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| 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 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | -2.85M | -6.3M | -0.0354 | -19.49 | 122.68M |
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Albion Technology & General VCT PLC
LEI number: 213800TKJUY376H3KN16
As required by the UK Listing Authority's Disclosure Guidance 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 2019. This
announcement was approved by the Board of Directors on 16 September
2019.
The full Half-yearly Financial Report (which is unaudited) for the
period to 30 June 2019, 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
https://www.globenewswire.com/Tracker?data=gxQb_LSBJ9LgbCltB2Hm2zi-JG_FEBqneZuYjLwPHFrvWk6J71ux4n57nV90u3suMaKQCfENlVoRT6cA8EelgMnFzz_BJB8giKd32QldaVHPL_rR6QBVJvgyj2Z078v4s9cjoBjYXdybF5SMW5nA5RTgJuhurxx6F_7Qgtvumqw=
www.albion.capital/funds/AATG/30Jun19.pdf.
Investment objective and policy
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 a balanced portfolio of
unquoted growth and technology businesses in a qualifying venture
capital trust.
Investment policy
The Company will invest in a broad portfolio of unquoted growth and
technology businesses. Allocation of assets will be determined by the
investment opportunities which become available but efforts will be made
to ensure that the portfolio is diversified in terms of sectors and
stages of maturity of portfolio companies.
VCT qualifying and non-qualifying investments
Application of the investment policy is designed to ensure that the
Company continues to qualify and is approved as a VCT by HM Revenue and
Customs ("VCT regulations"). The maximum amount invested in any one
company is limited to any HMRC annual investment limits. It is intended
that normally at least 80 per cent. of the Company's funds will be
invested in VCT qualifying investments. The VCT regulations also have an
impact on the type of investments and qualifying sectors in which the
Company can make investment.
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 of utilising 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
GBP40.0 million 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") resulting in a further GBP28.1
million of net assets.
Financial calendar
Record date for second dividend for the year 6 December 2019
Payment date for second dividend 31 December 2019
Financial year end 31 December
Financial summary
Unaudited
Unaudited six months ended Audited
six months ended 30 June 2019 30 June 2018 year ended
(pence per share) (pence per share) 31 December 2018 (pence per share)
Opening
net asset
value 77.40 71.90 71.90
Revenue
return 0.25 0.10 0.40
Capital
return 9.83 5.90 9.10
------------------------------ ------------------ ------------------------------------
Total
return 10.08 6.00 9.50
Dividends
paid (2.00) (2.00) (4.00)
Impact
from
buy-backs
and issue
of share
capital (0.33) - -
------------------------------ ------------------ ------------------------------------
Net asset
value 85.15 75.90 77.40
---------- ------------------------------ ------------------ ------------------------------------
Total
shareholder
return to 30 Ordinary shares C shares Albion Income & Growth VCT PLC
June 2019 (pence per share) (i) (pence per share) (i)(ii) (pence per share) (i)(iii)
Total
dividends
paid during
the period
ended:
31 December
2001 1.00 - -
31 December
2002 2.00 - -
31 December
2003 1.50 - -
31 December
2004 7.50 - -
31 December
2005 9.00 - 0.65
31 December
2006 8.00 0.50 2.60
31 December
2007 8.00 2.50 3.45
31 December
2008 16.00 4.50 3.50
31 December
2009 - 1.00 3.00
31 December
2010 8.00 3.00 3.00
31 December
2011 5.00 3.80 3.50
31 December
2012 5.00 3.90 3.50
31 December
2013 5.00 3.90 3.50
31 December
2014 5.00 3.90 3.90
31 December
2015 5.00 3.90 3.90
31 December
2016 5.00 3.90 3.90
31 December
2017 4.00 3.11 3.13
31 December
2018 4.00 3.11 3.13
30 June 2019 2.00 1.56 1.56
---------------------- -------------------------- --------------------------------
Total
dividends
paid to 30
June 2019 101.00 42.62 46.23
Net asset
value as at
30 June
2019 85.15 66.24 66.53
---------------------- -------------------------- --------------------------------
Total
shareholder
return to 30
June 2019 186.15 108.86 112.76
---------------------- -------------------------- --------------------------------
