdings (as at 30 June 2020) 
 
 
 
 
                                 % of 
                                  net 
                 Carrying value  asset 
Investment          GBP000's     value                            Activity 
---------------  --------------  -----  ------------------------------------------------------------ 
Egress Software 
Technologies 
Limited              9,301       12.4%        Encrypted email & file transfer service provider 
---------------  --------------  -----  ------------------------------------------------------------ 
Quantexa 
Limited              5,436       7.2%       Network analytics platform to detect financial crime 
---------------  --------------  -----  ------------------------------------------------------------ 
Proveca Limited           4,462   5.9%                         Reformulation of paediatric medicines 
---------------  --------------  -----  ------------------------------------------------------------ 
Radnor House         2,873       3.8%   Independent school for children aged 2.5-18 
 School (TopCo) 
 Limited 
---------------  --------------  -----  ------------------------------------------------------------ 
Regenerco            2,055       2.7%   Generator of renewable energy from roof top solar 
 Renewable                               installations 
 Energy 
 Limited 
---------------  --------------  -----  ------------------------------------------------------------ 
The Street by        1,586       2.1%   Owns and operates photovoltaic systems on domestic 
 Street Solar                            properties in the UK 
 Programme 
 Limited 
---------------  --------------  -----  ------------------------------------------------------------ 
Alto Prodotto        1,491       2.0%   Owns and operates community scale wind energy projects 
 Wind Limited                            on brownfield sites in the UK 
---------------  --------------  -----  ------------------------------------------------------------ 
G.Network            1,479       2.0%   Ultra-fast fibre optic broadband provider in central 
 Communications                          London 
 Limited 
---------------  --------------  -----  ------------------------------------------------------------ 
Greenenerco          1,403       1.9%   Owns and operates a 500kW wind project in the UK 
 Limited 
---------------  --------------  -----  ------------------------------------------------------------ 
Oviva AG             1,181       1.6%   A technology enabled service business in medical nutritional 
                                         therapy (MNT) 
---------------  --------------  -----  ------------------------------------------------------------ 
 
 
   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. 
 
   Share buy-backs 
 
   During the period from 1 April 2020 to 30 June 2020, the Company 
purchased 301,448 Ordinary shares for GBP307,000 including stamp duty. 
All 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. Given the current stability of the 
portfolio and the Company's current cash position, the Board have 
decided that there will be no limit on the level of share buybacks. 
 
   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. 
 
   Material events and transactions after the period end 
 
   Portfolio 
 
   After the period end, the Company had the following material investment 
transactions: 
 
 
   -- Investment of GBP1,410,000 in an existing portfolio company, Quantexa 
      Limited, a network analytics platform to detect financial crime; 
 
   -- Investment of GBP564,000 in a new portfolio company, which provides a 
      cloud platform that enables corporates to purchase digital gift cards and 
      to distribute them to employees and customers; 
 
   -- Investment of GBP348,000 in an existing portfolio company, Phrasee 
      Limited, provider of an AI platform that generates optimised marketing 
      campaigns; 
 
   -- Investment of GBP294,000 in an existing portfolio company, Oxsensis 
      Limited, a developer and producer of industrial sensors for use in 
      ultra-high temperature environments; and 
 
   -- Investment of GBP263,000 in an existing portfolio company, uMotif Limited, 
      provider of a patient engagement and data capture platform for use in 
      real world and observational research. 
 
 
   There have been no other significant events or transactions that the 
Board is aware of which would have a material impact on the financial 
position of the Company between 30 June 2020 and 3 September 2020. 
 
   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 www.albion.capital/funds/AAEV. 
 
   Maxwell Packe, Chairman 
 
   3 September 2020 
 
   For further information please contact: 
 
   Albion Capital Group LLP, Company Secretary - Tel: [phone] 
 
 
 
 
 
 

(END) Dow Jones Newswires

September 03, 2020 06:43 ET (10:43 GMT)

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