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AATG Albion Technology & General Vct Plc

69.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Albion Technology & General Vct Plc LSE:AATG London Ordinary Share GB0005581672 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% 69.00 67.50 70.50 69.00 69.00 69.00 1,516 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investors, Nec -2.85M -6.3M -0.0354 -19.49 122.68M

Albion Tech&Gen VCT Albion Technology & General Vct Plc - Ordinary Shares : Half-yearly Report

12/09/2017 10:28am

UK Regulatory


 
TIDMAATG 
 
   Albion Technology & General VCT PLC 
 
   LEI number: 213800TKJUY376H3KN16 
 
   As required by the UK Listing Authority's Disclosure and Transparency 
Rule 4.2, Albion Technology & General VCT PLC today makes public its 
information relating to the Half-yearly Financial Report (which is 
unaudited) for the six months to 30 June 2017. This announcement was 
approved by the Board of Directors on 12 September 2017. 
 
   The full Half-yearly Financial Report (which is unaudited) for the 
period to 30 June 2017, will shortly be sent to shareholders. Copies of 
the full Half-yearly Financial Report will be shown via the Albion 
Capital Group LLP website by clicking www.albion.capital/funds/AATG. 
 
   Investment objective and policy 
 
   Investment objective 
 
   The Company's investment objective is to provide investors with a 
regular and predictable source of dividend income combined with the 
prospect of long-term capital-growth through allowing investors the 
opportunity to participate in a balanced portfolio of unquoted 
technology and non-technology businesses. 
 
   Investment policy 
 
   It is intended that the Company's investment portfolio will be split 
approximately as follows: 
 
 
   -- 40 per cent. in unquoted UK technology related companies; and 
 
   -- 60 per cent. in unquoted UK non-technology companies. 
 
 
 
   This split is subject to the availability of good quality new 
investments arising within the UK technology and non-technology sectors. 
In neither categories listed above would portfolio companies normally 
have any external borrowing with a charge ranking ahead of the Company. 
Up to two thirds of investments (by cost) will comprise loan stock 
secured with a first charge on the portfolio company's assets. 
 
   The Company pursues a longer term investment approach, with a view to 
providing shareholders with a strong, predictable dividend flow, 
combined with the prospects of capital growth. This is achieved in two 
ways. First, by controlling the Company's exposure to technology risk 
through ensuring that many of the companies in the non-technology 
portfolio have property as their major asset, with no external 
borrowings. Second, by balancing the investment portfolio by sector, so 
that those areas such as leisure and business services, which are 
susceptible to changes in consumer sentiment, are complemented by 
sectors with more predictable long-term characteristics, such as 
healthcare and the environment. 
 
   VCT qualifying investments 
 
   In addition to the above, the investment policy is designed to ensure 
that the Company continues to qualify and is approved as a VCT by HM 
Revenue and Customs. The maximum amount invested in any one company is 
limited to any HMRC annual investment limits and, generally, no more 
than 15 per cent. of the Company's assets, at cost, are invested in a 
single company. It is intended that at least 80 per cent. of the 
Company's funds will be invested in VCT qualifying investments. 
 
   Non-VCT qualifying investments 
 
   Funds held prior to investing in VCT qualifying assets or for liquidity 
purposes will be held as cash on deposit, invested in floating rate 
notes or similar instruments with banks or other financial institutions 
with high credit ratings or invested in liquid open-ended equity funds 
providing income and capital equity exposure (where it is considered 
economic to do so). Investment in such open-ended equity funds will not 
exceed 7.5 per cent. of the Company's assets at the time of investment. 
 
   Risk diversification and maximum exposures 
 
   Risk is spread by investing in a number of different businesses within 
VCT qualifying industry sectors using a mixture of securities. The 
maximum the Company will invest in a single company is 15 per cent. of 
the Company's assets at cost. The value of an individual investment is 
expected to increase over time as a result of trading progress and a 
continuous assessment is made of investments' suitability for sale. It 
is possible that individual holdings may grow in value to a point where 
they represent a significantly higher proportion of total assets prior 
to a realisation opportunity being available. 
 
   Borrowing powers 
 
   The Company's maximum exposure in relation to gearing is restricted to 
10 per cent. of the adjusted share capital and reserves. The Directors 
do not have any intention to utilise long-term gearing. 
 
   Background to the Company 
 
   The Company is a venture capital trust which raised GBP14.3 million in 
December 2000 and 2002, and raised a further GBP35.0 million during 2006 
through the launch of a C share issue. The Company has raised a further 
GBP26.4m under the Albion VCTs Top-Up Offers since January 2011. 
 
   On 15 November 2013, the Company acquired the assets and liabilities of 
Albion Income & Growth VCT PLC ("Income & Growth") in exchange for new 
shares in the Company ("the Merger"). Each Income & Growth shareholder 
received 0.7813 shares in the Company for each Income & Growth share 
that they held at the date of the Merger. 
 
   Financial calendar 
 
 
 
 
Record date for third dividend for the year    1 December 2017 
 Payment of third dividend                    29 December 2017 
 Financial year end                                31 December 
 
 
   Financial summary 
 
 
 
 
                                                  Unaudited 
                        Unaudited              six months ended                  Audited 
               six months ended 30 June 2017     30 June 2016                   year ended 
                     (pence per share)         (pence per share)    31 December 2016 (pence per share) 
Dividends 
 paid                                    2.0                 3.8                                   5.0 
Revenue 
 return                                  0.1                 0.5                                   0.8 
Capital 
 gain/(loss)                             1.9               (1.6)                                   1.7 
Net asset 
 value                                  71.5                69.2                                  71.6 
 
 
 
 
 
 
 
                      Ordinary shares           C shares             Albion Income & Growth VCT PLC 
                (pence per share) (i)   (pence per share) (i)(ii)      (pence per share) (i)(iii) 
Total 
shareholder 
return to 30 
June 2017 
Total 
dividends 
paid during 
the period 
ended: 
31 December 
 2001                             1.0                           -                                 - 
31 December 
 2002                             2.0                           -                                 - 
31 December 
 2003                             1.5                           -                                 - 
31 December 
 2004                             7.5                           -                                 - 
31 December 
 2005                             9.0                           -                               0.6 
31 December 
 2006                             8.0                         0.5                               2.6 
31 December 
 2007                             8.0                         2.5                               3.5 
31 December 
 2008                            16.0                         4.5                               3.5 
31 December 
 2009                               -                         1.0                               3.0 
31 December 
 2010                             8.0                         3.0                               3.0 
31 December 
 2011                             5.0                         3.8                               3.5 
31 December 
 2012                             5.0                         3.9                               3.5 
31 December 
 2013                             5.0                         3.9                               3.5 
31 December 
 2014                             5.0                         3.9                               3.9 
31 December 
 2015                             5.0                         3.9                               3.9 
31 December 
 2016                             5.0                         3.9                               3.9 
30 June 2017                      2.0                         1.6                               1.6 
Total 
 dividends 
 paid to 30 
 June 2017                       93.0                        36.4                              40.0 
Net asset 
 value as at 
 30 June 
 2017                            71.5                        55.6                              55.9 
Total 
 shareholder 
 return to 30 
 June 2017                      164.5                        92.0                              95.9 
 
 
   In addition to the dividends paid above, the Board declared a third 
dividend for the year ending 31 December 2017 of 2.0 pence per Ordinary 
share to be paid on 29 December 2017 to shareholders on the register on 
1 December 2017. 
 