In addition to the dividends paid above, the Board declared a second
dividend for the year ending 31 December 2019 of 2.00 pence per Ordinary
share to be paid on 31 December 2019 to shareholders on the register on
6 December 2019.
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
I am pleased to report that the results for Albion Technology & General
VCT PLC for the six months to 30 June 2019 showed a total return of
10.08 pence per share (13.0 per cent. on opening net asset value),
compared to 6.00 pence per share for the same interim period last year,
and 9.50 pence per share for the year ended 31 December 2018. Net asset
value increased from 77.40 pence per share at 31 December 2018 to 85.15
pence per share at 30 June 2019, following the payment of a 2.00 pence
per share dividend on 28 June 2019. This shows continued strong
performance following the recovery plan of the last three years.
Performance and portfolio update
The period has been a busy one with a number of write ups from further
investment in existing portfolio companies by third party investors, and
GBP2.7 million invested in new and existing companies. The net effect of
the Board's regular portfolio revaluation has been an overall gain on
investments of GBP11.3 million (30 June 2018: GBP6.7 million; 31
December 2018: GBP10.7 million). The key movements in the period
include: a GBP9 million uplift in the valuation of Process Systems
Enterprise following the exchange of contracts for the sale of the
portfolio company to Siemens for over 10x total funds invested; a
GBP641,000 uplift in the valuation of Proveca following a GBP3.5 million
funding round in which we participated; and a GBP380,000 write up in
Bravo Inns II, following a new professional third party valuation. There
were a few investments where valuations declined over the period, the
largest being a GBP409,000 decrease in Convertr Media, which required
further finance during the period as it continues to develop its
business. Further details of the portfolio of investments can be found
below.
Investments in five new portfolio companies have been made during the
period, all of which should result in further investment as the
companies prove themselves and grow. These are:
-- GBP400,000 into Avora, a developer of software to improve decision making
through augmented analytics and machine learning;
-- GBP380,000 into Limitless Technology, a customer service platform powered
by crowd and machine learning technology;
-- GBP367,000 into Clear Review, a provider of talent management software to
mid-market enterprises;
-- GBP151,000 into Imandra, a provider of automated software testing and an
enhanced learning experience for artificial neural networks; and
-- GBP68,000 into Symetrica, a designer and manufacturer of radiation
detection equipment.
We provided further investments to a number of portfolio companies
including GBP455,000 to Proveca, GBP338,000 to Oxsensis, and GBP200,000
to Beddlestead to support growth.
Current portfolio sector allocation
Set out at the bottom of this announcement is the sector diversification
of the portfolio of investments as at 30 June 2019.
Results and dividends
As at 30 June 2019, the net asset value was 85.15 pence per share (30
June 2018: 75.90 pence per share; 31 December 2018: 77.40 pence per
share).
A first dividend of 2.00 pence per share was paid on 28 June 2019. The
Company will pay a second dividend of 2.00 pence per share on 31
December 2019 to shareholders on the register on 6 December 2019, making
4.00 pence per share in total for the full year, in line with the
Company's current dividend target.
Risks, uncertainties and prospects
The uncertainty over the process and implications of the withdrawal of
the UK from the European Union remains a risk, added to which is muted
economic growth and other political uncertainty. Overall investment risk,
however, is mitigated through a variety of processes, including our
policy of aiming to achieve balance in the portfolio through the
inclusion of sectors that are less exposed to the business and consumer
cycles.
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. 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 5 April 2019 that it had reached
its GBP8 million limit under the Albion VCTs Prospectus Top Up Offers
2018/19 which was fully subscribed and closed early raising net proceeds
of GBP7.8 million. The proceeds of the Offer are being deployed into new
investments as mentioned above, and supporting further funding of
existing portfolio companies to promote growth.
