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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
Interim Management Statement
Introduction
I am pleased to present Albion Enterprise VCT PLC (the "Company")'s
interim management statement for the period from 1 October 2020 to 31
December 2020.
Performance and dividends
The Company's unaudited net asset value (NAV) on 31 December 2020 was
GBP77.78 million or 114.97 pence per share (excluding treasury shares),
an increase of 5.42 pence per share (4.9%) since 30 September 2020.
After accounting for the dividend of 2.74 pence per share to be paid on
26 February 2021 to shareholders on the register on 5 February 2021, the
NAV is 112.23 pence per share.
Albion VCTs Prospectus Top Up Offers 2020/21
The Company launched a prospectus top up offer of new Ordinary shares on
5 January 2021. On 21 January 2021 it was announced that the Company
would exercise its over-allotment facility of a further GBP3 million to
take the amount up to its maximum limit of GBP9 million, as provided for
under the Offer.
On 5 February 2021 the Company was pleased to announce that it had
reached its GBP9 million limit under its Offer which was fully
subscribed and closed to further applications. The proceeds of the Offer
will be used to provide further resources to our existing portfolio and
to enable us to take advantage of new investment opportunities being
seen.
Portfolio
The following investments have been made during the period from 1
October 2020 to 31 December 2020:
New investments GBP000s Activity
---------------- ------- ---------------------------------------------------
Seldon
Technologies Software company that enables enterprises to deploy
Limited 371 Machine Learning models in production
---------------- ------- ---------------------------------------------------
A middleware technology platform that enables life
uMedeor Limited science organisations to conduct medical research
(T/A uMed) 134 programmes
---------------- ------- ---------------------------------------------------
Total new
investments 505
---------------- ------- ---------------------------------------------------
Further
investments GBP000s Activity
------------ ------- ------------------------------------------------------------
Limitless
Technology Provider of a customer service platform powered by
Limited 151 the crowd and machine learning technology
------------ ------- ------------------------------------------------------------
A technology enabled service business in medical nutritional
Oviva AG 130 therapy (MNT)
------------ ------- ------------------------------------------------------------
Arecor Development of biopharmaceuticals through the application
Limited 110 of a formulation technology platform
------------ ------- ------------------------------------------------------------
Total
further
investments 391
------------ ------- ------------------------------------------------------------
Disposals
The following material disposals were made during the period from 1
October 2020 to 31 December 2020:
Portfolio Company GBP000s
---------------------------------- ------- ---------------------------------
Disposal of investment on a cost
G. Network Communications Limited 1,533 of GBP273,000
---------------------------------- ------- ---------------------------------
Disposal of investment on a cost
Clear Review Limited 528 of GBP256,000
---------------------------------- ------- ---------------------------------
Total proceeds 2,061
---------------------------------- -------
In addition to the above, our holding in the 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.
Top ten holdings (on 31 December 2020)
% of
Carrying net
value asset
Investment GBP000s value Activity
------------- -------- ----- ------------------------------------------------------------
Egress
Software
Technologies
Limited 10,954 14.1% Encrypted email & file transfer service provider
------------- -------- ----- ------------------------------------------------------------
Quantexa
Limited 6,846 8.8% Network analytics platform to detect financial crime
------------- -------- ----- ------------------------------------------------------------
Proveca
Limited 5,273 6.8% Reformulation of paediatric medicines
------------- -------- ----- ------------------------------------------------------------
Radnor House 2,909 3.7% Independent school for children aged 3-18
School
(TopCo)
Limited
------------- -------- ----- ------------------------------------------------------------
Regenerco 2,148 2.8% Generator of renewable energy from roof top solar
Renewable installations
Energy
Limited
------------- -------- ----- ------------------------------------------------------------
OmPrompt 1,803 2.3% A provider of process automation software
Holdings
Limited
------------- -------- ----- ------------------------------------------------------------
The Street by 1,686 2.2% Owner and operator of photovoltaic systems on domestic
Street Solar properties in the UK
Programme
Limited
------------- -------- ----- ------------------------------------------------------------
Oviva AG 1,476 1.9% A technology enabled service business in medical nutritional
therapy (MNT)
------------- -------- ----- ------------------------------------------------------------
Alto Prodotto 1,455 1.9% Owner and operator of community scale wind energy
Wind projects on brownfield sites in the UK
Limited
------------- -------- ----- ------------------------------------------------------------
Greenenerco 1,364 1.8% Owner and operator of a 500kW wind project in the
Limited UK
------------- -------- ----- ------------------------------------------------------------
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 October 2020 to 31 December 2020, the Company
purchased 150,930 Ordinary shares for GBP158,000 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.
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 GBP1,360,000 in a new portfolio company, Threadneedle
Software Holding Limited (T/A Solidatus), a provider of data lineage
software to enterprise customers in regulated sectors, which allows them
to rapidly discover, visualise, catalogue and understand how data flows
through their systems; and
-- Investment of GBP864,000 in an existing portfolio company, Healios
Limited, a provider of an online platform delivering family centric
psychological care primarily to children and adolescents.
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 1 January 2021 and 15 February 2021.
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
15 February 2021
For further information please contact:
Albion Capital Group LLP, Company Secretary - Tel: 020 7601 1850
(END) Dow Jones Newswires
February 15, 2021 06:30 ET (11:30 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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