Albion EnterpriseVCT Albion Enterprise Vct Plc: Nav Announcement

 
TIDMAAEV 
 
   ALBION ENTERPRISE VCT PLC 
 
   LEI Code: 213800OVSRDHRJBMO720 
 
   NAV Announcement 
 
   Introduction 
 
   This announcement contains unaudited information. The audited Annual 
Report and Financial Statements for the year ended 31 March 2020 is 
expected to be released in June 2020. The final audited net asset value 
(NAV) may differ to this unaudited NAV. 
 
   Impact of coronavirus (Covid-19) and Net asset value 
 
   The Board has been monitoring the ongoing disruption caused by the 
coronavirus (Covid-19) pandemic and its current impact on portfolio 
companies. These are unprecedented times with major uncertainty as to 
the ongoing economic and societal impact of the coronavirus (Covid-19) 
pandemic, the extent of which is still unknown. 
 
   In light of this, the Company announces its unaudited NAV as at 31 March 
2020 of GBP72.5 million or 106.54 pence per share (excluding treasury 
shares). After accounting for the dividend payment of 3.0 pence per 
share on 28 February 2020, this represents a decrease of 9.16 pence per 
share (7.9%) since 31 December 2019. 
 
   The unaudited NAV reflects reductions across the portfolio, which is 
carried at fair value, as a result of market conditions arising from the 
healthcare pandemic. The Board has reassessed the carrying values of all 
companies within the portfolio and has reduced those which are affected 
by the current situation. The portfolio is well diversified and has 
weightings in sectors that are less badly affected by coronavirus 
(Covid-19) and many companies within the portfolio are well suited to 
operating in a remote environment. 
 
   Fundraising update 
 
   In relation to the offer for subscription pursuant to the Albion VCTs 
Prospectus Top Up Offers 2019/20 dated 22 October 2019 ("Offer"), the 
Company intends to allot these shares on 30 April 2020 based upon the 
unaudited NAV of 106.54 pence per share. The Company also intends, 
subject to FCA approval, to publish a supplementary prospectus 
reflecting the fact that the publication of the updated unaudited NAV as 
at 31 March 2020 reflects a significant new factor for consideration by 
prospective investors. 
 
   Share buy-backs 
 
   Given the uncertainty on valuations caused by coronavirus (Covid-19) and 
its impact on financial markets in recent times, the Board agreed to 
suspend the Company's buy back operation on 18 March 2020. The Board 
will give a further update on buy-backs when it publishes the Company's 
audited Annual Report and Financial Statements for the year ended 31 
March 2020, expected to be in June 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 
 
   22 April 2020 
 
   For further information please contact: 
 
   Albion Capital Group LLP, Company Secretary - Tel: [phone] 
 
 
 
 
 
 

(END) Dow Jones Newswires

April 22, 2020 12:30 ET (16:30 GMT)

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