Transactions with the Manager
Details of the transactions that took place with the Manager in the
period can be found in note 5. Details of related party transactions can
be found in note 11.
Fraud warning
We note over recent months an increase in the number of shareholders
being contacted in connection with increasingly sophisticated but
fraudulent financial scams. This is often by a phone call or an email
which normally originates from outside of the UK, often claiming or
appearing to come from a corporate finance firm and typically offering
to buy your VCT shares at an inflated price. If you are contacted, we
recommend that you do not respond with any personal information and say
you are not interested.
The Manager maintains a page on their website in relation to fraud
advice at www.albion.capital/investor-centre/fraud-advice.
If you are in any doubt, we recommend that you seek financial advice
before taking any action. You can also call Shareholder relations on 020
7601 1850, or email info@albion.capital, if you wish to check whether
any claims made are genuine.
Outlook
The Board is encouraged by the continuing strong performance of the
investment portfolio, by the prospects in many of our portfolio
companies and in the outlook for fresh investment opportunities. We
believe the portfolio is well positioned to continue to grow over the
coming years but the political and economic background remains
challenging.
Dr N E Cross
Chairman
16 September 2019
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 2019 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.
For and on behalf of the Board
Dr N E Cross
Chairman
16 September 2019
Portfolio of investments
As at 30 June 2019
Fixed asset % 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 13.6 2,160 11,696 13,856 8,993
Radnor House
School
(Holdings)
Limited 15.3 4,701 6,327 11,028 144
Chonais River
Hydro Limited 15.7 2,169 1,955 4,124 (59)
Bravo Inns II
Limited 15.1 2,639 1,109 3,748 380
Mirada Medical
Limited 12.9 1,321 2,107 3,428 (135)
Quantexa Limited 3.1 773 2,429 3,202 -
Proveca Limited 7.2 1,184 1,558 2,742 641
G. Network
Communications
Limited 4.6 1,050 1,247 2,297 52
Gharagain River
Hydro Limited 18.5 1,526 660 2,186 (25)
Egress Software
Technologies
Limited 2.2 765 1,349 2,114 -
Oxsensis Limited 13.8 1,886 163 2,049 339
Bravo Inns
Limited 28.8 2,411 (365) 2,046 229
memsstar Limited 30.1 852 858 1,710 311
MHS 1 Limited 22.5 1,565 (5) 1,560 -
The Street by
Street Solar
Programme
Limited 8.1 895 581 1,476 24
TWCL Limited 25.2 1,502 (93) 1,409 (8)
DySIS Medical
Limited 5.7 2,589 (1,249) 1,340 18
Regenerco
Renewable
Energy Limited 7.9 822 474 1,296 26
Beddlestead
Limited 9.8 1,200 - 1,200 -
Convertr Media
Limited 7.0 1,079 19 1,098 (409)
The Evewell
(Harley Street)
Limited 8.3 1,039 - 1,039 -
Zift Channel
Solutions Inc. 1.6 881 123 1,004 10
Alto Prodotto
Wind Limited 6.9 649 310 959 (9)
MPP Global
Solutions
Limited 3.2 950 - 950 -
The Q Garden
Company
Limited 33.4 934 (3) 931 -
Secured by
Design Limited 2.7 410 463 873 210
Mi-Pay Group plc 19.6 4,163 (3,311) 852 90
Black Swan Data
Limited 1.7 828 - 828 -
Panaseer Limited 3.2 557 214 771 -
Locum's Nest
Limited 7.7 675 41 716 -
Oviva AG 3.8 665 20 685 14
Cisiv Limited 7.8 695 (28) 667 -
Premier Leisure
(Suffolk)
Limited 25.8 454 52 506 (14)
Albion
Investment
Properties
Limited 31.8 434 (12) 422 16
Erin Solar
Limited 15.7 440 (19) 421 -
MyMeds&Me
Limited 4.6 439 (23) 416 -
Avora Limited 2.5 400 - 400 -
Koru Kids
Limited 1.7 204 192 396 192
Phrasee Limited 1.9 392 - 392 -
Limitless
Technology
Limited 2.4 380 - 380 -
Sandcroft Avenue
Limited
(Hussle) 2.2 397 (21) 376 (37)
AVESI Limited 8.0 259 115 374 (6)
Clear Review
Limited 2.9 367 - 367 -
InCrowd Sports
Limited 3.4 294 28 322 -
OmPrompt
Holdings
Limited 3.3 306 (10) 296 76
Harvest AD
Limited 0.0 210 15 225 (7)
