Albion Inc&Gth VCT Albion Income & Growth Vct Plc : Interim Management Statement

 
TIDMAAIG 
 
   Albion Income & Growth VCT PLC Interim Management Statement 
 
   Introduction 
 
   I am pleased to present Albion Income & Growth VCT PLC's (the "Company") 
interim management statement for the period from 1 April 2013 to 8 
August 2013 as required by the UK Listing Authority's Disclosure and 
Transparency Rule 4.3. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value per share (NAV), based on 
management accounts, as at 30 June 2013 was GBP28.60 million or 65.30 
pence per share (excluding treasury shares), after accounting for a 
dividend of 1.75 pence per share which was paid on 28 June 2013 to 
shareholders on the register on 7 June 2013. 
 
   The NAV as at 31 March 2013 was 64.85 pence per share (after accounting 
for the above dividend). 
 
   After taking account of the dividend, the Company's NAV has risen by 
0.45 pence per share or 0.70 per cent. since 31 March 2013 as a result 
of a small increase in investment valuations. 
 
   Share issues and buybacks 
 
   During the period from 1 April 2013 to 8 August 2013, the Company issued 
the following shares under the Albion VCTs Top Up Offers 2012/2013; 
 
 
 
 
                    Issue price 
                     per share 
        Number of  (including 3%    Net 
         shares      costs of     proceeds  Opening mid market price per share on allotment (pence 
Date     issued       issue)      GBP'000                         per share) 
5 
 April 
 2013   1,941,975    68.00 pence     1,281                                                   62.00 
12 
 June 
 2013     574,144    66.90 pence       373                                                   62.00 
 
 
   The Offers closed on 12 June 2013 and the Company raised total net 
proceeds from the Offer of GBP1.9m. The proceeds of the Offers will be 
used to provide further resources to the Company at a time when a number 
of attractive new investment opportunities are being seen. 
 
   In addition, the following shares were issued under the dividend 
reinvestment scheme on 28 June 2013; 
 
 
 
 
       Number 
         of       Issue price       Net 
       shares     (pence per      proceeds  Opening mid market price per share on allotment (pence 
Date   issued       share)        GBP'000                         per share) 
28 
 June 
 2013  98,939        64.85 pence        63                                                   65.00 
 
 
   During the period from 1 April 2013 to 8 August 2013, the Company 
purchased 575,000 shares at an average price of 61.70 pence per share 
and a total consideration of GBP357,000. These shares were cancelled. 
 
   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 that, subject to the sufficiency of cash 
resources and any market constraints, the price at which shares are 
bought back should be in the region of a 5 per cent. discount to net 
asset value. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 April 
2013 to 8 August 2013: 
 
 
 
 
Name                  GBP000's 
GWH Acquisition         500     To acquire and develop hydropower schemes. 
Limited (new 
investment) 
Helveta Limited         174     Provider of real-time, electronic traceability and 
(further                         verification for the timber and other industries. 
investment) 
Proveca Limited         111     Specialist pharmaceutical company which focuses on 
(further                         developing innovative, technically complex, demand 
investment)                      driven pharmaceuticals. 
Bravo Inns II            48     Owner and operator of freehold pubs in the North of 
Limited (further                 England. 
investment) 
Mi-Pay Limited           46     Provider of mobile payment services. 
(further 
investment) 
Rostima Holdings         22     Provider of labour management software for the marine 
Limited (further                 and aviation industries. 
investment) 
DySIS Medical            20     Develops imaging systems for the non-invasive, in-vivo 
Limited (further                 detection of cancer. 
investment) 
 
   Disposals 
 
   The following amounts were received from portfolio companies during the 
period from 1 April 2013 to 8 August 2013: 
 
 
 
 
Name                               GBP000's 
Opta Sports Data Limited             981     Proceeds on disposal in July 2013 
Prime Care Holdings Limited           92     Proceeds on disposal in July 2013 
Hilson Moran Holdings Limited         47           Loan stock repayment 
Tower Bridge Health Clubs Limited     35           Loan stock repayment 
Evolutions Group Limited              7           Final proceeds received 
Masters Pharmaceuticals Limited       7            Loan stock repayment 
The Dunedin Pub Company VCT           3            Loan stock repayment 
Limited 
 
