Albion Ven Cap Trust Albion Venture Capital Trust Plc: Interim Management Statement

 
TIDMAAVC 
 
   ALBION VENTURE CAPITAL TRUST PLC 
 
   LEI Code: 213800JKELS32V2OK421 
 
   Interim Management Statement 
 
   Introduction 
 
   I am pleased to present Albion Venture Capital Trust PLC (the 
"Company")'s interim management statement for the period from 1 October 
2018 to 31 December 2018. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 31 December 2018 was 
GBP68.6 million or 80.2 pence per share (excluding treasury shares), an 
increase of 2.1 pence per share (2.7 per cent.) since 30 September 2018. 
The total return per share for the nine months to 31 December 2018 was 
6.6 pence per share (8.7 per cent.). 
 
   After accounting for the dividend paid of 2.5 pence per share on 31 
January 2019 to shareholders on the register on 11 January 2019, the NAV 
is 77.7 pence per share. 
 
   Albion VCTs Prospectus Top Up Offers 2018/19 
 
   On 7 January 2019 the Company announced the publication of a prospectus 
in relation to an offer for subscription for new Ordinary shares. The 
Company was aiming to raise circa GBP6 million out of a target of GBP36 
million in aggregate that the Albion VCTs were seeking to raise. As 
announced on 13 February 2019, the Board of the Company elected to 
exercise its over-allotment facility of GBP2 million referred to in the 
prospectus. On 5 March 2019 the Company was pleased to announce that it 
had reached its GBP8 million limit under its Offer which is now closed 
to further applications. 
 
   Portfolio 
 
   During the period from 1 October 2018 to 31 December 2018 the Company 
invested GBP36,000 in Arecor Limited. 
 
   Disposals 
 
   During the period from 1 October 2018 to 31 December 2018 the Company 
sold its investment in Infinite Ventures (Goathill) Limited for proceeds 
of GBP634,000. Taking into account interest received, this resulted in a 
return of 1.6 times cost. 
 
   Top ten holdings (as at 31 December 2018) 
 
 
 
 
Investment                          Carrying value  % of net     Activity 
                                     GBP000's       asset 
                                                    value 
----------------------------------  --------------  -----------  ------------------------------------------------------- 
Shinfield Lodge Care Limited                12,281  17.9  %      Owner and operator of a 66 bed care home in Shinfield, 
                                                                  Berkshire. 
----------------------------------  --------------  ----  -----  ------------------------------------------------------- 
Active Lives Care Limited                    8,339  12.2  %      Owner and operator of a 75 bed care home in Cumnor 
                                                                  Hill, Oxfordshire. 
----------------------------------  --------------  ----  -----  ------------------------------------------------------- 
Ryefield Court Care Limited                  6,831  10.0  %      Owner and operator of a 60 bed care home in Hillingdon, 
                                                                  Middlesex. 
----------------------------------  --------------  ----  -----  ------------------------------------------------------- 
Radnor House School (Holdings)               5,354   7.8  %      Independent schools for children aged 5-18. 
Limited 
----------------------------------  --------------  ----  -----  ------------------------------------------------------- 
Chonais River Hydro Limited                  4,399   6.4  %      Owner and operator of a 2 MW hydro-power scheme in 
                                                                  the Scottish Highlands. 
----------------------------------  --------------  ----  -----  ------------------------------------------------------- 
The Stanwell Hotel Limited                   3,263   4.8  %      Boutique hotel located near Heathrow Terminal 5. 
----------------------------------  --------------  ----  -----  ------------------------------------------------------- 
Kew Green VCT (Stansted) Limited             2,498   3.6  %      Operator of a Holiday Inn Express hotel at London 
                                                                  Stansted Airport. 
----------------------------------  --------------  ----  -----  ------------------------------------------------------- 
Gharagain River Hydro Limited                1,789   2.6  %      Owner and operator of a 1 MW hydroelectricity plant 
                                                                  in the Scottish Highlands. 
----------------------------------  --------------  ----  -----  ------------------------------------------------------- 
Earnside Energy Limited                      1,780   2.6  %      Anaerobic digestion and composting plant located in 
                                                                  Scotland. 
----------------------------------  --------------  ----  -----  ------------------------------------------------------- 
                                             1,518   2.2  %      Ultra-fast fibre optic broadband provider in central 
 G. Network Communications Limited                                London. 
----------------------------------  --------------  ----  -----  ------------------------------------------------------- 
 
 
   A full breakdown of the Company's portfolio can be found on the 
Company's webpage on the Manager's website at 
www.albion.capital/funds/AAVC. 
 
   Share buy-backs 
 
   During the period from 1 October 2018 to 31 December 2018, the Company 
purchased 405,000 shares for GBP294,000 at an average price of 72.2 
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 per 
cent. discount to net asset value, so far as market conditions and 
liquidity permit. 
 
   Material events and transactions after the period end 
 
   Portfolio 
 
   After the period end, the Company had the following material investment 
transaction: 
 
 
   -- An investment of GBP750,000 in a new technology company, Avora Limited, 
      which develops software to improve decision making through augmented 
      analytics & machine learning. 
 
 
   There have been no 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 January 2019 and 11 March 2019. 
 
   Further information 
 
   The Company continues to offer a dividend reinvestment scheme to 
existing shareholders. Details of this Scheme can be found at 
www.albion.capital/funds/AAVC. 
 
   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/AAVC. 
 
   Richard Glover, Chairman 
 
   11 March 2019 
 
   For further information please contact: 
 
   Albion Capital Group LLP, Company Secretary - Tel: [phone] 
 
 
 
 
 
 

(END) Dow Jones Newswires

March 11, 2019 10:34 ET (14:34 GMT)

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