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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Crown Place Vct Plc | LSE:CRWN | London | Ordinary Share | GB0002577434 | 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% | 28.90 | 28.40 | 29.40 | 28.90 | 28.90 | 28.90 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 4.78M | 2.82M | 0.0100 | 28.90 | 81.13M |
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TIDMCRWN
Crown Place VCT PLC
LEI number: 213800SYIQPA3L3T1Q68
As required by the UK Listing Authority's Disclosure Guidance and
Transparency Rule 4.2, Crown Place VCT PLC (the "Company") today makes
public its information relating to the Half-yearly Financial Report
(which is unaudited) for the six months to 31 December 2020. This
announcement was approved by the Board of Directors on 15 February 2021.
The full Half-yearly Financial Report for the period to 31 December 2020
will shortly be sent to shareholders and will be available on the Albion
Capital Group LLP website by clicking
https://www.globenewswire.com/Tracker?data=K8J3al6mHiaxo_F7CKx8D2UGckgPA_Qpinna7lIDHIxnxSEsxvjeZCSsp9L-hc01zxvZPdyECZlx3rxJnKlRM3hyxS1hhGPfOMypDeBKA021wWNEp5Uwp5ByJisXoF5LH8tg5hh7OXtjFV6Oo8n7pR03HVVLCAcJdAogLCVGbWc=
www.albion.capital/funds/CRWN/31Dec20.pdf.
Investment policy
The Company invests in a broad portfolio of smaller, unquoted growth
businesses across a variety of sectors including higher risk technology
companies. Investments take the form of equity or a mixture of equity
and loans.
Whilst allocation of funds is determined by the investment opportunities
which are available, efforts are made to ensure that the portfolio is
diversified both in terms of sector and stage of maturity of investee
businesses. Funds held pending investment or for liquidity purposes are
principally held as cash on deposit.
Risk diversification and maximum exposures
Risk is spread by investing in a number of different businesses within
venture capital trust qualifying industry sectors using a mixture of
securities, as permitted. The maximum amount which the Company will
invest in a single portfolio company is 15 per cent. of the Company's
assets at cost thus ensuring a spread of investment risk. The value of
an individual investment may increase over time as a result of trading
progress and it is possible that it may grow in value to a point where
it represents a significantly higher proportion of total assets prior to
a realisation opportunity being available.
The Company's maximum exposure in relation to gearing is restricted to
the amount of its adjusted share capital and reserves. The Directors do
not have any intention of utilising long-term gearing.
Financial calendar
Record date for second interim dividend 5 March 2021
Payment date of second interim dividend 31 March 2021
Financial year end 30 June 2021
Financial summary
Six months ended Six months ended Year ended
31 December 2020 31 December 2019 30 June 2020
(pence per share) (pence per share) (pence per share)
----------------- -----------------
Opening net asset
value 33.14 35.29 35.29
Revenue (loss)/return (0.02) 0.21 0.25
Capital return/(loss) 0.84 0.22 (0.46)
----------------- ----------------- -----------------
Total return/(loss) 0.82 0.43 (0.21)
Dividends paid (2.83) (1.00) (2.00)
Impact from share
capital movements - 0.01 0.06
----------------- ----------------- -----------------
Closing net asset
value 31.13 34.73 33.14
--------------------- ----------------- ----------------- -----------------
Shareholder return and shareholder value (pence per share)
Shareholder return from launch to April 2005:
Total dividends paid to 6 April 2005(i) 24.93
Decrease in net asset value (56.60)
----------------------------------------------------------- -----------------
Total shareholder return to 6 April 2005 (31.67)
----------------------------------------------------------- -----------------
Shareholder return from April 2005 to 31 December
2020
(period that Albion Capital has been investment manager):
Total dividends paid 37.63
Decrease in net asset value (12.27)
----------------------------------------------------------- -----------------
Total shareholder return from April 2005 to 31 December
2020 25.36
----------------------------------------------------------- -----------------
Shareholder value since launch:
Total dividends paid to 31 December 2020(i) 62.56
Net asset value as at 31 December 2020 31.13
----------------------------------------------------------- -----------------
Total shareholder value as at 31 December 2020 93.69
----------------------------------------------------------- -----------------
Notes
(i) Prior to 6 April 1999, Venture Capital Trusts were able to add 20
per cent. to dividends and figures for the period up until 6 April 1999
are included at the gross equivalent rate actually paid to shareholders.
In addition to the dividends above, the Board has declared a second
dividend for the year ending 30 June 2021 of 0.78 pence per share to be
paid on 31 March 2021 to shareholders on the register on 5 March 2021.
Further details on the dividends paid by the Company can be found at
https://www.globenewswire.com/Tracker?data=K8J3al6mHiaxo_F7CKx8D2UGckgPA_Qpinna7lIDHIyNP13ooNmDFIXNJ1GR7OsGHnXVqluCO-gA5uRPK7u7gfX6me4t_6ita5E9TDmmBSNwmZi7uuah_lSShTmWmsQv
www.albion.capital/funds/CRWN under 'Dividend History'.