 
   Our investment in Opta Sports Data was sold during the period for total 
proceeds, including rolled up interest and escrow retention, of 
GBP1,094,000. Including income received, this investment achieved a 
return of 3.3 times cost. Prime Care was also disposed during the period, 
whose domiciliary care activities for the elderly had long struggled 
against budget cuts by local authorities, resulting in a total return of 
0.5 times cost. 
 
   Top ten holdings as at 30 June 2013: 
 
 
 
 
                                     Carrying value 
            Investment                  GBP000's     % of net asset value 
Lowcosttravelgroup Limited                    2,524                   8.8 
Blackbay Limited                              2,430                   8.5 
The Weybridge Club Limited                    2,398                   8.4 
Kensington Health Clubs Limited               1,842                   6.4 
Process Systems Enterprise Limited            1,305                   4.6 
Bravo Inns II Limited                         1,171                   4.1 
Mi-Pay Limited                                1,161                   4.1 
Tower Bridge Health Clubs Limited             1,154                   4.0 
The Charnwood Pub Company Limited             1,144                   4.0 
Opta Sports Data Limited                      1,093                   3.8 
 
 
   A full breakdown of the Company's portfolio can be found on the funds 
website under portfolio of investments at 
www.albion-ventures.co.uk/OurFunds under Albion Income & Growth VCT PLC. 
 
   Dividend reinvestment scheme 
 
   The Company continues to offer a dividend reinvestment scheme to 
existing shareholders.  Details of this scheme can be found at 
www.albion-ventures.co.uk/OurFunds under Albion Income & Growth VCT PLC. 
 
   Proposed merger with Albion Technology & General VCT PLC 
 
   The Boards of Albion Income & Growth VCT PLC and Albion Technology & 
General VCT PLC announced today that they have reached agreement in 
principal to merge the companies. The merger is expected to achieve, 
amongst other things, cost savings and administration efficiency through 
the creation of a significantly enlarged VCT to provide benefits for all 
shareholders. The proposed merger will be subject to approval by 
shareholders of both companies. 
 
   The intention is that the proposed merger will be completed pursuant to 
a Section 110 scheme of reconstruction under the Insolvency Act 1986 by 
transferring the assets and liabilities of Albion Income & Growth VCT 
PLC to Albion Technology & General VCT PLC in consideration for new 
Albion Technology & General VCT PLC shares to be issued to Albion Income 
& Growth VCT PLC shareholders on a relative net asset value basis, based 
on net assets as at the time when the merger completes, adjusted for 
merger costs.A merger solely on this basis will be outside provisions of 
The City Code on Takeovers and Mergers. 
 
   Following the merger, it is the current intention that Albion Technology 
& General VCT PLC pay quarterly dividends, in order to reflect the 
payment dates for both VCTs. 
 
   A further announcement will be made in due course. 
 
   Material events and transactions 
 
   There have been no further significant events or transactions that the 
Board is aware of which would have a material impact on the financial 
position of the Company between 1 April 2013 to 8 August 2013. 
 
   Further information regarding historic and current financial performance 
and other useful shareholder information can be found on the Fund's 
website under www.albion-ventures.co.uk/OurFunds under Albion Income & 
Growth VCT PLC. 
 
   Friedrich Ternofsky, Chairman 
 
   8 August 2013 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Ventures LLP - Tel: [phone] 
 
   This announcement is distributed by Thomson Reuters on behalf of Thomson 
Reuters clients. 
 
   The owner of this announcement warrants that: 
 
   (i) the releases contained herein are protected by copyright and other 
applicable laws; and 
 
   (ii) they are solely responsible for the content, accuracy and 
originality of the 
 
   information contained therein. 
 
   Source: Albion Income & Growth VCT PLC via Thomson Reuters ONE 
 
   HUG#1721955 
 
 
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