Albion EnterpriseVCT Albion Enterprise Vct Plc: Interim Management Statement

 
TIDMAAEV 
 

ALBION ENTERPRISE VCT PLC

LEI Code: 213800OVSRDHRJBMO720

Interim Management Statement

Introduction

I present Albion Enterprise VCT PLC (the "Company")'s interim management statement for the period from 1 April 2021 to 30 June 2021.

Performance and dividends

The Company's unaudited net asset value (NAV) on 30 June 2021 was GBP95.82 million or 127.93 pence per share (excluding treasury shares), an increase of 13.33 pence per share (11.6%) since 31 March 2021.

It was announced on 21 June 2021 that two companies within the portfolio were undergoing external fundraising processes. These fundraisings were both at significantly higher valuations to their original 31 March 2021 valuations. There have also been uplifts in several of our technology and healthcare investments due to strong trading performances which have also contributed to the excellent return for the period.

After accounting for the dividend of 2.87 pence per share to be paid on 31 August 2021 to shareholders on the register on 6 August 2021, the NAV is 125.06 pence per share.

Fundraising and share issues

During the period from 1 April 2021 to 30 June 2021, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2020/21:

 
                                         Issue price per share 
                                          (including costs of     Net proceeds 
Date           Number of shares issued           issue)              GBP'000 
-------------  -----------------------  ------------------------  ------------ 
9 April 2021                   383,354          114.0p -- 115.2p           431 
-------------  -----------------------  ------------------------  ------------ 
 

Portfolio

The following investments have been made during the period from 1 April 2021 to 30 June 2021:

 
New investments  GBP000s                         Activity 
---------------  -------  ------------------------------------------------------ 
Gravitee TopCo 
Limited (T/A 
gravitee.io)       763                   API management platform 
---------------  -------  ------------------------------------------------------ 
                          Digital therapeutics and decentralised clinical trials 
NuvoAir AB         649                  for respiratory conditions 
---------------  -------  ------------------------------------------------------ 
Brytlyt Limited    310                   A GPU database provider 
---------------  -------  ------------------------------------------------------ 
Accelex 
Technology 
Limited (T/A               Data extraction and analytics technology for private 
Accelex)           265                        capital markets 
---------------  -------  ------------------------------------------------------ 
Total new 
 investments       1,987 
---------------  -------  ------------------------------------------------------ 
 
 
Further 
investments        GBP000s                       Activity 
-----------------  -------  -------------------------------------------------- 
                            A patient engagement and data capture platform for 
uMotif Limited       531       use in real world and observational research 
-----------------  -------  -------------------------------------------------- 
Panaseer Limited     269           Provider of cyber security services 
-----------------  -------  -------------------------------------------------- 
Abcodia Limited      34        Validation and discovery of serum biomarkers 
-----------------  -------  -------------------------------------------------- 
Total further 
 investments           834 
-----------------  -------  -------------------------------------------------- 
 

Top ten holdings (on 30 June 2021)

 
                               % of 
                                net 
               Carrying value  asset 
Investment         GBP000      value                            Activity 
-------------  --------------  -----  ------------------------------------------------------------ 
Quantexa 
Limited            14,489      15.1%      Network analytics platform to detect financial crime 
-------------  --------------  -----  ------------------------------------------------------------ 
Egress 
Software 
Technologies 
Limited            11,702      12.2%        Encrypted email & file transfer service provider 
-------------  --------------  -----  ------------------------------------------------------------ 
Proveca 
 Limited                6,133   6.4%                         Reformulation of paediatric medicines 
-------------  --------------  -----  ------------------------------------------------------------ 
                                      A technology enabled service business in medical nutritional 
Oviva AG                3,630   3.8%                                                 therapy (MNT) 
-------------  --------------  -----  ------------------------------------------------------------ 
Radnor House 
School 
(TopCo) 
Limited                 3,006   3.1%                     Independent school for children aged 3-18 
-------------  --------------  -----  ------------------------------------------------------------ 
Phrasee 
Limited                 2,142   2.2%      AI platform that generates optimised marketing campaigns 
-------------  --------------  -----  ------------------------------------------------------------ 
The Evewell 
Group                                    Operator and developer of women's health centres focusing 
Limited                 2,043   2.1%                                                 on fertility. 
-------------  --------------  -----  ------------------------------------------------------------ 
Regenerco 
Renewable 
Energy                                           Generator of renewable energy from roof top solar 
Limited                 2,007   2.1%                                                 installations 
-------------  --------------  -----  ------------------------------------------------------------ 
Black Swan 
 Data 
 Limited                1,791   1.9%                      Predictive analytics for consumer brands 
-------------  --------------  -----  ------------------------------------------------------------ 
Healios            1,656       1.7%   Provider of an online platform delivering family centric 
 Limited                               psychological care primarily to children and adolescents 
-------------  --------------  -----  ------------------------------------------------------------ 
 

A full breakdown of the Company's portfolio can be found on the Company's webpage on the Manager's website at https://www.globenewswire.com/Tracker?data=VsfTzcwbyJxyH9lSUcKZxAp_ARO5bhk2FpmYgCowUl95xtUQnMw8j4LRlo-zYzIHdf__TcT6ANBf4djFbQ0SFK66PyvKPLSK57tsx4MPH_F7lp77qX-Q2FobcQxo-TzW www.albion.capital/funds/AAEV.

Share buy-backs

During the period from 1 April 2021 to 30 June 2021, the Company did not buy back any shares.

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% discount to net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end

After the period end, the Company had the following material investment transaction:

-- Investment of GBP423,000 in an existing portfolio company, The Evewell Group Limited, an operator and developer of women's health centres focusing on fertility.

Other than as described above, there have been no material events or transactions during the quarter and to the date of this announcement.

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 https://www.globenewswire.com/Tracker?data=VsfTzcwbyJxyH9lSUcKZxAp_ARO5bhk2FpmYgCowUl_aWsgpv2c-Fv-eX2au_rap_Zgppbm9UB2kAIXXnktf6RSLhHe4GrXjBWXTZPhpCnAwb2spGiHqctpcOzcyI6Vm www.albion.capital/funds/AAEV.

Maxwell Packe, Chairman

11 August 2021

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: [phone]

(END) Dow Jones Newswires

August 11, 2021 06:02 ET (10:02 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.