Interim management report
Results
We are pleased to report that, despite the continuing impact of the
coronavirus (Covid-19) on the economy and the way in which we live, for
the six month period to 31 December 2020 your Company achieved a total
return of 0.82 pence per share, which is a 2.5% return on opening net
asset value per share. Since the Company's year end many of our
portfolio companies have demonstrated resilient growth, providing
products and services that are both innovative and necessary, even in
these uncertain times.
Following payment of dividends totalling 2.83 pence per share during the
period, the net asset value as at 31 December 2020 was 31.13 pence per
share (30 June 2020: 33.14 pence per share).
Board Composition
During the period Richard Huntingford retired after almost eight years
on the Board including six years as Chairman. I would like to thank
Richard for his stewardship, contributions and professionalism.
Portfolio review
During the six month period, the Company deployed GBP3.9 million into
qualifying investments (31 December 2019: GBP2.5 million). Of this
amount, GBP1.4 million was invested into the following three new
portfolio companies, all of which are likely to require further
investment as they continue to grow:
-- GBP828,000 into The Voucher Market (T/A WeGift), a provider of a cloud
platform that enables corporates to purchase digital gift cards and to
distribute them to employees and customers;
-- GBP424,000 into Seldon Technologies, a software company that enables
enterprises to deploy machine learning models in production; and
-- GBP152,000 into uMedeor (T/A uMed), a provider of a middleware technology
platform that enables life science organisations to conduct medical
research programmes.
Further investments were made into existing portfolio companies to
support their continuing growth, most notably: GBP1,359,000 into
Quantexa, a leader in entity resolution software used to detect
financial crime; GBP346,000 into uMotif which is a patient engagement
and data capture platform for use in real world and observational
research; GBP261,000 into Phrasee which is an Artificial Intelligence
platform that optimises digital marketing copy creations; and GBP132,000
into Limitless Technology which provides a customer service platform
powered by the crowd and machine learning technology.
After the period end, we invested GBP1,239,000 into a new portfolio
company, Threadneedle Software Holding (T/A Solidatus), a provider of
data lineage software to enterprise customers in regulated sectors,
which allows them to rapidly discover, visualise, catalogue and
understand how data flows through their systems.
There were two disposals in the period. Our investment in G. Network
Communications was sold for a total return on all monies invested of 3.8
times cost or 31% IRR. The holding in Clear Review was sold generating a
return of 2.1 times cost within a relatively short 16 months holding
period. Further details on realisations and loan stock repayments can be
found in the realisations table below.
The Company's unrealised and realised gains amounted to GBP2.1 million
for the six months to 31 December 2020. The key movements in the period
include: a GBP519,000 uplift on Proveca following strong trading across
Europe; a GBP442,000 uplift in Healios following an external investment
at an increased valuation after the period end; and an uplift of
GBP304,000 in The Evewell as it continues to trade strongly following
the re-opening of its clinic. Against this, Black Swan Data was written
down by GBP260,000 following the restructuring of the business to focus
on its growing data analytics products.
Investment portfolio by sector
The chart at the end of this announcement illustrates the composition of
the portfolio by industry sector as at 31 December 2020.
Dividends
In-line with the variable dividend policy targeting an annual dividend
yield of 5% on the prevailing net asset value, the first interim
dividend for the current financial year of 0.83 pence per share was paid
on 30 November 2020. A second interim dividend of 0.78 pence per share
will be paid on 31 March 2021 to shareholders on the register on 5 March
2021. The Board aims to maintain this level of annualised dividend
distribution, in percentage terms, going forward, subject to the
availability of cash resources and distributable reserves.
A special dividend of 2.0 pence per share was also paid on 30 October
2020 following a number of significant disposals and the additional
liquidity they generated.
Dividends are paid free of tax to shareholders. Qualifying shareholders
who elect to participate in the Dividend Reinvestment Scheme will be
able, in respect of further dividends, to receive their dividends in the
form of new shares rather than cash, which will entitle them to income
tax relief at the current rate of 30% (new shares have to be held for at
least five years to retain the tax relief). Further details of the
Dividend Reinvestment Scheme can be found on the Company's webpage on
the Manager's website at
https://www.globenewswire.com/Tracker?data=K8J3al6mHiaxo_F7CKx8D2UGckgPA_Qpinna7lIDHIyze00Tf5uXwmxry9IBYIcWRXCQPlHCrd11Wdw3o6YIplk0UMiSJsFpMIJXEZT_B2lUuCqxMGdbHu83-OMIVxla
www.albion.capital/funds/CRWN.
Risks and uncertainties
The wide-reaching implications arising from the coronavirus (Covid-19)
crisis is the key risk facing the Company, including its impact on the
UK and Global economies. There are also potential implications of the
UK's departure from the European Union which may adversely affect our
underlying portfolio companies. The Manager is continually assessing the
exposure to such risks for each portfolio company alongside its
management and other co-investors, and appropriate mitigating actions,
where possible, are being implemented.
Other risks and uncertainties remain unchanged and are as detailed in
note 13. The impact of the coronavirus (Covid-19) pandemic has created
heightened uncertainty but has not changed the nature of these risks.
The Board considers that the processes for mitigating these risks remain
appropriate.