Arecor Limited 1.2 220 - 220 -
Aridhia
Informatics
Limited 4.9 950 (748) 202 (182)
Abcodia Limited 3.2 549 (355) 194 -
Greenenerco
Limited 3.1 101 71 172 3
Forward Clinical
Limited 1.6 170 - 170 -
Imandra Inc. 1.6 151 - 151 -
Innovation
Broking Group
Limited 6.0 60 71 131 27
uMotif Limited 1.1 170 (51) 119 (51)
Healios Limited 0.8 80 - 80 -
ePatient Limited
(Raremark) 1.2 115 (42) 73 (42)
Symetrica
Limited 0.3 68 - 68 -
Palm Tree
Technology
Limited 0.5 320 (287) 33 -
Elements
Software
Limited 3.3 19 (19) - -
----------------
Total fixed
asset
investments 53,484 27,606 81,090 10,811
---------------- -------- -------- ---------------------------- -------- -------------------------------
* As adjusted for additions and disposals during the period.
Current
asset Cost Cumulative movement in value Value Change in value for the period
investments GBP'000 GBP'000 GBP'000 GBP'000
------------ -------- ---------------------------- -------- ------------------------------
SVS Albion
OLIM UK
Equity
Income
Fund 2,260 (108) 2,152 230
Total
current
asset
investments 2,260 (108) 2,152 230
------------ -------- ---------------------------- -------- ------------------------------
Cost Opening carrying value Disposal proceeds Total realised gain/(loss) Gain on opening value
Investment realisations in the period to 30 June 2019 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------------------- -------- ---------------------- ----------------- -------------------------- ---------------------
Disposals:
Earnside Energy Limited 2,059 2,482 2,334 275 (148)
Tambla Limited 68 37 39 (29) 2
Loan stock repayments and other:
Mirada Medical Limited 564 700 746 182 46
Radnor House School (Holdings) Limited 638 638 638 - -
memsstar Limited 54 54 54 - -
Alto Prodotto Wind Limited 12 18 18 6 -
Greenenerco Limited 2 3 3 1 -
Escrow adjustments - - 123 123 123
Total 3,397 3,932 3,955 558 23
------------------------------------------------------- -------- ---------------------- ----------------- -------------------------- ---------------------
Total change in value of investments for the period 10,811
Movement in loan stock accrued interest 233
------
Unrealised gains on fixed asset investments 11,044
Realised gains on fixed asset investments 23
Unrealised gains on current asset investments 230
----------------------------------------------------- ------
Total gains on investments as per income statement 11,297
----------------------------------------------------- ------
Condensed income statement
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2019 30 June 2018 31 December 2018
--------------------------------------------------- ---- ---------------------------- ---------------------------- ----------------------------
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 on investments 3 - 11,297 11,297 - 6,691 6,691 - 10,709 10,709
Investment income 4 694 - 694 549 - 549 1,184 - 1,184
Investment management fee 5 (250) (752) (1,002) (222) (667) (889) (460) (1,379) (1,839)
Other expenses (153) - (153) (149) - (149) (295) - (295)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Profit on ordinary activities before tax 291 10,545 10,836 178 6,024 6,202 429 9,330 9,759
Tax (charge)/credit on ordinary activities (24) 24 - (21) 21 - (59) 59 -
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Profit and total comprehensive income attributable
to shareholders 267 10,569 10,836 157 6,045 6,202 370 9,389 9,759
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Basic and diluted return per share (pence)* 7 0.25 9.83 10.08 0.10 5.90 6.00 0.40 9.10 9.50
--------------------------------------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
* adjusted for treasury shares
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2018 and the audited
statutory accounts for the year ended 31 December 2018.