   Notes 
 
   (i) Excludes tax benefits upon subscription. 
 
   (ii) The C shares were converted into Ordinary shares on 31 March 2011. 
The net asset value per share and all dividends paid subsequent to the 
conversion of the C shares to the Ordinary shares are multiplied by the 
conversion factor of 0.7779 in respect of the C shares' return, in order 
to give an accurate picture of the shareholder value since launch 
relating to the C shares. 
 
   (iii) Albion Income & Growth VCT PLC was merged with Albion Technology & 
General VCT PLC on 15 November 2013. The net asset value per share and 
all dividends paid subsequent to the merger of the Income & Growth 
shares to the Ordinary shares are multiplied by the issue ratio of 
0.7813 in respect of the Income & Growth shares' return, in order to 
give an accurate picture of the shareholder value since launch relating 
to the Income & Growth shares. Prior to the merger, Albion Income & 
Growth VCT PLC had a financial year end of 30 September and as such, the 
above dividends per share relate to the relevant period. 
 
   Interim management report 
 
   Introduction 
 
   The results for Albion Technology & General VCT PLC for the six months 
to 30 June 2017 showed a total return of 2.0 pence per share, compared 
to a loss of 1.1 pence per share for the interim period the previous 
year.  Net asset value at 30 June 2017 was 71.5 pence per share. 
 
   Performance and portfolio update 
 
   These interim results, on top of the total return of 2.5 pence per share 
for the year ended 31 December 2016, reflect the continued progress in 
repositioning the portfolio which began in 2014. The return was driven 
principally by strong performance in the technology sector, which led to 
material revaluations in memsstar and Oxsensis. Against this, the share 
price of the AIM-quoted Mi-Pay fell during the period.  The disposal 
programme of the pre-2009 investments continues, with the disposal of 
AMS Sciences, Blackbay and Masters Pharmaceuticals during the period. 
This takes the proportion of investments made before 2009 down to 22 per 
cent. of the portfolio. 
 
   Investments in four new companies have been made during the period, all 
of which should result in further investment as the companies prove 
themselves and grow. These are MPP Global Solutions (provider of a cloud 
platform to measure and manage e-commerce), G. Network Communications 
(provider of ultra-high speed fibre optic broadband to SME's in central 
London), Quantexa (predictive analytics services to protect and detect 
complex financial crime) and Locum's Nest (digital platform for NHS 
Trusts to manage their requirements for locum doctors).  Amongst our 
other investments, we provided a further GBP367,000 to DySIS Medical. 
 
   Portfolio split as at 30 June 2017 
 
   Set out at the bottom of this announcement is the sector diversification 
of the portfolio of investments as at 30 June 2017. 
 
   Results and dividends 
 
   As at 30 June 2017, the net asset value was 71.5 pence per share (30 
June 2016: 69.2 pence per share; 31 December 2016: 71.6 pence per 
share). 
 
   It was announced on 22 November 2016 that the Company's dividend target 
was changing from 5.0 pence per share to 4.0 pence per share and in the 
31 December 2016 Annual Report and Financial Statements that it would 
move from paying quarterly dividends to semi-annual dividends. 
 
   A first dividend of 1 penny per share was paid on 31 January 2017, with 
a second dividend of 1 penny per share paid on 30 June 2017.  The next 
payment is 2.0 pence per share on 29 December 2017, to shareholders on 
the register on 1 December 2017. Thereafter, it is the Board's intention 
that two dividends are payable per annum in June and December. 
 
   Liquidity management 
 
   The Company aims to hold between 15 to 20 per cent. of its net asset 
value in cash and liquid assets so that it is in a position to invest in 
new private equity opportunities when they arise. Following shareholder 
approval at the Annual General Meeting for the modification to the 
investment policy, the Company is able to invest part of its liquidity 
in an open-ended equity fund, delivering strong income and the potential 
for capital growth without any double charging of fees, pending 
deployment in suitable private equity opportunities. Investments of 
GBP1,050,000 in SVS Albion OLIM UK Equity Income Fund were made after 
the period end. 
 
   Risks, uncertainties and prospects 
 
   The prospective exit of the UK from the EU is having a dampening effect 
on consumer and business confidence and it remains wise to prepare for a 
renewed economic slowdown in the UK. Overall investment risk, however, 
is mitigated through a variety of processes, including our policies of 
first ensuring that the Company has a first charge over portfolio 
companies' assets wherever possible, and second of aiming to achieve 
balance in the portfolio through the inclusion of sectors that are less 
exposed to the business and consumer cycles. In addition, the current 
consultation entitled "Financing growth in innovative firms" may result 
in changes to VCT legislation in the next budget. 
 
   Other principal risks and uncertainties remain unchanged and are as 
detailed in note 13. 
 
   Share buy-backs 
 
   It remains the Board's primary objective to maintain sufficient 
resources for investment in existing and new portfolio companies and for 
the continued payment of dividends to shareholders. Thereafter, it is 
still 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. In order to ensure that this condition is satisfied, the 
Company will limit the sum available for buy-backs for the 6 month 
period to 31 December 2017 to GBP1m. It is the Board's intention for 
such buy-backs to be in the region of a 5 per cent. discount to net 
asset value, so far as market conditions and liquidity permit. 
 
   Albion VCTs Top-Up Offers 
 
   The Company was pleased to announce on 22 February 2017 that it had 
reached its GBP6m limit under the Albion VCTs Prospectus Top-Up Offers 
2016/2017. On 6 September 2017 the Company announced the publication of 
a prospectus in relation to an offer for subscription for new Ordinary 
Shares. The Company is aiming to raise circa GBP6 million out of a 
target of GBP32 million in aggregate that the Albion VCTs are seeking to 
raise. The Manager continues to see a number of attractive investment 
opportunities into which offer proceeds can be deployed in due course. A 
Securities Note, which forms part of the Prospectus, is being sent to 
shareholders. 
 
   Transactions with the Manager 
 
   Details of the transactions that took place with the Manager in the 
period can be found in note 5. 
 
   Outlook 
 
   The Board is encouraged by the progress made in repositioning the 
investment portfolio, by the prospects in many of our portfolio 
companies and in the outlook for fresh investment opportunities. We 
expect further progress in the second half of the year, both in terms of 
performance and in the making of new investments in growth sectors. 
 
