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 April 
2019 to 30 June 2019. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 June 2019 was 
GBP75.9 million or 79.37 pence per share (excluding treasury shares), an 
increase of 0.37 pence per share (0.5 per cent.) since 31 March 2019. 
 
   After accounting for the dividend paid of 2.50 pence per share on 31 
July 2019 to shareholders on the register on 12 July 2019, the NAV is 
76.87 pence per share. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 April 
2019 to 30 June 2019: 
 
 
 
 
New 
qualifying 
investments   GBP000's                         Activity 
------------  --------  ------------------------------------------------------ 
Clear Review             Provider of Human Resources technology to mid market 
Limited         384                          enterprises. 
------------  --------  ------------------------------------------------------ 
Limitless 
Technology                Provider of a customer service platform powered by 
Limited         320           the crowd and machine learning technology. 
------------  --------  ------------------------------------------------------ 
                        Provider of automated software testing and an enhanced 
Imandra Inc.    121       learning experience for artificial neural networks. 
------------  --------  ------------------------------------------------------ 
Symetrica                 A designer and manufacturer of radiation detection 
Limited          71                           equipment. 
------------  --------  ------------------------------------------------------ 
Total new 
 qualifying 
 investments       896 
------------  --------  ------------------------------------------------------ 
 
 
   Disposals 
 
   The following material disposals and loan stock repayments were made 
during the period from 1 April 2019 to 30 June 2019: 
 
 
 
 
Portfolio 
company          GBP000's 
---------------  --------  --------------------------------------------------- 
The Stanwell               Disposal of investment on a cost of GBP5.1 million, 
Hotel Limited     3,320           representing a loss of GBP1.7 million. 
---------------  --------  --------------------------------------------------- 
Earnside Energy            Disposal of investment on a cost of GBP1.5 million, 
Limited           1,692        realising a gain of GBP0.2 million on cost. 
---------------  --------  --------------------------------------------------- 
Total proceeds      5,012 
---------------  --------  --------------------------------------------------- 
 
 
   Top ten holdings (as at 30 June 2019) 
 
 
 
 
                                 % of 
                                  net 
                 Carrying value  asset 
Investment          GBP000's     value                         Activity 
---------------  --------------  -----  ------------------------------------------------------- 
Shinfield Lodge                         Owner and operator of a 66 bed care home in Shinfield, 
Care Limited         12,691      16.7%                         Berkshire. 
---------------  --------------  -----  ------------------------------------------------------- 
Active Lives                              Owner and operator of a 75 bed care home in Cumnor 
Care Limited         8,268       10.9%                     Hill, Oxfordshire. 
---------------  --------------  -----  ------------------------------------------------------- 
Ryefield Court                          Owner and operator of a 60 bed care home in Hillingdon, 
Care Limited         6,842       9.0%                          Middlesex. 
---------------  --------------  -----  ------------------------------------------------------- 
Radnor House 
School 
(Holdings) 
Limited              5,357       7.1%         Independent schools for children aged 5-18. 
---------------  --------------  -----  ------------------------------------------------------- 
Chonais River                             Owner and operator of a 2 MW hydro-power scheme in 
Hydro Limited        4,364       5.8%                   the Scottish Highlands. 
---------------  --------------  -----  ------------------------------------------------------- 
Kew Green VCT 
(Stansted)                                 Operator of a Holiday Inn Express hotel at London 
Limited              2,730       3.6%                      Stansted Airport. 
---------------  --------------  -----  ------------------------------------------------------- 
Gharagain River                           Owner and operator of a 1 MW hydroelectricity plant 
Hydro Limited        1,774       2.3%                  in the Scottish Highlands. 
---------------  --------------  -----  ------------------------------------------------------- 
Bravo Inns II 
 Limited                  1,560   2.1%                     Owner and operator of freehold pubs. 
---------------  --------------  -----  ------------------------------------------------------- 
G. Network                1,553   2.0%  Ultra-fast fibre optic broadband provider in central 
 Communications                          London. 
 Limited 
---------------  --------------  -----  ------------------------------------------------------- 
The Street by             1,186   1.6%  Owner and operator of photovoltaic systems on domestic 
 Street Solar                            properties in the UK. 
 Programme 
 Limited 
---------------  --------------  -----  ------------------------------------------------------- 
 
 
   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 April 2019 to 30 June 2019, no shares were 
bought back by the Company. 
 
   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. 
 
   Fundraising and share issues 
 
   During the period from 1 April 2019 to 30 June 2019, the Company issued 
the following new Ordinary shares of nominal value 1 penny per share 
under the Albion VCTs Prospectus Top Up Offers 2018/19: 
 
 
 
 
                                               Issue price per 
                         Number of shares     share (including    Net proceeds 
Date                          issued           costs of issue)       GBP'000 
---------------------  --------------------  -------------------  ------------ 
1 April 2019 & 12 
 April 2019                      10,066,711       78.9p to 79.7p         7,823 
---------------------  --------------------  -------------------  ------------ 
 
 
   Material events and transactions after the period end 
 
   Portfolio 
 
   After the period end, the Company had the following material investment 
transaction: 
 
 
   -- Repayment of loan stock of GBP842,000 from TWCL Limited; 
 
 
   There have been no other 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 2019 and 21 August 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 
 
   21 August 2019 
 
   For further information please contact: 
 
   Albion Capital Group LLP, Company Secretary - Tel: [phone] 
 
 
 
 
 
 

(END) Dow Jones Newswires

August 21, 2019 05:51 ET (09:51 GMT)

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