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 2019 30 June 2018 31 December 2018
Note GBP'000 GBP'000 GBP'000
------------------------------------------------ ---- ------------- ------------- -----------------
Fixed asset investments 81,090 65,741 70,737
Current assets
Current asset investments 2,152 2,260 1,921
Trade and other receivables less than one year 838 696 664
Cash and cash equivalents 11,879 10,693 7,142
------------- ------------- -----------------
14,869 13,649 9,727
Total assets 95,959 79,390 80,464
Payables: amounts falling due within one year
Trade and other payables less than one year (636) (715) (567)
------------- ------------- -----------------
Total assets less current liabilities 95,323 78,675 79,897
------------- ------------- -----------------
Equity attributable to equity holders
Called up share capital 8 1,292 1,183 1,187
Share premium 34,642 26,330 26,621
Capital redemption reserve 28 28 28
Unrealised capital reserve 27,436 13,126 16,697
Realised capital reserve 10,763 11,160 10,933
Other distributable reserve 21,162 26,848 24,431
------------- ------------- -----------------
Total equity shareholders' funds 95,323 78,675 79,897
------------- ------------- -----------------
Basic and diluted net asset value per share
(pence)* 85.15 75.90 77.40
------------------------------------------------ ---- ------------- ------------- -----------------
* excluding treasury shares
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 30 June 2018 and the audited
statutory accounts for the year ended 31 December 2018.
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 16 September 2019 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
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 1 January 2019 1,187 26,621 28 16,697 10,933 24,431 79,897
Return/(loss) and total comprehensive income for the
year - - - 11,274 (705) 267 10,836
Transfer of previously unrealised gains on disposal
of investments - - - (535) 535 - -
Purchase of own shares for treasury - - - - - (1,299) (1,299)
Issue of equity 105 8,225 - - - - 8,330
Cost of issue of equity - (204) - - - - (204)
Dividends paid - - - - - (2,237) (2,237)
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 30 June 2019 1,292 34,642 28 27,436 10,763 21,162 95,323
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 1 January 2018 1,143 23,469 28 9,692 8,549 29,767 72,648
Return and total comprehensive income for the year - - - 4,909 1,136 157 6,202
Transfer of previously unrealised gains on disposal
of investments - - - (1,475) 1,475 - -
Purchase of own shares for treasury - - - - - (995) (995)
Issue of equity 40 2,940 - - - - 2,980
Cost of issue of equity - (79) - - - - (79)
Dividends paid - - - - - (2,081) (2,081)
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 30 June 2018 1,183 26,330 28 13,126 11,160 26,848 78,675
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 1 January 2018 1,143 23,469 28 9,692 8,549 29,767 72,648
Return and total comprehensive income for the year - - - 8,910 479 370 9,759
Transfer of previously unrealised gains on disposal
of investments - - - (1,905) 1,905 - -
Purchase of own shares for treasury - - - - - (1,570) (1,570)
Issue of equity 44 3,233 - - - - 3,277
Cost of issue of equity - (81) - - - - (81)
Dividends paid - - - - - (4,136) (4,136)
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 31 December 2018 1,187 26,621 28 16,697 10,933 24,431 79,897
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
*These reserves amount to GBP31,925,000 (30 June 2018: GBP38,008,000; 31
December 2018: GBP35,364,000) which is considered distributable.