   Dr N E Cross 
 
   Chairman 
 
   12 September 2017 
 
   Responsibility statement 
 
   The Directors, Dr. Neil Cross, Robin Archibald, Mary Anne Cordeiro, 
Modwenna Rees-Mogg and Patrick Reeve, are responsible for preparing the 
Half-yearly Financial Report. In preparing these condensed Financial 
Statements for the period to 30 June 2017 we, the Directors of the 
Company, confirm that to the best of our knowledge: 
 
   (a) the condensed set of Financial Statements, which has been prepared 
in accordance with Financial Reporting Standard 104 "Interim Financial 
Reporting", gives a true and fair view of the assets, liabilities, 
financial position and profit and loss of the Company as required by DTR 
4.2.4R; 
 
   (b) the interim management report includes a fair review of the 
information required by DTR 4.2.7R (indication of important events 
during the first six months and description of principal risks and 
uncertainties for the remaining six months of the year); and 
 
   (c) the interim management report includes a fair review of the 
information required by DTR 4.2.8R (disclosure of related parties' 
transactions and changes therein). 
 
   This Half-yearly Financial Report has not been audited or reviewed by 
the Auditor. 
 
   By order of the Board 
 
   Dr N E Cross 
 
   Chairman 
 
   12 September 2017 
 
   Portfolio of investments 
 
 
 
 
                                        As at 30 June 2017 
Technology     % voting    Cost    Cumulative movement in value   Value    Change in value for the period* 
investments     rights    GBP'000             GBP'000             GBP'000              GBP'000 
 
Process 
 Systems 
 Enterprise 
 Limited           13.9     2,160                         2,429     4,589                              195 
memsstar 
 Limited           30.1     1,157                         1,266     2,423                            1,274 
Mirada 
 Medical 
 Limited           14.6       978                         1,055     2,033                              264 
Oxsensis 
 Limited           13.9     1,696                         (226)     1,470                              518 
Proveca 
 Limited            7.2       729                           720     1,449                               33 
DySIS Medical 
 Limited           10.5     2,369                       (1,251)     1,118                            (165) 
Mi-Pay Group 
 plc               21.6     4,163                       (3,087)     1,076                            (718) 
MPP Global 
 Solutions 
 Limited            3.2       950                             -       950                                - 
Relayware 
 Limited            2.8       895                          (14)       881                              (7) 
sparesFinder 
 Limited           12.0       613                           245       858                                - 
Grapeshot 
 Limited            1.9       390                           400       790                              299 
Egress 
 Software 
 Technologies 
 Limited            2.0       200                           588       788                              212 
Convertr 
 Media 
 Limited            7.0       650                             -       650                                - 
Aridhia 
 Informatics 
 Limited            5.1       822                         (186)       636                               90 
MyMeds&Me 
 Limited            2.1       260                           125       385                                9 
Black Swan 
 Data 
 Limited            1.1       362                             -       362                                - 
Quantexa 
 Limited            3.0       335                             -       335                                - 
Panaseer 
 Limited            2.8       248                            65       313                               65 
Cisiv Limited       7.4       574                         (280)       294                                1 
Abcodia 
 Limited            3.2       409                         (234)       175                                - 
Oviva AG            2.2       165                             -       165                                - 
Palm Tree 
 Technology 
 Limited            0.5       320                         (156)       164                                - 
OmPrompt 
 Holdings 
 Limited            2.3       210                          (55)       155                             (63) 
Locum's Nest 
 Limited            3.0       135                             -       135                                - 
InCrowd 
 Sports 
 Limited            1.9        84                             -        84                                - 
ComOps 
 Limited            1.0        68                          (20)        48                              (8) 
Sandcroft 
 Avenue 
 Limited            0.6        50                           (7)        43                                - 
Elements 
 Software 
 Limited            3.3        19                          (19)         -                                - 
Total 
 technology 
 investments               21,011                         1,358    22,369                            1,999 
 
 
   *As adjusted for additions and disposals during the period. 
 
 
 
 
                                                                               As at 30 June 2017 
                                                      % voting    Cost    Cumulative movement in value   Value    Change in value for the period* 
Non-technology investments                             rights    GBP'000             GBP'000             GBP'000              GBP'000 
 
Radnor House School (Holdings) Limited                    15.3     5,415                         3,873     9,288                               76 
Chonais River Hydro Limited                               15.7     2,169                           944     3,113                              201 
Bravo Inns II Limited                                     15.1     2,639                           353     2,992                              111 
Earnside Energy Limited                                   12.7     2,059                           198     2,257                             (17) 
Bravo Inns Limited                                        28.8     2,411                         (548)     1,863                             (24) 
Gharagain River Hydro Limited                             18.5     1,526                           265     1,791                              (6) 
MHS 1 Limited (Previously The Charnwood Pub Company 
 Limited)                                                 22.5     1,565                           (3)     1,562                              (3) 
 
TWCL Limited (Previously The Weybridge Club Limited)      25.2     1,501                          (51)     1,450                               71 
The Street by Street Solar Programme Limited               8.1       895                           436     1,331                               70 
Regenerco Renewable Energy Limited                         7.9       822                           291     1,113                                9 
Hilson Moran Holdings Limited                              6.2       265                           696       961                              111 
Alto Prodotto Wind Limited                                 6.9       683                           259       942                                4 
The Q Garden Company Limited                              33.4       934                             5       939                                5 
Infinite Ventures (Goathill) Limited                       9.6       400                           119       519                               24 
Premier Leisure (Suffolk) Limited                         25.8       454                            65       519                             (25) 
Erin Solar Limited                                        15.7       440                          (18)       422                              (8) 
Secured by Design Limited                                  2.7       410                             -       410                                - 
Albion Investment Properties Limited                      31.8       434                          (35)       399                                8 
AVESI Limited                                              8.0       259                            87       346                                2 
G. Network Communications Limited                          7.5       337                             -       337                                - 
Harvest AD Limited                                         0.0       210                           (3)       207                              (3) 
CSS Group Limited                                         10.0       188                             4       192                               55 
Greenenerco Limited                                        3.1       109                            56       165                              (6) 
Dickson Financial Services Limited                         6.0        60                            29        89                                7 
Beddlestead Farm Limited                                  10.0        10                             -        10                                - 
Total non-technology investments                                  26,195                         7,022    33,217                              662 
Total investments                                                 47,206                         8,380    55,586                            2,661 
 
 
   * As adjusted for additions and disposals during the period. 
 
