Albion Tech&Gen VCT Albion Technology & General Vct Plc : Interim Management Statement

 
TIDMAATG 
 
   Albion Technology & General VCT PLC 
 
   Interim Management Statement 
 
   LEI code: 213800TKJUY376H3KN16 
 
   Introduction 
 
   I am pleased to present Albion Technology & General VCT PLC's (the 
"Company") interim management statement for the period from 1 July 2020 
to 30 September 2020. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 September 2020 
was GBP87.0 million or 78.75 pence per share (excluding treasury shares), 
an increase of 0.90 pence per share (1.2 per cent.) since 30 June 2020. 
 
   After accounting for the special dividend of 9.00 pence per share paid 
on 30 October 2020 to shareholders on the register on 9 October 2020, 
the NAV is 69.75 pence per share. 
 
   A second interim dividend for the year ending 31 December 2020 of 1.95 
pence per Ordinary share is to be paid on 31 December 2020 to 
shareholders on the register on 4 December 2020, resulting in total 
dividends of 12.95 pence per share for the year. 
 
   Share buy-backs 
 
   There were no share buy-backs during the period from 1 July 2020 to 30 
September 2020. 
 
   It remains the Board's policy to buy back shares in the market, subject 
to the overall constraint that such purchases are in the Company's 
interest, including the maintenance of sufficient resources for 
investment in existing and new portfolio companies and the continued 
payment of dividends to shareholders. It is the Board's intention for 
such buy-backs to be at around a 5 per cent. discount to the most 
recently announced net asset value, so far as market conditions and 
liquidity permit. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 July 
2020 to 30 September 2020: 
 
 
 
 
New 
investment     GBP'000                         Activity 
-------------  -------  ------------------------------------------------------- 
The Voucher 
Market                   A cloud platform that enables corporates to purchase 
Limited (T/A             digital gift cards and to distribute them to employees 
WeGift)         1,020                        and customers 
-------------  -------  ------------------------------------------------------- 
Total new 
 investments     1,020 
-------------  ------- 
 
 
 
 
 
 
Further 
investments       GBP'000  Activity 
----------------  -------  --------------------------------------------------- 
                           Network analytics platform to detect financial 
Quantexa Limited   1,967   crime 
----------------  -------  --------------------------------------------------- 
                           A developer and producer of industrial sensors for 
Oxsensis Limited   1,082    use in ultra-high temperature environments 
----------------  -------  --------------------------------------------------- 
                           A patient engagement and data capture platform for 
uMotif Limited      426     use in real world and observational research 
----------------  -------  --------------------------------------------------- 
                           AI platform that generates optimised marketing 
Phrasee Limited     288    campaigns 
----------------  -------  --------------------------------------------------- 
The Evewell 
(Harley Street)            Operator of a women's health centre focusing on 
Limited             52     fertility 
----------------  -------  --------------------------------------------------- 
ePatient Network 
Limited (T/A               Online community connecting people affected by rare 
Raremark)           46      diseases 
----------------  -------  --------------------------------------------------- 
Total further 
 investments        3,861 
----------------  ------- 
 
   Top ten holdings as at 30 September 2020: 
 
 
 