Condensed statement of cash flows
Audited
Unaudited Unaudited year ended
six months ended 30 June 2019 six months ended 30 June 2018 31 December 2018
GBP'000 GBP'000 GBP'000
-------------------- ------------------------------ ------------------------------ -----------------
Cash flow from
operating
activities
Loan stock income
received 739 502 1,098
Dividend income
received 140 67 119
Deposit interest
received 21 11 25
Investment
management fee
paid (944) (853) (1,803)
Other cash payments (159) (175) (293)
Corporation tax paid - - -
------------------------------ -----------------
Net cash flow from
operating
activities (203) (448) (854)
Cash flow from
investing
activities
Purchase of current
asset investments - (900) (910)
Purchase of fixed
asset investments (2,728) (2,060) (4,354)
Disposal of fixed
asset investments 3,060 3,952 5,621
Net cash flow from
investing
activities 332 992 357
Cash flow from
financing
activities
Issue of share
capital 7,804 2,606 2,606
Cost of issue of
equity (2) (2) (15)
Dividends paid (1,895) (1,771) (3,536)
Purchase of own
shares (including
costs) (1,299) (838) (1,570)
Net cash flow from
financing
activities 4,608 (5) (2,515)
Increase/(decrease)
in cash and cash
equivalents 4,737 539 (3,012)
Cash and cash
equivalents at
start of period 7,142 10,154 10,154
------------------------------ ------------------------------ -----------------
Cash and cash
equivalents at end
of period 11,879 10,693 7,142
Cash and cash
equivalents
comprise:
Cash at bank 11,879 10,693 7,142
Cash equivalents - - -
-------------------- ------------------------------ ------------------------------ -----------------
Total cash and cash
equivalents 11,879 10,693 7,142
-------------------- ------------------------------ ------------------------------ -----------------
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 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 International
Private Equity and Venture Capital Valuation ("IPEV") 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 and current 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, including liquid open-ended
equity funds, 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 IPEV
Guidelines. Indicators of fair value are derived using established
methodologies including earnings multiples, the level of third party
offers received, cost or price of recent investment rounds, net assets
and industry valuation benchmarks. Where price of recent investment is
used as a starting point for estimating fair value at subsequent
measurement dates, this has been benchmarked using an appropriate
valuation technique permitted by the IPEV guidelines.
-- In situations where cost or price of recent investment is used,
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, payables and cash are carried at amortised cost, in
accordance with FRS 102. There are no financial liabilities other than
payables.
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 expected 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, performance incentive 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 and performance incentive 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.
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
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 smaller companies
principally based in the UK.
3. Gains on investments
Audited
Unaudited Unaudited year ended
six months ended 30 June 2019 six months ended 30 June 2018 31 December 2018
GBP'000 GBP'000 GBP'000
Unrealised
gains on fixed
asset
investments 11,044 4,921 9,271
Unrealised
gains/(losses)
on current
asset
investments 230 (12) (361)
Realised gains
on fixed asset
investments 23 1,782 1,799
11,297 6,691 10,709
------------------------------ ------------------------------ -----------------
4. Investment income
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2019 30 June 2018 31 December 2018
GBP'000 GBP'000 GBP'000
---------------------
Loan stock interest
and other fixed
returns 507 471 1,039
UK dividend income 167 67 119
Bank deposit interest 20 11 26
----------------- ----------------- -----------------
694 549 1,184
----------------- ----------------- -----------------
5. Investment management fee
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2019 30 June 2018 31 December 2018
GBP'000 GBP'000 GBP'000
Investment management
fee charged to
revenue 250 222 460
Investment management
fee charged to
capital 752 667 1,379
----------------- ----------------- -----------------
1,002 889 1,839
----------------- ----------------- -----------------
Further details of the Management agreement under which the investment
management fee is paid are given in the Strategic report on pages 11 and
12 of the Annual Report and Financial Statements for the year ended 31
December 2018.
During the period, services for a total value of GBP1,002,000 (30 June
2018: GBP889,000; 31 December 2018: GBP1,839,000) 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
GBP539,000 (30 June 2018: GBP483,000; 31 December 2018: GBP482,000). 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 2018: GBP82,000; 31 December 2018: GBP136,000).
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 2018
and 31 December 2018: nil).
Albion Capital Group LLP, the Manager, its partners and staff (including
Patrick Reeve), hold 1,264,240 Ordinary shares in the Company.