 
 
 
Total change in value of investments for the period        2,661 
 Movement in loan stock accrued interest                     67 
Unrealised gains on fixed asset investments                2,728 
Realised losses on fixed asset investments (per the 
 table below)                                              (346) 
Total gains on investments as per income statement         2,382 
 
 
 
 
                                                                                                                                     Gain/(loss) 
                                                                                                                                     on opening 
Investment realisations and loan stock repayments     Cost    Opening carrying value  Disposal proceeds  Total realised (loss)/gain     value 
 in the period to 30 June 2017                       GBP'000          GBP'000              GBP'000                 GBP'000             GBP'000 
Disposals: 
Blackbay Limited                                       4,213                   3,652              3,699                       (514)           47 
AMS Sciences Limited                                   2,016                   1,555              1,504                       (512)         (51) 
Masters Pharmaceuticals Limited                          452                     681                687                         235            6 
Loan stock repayments: 
memsstar Limited                                         165                     606                321                         156        (285) 
Radnor House School (Holdings) Limited                   153                     153                153                           -            - 
Alto Prodotto Wind Limited                                 7                      11                 11                           4            - 
Greenenerco Limited                                        1                       2                  2                           1            - 
Escrow adjustments and other: 
TWCL Limited (Previously The Weybridge Club 
 Limited)+                                               375                       -                  -                       (375)            - 
Escrow Adjustments                                         -                       -               (63)                        (63)         (63) 
Total                                                  7,382                   6,660              6,314                     (1,068)        (346) 
 
 
   + The accounting cost as shown above represents realised losses of 
investments still held at the Balance Sheet date. 
 
   Condensed income statement 
 
 
 
 
                                                                           Unaudited                     Unaudited                      Audited 
                                                                        six months ended              six months ended                 year ended 
                                                                          30 June 2017                  30 June 2016                31 December 2016 
                                                                  Revenue   Capital    Total    Revenue   Capital    Total    Revenue   Capital    Total 
                                                            Note   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
Gains/(losses) on investments                                  3         -     2,382     2,382         -   (1,023)   (1,023)         -     2,419     2,419 
Investment income                                              4       493         -       493       881         -       881     1,570         -     1,570 
Investment management fees                                     5     (197)     (591)     (788)     (183)     (549)     (732)     (369)   (1,108)   (1,477) 
Other expenses                                                       (152)         -     (152)     (139)         -     (139)     (284)         -     (284) 
Profit/(loss) on ordinary activities before tax                        144     1,791     1,935       559   (1,572)   (1,013)       917     1,311     2,228 
Tax (charge)/credit on ordinary activities                            (18)        18         -     (102)       102         -     (166)       167         1 
Profit/(loss) and total comprehensive income attributable 
 to shareholders                                                       126     1,809     1,935       457   (1,470)   (1,013)       751     1,478     2,229 
Basic and diluted return/(loss) per share (pence)*             7       0.1       1.9       2.0       0.5     (1.6)     (1.1)       0.8       1.7       2.5 
 
 
   * excluding treasury shares 
 
   Comparative figures have been extracted from the unaudited Half-yearly 
Financial Report for the six months ended 30 June 2016 and the audited 
statutory accounts for the year ended 31 December 2016. 
 
   The accompanying notes form an integral part of this Half-yearly 
Financial Report. 
 
   The total column of this Condensed income statement represents the 
profit and loss account of the Company. The supplementary revenue and 
capital columns have been prepared in accordance with The Association of 
Investment Companies' Statement of Recommended Practice. 
 
   Condensed balance sheet 
 
 
 
 
                                                           Unaudited      Unaudited         Audited 
                                                          30 June 2017   30 June 2016   31 December 2016 
                                                   Note     GBP'000        GBP'000          GBP'000 
 
Fixed asset investments                                         55,586         53,517             57,021 
 
Current assets 
Trade and other receivables less than one year                     667            896              1,096 
Cash and cash equivalents                                       13,882          8,987              6,752 
                                                                14,549          9,883              7,848 
 
  Total assets                                                  70,135         63,400             64,869 
 
  Creditors: amounts falling due within one year 
  Trade and other payables less than one year                    (566)          (484)              (443) 
Total assets less current liabilities                           69,569         62,916             64,426 
 
Equity attributable to equity holders 
Called up share capital                               8          1,094          1,004              1,007 
Share premium                                                   52,587         46,423             46,585 
Capital redemption reserve                                          28             28                 28 
Unrealised capital reserve                                       8,075          (872)              4,625 
Realised capital reserve                                         8,017         12,207              9,658 
Other distributable reserve                                      (232)          4,126              2,523 
Total equity shareholders' funds                                69,569         62,916             64,426 
 
Basic and diluted net asset value per share 
 (pence)*                                                         71.5           69.2               71.6 
 
 
   * excluding treasury shares 
 
   Comparative figures have been extracted from the unaudited Half-yearly 
Financial Report for the six months ended 30 June 2016 and the audited 
statutory accounts for the year ended 31 December 2016. 
 
   The accompanying notes form an integral part of this Half-yearly 
Financial Report. 
 
   These Financial Statements were approved by the Board of Directors and 
authorised for issue on 12 September 2017 and were signed on its behalf 
by 
 
   Dr N E Cross 
 
   Chairman 
 
   Company number: 04114310 
 
   Condensed statement of changes in equity 
 
 
 
 
                                                                                  Capital    Unrealised  Realised      Other 
                                                       Called up share   Share   redemption   capital    capital   distributable 
                                                           capital      premium   reserve     reserve    reserve*    reserve*      Total 
                                                           GBP'000      GBP'000   GBP'000     GBP'000    GBP'000      GBP'000     GBP'000 
At 1 January 2017                                                1,007   46,585          28       4,625     9,658          2,523   64,426 
Profit/(loss) and total comprehensive income for the 
 period                                                              -        -           -       2,728     (919)            126    1,935 
Transfer of previously unrealised losses on disposal 
 of investments                                                      -        -           -         722     (722)              -        - 
Purchase of own shares for treasury                                  -        -           -           -         -        (1,003)  (1,003) 
Issue of equity                                                     87    6,176           -           -         -              -    6,263 
Cost of issue of equity                                              -    (174)           -           -         -              -    (174) 
Dividends paid                                                       -        -           -           -         -        (1,878)  (1,878) 
At 30 June 2017                                                  1,094   52,587          28       8,075     8,017          (232)   69,569 
At 1 January 2016                                                  919   40,171          28       (424)    13,229          7,868   61,791 
(Loss)/profit and total comprehensive income for the 
 period                                                              -        -           -       (479)     (991)            457  (1,013) 
Transfer of previously unrealised losses on disposal 
 of investments                                                      -        -           -          31      (31)              -        - 
Purchase of own shares for treasury                                  -        -           -           -         -          (874)    (874) 
Issue of equity                                                     85    6,411           -           -         -              -    6,496 
Cost of issue of equity                                              -    (159)           -           -         -              -    (159) 
Dividends paid                                                       -        -           -           -         -        (3,325)  (3,325) 
At 30 June 2016                                                  1,004   46,423          28       (872)    12,207          4,126   62,916 
At 1 January 2016                                                  919   40,171          28       (424)    13,229          7,868   61,791 
Profit/(loss) and total comprehensive income for the 
 period                                                              -        -           -       1,937     (459)            751    2,229 
Transfer of previously unrealised losses on disposal 
 of investments                                                      -        -           -       3,112   (3,112)              -        - 
Purchase of own shares for treasury                                  -        -           -           -         -        (1,638)  (1,638) 
Issue of equity                                                     88    6,574           -           -         -              -    6,662 
Cost of issue of equity                                              -    (160)           -           -         -              -    (160) 
Dividends paid                                                       -        -           -           -         -        (4,458)  (4,458) 
At 31 December 2016                                              1,007   46,585          28       4,625     9,658          2,523   64,426 
 
 
   *These reserves amount to GBP7,785,000 (30 June 2016: GBP15,461,000; 31 
December 2016: GBP12,181,000) which is considered distributable. 
 
