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 present Albion Technology & General VCT PLC's (the "Company") interim management statement for the period from 1 July 2022 to 30 September 2022.

Performance and dividends

The Company's unaudited net asset value (NAV) on 30 September 2022 was GBP124.8 million or 77.94 pence per share (excluding treasury shares), a decrease of 0.75 pence per share (0.95 per cent.) since 30 June 2022.

A second dividend for the year ending 31 December 2022 of 1.97 pence per Ordinary share is to be paid on 30 December 2022 to shareholders on the register on 9 December 2022, resulting in total dividends of 3.99 pence per share for the year, a 4.9% yield on opening NAV.

Albion VCTs' Top Up Offers

A prospectus Top Up Offer of new Ordinary shares was launched on 10 October 2022. The Company's Offer is GBP8.5 million, with an over-allotment facility of GBP7.0 million. Any election to make use of the over-allotment facility will be subject to the decision of the Board at the relevant time.

The first allotment of shares under the Offer is due to take place on 2 December 2022, and the Company intends to allot new ordinary shares based upon the latest published NAV in accordance with the Pricing Formula set out in the Prospectus.

Full details of the Offer are in a prospectus that is available on the Albion Capital website (www.albion.capital).

Portfolio

The following investments have been made during the period from 1 July 2022 to 30 September 2022:

 
New investments     GBP'000                       Activity 
------------------  -------  -------------------------------------------------- 
Toqio FinTech 
Holdings (T/A 
Toqio)               1,400         Provider of embedded FinTech solutions 
------------------  -------  -------------------------------------------------- 
GX Molecular (T/A 
CS Genetics)          846         Develop single-cell sequencing solutions 
------------------  -------  -------------------------------------------------- 
                             SaaS platform to measure and manage human risk for 
OutThink              687                        enterprises 
------------------  -------  -------------------------------------------------- 
Neurofenix            590               Neurorehabilitation platform 
------------------  -------  -------------------------------------------------- 
Total new 
 investments          3,523 
------------------  ------- 
 
 
Further 
investments    GBP'000                         Activity 
-------------  -------  ------------------------------------------------------- 
The Voucher              A cloud platform that enables corporates to purchase 
Market (T/A              digital gift cards and to distribute them to employees 
WeGift)         1,081                        and customers 
-------------  -------  ------------------------------------------------------- 
InCrowd 
Sports           113    Developer of mobile apps for professional sports clubs 
-------------  -------  ------------------------------------------------------- 
                          A middleware technology platform that enables life 
uMedeor (T/A               science organisations to conduct medical research 
uMed)            50                            programmes 
-------------  -------  ------------------------------------------------------- 
Brytlyt          32                 A GPU database software provider 
-------------  -------  ------------------------------------------------------- 
Total further 
 investments     1,276 
-------------  ------- 
 

Top ten holdings as at 30 September 2022:

 
Investment          Carrying value  % of   Activity 
                        GBP'000      net 
                                    asset 
                                    value 
------------------  --------------  -----  ---------------------------------------------------------- 
Quantexa                16,933      13.6   Network analytics platform to detect financial crime 
------------------  --------------  -----  ---------------------------------------------------------- 
Oviva                   5,506        4.4   Technology enabled service business in medical nutritional 
                                            therapy (MNT) 
------------------  --------------  -----  ---------------------------------------------------------- 
Radnor House            5,280        4.2   Independent school for children aged 2-18 
School (TopCo) 
------------------  --------------  -----  ---------------------------------------------------------- 
Proveca                 4,788        3.8   Reformulation of medicines for paediatrics 
------------------  --------------  -----  ---------------------------------------------------------- 
Cantab Research         4,621        3.7   Provider of low footprint automated speech recognition 
(T/A                                        which can be deployed in the cloud, on premise or 
Speechmatics)                               on device 
------------------  --------------  -----  ---------------------------------------------------------- 
Chonais River           3,993        3.2   Owner and operator of a 2 MW hydro-power scheme in 
Hydro                                       the Scottish Highlands 
------------------  --------------  -----  ---------------------------------------------------------- 
The Evewell Group       3,107        2.5   Operator and developer of women's health centres focusing 
                                            on fertility 
------------------  --------------  -----  ---------------------------------------------------------- 
Egress Software         2,855        2.3   Encrypted email and file transfer service provider 
Technologies 
------------------  --------------  -----  ---------------------------------------------------------- 
The Voucher Market      2,692        2.2   A cloud platform that enables corporates to purchase 
(T/A WeGift)                                digital gift cards and to distribute them to employees 
                                            and customers 
------------------  --------------  -----  ---------------------------------------------------------- 
Elliptic                2,466        2.0   Provider of Anti Money Laundering services to digital 
Enterprises                                 asset institutions 
------------------  --------------  -----  ---------------------------------------------------------- 
 

Share buy-backs

During the period from 1 July 2022 to 30 September 2022, the Company purchased 713,078 shares for GBP536,000 (including stamp duty) at an average price of 74.76 pence per share. All of the shares are to be held in treasury.

It remains the Board's policy to buy back shares in the market, subject to the overall constraint that such purchases are in the Company's interest, including the maintenance of sufficient resources for investment in existing and new portfolio companies and the continued payment of dividends to shareholders.

It is the Board's intention for such buy-backs to be at around a 5% discount to net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end

After the period end, the Company undertook the following new investment transactions:

   -- Investment of GBP585,000 in a new portfolio company, an AI for code 
      testing/writing platform; 
 
   -- Investment of GBP487,000 in a new portfolio company, a veterinary 
      engagement and communications platform; 
 
   -- Investment of GBP390,000 in a new portfolio company, 5Mins AI, a 
      bite-sized workplace learning platform; and 
 
   -- Investment of GBP277,000 in a new portfolio company, a software platform 
      automating revenue and customer forecasting. 

There have been no further significant events or transactions between 1 October 2022 and 28 November 2022 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 www.albion.capital/funds/AATG.

Robin Archibald, Chairman

28 November 2022

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: [phone]

(END) Dow Jones Newswires

November 28, 2022 06:47 ET (11:47 GMT)

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