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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 0.0% 106.50 105.00 108.00 106.50 106.50 106.50 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 1.2 0.4 0.6 174.6 76

Albion EnterpriseVCT Albion Enterprise Vct Plc: Interim Management Statement

15/02/2021 11:30am

UK Regulatory (RNS & others)


 
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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