   Condensed statement of cash flows 
 
 
 
 
                                                                                           Audited 
                                Unaudited                       Unaudited                 year ended 
                       six months ended 30 June 2017   six months ended 30 June 2016   31 December 2016 
                                  GBP'000                         GBP'000                  GBP'000 
Cash flow from 
operating 
activities 
Loan stock income 
 received                                        492                             729              1,185 
Deposit interest 
 received                                          3                              37                 80 
Dividend income 
 received                                         57                              50                 76 
Investment 
 management fees 
 paid                                          (722)                           (696)            (1,413) 
Other cash payments                            (170)                           (131)              (281) 
Corporation tax 
 received/(paid)                                   2                               -               (32) 
Net cash flow from 
 operating 
 activities                                    (338)                            (11)              (385) 
 
 
Cash flow from 
investing 
activities 
Purchase of fixed 
 asset investments                           (2,555)                         (1,855)            (3,821) 
Disposal of fixed 
 asset investments                             6,745                           1,196              3,044 
Net cash flow from 
 investing 
 activities                                    4,190                           (659)              (777) 
 
 
Cash flow from 
financing 
activities 
Issue of ordinary 
 share capital                                 5,817                           5,869              5,869 
Cost of issue of 
 equity                                          (2)                             (3)                (8) 
Dividends paid                               (1,602)                         (2,852)            (3,818) 
Purchase of own 
 shares (including 
 costs)                                        (935)                           (866)            (1,638) 
Net cash flow from 
 financing 
 activities                                    3,278                           2,148                405 
 
Increase/(decrease) 
 in cash and cash 
 equivalents                                   7,130                           1,478              (757) 
Cash and cash 
 equivalents at 
 start of period                               6,752                           7,509              7,509 
Cash and cash 
 equivalents at end 
 of period                                    13,882                           8,987              6,752 
 
Cash and cash 
equivalents 
comprise: 
Cash at bank and in 
 hand                                         13,882                           8,987              6,752 
Cash equivalents                                   -                               -                  - 
Total cash and cash 
 equivalents                                  13,882                           8,987              6,752 
 
   Notes to the condensed Financial Statements 
 
   1. Basis of preparation 
 
   The condensed Financial Statements have been prepared in accordance with 
the historical cost convention, modified to include the revaluation of 
investments, in accordance with applicable United Kingdom law and 
accounting standards, including Financial Reporting Standard 102 ("FRS 
102"), Financial Reporting Standard 104 - Interim Financial Reporting 
("FRS 104"), and with the 2014 Statement of Recommended Practice 
"Financial Statements of Investment Trust Companies and Venture Capital 
Trusts" ("SORP") issued by the Association of Investment Companies 
("AIC"). 
 
   The preparation of the Financial Statements requires management to make 
judgements and estimates that affect the application of policies and 
reported amounts of assets, liabilities, income and expenses. The most 
critical estimates and judgements relate to the determination of 
carrying value of investments at fair value through profit and loss 
("FVTPL"). The Company values investments by following the IPEVCV 
Guidelines and further detail on the valuation techniques used are 
outlined in note 2 below. 
 
   The Half-yearly Financial Report has not been audited, nor has it been 
reviewed by the auditor pursuant to the FRC's guidance on Review of 
interim financial information. 
 
   Company information can be found on page 2 of the full Half-yearly 
Financial Report. 
 
   2. Accounting policies 
 
   Fixed asset investments 
 
   The Company's business is investing in financial assets with a view to 
profiting from their total return in the form of income and capital 
growth.  This portfolio of financial assets is managed and its 
performance evaluated on a fair value basis, in accordance with a 
documented investment policy, and information about the portfolio is 
provided internally on that basis to the Board. 
 
   In accordance with the requirements of FRS 102, those undertakings in 
which the Company holds more than 20 per cent. of the equity as part of 
an investment portfolio are not accounted for using the equity method. 
In these circumstances the investment is measured at FVTPL. 
 
   Upon initial recognition (using trade date accounting) investments, 
including loan stock, are classified by the Company as FVTPL and are 
included at their initial fair value, which is cost (excluding expenses 
incidental to the acquisition which are written off to the Income 
statement). 
 
   Subsequently, the investments are valued at fair value, which is 
measured as follows: 
 
 
   -- Investments listed on recognised exchanges are valued at their bid prices 
      at the end of the accounting period or otherwise at fair value based on 
      published price quotations; 
 
   -- Unquoted investments, where there is not an active market, are valued 
      using an appropriate valuation technique in accordance with the IPEVCV 
      Guidelines. Indicators of fair value are derived using established 
      methodologies including earnings multiples, the level of third party 
      offers received, prices of recent investment rounds, net assets and 
      industry valuation benchmarks. Where the Company has an investment in an 
      early stage enterprise, the price of a recent investment round is often 
      the most appropriate approach to determining fair value. In situations 
      where a period of time has elapsed since the date of the most recent 
      transaction, consideration is given to the circumstances of the portfolio 
      company since that date in determining fair value.  This includes 
      consideration of whether there is any evidence of deterioration or strong 
      definable evidence of an increase in value. In the absence of these 
      indicators, the investment in question is valued at the amount reported 
      at the previous reporting date. Examples of events or changes that could 
      indicate a diminution include: 
 
          -- the performance and/or prospects of the underlying business are 
             significantly below the expectations on which the investment was 
             based; 
 
          -- a significant adverse change either in the portfolio company's 
             business or in the technological, market, economic, legal or 
             regulatory environment in which the business operates; or 
 
          -- market conditions have deteriorated, which may be indicated by a 
             fall in the share prices of quoted businesses operating in the 
             same or related sectors. 
 
 
   Investments are recognised as financial assets on legal completion of 
the investment contract and are de-recognised on legal completion of the 
sale of an investment. 
 
   Dividend income is not recognised as part of the fair value movement of 
an investment, but is recognised separately as investment income through 
the other distributable reserve when a share becomes ex-dividend. 
 
   Receivables and payables and cash are carried at amortised cost, in 
accordance with FRS 102. There are no financial liabilities other than 
creditors. 
 