Share buy-backs
It remains the Board's primary objective to maintain sufficient
resources for investment in existing and new portfolio companies and for
the continued payment of dividends to shareholders. The Board's policy
is to buy back shares in the market, subject to the overall constraint
that such purchases are in the Company's interest, and it is the Board's
intention for such buy-backs to be in the region of a 5% discount to net
asset value, so far as market conditions and liquidity permit.
During the period, the Company bought back and held in treasury
1,929,245 shares at a total cost of GBP568,000, in-line with the share
buy-back policy.
Transactions with the Manager
Details of the transactions that took place with the Manager in the
period can be found in note 5.
Albion VCTs' Prospectus Top Up Offers
Your Board, in conjunction with the boards of other VCTs managed by
Albion Capital Group LLP, launched a prospectus top up offer of new
Ordinary shares on 5 January 2021. The Board announced on 26 January
2021 that, following strong demand for the Company's shares, it had
elected to exercise its GBP3 million over-allotment facility, taking the
total offer to GBP9 million.
On 10 February 2021, the Company was pleased to announce that it had
reached its GBP9 million limit under its Offer which was fully
subscribed and closed to further applications. The proceeds of the Offer
will be used to provide further resources at a time when a number of
attractive investment opportunities are being seen.
Outlook
Whilst there are still uncertainties as to the full extent of the
ongoing economic and societal impact of coronavirus (Covid-19), we are
encouraged by the resilience of the portfolio and many of the companies
in which we have invested continue to show strong growth. It continues
to be our priority to support our existing portfolio and to make new
investments in businesses that can innovate and grow despite the
pandemic. The Board remains confident that the Company and its portfolio
are well positioned to continue to generate long-term value for
shareholders.
Penny Freer
Chairman
15 February 2021
Responsibility statement
The Directors, Penny Freer, James Agnew, Pam Garside and Ian Spence, are
responsible for preparing the Half-yearly Financial Report. In preparing
these condensed Financial Statements for the period to 31 December 2020
we, the Directors of the Company, confirm that to the best of our
knowledge:
(a) the condensed set of Financial Statements, which has been prepared
in accordance with Financial Reporting Standard 104 "Interim Financial
Reporting", gives a true and fair view of the assets, liabilities,
financial position and profit and loss of the Company as required by DTR
4.2.4R;
(b) the Interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
(c) the Interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
This Half-yearly Financial Report has not been audited or reviewed by
the Auditor.
For and on behalf of the Board
Penny Freer
Chairman
15 February 2021
Portfolio of investments
As at 31 December 2020 As at 30 June 2020
(unaudited) (audited)
----------------------------------
%
voting Cost Value Cost Value Change in value for the period*
Portfolio company Nature of business rights GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- --------------------------------------------------------------- ------- ------------- --------- ----------------------------------
Quantexa Limited Network analytics platform to detect financial crime 1.8 1,797 4,768 438 3,409 -
Shinfield Lodge Owner and operator of a 66 bed care home in Shinfield,
Care Limited Berkshire 11.8 2,140 4,305 2,140 4,279 26
Proveca Limited Reformulation of paediatric medicines 6.1 974 3,378 974 2,859 519
Chonais River Hydro Owner and operator of a 2 MW hydro-power scheme in
Limited the Scottish Highlands 14.0 1,549 3,106 1,549 3,275 (169)
Radnor House School
(TopCo) Limited Independent school for children aged 3-18 years 8.7 1,592 2,678 1,592 2,645 33
Active Lives Care Owner and operator of a 75 bed care home in Cumnor
Limited Hill, Oxfordshire 7.5 1,620 2,573 1,620 2,593 (20)
Ryefield Court Care Owner and operator of a 60 bed care home in Hillingdon,
Limited Middlesex 7.7 1,275 2,020 1,275 2,001 19
Gharagain River Owner and operator of a 1 MW hydro-power scheme in
Hydro Limited the Scottish Highlands 15.0 1,116 1,663 1,116 1,717 (54)
The Evewell (Harley
Street) Limited Operator of a women's health centre focusing on fertility 6.2 894 1,120 856 778 304
A technology enabled service business in Medical Nutritional
Oviva AG Therapy (MNT) 2.3 781 1,001 692 801 111
Egress Software
Technologies
Limited Encrypted email and file transfer service provider 0.9 306 996 306 846 150
The Street by
Street Solar Owner and operator of photovoltaic systems on domestic
Programme Limited properties 4.4 461 871 461 819 52
Phrasee Limited AI platform that generates optimised marketing campaigns 2.7 617 831 356 356 214
The Voucher Market
Limited (T/A A cloud platform that enables corporates to purchase
WeGift) digital gift cards 2.1 828 828 - - -
Cantab Research
Limited (T/A Provider of low footprint automated speech recognition
Speechmatics) software 1.9 779 779 779 779 -
A software provider bringing real-time behavioural
data analytics to the marine and transport insurance
Concirrus Limited industries 1.5 755 755 755 755 -
