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AAVC Albion Venture Capital Trust Plc

43.20
0.00 (0.00%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Albion Venture Capital Trust Plc LSE:AAVC London Ordinary Share GB0002039625 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 43.20 42.20 44.20 43.20 43.20 43.20 34,782 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 1.78M 125k 0.0009 480.00 60.25M

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

01/03/2022 9:47am

UK Regulatory


Albion Venture Capital (LSE:AAVC)
Historical Stock Chart


From Mar 2021 to Mar 2024

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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 October 2021 to 31 December 2021.

Performance and dividends

As announced on 11 February 2022, the Company's unaudited net asset value (NAV) as at 31 December 2021 was GBP54.8 million or 52.90 pence per share (excluding treasury shares). After taking account of the second special dividend of 7.00 pence per share paid on 31 December 2021 to shareholders on the register on 10 December 2021, this represents an increase of 1.10 pence per share (2.12 per cent.) since 30 September 2021.

After accounting for the second interim dividend for the year ending 31 March 2022 of 1.47 pence per share paid on 31 January 2022 to shareholders on the register on 7 January 2022, the NAV is 51.43 pence per share.

Albion VCTs Prospectus Top Up Offers 2021/22

The Company launched a prospectus top up offer of new Ordinary shares on 6 January 2022. On 16 February 2022 the Company was pleased to announce that it had reached its GBP10 million limit under its Offer which was fully subscribed and closed to further applications. The first allotment under the Offer was made on 25 February 2022.

The proceeds of the Offer will be used to provide further resources to our existing portfolio and to enable us to take advantage of new investment opportunities being seen.

Portfolio

The following material investment has been made during the period from 1 October 2021 to 31 December 2021:

 
Further        GBP000's  Activity 
investments 
-------------  --------  ----------------------------------------------------- 
Elliptic         669     Provider of Anti Money Laundering services to digital 
Enterprises               asset institutions. 
Limited 
-------------  --------  ----------------------------------------------------- 
 

Top ten holdings (as at 31 December 2021)

 
Investment          Carrying value  % of   Activity 
                     GBP000's       net 
                                    asset 
                                    value 
------------------  --------------  -----  --------------------------------------------------------- 
Chonais River                4,171   7.6%  Owner and operator of a 2 MW hydro-power scheme in 
Hydro Limited                               the Scottish Highlands. 
------------------  --------------  -----  --------------------------------------------------------- 
Radnor House                 2,653   4.8%  Independent school for children aged 2-18. 
School (TopCo) 
Limited 
------------------  --------------  -----  --------------------------------------------------------- 
Elliptic                     2,626   4.8%  Provider of Anti Money Laundering services to digital 
Enterprises                                 asset institutions. 
Limited 
------------------  --------------  -----  --------------------------------------------------------- 
Credit Kudos                 2,417   4.4%  Challenger credit bureau helping lenders to optimise 
Limited                                     and automate their affordability and risk assessments. 
------------------  --------------  -----  --------------------------------------------------------- 
The Evewell Group            2,415   4.4%  Operator and developer of women's health centres focusing 
Limited                                     on fertility. 
------------------  --------------  -----  --------------------------------------------------------- 
Gharagain River              1,748   3.2%  Owner and operator of a 1 MW hydro-power scheme in 
Hydro Limited                               the Scottish Highlands. 
------------------  --------------  -----  --------------------------------------------------------- 
Cantab Research              1,710   3.1%  Provider of low footprint automated speech recognition 
Limited (T/A                                which can be deployed in the cloud, on premise or 
Speechmatics)                               on device across over 31 languages. 
------------------  --------------  -----  --------------------------------------------------------- 
Phrasee Limited              1,596   2.9%  AI platform that generates optimised marketing campaigns. 
------------------  --------------  -----  --------------------------------------------------------- 
Threadneedle                 1,262   2.3%  Provider of data lineage software to enterprise customers 
Software Holdings                           in regulated sectors. 
Limited (T/A 
Solidatus) 
------------------  --------------  -----  --------------------------------------------------------- 
The Street by                1,199   2.2%  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 https://www.globenewswire.com/Tracker?data=5tR4K0AGxMIu2MoE2kex0zc6Fe85FAE5k3_WcnsgSvB29HxCAR_f4DFV0yLNE3QMJoqEtBDyBbBe4vW3RSHYcLLbj7TGwoSexq9aLSjMla32ei0PQ02b-d34Aw6YM6ax www.albion.capital/funds/AAVC.

Share buy-backs

During the period from 1 October 2021 to 31 December 2021, the Company purchased 483,808 Ordinary shares at a cost of GBP239,000 including stamp duty. 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 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

After the period end, the Company had the following material investment transactions:

   -- Investment of GBP1,310,000 in an existing portfolio company, Seldon 
      Technologies Limited, a software company that enables enterprises to 
      deploy Machine Learning models in production; and 
 
   -- Investment of GBP653,000 in an existing portfolio company, Cantab 
      Research Limited (T/A Speechmatics), a provider of low footprint 
      automated speech recognition which can be deployed in the cloud, on 
      premise or on device across over 31 languages; and 
 
   -- Investment of GBP202,000 in an existing portfolio company, NuvoAir 
      Holdings Inc, a provider of digital therapeutics and decentralised 
      clinical trials for respiratory conditions. 

The Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2021/22:

 
                                           Issue price per share 
                      Number of shares      (including costs of   Net proceeds 
Date                       issued                 issue)             GBP'000 
-----------------  ----------------------  ---------------------  ------------ 
25 February 2022               17,365,249       52.30p to 52.80p         8,941 
-----------------  ----------------------  ---------------------  ------------ 
 

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=5tR4K0AGxMIu2MoE2kex0zc6Fe85FAE5k3_WcnsgSvDxkrBSRBuVus0FR5swyK-uMIVCW4_thp3ngV6zEHIqeexXUhxwC7zR07KAPXQN3txDY5ivEY5k1EWjdfO6DcVB 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=5tR4K0AGxMIu2MoE2kex0zc6Fe85FAE5k3_WcnsgSvDW-mKiZOredjGRwDw_EmYQehR6SaD_dz5BqZKLRkFX6SFe9OIa9zeIbC1c5SJAKZ1zq2T4E1CpUoM7_U0Jw89A www.albion.capital/funds/AAVC.

Richard Glover, Chairman

1 March 2022

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: 020 7601 1850

 
 

(END) Dow Jones Newswires

March 01, 2022 04:47 ET (09:47 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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