   Investment income 
 
   Equity income 
 
   Dividend income is included in revenue when the investment is quoted 
ex-dividend. 
 
   Unquoted loan stock and other preferred income 
 
   Fixed returns on non-equity shares and debt securities are recognised 
when the Company's right to receive payment and expect settlement is 
established. Where interest is rolled up and/or payable at redemption 
then it is recognised as income unless there is reasonable doubt as to 
its receipt. 
 
   Bank interest income 
 
   Interest income is recognised on an accruals basis using the rate of 
interest agreed with the bank. 
 
   Investment management fees and expenses 
 
   All expenses have been accounted for on an accruals basis. Expenses are 
charged through the other distributable reserve except the following 
which are charged through the realised capital reserve: 
 
 
   -- 75 per cent. of management fees are allocated to the realised capital 
      reserve. This is in line with the Board's expectation that over the long 
      term 75 per cent. of the Company's investment returns will be in the form 
      of capital gains; and 
 
   -- expenses which are incidental to the purchase or disposal of an 
      investment are charged through the realised capital reserve. 
 
   Performance incentive fee 
 
   Any performance incentive fee will be allocated between other 
distributable and realised capital reserves based upon the proportion to 
which the calculation of the fee is attributable to revenue and capital 
returns. 
 
   Taxation 
 
   Taxation is applied on a current basis in accordance with FRS 102. 
Current tax is tax payable (refundable) in respect of the taxable profit 
(tax loss) for the current period or past reporting periods using the 
tax rates and laws that have been enacted or substantively enacted at 
the financial reporting date. Taxation associated with capital expenses 
is applied in accordance with the SORP. 
 
   Deferred tax is provided in full on all timing differences at the 
reporting date. Timing differences are differences between taxable 
profits and total comprehensive income as stated in the Financial 
Statements that arise from the inclusion of income and expenses in tax 
assessments in periods different from those in which they are recognised 
in the Financial Statements. As a VCT the Company has an exemption from 
tax on capital gains. The Company intends to continue meeting the 
conditions required to obtain approval as a VCT in the foreseeable 
future. The Company therefore, should have no material deferred tax 
timing differences arising in respect of the revaluation or disposal of 
investments and the Company has not provided for any deferred tax. 
 
   Reserves 
 
   Share premium account 
 
   This reserve accounts for the difference between the price paid for 
shares and the nominal value of the shares, less issue costs. 
 
   Capital redemption reserve 
 
   This reserve accounts for amounts by which the issued share capital is 
diminished through the repurchase and cancellation of the Company's own 
shares. 
 
   Unrealised capital reserve 
 
   Increases and decreases in the valuation of investments held at the year 
end against cost are included in this reserve. 
 
   Realised capital reserve 
 
   The following are disclosed in this reserve: 
 
 
   -- gains and losses compared to cost on the realisation of investments; 
 
   -- expenses, together with the related taxation effect, charged in 
      accordance with the above policies; and 
 
   -- dividends paid to equity holders. 
 
   Other distributable reserve 
 
   The special reserve, treasury share reserve and the revenue reserve were 
combined in 2012 to form a single reserve named other distributable 
reserve. 
 
   This reserve accounts for movements from the revenue column of the 
Income statement, the payment of dividends, the buy-back of shares and 
other non-capital realised movements. 
 
   Dividends 
 
   Dividends by the Company are accounted for in the period in which the 
dividend is paid or approved at the Annual General Meeting. 
 
   Segmental reporting 
 
   The Directors are of the opinion that the Company is engaged in a single 
operating segment of business, being investment in equity and debt. 
 
   3.             Gains/(losses) on investments 
 
 
 
 
                                                                                      Audited 
                           Unaudited                       Unaudited                 year ended 
                  six months ended 30 June 2017   six months ended 30 June 2016   31 December 2016 
                             GBP'000                         GBP'000                  GBP'000 
Unrealised 
 gains/(losses) 
 on fixed asset 
 investments                              2,728                           (479)              1,937 
Realised 
 (losses)/gains 
 on fixed asset 
 investments                              (346)                           (544)                482 
                                          2,382                         (1,023)              2,419 
 
 
   4.             Investment income 
 
 
 
 
                           Unaudited          Unaudited           Audited 
                        six months ended   six months ended      year ended 
                          30 June 2017       30 June 2016     31 December 2016 
                            GBP'000            GBP'000            GBP'000 
Income recognised on 
investments 
Loan stock interest 
 and other fixed 
 returns                             434                788              1,417 
UK dividend income                    57                 50                 76 
Bank deposit interest                  2                 43                 77 
                                     493                881              1,570 
 
 
 
   5.             Investment management fees 
 
 
 
 
                                                     Unaudited          Unaudited           Audited 
                                                  six months ended   six months ended      year ended 
                                                    30 June 2017       30 June 2016     31 December 2016 
                                                      GBP'000            GBP'000            GBP'000 
 
  Investment management fee charged to revenue                 197                183                369 
Investment management fee charged to capital                   591                549              1,108 
                                                               788                732              1,477 
 
 
   Further details of the Management agreement under which the investment 
management fee is paid are given in the Strategic report on page 11 of 
the Annual Report and Financial Statements for the year ended 31 
December 2016. 
 
   During the period, services for a total value of GBP788,000 (30 June 
2016: GBP732,000; 31 December 2016: GBP1,477,000) were purchased by the 
Company from Albion Capital Group LLP. At the financial period end, the 
amount due to Albion Capital Group LLP in respect of these services was 
GBP439,000 (30 June 2016: GBP384,000; 31 December 2016: GBP373,000). The 
total annual running costs of the Company are capped at an amount equal 
to 2.75 per cent. of the Company's net assets, with any excess being met 
by Albion by way of a reduction in management fees. During the period, 
the management fee was reduced by GBP88,000 as a result of this cap (30 
June 2016: GBP35,000; 31 December 2016: GBP94,000). 
 
   During the period, the Company was not charged by Albion Capital Group 
LLP in respect of Patrick Reeve's services as a Director (30 June 2016 
and 31 December 2016: nil). 
 
   Albion Capital Group LLP, the Manager, holds 23,452 Ordinary shares in 
the Company. 
 
   Albion Capital Group LLP is, from time to time, eligible to receive 
transaction fees and monitoring fees from portfolio companies. During 
the period to 30 June 2017, fees of GBP131,000 attributable to the 
investments of the Company were received pursuant to these arrangements 
(30 June 2016: GBP88,000; 31 December 2016: GBP197,000). 
 