Beddlestead Limited Developer and operator of a dedicated wedding venue 8.2 1,060 742 1,060 818 (76)
Elliptic
Enterprises Provider of anti-money laundering services to digital
Limited asset institutions 0.9 724 724 724 724 -
Convertr Media
Limited Digital lead generation software 4.3 680 701 680 698 3
Provider of an online platform delivering family centric
Healios Limited psychological care 1.9 203 645 203 203 442
Panaseer Limited Provider of cyber security services 1.5 342 598 342 470 128
A patient engagement and data capture platform for
uMotif Limited use in research 2.4 556 596 210 238 12
Regenerco Renewable Generator of renewable energy from roof top solar
Energy Limited installations 3.4 344 587 344 561 26
MPP Global
Solutions Limited Provider of a digital subscription management platform 1.7 550 550 550 550 -
Alto Prodotto Wind Owner and operator of community scale wind energy
Limited projects 4.1 316 538 326 552 1
Developer of software to improve decision making through
Avora Limited augmented analytics and machine learning 2.8 510 510 510 510 -
Credit Kudos Challenger credit bureau helping lenders optimise
Limited and automate their affordability and risk assessments 2.1 454 454 454 454 -
Limitless
Technology Provider of a customer service platform powered by
Limited the crowd and machine learning technology 1.5 412 453 280 280 41
Black Swan Data
Limited Data analysis that supports corporate decision making 1.7 700 440 700 700 (260)
MHS 1 Limited Education 6.9 481 430 481 431 (1)
Seldon Technologies Software that enables enterprises to deploy Machine
Limited Learning models in production 2.2 424 424 - - -
Provider of a platform for collecting data from pharmaceutical
MyMeds&Me Limited adverse events 4.6 440 418 440 418 -
Oxsensis Limited Developer and producer of high temperature sensors 1.6 386 382 274 163 107
Locum's Nest Provider of a technology solution for the management
Limited of locum doctors for the NHS 4.6 400 375 400 387 (12)
Koru Kids Limited Online marketplace connecting parents and nannies 1.6 338 373 338 373 -
ePatient Network
Limited (T/A Online community connecting people affected by rare
Raremark) diseases 2.4 276 330 230 283 1
Aridhia Informatics
Limited Healthcare informatics and analysis provider 2.3 442 324 442 277 47
Mirada Medical
Limited Developer of medical imaging software 5.8 511 313 511 313 -
InCrowd Sports
Limited Developer of mobile apps for professional sports clubs 2.5 318 312 318 311 1
SBD Automotive
Limited Automotive technology research and consultancy provider 1.5 147 307 220 447 (67)
Development of biopharmaceuticals through the application
Arecor Limited of a formulation technology platform 1.1 290 290 210 210 -
DySIS Medical
Limited Medical devices for the detection of cervical cancer 1.5 1,038 283 1,038 223 60
OmPrompt Holdings
Limited A provider of process automation software 1.6 153 277 153 148 129
A provider of a connectivity solution, connecting
financial institutions with trading venues via a single
TransFICC Limited API 1.5 220 220 220 220 -
Software and services for non-interventional clinical
Cisiv Limited trials 3.1 278 179 278 134 45
Owner and operator of photovoltaic systems on domestic
AVESI Limited properties 3.8 123 179 123 173 6
uMedeor Limited Middleware technology platform that enables life science
(T/A uMed) organisations to conduct medical research programmes 1.4 152 152 - - -
Refurbisher and manufacturer of MEMS and semiconductor
memsstar Limited fabrication equipment 3.0 64 138 72 125 18
Abcodia Limited Validation and discovery of serum biomarkers 1.7 304 108 304 108 -
Provider of automated software testing and an enhanced
Imandra Inc. learning experience for artificial neural networks 1.1 106 106 106 106 -
Greenenerco Limited Owner and operator of a 500kW wind project 1.9 54 94 55 97 -
Innovation Broking
Group Limited Commercial insurance broker 2.7 27 82 27 70 12
Zift Channel
Solutions Inc. Business collaboration and communication solutions 0.6 321 59 321 61 (2)
Forward Clinical
Limited (T/A A secure mobile communication and collaboration platform
Pando) in healthcare 1.5 184 51 184 61 (10)
A designer and manufacturer of radiation detection
Symetrica Limited equipment 0.2 50 40 50 40 -
Sandcroft Avenue
Limited (T/A
Hussle) A provider of flexible access to gyms 0.9 172 23 172 16 7
Mi-Pay Group PLC Provider of mobile payment services 3.0 20 20 20 20 -
Palm Tree
Technology
Limited Software company 0.2 102 12 102 12 -
Kew Green VCT
(Stansted) Operator of a Holiday Inn Express hotel at Stansted
Limited Airport 2.0 22 5 22 24 (19)
Avanti
Communications
Limited Supplier of satellite communications 0.1 136 1 136 1 -
Other holdings 422 400 422 400 -
------------------------------------------------------------------------------------ ------- --------- ------------- --------- --------- ----------------------------------
Total fixed asset investments 32,736 45,917 28,961 40,322 1,824
--------------------------------------------------------------------------------------------- --------- ------------- --------- --------- ----------------------------------
* As adjusted for additions and disposals between the two accounting
periods.
The total comparative cost and valuations for 30 June 2020 do not agree
to the Annual Report and Financial Statements for the year ended 30 June
2020 as the above list does not include brought forward investments that
were fully disposed of in the period.