Albion Capital Group LLP is, from time to time, eligible to receive
arrangement fees and monitoring fees from portfolio companies. During
the period to 30 June 2019, fees of GBP123,000 attributable to the
investments of the Company were received pursuant to these arrangements
(30 June 2018: GBP119,000; 31 December 2018: GBP214,000).
The Company entered into an offer agreement relating to the Offers with
the Company's investment manager Albion Capital Group LLP, pursuant to
which Albion Capital received a fee of 2.5 per cent. of the gross
proceeds of the Offers and out of which Albion Capital paid the costs of
the Offers, as detailed in the Prospectus. The Offers closed on 5 April
2019.
During the period, no funds (30 June 2018: GBP900,000; 31 December 2018:
GBP910,000) were invested in the SVS Albion OLIM UK Equity Income Fund
("OUEIF") as part of the Company's management of surplus liquid funds.
To avoid double charging, Albion agreed to reduce its management fee
relating to the investment in the OUEIF by 0.75 per cent., which
represents the OUEIF management fee charged by OLIM. This resulted in a
further reduction of the management fee of GBP8,000 (30 June 2018:
GBP8,000; 31 December 2018: GBP15,000).
6. Dividends Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2019 30 June 2018 31 December 2018
GBP'000 GBP'000 GBP'000
----------------------- ---------------- ---------------- -----------------
Dividend of 2.00p per
share paid on 29 June
2018 - 2,081 2,081
Dividend of 2.00p per
share paid on 31
December 2018 - - 2,055
Dividend of 2.00p per
share paid on 28 June
2019 2,237 - -
2,237 2,081 4,136
---------------- ---------------- -----------------
The Directors have declared a dividend of 2.00 pence per Ordinary share
(total approximately GBP2,239,000) payable on 31 December 2019, to
shareholders on the register on 6 December 2019.
7. Basic and diluted return per share
Unaudited six Unaudited six
Ordinary months ended 30 months ended 30 Audited year ended
shares June 2019 June 2018 31 December 2018
Revenue Capital Revenue Capital Revenue Capital
------------- ------- --------- -------- --------- -------- --------
Return
attributable
to equity
shares
(GBP'000) 267 10,569 157 6,045 370 9,389
Weighted
average
shares in
issue 107,475,312 103,070,606 103,202,241
Return per
Ordinary
share
(pence) 0.25 9.83 0.10 5.90 0.40 9.10
The weighted average number of shares is calculated after adjusting for
treasury shares of 17,279,470 (30 June 2018: 14,721,470; 31 December
2018: 15,518,470).
There are no convertible instruments, derivatives or contingent share
agreements in issue, and therefore no dilution effecting the return per
share. The basic return per share is therefore the same as the diluted
return per share.
8. Share capital
Unaudited Unaudited Audited
30 June 2019 30 June 2018 31 December 2018
-----------------------------------------------------
Allotted, called up and fully paid shares of 1 penny
each
Number of shares 129,232,525 118,320,317 118,711,589
Nominal value of allotted shares (GBP'000) 1,292 1,183 1,187
Voting rights (number of shares net of treasury
shares) 111,953,055 103,598,847 103,193,119
During the period to 30 June 2019 the Company purchased 1,761,000
Ordinary shares (nominal value of GBP17,610) for treasury at a cost of
GBP1,299,000 including stamp duty. The total number of Ordinary shares
held in treasury as at 30 June 2019 was 17,279,470 (30 June 2018:
14,721,470; 31 December 2018: 15,518,470) representing 13.4 per cent. of
the Ordinary shares in issue as at 30 June 2019.
Under the terms of the Dividend Reinvestment Scheme, the following new
Ordinary shares of nominal value 1 penny each were allotted during the
period to 30 June 2019:
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)
----------
28 June
2019 440,639 4 76.60 322 72.00
Under the terms of the Albion VCTs Prospectus Top Up Offers 2018/19, the
following new Ordinary shares of nominal value 1 penny each were
allotted during the period to 30 June 2019:
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)
----------
1 April
2019 1,188,131 12 78.60 920 72.50
1 April
2019 287,073 3 79.00 222 72.50
1 April
2019 6,429,303 64 79.40 4,978 72.50
5 April
2019 1,795,802 18 79.40 1,390 73.50
12 April
2019 101,276 1 78.60 78 73.50
12 April
2019 4,049 - 79.00 3 73.50
12 April
2019 274,663 3 79.40 213 73.50
10,080,297 101 7,804
---------------- -------------- --------------
9. Commitments and contingencies
As at 30 June 2019, the Company had no financial commitments in respect
of investments (30 June 2018 and 31 December 2018: GBPnil).