 
 
 
 
  6. Dividends                                               Unaudited         Unaudited           Audited 
                                                          six months ended  six months ended     year ended 
                                                            30 June 2017      30 June 2016     31 December 2016 
                                                               GBP'000           GBP'000           GBP'000 
Dividend of 1.25p per Ordinary share paid on 29 January 
 2016                                                                    -             1,045              1,045 
Dividend of 1.25p per Ordinary share paid on 29 April 
 2016                                                                    -             1,146              1,146 
Dividend of 1.25p per Ordinary share paid on 30 June 
 2016                                                                    -             1,135              1,135 
Dividend of 1.25p per Ordinary share paid on 31 October 
 2016                                                                    -                 -              1,132 
Dividend of 1.0p per Ordinary share paid on 31 January 
 2017                                                                  900                 -                  - 
Dividend of 1.0p per Ordinary share paid on 30 June 
 2017                                                                  978                 -                  - 
                                                                     1,878             3,325              4,458 
 
 
 
   The Directors have declared a dividend of 2.0 pence per Ordinary share 
(total approximately GBP1,945,000) payable on 29 December 2017, to 
shareholders on the register on 1 December 2017. 
 
   7.             Basic and diluted return/(loss) per share 
 
 
 
 
                     Unaudited            Unaudited                   Audited 
                  six months ended     six months ended            year ended 
                    30 June 2017         30 June 2016        31 December 2016 
                 Revenue   Capital    Revenue   Capital    Revenue   Capital 
Return/(loss) 
 attributable 
 to equity 
 shares 
 (GBP'000)            126     1,809        457  (1,470)         751     1,478 
Weighted 
 average 
 shares in 
 issue              95,774,724           88,695,736           89,594,274 
Return/(loss) 
 per Ordinary 
 share 
 (pence)              0.1       1.9        0.5   (1.6)          0.8    1.7 
 
 
   The weighted average number of shares is calculated excluding treasury 
shares of 12,192,070 (30 June 2016: 9,532,070; 31 December 2016: 
10,705,070) 
 
   There are no convertible instruments, derivatives or contingent share 
agreements in issue, and therefore no dilution effecting the 
return/(loss) per share. The basic return/(loss) per share is therefore 
the same as the diluted return/(loss) per share. 
 
   8.             Share capital 
 
 
 
 
                                                         Unaudited      Unaudited         Audited 
                                                        30 June 2017   30 June 2016   31 December 2016 
Allotted, called up and fully paid shares of 1 penny 
 each 
Number of shares                                         109,439,903    100,426,980        100,671,234 
Nominal value of allotted shares (GBP'000)                     1,094          1,004              1,007 
Voting rights (number of shares net of treasury 
 shares)                                                  97,247,833     90,894,910         89,966,164 
 
 
   During the period to 30 June 2017 the Company purchased 1,487,000 
Ordinary shares (nominal value of GBP14,870) for treasury at a cost of 
GBP1,003,000 including stamp duty. The total number of Ordinary shares 
held in treasury as at 30 June 2017 was 12,192,070 (30 June 2016: 
9,532,070; 31 December 2016: 10,705,070) at a nominal value of 
GBP121,921 representing 11.1 per cent. of the Ordinary shares in issue 
as at 30 June 2017. 
 
   Under the terms of the dividend reinvestment scheme, the following 
Ordinary shares of nominal value 1 penny each were allotted during the 
period to 30 June 2017: 
 
 
 
 
                                Aggregate 
                               nominal value                         Net 
Date of        Number of         of shares       Issue price       invested   Opening market price on allotment date (pence per 
allotment    shares allotted     (GBP'000)     (pence per share)   (GBP'000)                        share) 
31 January 
 2017                193,189               2               68.75         131                                              61.50 
30 June 
 2017                200,714               2               71.10         141                                              68.50 
                     393,903               4                             272 
 
 
   Under the terms of the Albion VCTs Prospectus Top-Up Offers 2016/2017, 
the following Ordinary shares of nominal value 1 penny each were 
allotted during the period to 30 June 2017: 
 
 
 
 
                                Aggregate                              Net 
                               nominal value                       consideration 
Date of        Number of         of shares       Issue price         received     Opening market price on allotment date (pence per 
allotment    shares allotted     (GBP'000)     (pence per share)     (GBP'000)                          share) 
31 January 
 2017              1,063,482              11                70.2             732                                              61.50 
31 January 
 2017                377,120               4                70.6             260                                              61.50 
31 January 
 2017              3,856,902              39                70.9           2,652                                              61.50 
28 March 
 2017              2,800,677              28                72.8           1,978                                              64.50 
7 April 
 2017                 19,619               -                72.1              14                                              68.00 
7 April 
 2017                 22,126               -                72.5              15                                              68.00 
7 April 
 2017                234,840               2                72.8             166                                              68.00 
                   8,374,766              84                               5,817 
 
   9.             Commitments and contingencies 
 
   As at 30 June 2017, the Company had the following financial commitment 
in respect of investments: 
 
   - Aridhia Informatics Limited; GBP11,000 
 
   There are no contingencies or guarantees of the Company as at 30 June 
2017 (30 June 2016 and 31 December 2016: nil). 
 
   10.           Post balance sheet events 
 
   Since 30 June 2017, the Company has completed the following material 
transactions: 
 
   - Investment of GBP1,050,000 in SVS Albion OLIM UK Equity Income Fund; 
 
   - Investment of GBP337,000 in G. Network Communications Limited; 
 
   - Investment of GBP266,000 in Egress Software Technologies Limited; 
 
   - Investment of GBP233,000 in Black Swan Data Limited; 
 
   - Investment of GBP130,000 in Convertr Media Limited; 
 
   - Investment of GBP30,000 in Abcodia Limited; 
 
   - Investment of GBP11,000 in Aridhia Informatics Limited; 
 
   - Investment of GBP10,000 in Beddlestead Farm Limited. 
 
   On 6 September 2017 the Company announced the publication of a 
prospectus in relation to an offer for subscription for new Ordinary 
Shares. The Company is aiming to raise circa GBP6 million out of a 
target of GBP32 million in aggregate that the Albion VCTs are seeking to 
raise. A Securities Note, which forms part of the Prospectus, is being 
sent to shareholders. 
 
   11.           Related party transactions 
 
   Other than transactions with the Manager as described in note 5, there 
are no other related party transactions. 
 
   12.           Going concern 
 
   The Board's assessment of liquidity risk remains unchanged since the 
last Annual Report and Financial Statements for the year ended 31 
December 2016 and is detailed on pages 55 and 56 of those accounts. The 
Company has adequate cash and liquid resources. The portfolio of 
investments is diversified in terms of sector, and the major cash 
outflows of the Company (namely investments, dividends and share 
buy-backs) are within the Company's control. Accordingly, after making 
diligent enquiries, the Directors have a reasonable expectation that the 
Company has adequate resources to continue in operational existence for 
the foreseeable future. For this reason, the Directors have adopted the 
going concern basis in preparing this Half-yearly Financial Report and 
this is in accordance with the Guidance on Risk Management, Internal 
Control and Related Financial and Business Reporting issued by the 
Financial Reporting Council in September 2014. 
 