Realisations in Opening carrying Disposal Total realised Gain on opening
the period to 31 Cost value proceeds gain value
December 2020 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- -------- ---------------- --------- -------------- ---------------
Disposals:
---------------- -------- ---------------- --------- -------------- ---------------
G. Network
Communications
Limited 186 1,009 1,046 860 37
Clear Review
Limited 231 290 478 247 188
Loan stock
repayments and
other:
---------------- -------- ---------------- --------- -------------- ---------------
SBD Automotive
Limited 73 73 73 - -
Alto Prodotto
Wind Limited 10 14 14 4 -
memsstar
Limited 7 7 7 - -
Greenenerco
Limited 1 2 2 1 -
Escrow
adjustments and
other** - - 38 38 38
Total fixed
asset
investment
realisations 508 1,395 1,658 1,150 263
---------------- -------- ---------------- --------- -------------- ---------------
** Fair value movements on deferred consideration from previously
disposed investments and expenses which are incidental to the purchase
or disposal of an investment.
Total change in value of investments 1,824
Movement in loan stock accrued interest (9)
-----
Unrealised gains sub-total 1,815
Realised gains in current period 263
Total gains on investments as per condensed income
statement 2,078
------------------------------------------------------- -----
Condensed income statement
Unaudited Unaudited Audited
six months ended six months ended year ended
31 December 2020 31 December 2019 30 June 2020
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Gains/(losses) on investments 3 - 2,078 2,078 - 844 844 - (21) (21)
Investment income 4 311 - 311 699 - 699 1,112 - 1,112
Investment management fees 5 (140) (420) (560) (144) (431) (575) (285) (856) (1,141)
Other expenses (204) - (204) (167) - (167) (354) - (354)
------- ------- ------- ------- ------- ------- ------- ------- -------
(Loss)/profit on ordinary activities before tax (33) 1,658 1,625 388 413 801 473 (877) (404)
Tax on ordinary activities - - - - - - - - -
------- ------- ------- ------- ------- ------- ------- ------- -------
(Loss)/profit and total comprehensive income attributable
to shareholders (33) 1,658 1,625 388 413 801 473 (877) (404)
------- ------- ------- ------- ------- ------- ------- ------- -------
Basic and diluted (loss)/earnings per Ordinary share
(pence)* 7 (0.02) 0.84 0.82 0.21 0.22 0.43 0.25 (0.46) (0.21)
------- ------- ------- ------- ------- ------- ------- ------- -------
* Adjusting for treasury shares.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 31 December 2019 and the
audited statutory accounts for the year ended 30 June 2020.
The accompanying notes form an integral part of this Half-yearly
Financial Report.
The total column of this condensed income statement represents the
profit and loss account of the Company. The supplementary revenue and
capital columns are prepared under guidance published by The Association
of Investment Companies.
Condensed balance sheet
Unaudited Unaudited Audited
31 December 2020 31 December 2019 30 June 2020
Note GBP'000 GBP'000 GBP'000
---------------------- ---------------- ---------------- ------------
Fixed asset
investments 45,917 40,764 41,621
Current assets
Trade and other
receivables 1,107 164 81
Cash and cash
equivalents 14,977 24,183 23,966
---------------- ---------------- ------------
16,084 24,347 24,047
Total assets 62,001 65,111 65,668
Payables: amounts
falling due within one
year
Trade and other
payables less than
one year (371) (360) (395)
Total assets less
current liabilities 61,630 64,751 65,273
---------------- ---------------- ------------
Equity attributable to
equity holders
Called up share
capital 8 2,229 2,080 2,200
Share premium 14,219 9,338 13,366
Unrealised capital
reserve 12,960 12,260 12,032
Realised capital
reserve 5,720 6,052 4,990
Other distributable
reserve 26,502 35,021 32,685
---------------- ---------------- ------------
Total equity
shareholders' funds 61,630 64,751 65,273
---------------- ---------------- ------------
Basic and diluted net
asset value per share
(pence)* 31.13 34.73 33.14
---------------- ---------------- ------------
* Excluding treasury shares.
Comparative figures have been extracted from the unaudited Half-yearly
Financial Report for the six months ended 31 December 2019 and the
audited statutory accounts for the year ended 30 June 2020.
The accompanying notes form an integral part of this Half-yearly
Financial Report.