 
                                 % of 
                                  net 
                 Carrying value  asset 
Investment           GBP'000     value                        Activity 
---------------  --------------  -----  ----------------------------------------------------- 
Quantexa 
Limited               7,978       9.2   Network analytics platform to detect financial crime 
---------------  --------------  -----  ----------------------------------------------------- 
Radnor House 
School (TopCo) 
Limited               4,611       5.3        Independent school for children aged 2.5-18 
---------------  --------------  -----  ----------------------------------------------------- 
Chonais River                            Owner and operator of a 2 MW hydro-power scheme in 
Hydro Limited         3,915       4.5                   the Scottish Highlands 
---------------  --------------  -----  ----------------------------------------------------- 
Oxsensis                                 A developer and producer of industrial sensors for 
Limited               3,697       4.3         use in ultra-high temperature environments 
---------------  --------------  -----  ----------------------------------------------------- 
Proveca Limited           3,621    4.2                  Reformulation of paediatric medicines 
---------------  --------------  -----  ----------------------------------------------------- 
Gharagain River                            Owner and operator of a 1 MW hydro-power scheme in 
Hydro Limited             2,172    2.5                                 the Scottish Highlands 
---------------  --------------  -----  ----------------------------------------------------- 
Egress Software 
Technologies 
Limited                   2,114    2.4       Encrypted email & file transfer service provider 
---------------  --------------  -----  ----------------------------------------------------- 
G.Network 
Communications                           Ultra-fast fibre optic broadband provider in central 
Limited                   1,828    2.1                                                 London 
---------------  --------------  -----  ----------------------------------------------------- 
Black Swan Data 
 Limited                  1,740    2.0               Predictive analytics for consumer brands 
---------------  --------------  -----  ----------------------------------------------------- 
Concirrus             1,632       1.9   A software provider bringing real-time behavioural 
 Limited                                 data analytics to the marine and transport insurance 
                                         industries 
---------------  --------------  -----  ----------------------------------------------------- 
 
 
   A full breakdown of the Company's portfolio can be found on the 
Company's webpage on the Manager's website at 
https://www.globenewswire.com/Tracker?data=QV4rGABXOUjrcJd2RHQCRhZRPFzIhn4FaZf2_-LEEQGiyllLKKZwCUtv_svFl2_uQjZW_VdTBXQ22Wi__zpE8c0jk-JPHmJJhQK8HbmfTnbEr2H9ez9VZaMSdk5rMBBn 
www.albion.capital/funds/AATG, by following the 'Portfolio of 
Investments' link under the 'Fund reports' section. 
 
   Material events and transactions after the period end 
 
   After the period end, the Company undertook the following material 
investment transactions: 
 
 
   -- Our holding in SVS Albion OLIM UK Equity Income Fund was exited with 
      total proceeds (including dividends) of GBP1.85 million on cost of 
      GBP2.26 million; Proceeds of GBP757,000 received from the sale of Clear 
      Review Limited on cost of GBP367,000; Investment of GBP283,000 in a new 
      portfolio company, Seldon Technologies Limited, a software company that 
      enables enterprises to deploy Machine Learning models in production; 
      Investment of GBP180,000 in an existing portfolio company, Limitless 
      Technology Limited, a provider of a customer service platform powered by 
      the crowd and machine learning technology; 
 
   -- Investment of GBP100,000 in a new portfolio company, uMedeor Limited (T/A 
      uMed), a middleware technology platform that enables life science 
      organisations to conduct medical research programmes; and 
 
   -- Investment of GBP84,000 in an existing portfolio company, Arecor Limited, 
      which develops biopharmaceuticals through the application of a 
      formulation technology platform. 
 
 
   There have been no further significant events or transactions between 1 
October 2020 and 11 November 2020 that the Board is aware of which would 
have had a material impact on the financial position of the Company. 
 
   Further information 
 
   Further information regarding historic and current financial performance 
and other useful shareholder information can be found on the Company's 
webpage on the Manager's website at 
https://www.globenewswire.com/Tracker?data=QV4rGABXOUjrcJd2RHQCRhZRPFzIhn4FaZf2_-LEEQFhgU-YPUJ9IbQ4YWkR4NOLOx1P_i4Gy_mNXU6SY_4J821w8kAI3RQYI5a9_k4YzVFeCJlXpRgC0zKXNWijKNHC 
www.albion.capital/funds/AATG. 
 
   Dr. Neil Cross, Chairman 
 
   11 November 2020 
 
   For further information please contact: 
 
   Albion Capital Group LLP -- tel: [phone] 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 11, 2020 11:27 ET (16:27 GMT)

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