   13.           Risks and uncertainties 
 
   In addition to the current economic risks outlined in the Interim 
management report, the Board considers that the Company faces the 
following major risks and uncertainties: 
 
 
   1. Investment and performance risk 
 
 
   The risk of investment in poor quality assets, which could reduce the 
capital and income returns to shareholders, and could negatively impact 
on the Company's current and future valuations. By nature, smaller 
unquoted businesses, such as those that qualify for venture capital 
trust purposes, are more fragile than larger, long established 
businesses. 
 
   To reduce this risk, the Board places reliance upon the skills and 
expertise of the Manager and its track record over many years of making 
successful investments in this segment of the market. In addition, the 
Manager operates a formal and structured investment appraisal and review 
process, which includes an Investment Committee, comprising investment 
professionals from the Manager and at least one external investment 
professional. The Manager also invites and takes account of comments 
from non-executive Directors of the Company on investments discussed at 
the Investment Committee meetings. Investments are actively and 
regularly monitored by the Manager (investment managers normally sit on 
portfolio company boards), including the level of diversification in the 
portfolio, and the Board receives detailed reports on each investment as 
part of the Manager's report at quarterly board meetings. 
 
 
   1. VCT approval risk 
 
 
   The Company must comply with section 274 of the Income Tax Act 2007 
which enables its investors to take advantage of tax relief on their 
investment and on future returns. Breach of any of the rules enabling 
the Company to hold VCT status could result in the loss of that status. 
 
   To reduce this risk, the Board has appointed the Manager, which has a 
team with significant experience in venture capital trust management, 
used to operating within the requirements of the venture capital trust 
legislation. In addition, to provide further formal reassurance, the 
Board has appointed Philip Hare & Associates LLP as its taxation adviser, 
who report quarterly to the Board to independently confirm compliance 
with the venture capital trust legislation, to highlight areas of risk 
and to inform on changes in legislation. Each investment in a new 
portfolio company is also pre-cleared with H.M. Revenue & Customs. 
 
 
   1. Regulatory and compliance risk 
 
 
   The Company is listed on The London Stock Exchange and is required to 
comply with the rules of the UK Listing Authority, as well as with the 
Companies Act, Accounting Standards and other legislation. Failure to 
comply with these regulations could result in a delisting of the 
Company's shares, or other penalties under the Companies Act or from 
financial reporting oversight bodies. 
 
   Board members and the Manager have experience of operating at senior 
levels within or advising quoted companies. In addition, the Board and 
the Manager receive regular updates on new regulation from its auditor, 
lawyers and other professional bodies. The Company is subject to 
compliance checks through the Manager's Compliance Officer. The Manager 
reports monthly to its Board on any issues arising from compliance or 
regulation. These controls are also reviewed as part of the quarterly 
Board meetings, and also as part of the review work undertaken by the 
Manager's Compliance Officer. The report on controls is also evaluated 
by the internal auditors. 
 
 
   1. Operational and internal control risk 
 
 
   The Company relies on a number of third parties, in particular the 
Manager, for the provision of investment management and administrative 
functions. Failures in key systems and controls within the Manager's 
business could put assets of the Company at risk or result in reduced or 
inaccurate information being passed to the Board or to shareholders. 
 
   The Company and its operations are subject to a series of rigorous 
internal controls and review procedures exercised throughout the year. 
The Audit Committee reviews the Internal Audit Reports prepared by the 
Manager's internal auditors, PKF Littlejohn LLP. On an annual basis, the 
Audit Committee chairman meets with the internal audit Partner to 
provide an opportunity to ask specific detailed questions in order to 
satisfy itself that the Manager has strong systems and controls in place 
including those in relation to business continuity. 
 
   In addition, the Board regularly reviews the performance of its key 
service providers, particularly the Manager, to ensure they continue to 
have the necessary expertise and resources to deliver the Company's 
investment objective and policies. The Manager and other service 
providers have also demonstrated to the Board that there is no undue 
reliance placed upon any one individual within Albion Capital Group LLP. 
 
 
   1. Economic and political risk 
 
 
   Changes in economic conditions, including, for example, interest rates, 
rates of inflation, industry conditions, competition, political and 
diplomatic events and other factors could substantially and adversely 
affect the Company's prospects in a number of ways. 
 
   The Company invests in a diversified portfolio of companies across a 
number of industry sectors and in addition often invests a mixture of 
equity and secured loan stock in portfolio companies and has a policy of 
not normally permitting any external bank borrowings within portfolio 
companies. At any given time, the Company has sufficient cash resources 
to meet its operating requirements, including share buy-backs and follow 
on investments. 
 
 
   1. Market value of Ordinary shares 
 
 
   The market value of Ordinary shares can fluctuate. The market value of 
an Ordinary share, as well as being affected by its net asset value and 
prospective net asset value, also takes into account its dividend yield 
and prevailing interest rates. As such, the market value of an Ordinary 
share may vary considerably from its underlying net asset value. The 
market prices of shares in quoted investment companies can, therefore, 
be at a discount or premium to the net asset value at different times, 
depending on supply and demand, market conditions, general investor 
sentiment and other factors. Accordingly the market price of the 
Ordinary shares may not fully reflect their underlying net asset value. 
 
 
   The Company operates a share buyback policy, which is designed to limit 
the discount at which the Ordinary shares trade to around 5 per cent to 
net asset value, by providing a purchaser through the Company in absence 
of market purchasers.  From time to time buyback cannot be applied, for 
example when the Company is subject to a close period, or if it were to 
exhaust its buyback authorities, which are renewed each year. New 
Ordinary shares are issued at sufficient premium to net asset value to 
cover the costs of issue and to avoid asset value dilution to existing 
investors. 
 
   14.           Other information 
 
   The information set out in this Half-yearly Financial Report does not 
constitute the Company's statutory accounts within the terms of section 
435 of the Companies Act 2006 for the periods ended 30 June 2017 and 30 
June 2016 and is unaudited. The information for the year ended 31 
December 2016, does not constitute statutory accounts within the terms 
of section 435 of the Companies Act 2006 but is derived from the audited 
statutory accounts for the financial year, which have been delivered to 
the Registrar of Companies. The Auditor reported on those accounts; 
their report was unqualified and did not contain a statement under s498 
(2) or (3) of the Companies Act 2006. 
 
   15.           Publication 
 
   This Half-yearly Financial Report is being sent to shareholders and 
copies will be made available to the public at the registered office of 
the Company, Companies House, the National Storage Mechanism and also 
electronically at www.albion.capital/funds/AATG, where the Report can be 
accessed via a link in the 'Financial Reports and Circulars' section. 
 
   Portfolio split as at 30 June 2017: 
http://hugin.info/141704/R/2133109/815895.pdf 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Albion Technology & General VCT PLC - Ordinary Shares via 
Globenewswire 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

September 12, 2017 05:28 ET (09:28 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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