These Financial Statements were approved by the Board of Directors, and
authorised for issue on 15 February 2021 and were signed on its behalf
by:
Penny Freer
Chairman
Company number 03495287
Condensed statement of changes in equity
Called up Share Unrealised capital Realised capital
share capital premium reserve reserve* Other distributable reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------------
As at 1 July 2020 2,200 13,366 12,032 4,990 32,685 65,273
Profit/(loss) and total comprehensive income - - 1,815 (157) (33) 1,625
Transfer of previously unrealised gains on disposal
of investments - - (887) 887 - -
Dividends paid - - - - (5,582) (5,582)
Purchase of shares for treasury (including costs) - - - - (568) (568)
Issue of equity 29 871 - - - 900
Cost of issue of equity - (18) - - - (18)
-------------- -------- ------------------ ---------------- ---------------------------- --------
As at 31 December 2020 2,229 14,219 12,960 5,720 26,502 61,630
---------------------------------------------------- -------------- -------- ------------------ ---------------- ---------------------------- --------
As at 1 July 2019 2,072 9,061 19,756 (1,857) 36,963 65,995
Profit and total comprehensive income - - 146 267 388 801
Transfer of previously unrealised gains on disposal
of investments - - (7,642) 7,642 - -
Dividends paid - - - - (1,861) (1,861)
Purchase of shares for treasury (including costs) - - - - (469) (469)
Issue of equity 9 292 - - - 301
Cost of issue of equity - (16) - - - (16)
-------------- -------- ------------------ ---------------- ---------------------------- --------
As at 31 December 2019 2,080 9,338 12,260 6,052 35,021 64,751
-------------- -------- ------------------ ---------------- ---------------------------- --------
As at 1 July 2019 2,072 9,061 19,756 (1,857) 36,963 65,995
(Loss)/profit and total comprehensive income - - (651) (226) 473 (404)
Transfer of previously unrealised gains on disposal
of investments - - (7,073) 7,073 - -
Dividends paid - - - - (3,814) (3,814)
Purchase of shares for treasury (including costs) - - - - (937) (937)
Issue of equity 129 4,418 - - - 4,547
Cost of issue of equity - (114) - - - (114)
As at 30 June 2020 2,200 13,366 12,032 4,990 32,685 65,273
---------------------------------------------------- -------------- -------- ------------------ ---------------- ---------------------------- --------
* Included within these reserves is an amount of GBP27,036,000 (31
December 2019: GBP29,836,000; 30 June 2020: GBP26,438,000) which is
considered distributable. In time, a further GBP5,186,000 will become
distributable.
Condensed statement of cash flows
Unaudited Audited
six months ended Unaudited year ended
31 December six months ended 30 June
2020 31 December 2019 2020
GBP'000 GBP'000 GBP'000
------------------------
Cash flow from operating
activities
Loan stock income
received 297 646 935
Deposit interest received 1 45 89
Dividend income received 4 9 16
Investment management
fees paid (572) (578) (1,145)
Other cash payments (225) (194) (341)
Corporation tax paid - - -
----------------- ----------------- -----------
Net cash flow from
operating activities (495) (72) (446)
----------------- ----------------- -----------
Cash flow from investing
activities
Purchase of fixed asset
investments (3,867) (2,475) (4,195)
Disposal of fixed asset
investments 629 12,676 12,837
Net cash flow from
investing activities (3,238) 10,201 8,642
----------------- ----------------- -----------
Cash flow from financing
activities
Issue of share capital - - 3,839
Cost of issue of equity (17) (15) (30)
Equity dividends paid (4,671) (1,545) (3,185)
Purchase of own shares
for treasury (including
costs) (568) (469) (937)
Net cash flow from
financing activities (5,256) (2,029) (313)
(Decrease)/increase in
cash and cash
equivalents (8,989) 8,100 7,883
Cash and cash equivalents
at the start of the
period 23,966 16,083 16,083
----------------- ----------------- -----------
Cash and cash equivalents
at the end of the
period 14,977 24,183 23,966
----------------- ----------------- -----------
Notes to the unaudited condensed Financial Statements
1. Basis of preparation
The condensed Financial Statements have been prepared in accordance with
applicable United Kingdom law and accounting standards, including
Financial Reporting Standard 102 ("FRS 102"), Financial Reporting
Standard 104 -- Interim Financial Reporting ("FRS 104"), and with the
Statement of Recommended Practice "Financial Statements of Investment
Trust Companies and Venture Capital Trusts" ("SORP") issued by The
Association of Investment Companies ("AIC"). The Financial Statements
have been prepared on a going concern basis.
The preparation of the Financial Statements requires management to make
judgements and estimates that affect the application of policies and
reported amounts of assets, liabilities, income and expenses. The most
critical estimates and judgements relate to the determination of
carrying value of investments at Fair Value Through Profit and Loss
("FVTPL") in accordance with FRS 102 sections 11 and 12. The Company
values investments by following the International Private Equity and
Venture Capital Valuation ("IPEV") Guidelines as updated in 2018 and
further detail on the valuation techniques used are outlined in note 2
below.
The Half-yearly Financial Report has not been audited, nor has it been
reviewed by the auditor pursuant to the FRC's guidance on Review of
interim financial information.
Company information can be found on page 2 of the full Half-yearly
Financial Report.
2. Accounting policies
Fixed asset investments
The Company's business is investing in financial assets with a view to
profiting from their total return in the form of income and capital
growth. This portfolio of financial assets is managed and its
performance evaluated on a fair value basis, in accordance with a
documented investment policy, and information about the portfolio is
provided internally on that basis to the Board.
In accordance with the requirements of FRS 102, those undertakings in
which the Company holds more than 20 per cent. of the equity as part of
an investment portfolio are not accounted for using the equity method.
In these circumstances the investment is measured at FVTPL.
Upon initial recognition (using trade date accounting) investments,
including loan stock, are classified by the Company as FVTPL and are
included at their initial fair value, which is cost (excluding expenses
incidental to the acquisition which are written off to the Income
statement).
