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 present Albion Venture Capital Trust PLC (the "Company")'s interim management statement for the period from 1 April 2023 to 30 June 2023.

Performance and dividends

The Company's unaudited net asset value (NAV) as at 30 June 2023 was GBP70.8 million or 50.42 pence per share (excluding treasury shares), a decrease of 0.46 pence per share (0.90%) since 31 March 2023.

After accounting for the first dividend for the year ending 31 March 2024 of 1.27 pence per share paid on 31 July 2023 to shareholders on the register on 7 July 2023, the NAV is 49.15 pence per share.

Fundraising and share issues

During the period from 1 April 2023 to 30 June 2023, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2022/23:

 
                                       Issue price per 
                 Number of shares     share (including 
Date                  issued           costs of issue)    Net proceeds GBP'000 
--------------  -------------------  -------------------  -------------------- 
14 April 2023               807,969       50.9p to 51.4p                   405 
--------------  -------------------  -------------------  -------------------- 
 

Portfolio

There have been no material investments or disposals in the period from 1 April 2023 to 30 June 2023.

Top ten holdings (as at 30 June 2023)

 
                               % of 
                     Carrying   net 
                      value    asset 
Investment           GBP000's  value                           Activity 
-------------------  --------  -----  ---------------------------------------------------------- 
                                          Owner and operator of a 2 MW hydro-power scheme in 
Chonais River Hydro   4,485    6.3%                     the Scottish Highlands. 
-------------------  --------  -----  ---------------------------------------------------------- 
Radnor House School 
(TopCo)               2,827    4.0%           Independent school for children aged 2-18. 
-------------------  --------  -----  ---------------------------------------------------------- 
                                        Provider of low footprint automated speech recognition 
Cantab Research                            which can be deployed in the cloud, on premise or 
(T/A Speechmatics)    2,626    3.7%                               on. 
-------------------  --------  -----  ---------------------------------------------------------- 
                                         Software company that enables enterprises to deploy 
Seldon Technologies   2,539    3.6%             Machine Learning models in production. 
-------------------  --------  -----  ---------------------------------------------------------- 
                                      Operator and developer of women's health centres focusing 
The Evewell Group     2,481    3.5%                          on fertility. 
-------------------  --------  -----  ---------------------------------------------------------- 
Gharagain River                           Owner and operator of a 1 MW hydro-power scheme in 
Hydro                 1,988    2.8%                     the Scottish Highlands. 
-------------------  --------  -----  ---------------------------------------------------------- 
Gravitee TopCo (T/A 
 Gravitee.io)           1,915   2.7%                                 An API management platform. 
-------------------  --------  -----  ---------------------------------------------------------- 
Elliptic                1,913   2.7%  Provider of Anti Money Laundering services to digital 
 Enterprises                           asset institutions. 
-------------------  --------  -----  ---------------------------------------------------------- 
Healios                 1,856   2.6%  Provider of an online platform delivering family centric 
                                       psychological care primarily to children and adolescents. 
-------------------  --------  -----  ---------------------------------------------------------- 
Runa Network            1,855   2.6%  Cloud platform and infrastructure that enables corporates 
                                       to issue digital incentives and payouts. 
-------------------  --------  -----  ---------------------------------------------------------- 
 

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=4aIS7tDMwtuqdz75BcQQbEC1qDS1uyHli96v0GDi2W2nonyJaH0lBDxdTet4OFiXvhS7IyC3kE6eormjyDXZVhrHAbk6cW28niBRBF2BEqWxBGjlltXXRd72I7ny7XZ1 www.albion.capital/funds/AAVC.

Share buy-backs

During the period from 1 April 2023 to 30 June 2023, the Company did not buy back any shares.

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

Other than as described above, there have been no material events or transactions during the quarter and to the date of this announcement.

Further information

The Company continues to offer a dividend reinvestment scheme to existing shareholders. Details of this Scheme can be found at https://www.globenewswire.com/Tracker?data=4aIS7tDMwtuqdz75BcQQbEC1qDS1uyHli96v0GDi2W00WlocbuGkYFdGgvHXc1jXwODHYex0horiu3ROPRpPicAb1h3R4DA99WofKw3nF2_VEhAV6OsobsjjKOMKSood 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 https://www.globenewswire.com/Tracker?data=4aIS7tDMwtuqdz75BcQQbEC1qDS1uyHli96v0GDi2W0PNnNZbNuGCCf29fa03bDKxqgQQ6HISC0OyvGcsKgIA73BD4almyr3apKvYAX5_oonHJ7LMkQd6dQsphtDlcs2 www.albion.capital/funds/AAVC.

Richard Glover, Chairman

7 September 2023

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: [phone]

(END) Dow Jones Newswires

September 07, 2023 06:45 ET (10:45 GMT)

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