There are no contingencies or guarantees of the Company as at 30 June
2019 (30 June 2018 and 31 December 2018: GBPnil).
10. Post balance sheet events
Since 30 June 2019, the Company has completed the following material
transactions:
- Investment of GBP1,402,000 in Elliptic Enterprises Limited; and
- Investment of GBP141,000 in Koru Kids Limited.
11. Related party transactions
During the period, no additional funds (30 June 2018: GBP900,000; 31
December 2018: GBP910,000) were invested into the SVS Albion OLIM UK
Equity Income Fund ("OUEIF"), a fund managed by OLIM Limited which is
part of the Albion group. At the period end, the Company had invested a
total of GBP2,260,000 (30 June 2018: GBP2,250,000; 31 December 2018:
GBP2,260,000) in the OUEIF.
Albion agreed to reduce that proportion of its management fee relating
to the investment in the OUEIF by 0.75 per cent., which represents the
OUEIF management fee charged by OLIM; this resulted in a reduction of
the management fee of GBP8,000 (30 June 2018: GBP8,000; 31 December
2018: GBP15,000).
Other than transactions with the Manager as disclosed in note 5 and that
disclosed above, there are no other related party transactions requiring
disclosure.
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 2018 and is detailed on page 63 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.
13. 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 volatile than larger, long
established businesses.
Investments in open-ended equity funds result in exposure to market risk
through movements in price per unit.
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 matters 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. The Board and Manager
regularly reviews the deployment of cash resources into equity markets,
the extent of exposure and performance of the exposure.
2. 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 portfolio
company is also pre-cleared with our professional advisers or H.M.
Revenue & Customs.
3. 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, including
legislation on the management of the Company, 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.
4. 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, including the ability to exercise share
buybacks. 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 buy-backs cannot be applied, for
example when the Company is subject to a close period, or if it were to
exhaust and could not renew any buyback authorities.
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.
5. 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,
and receives reports from the Manager on internal controls and risk
management, including on matters relating to cyber security.
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 and cyber security.
From 1 October 2018, Ocorian (UK) Limited were appointed as Depositary
to oversee the custody and cash arrangements and provide other AIFMD
duties. The Board reviews the quarterly reports prepared by Ocorian (UK)
Limited to ensure that Albion Capital is adhering to its duties as a
full-scope Alternative Investment Fund Manager under the AIFMD.
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 policy. The Manager and other service providers have also
demonstrated to the Board that there is no undue reliance placed upon
any one individual.
6. 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
instruments 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.
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
434 of the Companies Act 2006 for the periods ended 30 June 2019 and 30
June 2018 and is unaudited. The information for the year ended 31
December 2018, does not constitute statutory accounts within the terms
of section 434 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
https://www.globenewswire.com/Tracker?data=gxQb_LSBJ9LgbCltB2Hm2zi-JG_FEBqneZuYjLwPHFqQLbM0g_4hOdtBVD47cyWpW1qQaFneENmhhPSqDQ4n8bCjJK2TkiRYIk-KOxA1QvaVvZgQVwH5jd7Mx1Zpu6vF
www.albion.capital/funds/AATG, where the Report can be accessed via a
link in the 'Financial Reports and Circulars' section.
Attachment
-- Current portfolio sector allocation
https://ml-eu.globenewswire.com/Resource/Download/bd7375b8-ad13-4158-a14e-52eb7d418eb2
(END) Dow Jones Newswires
September 16, 2019 09:41 ET (13:41 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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