Subsequently, the investments are valued at 'fair value', which is
measured as follows:
-- Investments listed on recognised exchanges are valued at their bid prices
at the end of the accounting period or otherwise at fair value based on
published price quotations;
-- Unquoted investments, where there is not an active market, are valued
using an appropriate valuation technique in accordance with the IPEV
Guidelines. Indicators of fair value are derived using established
methodologies including earnings multiples, revenue multiples, the level
of third party offers received, cost or price of recent investment rounds,
net assets and industry valuation benchmarks. Where price of recent
investment is used as a starting point for estimating fair value at
subsequent measurement dates, this has been benchmarked using an
appropriate valuation technique permitted by the IPEV guidelines;
-- In situations where cost or price of recent investment is used,
consideration is given to the circumstances of the portfolio company
since that date in determining fair value. This includes consideration of
whether there is any evidence of deterioration or strong definable
evidence of an increase in value. In the absence of these indicators, the
investment in question is valued at the amount reported at the previous
reporting date. Examples of events or changes that could indicate a
diminution include:
-- the performance and/or prospects of the underlying business are
significantly below the expectations on which the investment was
based;
-- a significant adverse change either in the portfolio company's
business or in the technological, market, economic, legal or
regulatory environment in which the business operates; or
-- market conditions have deteriorated, which may be indicated by a
fall in the share prices of quoted businesses operating in the
same or related sectors.
Investments are recognised as financial assets on legal completion of
the investment contract and are de-recognised on legal completion of the
sale of an investment.
Dividend income is not recognised as part of the fair value movement of
an investment, but is recognised separately as investment income through
the other distributable reserve when a share becomes ex-dividend.
Current assets and payables
Receivables, payables and cash are carried at amortised cost, in
accordance with FRS 102. There are no financial liabilities other than
payables.
Investment income
Equity income
Dividend income is included in revenue when the investment is quoted
ex-dividend.
Unquoted loan stock income
Fixed returns on non-equity shares and debt securities are recognised
when the Company's right to receive payment and expect settlement is
established. Where interest is rolled up and/or payable at redemption
then it is recognised as income unless there is reasonable doubt as to
its receipt.
Bank interest income
Interest income is recognised on an accruals basis using the rate of
interest agreed with the bank.
Investment management fees, performance incentive fees and other
expenses
All expenses have been accounted for on an accruals basis. Expenses are
charged through the other distributable reserve except the following
which are charged through the realised capital reserve:
-- 75 per cent. of management fees and performance incentive fees, if any,
are allocated to the capital account to the extent that these relate to
an enhancement in the value of the investments. This is in line with the
Board's expectation that over the long term 75 per cent. of the Company's
investment returns will be in the form of capital gains; and
-- expenses which are incidental to the purchase or disposal of an
investment are charged through the realised capital reserve.
Taxation
Taxation is applied on a current basis in accordance with FRS 102.
Current tax is tax payable (refundable) in respect of the taxable profit
(tax loss) for the current period or past reporting periods using the
tax rates and laws that have been enacted or substantively enacted at
the financial reporting date. Taxation associated with capital expenses
is applied in accordance with the SORP.
Deferred tax is provided in full on all timing differences at the
reporting date. Timing differences are differences between taxable
profits and total comprehensive income as stated in the Financial
Statements that arise from the inclusion of income and expenses in tax
assessments in periods different from those in which they are recognised
in the Financial Statements. As a VCT the Company has an exemption from
tax on capital gains. The Company intends to continue meeting the
conditions required to obtain approval as a VCT in the foreseeable
future. The Company therefore, should have no material deferred tax
timing differences arising in respect of the revaluation or disposal of
investments and the Company has not provided for any deferred tax.
Reserves
Called up share capital
This reserve accounts for the nominal value of the shares.
Share premium
This reserve accounts for the difference between the price paid for
shares and the nominal value of the shares, less issue costs.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own
shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the year
end against cost, are included in this reserve.
Realised capital reserve
The following are disclosed in this reserve:
-- gains and losses compared to cost on the realisation of investments, or
permanent diminution in value;
-- expenses, together with the related taxation effect, charged in
accordance with the above policies; and
-- dividends paid to equity holders where paid out by capital.
Other distributable reserve
The special reserve, treasury share reserve and the revenue reserve were
combined in 2012 to form a single reserve named other distributable
reserve.
This reserve accounts for movements from the revenue column of the
Income statement, the payment of dividends, the buy-back of shares and
other non-capital realised movements.
Dividends
Dividends by the Company are accounted for in the period in which the
dividend is paid.
Segmental reporting
The Directors are of the opinion that the Company is engaged in a single
operating segment of business, being investment in smaller companies
principally based in the UK.
3. Gains/(losses) on investments
Unaudited Unaudited Audited
six months ended six months ended year ended
31 December 2020 31 December 2019 30 June 2020
GBP'000 GBP'000 GBP'000
-------------------------
Unrealised gains/(losses)
on fixed asset
investments 1,815 146 (651)
Realised gains on fixed
asset investments 263 698 630
----------------- ----------------- -------------
2,078 844 (21)
----------------- ----------------- -------------
4. Investment income
Unaudited Unaudited Audited
six months ended six months ended year ended
31 December 2020 31 December 2019 30 June 2020
GBP'000 GBP'000 GBP'000
----------------------
Loan stock interest 306 644 1,007
UK dividend income 4 9 16
Bank deposit interest 1 46 89
----------------- ----------------- -------------
311 699 1,112
----------------- ----------------- -------------
5. Investment management fees
Unaudited Unaudited Audited
six months ended six months ended year ended
31 December 2020 31 December 2019 30 June 2020
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-----------
Investment
management
fee 140 420 560 144 431 575 285 856 1,141
-------- -------- -------- -------- -------- -------- -------- -------- --------
Further details of the management agreement under which the investment
management fee is paid are given on page 16 of the Strategic report in
the Annual Report and Financial Statements for the year ended 30 June
2020.
During the period, services of a total value of GBP585,000 (31 December
2019: GBP600,000; 30 June 2020: GBP1,191,000) were purchased by the
Company from Albion Capital Group LLP; comprising GBP560,000 management
fee and GBP25,000 administration fee. At the financial period end, the
amount due to Albion Capital Group LLP disclosed as payables was
GBP284,500 (administration fee accrual: GBP12,500, management fee
accrual: GBP272,000) (31 December 2019: GBP297,000; 30 June 2020:
GBP296,500).
Albion Capital Group LLP is, from time to time, eligible to receive
arrangement fees and monitoring fees from portfolio companies. During
the period to 31 December 2020, fees of GBP89,000 attributable to the
investments of the Company were received pursuant to these arrangements
(31 December 2019: GBP74,000; 30 June 2020: GBP131,000).
Albion Capital Group LLP, its partners and staff hold 1,166,274 Ordinary
shares in the Company as at 31 December 2020.
6. Dividends
Unaudited Unaudited Audited
six months ended six months ended year ended
31 December 2020 31 December 2019 30 June 2020
GBP'000 GBP'000 GBP'000
First interim dividend of 1.00 pence per share paid
on 29 November 2019 - 1,861 1,861
Second interim dividend of 1.00 pence per share paid
on 31 March 2020 - - 1,964
Special dividend of 2.00 pence per share paid on 30
October 2020 3,940 - -
First interim dividend of 0.83 per share paid on 30
November 2020 1,642 - -
Unclaimed dividends - - (11)
----------------- ----------------- -------------
5,582 1,861 3,814
----------------- ----------------- -------------
In addition, the Board has declared a second interim dividend of 0.78
pence per share for the year ending 30 June 2021. This will be paid on
31 March 2021 to shareholders on the register on 5 March 2021. This is
expected to amount to approximately GBP1,754,000.
7. Basic and diluted (loss)/return per share
Unaudited Unaudited Audited
six months ended six months ended year ended
31 December 2020 31 December 2019 30 June 2020
Revenue Capital Total Revenue Capital Total Revenue Capital Total
---------------------------------------------------------
(Loss)/return attributable to equity shares (GBP'000) (33) 1,658 1,625 388 413 801 473 (877) (404)
------- ------- ----- ------- ------- ----- ------- ------- ------
Weighted average shares in issue (adjusting for treasury
shares) 197,216,343 186,644,811 190,892,747
----------------------- ----------------------- ------------------------
(Loss)/return attributable per Ordinary share (pence)
(basic and diluted) (0.02) 0.84 0.82 0.21 0.22 0.43 0.25 (0.46) (0.21)
The return/(loss) per share has been calculated after adjusting for
treasury shares of 24,990,875 (31 December 2019: 21,589,410; 30 June
2020: 23,061,630).
There are no convertible instruments, derivatives or contingent share
agreements in issue, and therefore no dilution affecting the
return/(loss) per share. The basic return/(loss) per share is therefore
the same as the diluted return/(loss) per share.
8. Called up share capital
Allotted, called up and fully paid Ordinary shares Unaudited Unaudited Audited
of 1 penny each 31 December 2020 31 December 2019 30 June 2020
---------------------------------------------------
Number of shares 222,945,670 208,035,211 220,036,874
Nominal value of allotted shares (GBP'000) 2,229 2,080 2,200
Voting rights (number of shares net of treasury
shares) 197,954,795 186,445,801 196,975,244
During the period to 31 December 2020 the Company purchased 1,929,245
Ordinary shares (nominal value GBP19,000) for treasury at a cost of
GBP568,000. The total number of Ordinary shares held in treasury as at
31 December 2020 was 24,990,875 (31 December 2019: 21,589,410; 30 June
2020: 23,061,630) representing 11.2 per cent. of the Ordinary shares in
issue as at 31 December 2020.
Under the terms of the Dividend Reinvestment Scheme Circular dated 26
February 2009, the following new Ordinary shares of nominal value 1
penny per share were allotted during the period:
Number of
Allotment shares Aggregate nominal value of shares Issue price Net invested Opening market price on allotment date
date allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
----------
30 October
2020 2,031,730 20 31.14 616 30.00
30
November
2020 877,066 9 30.51 266 29.40
--------- --------------------------------- ------------
2,908,796 29 882
--------- --------------------------------- ------------
9. Contingencies and guarantees
As at 31 December 2020 the Company had no financial commitments in
respect of investments (31 December 2019: GBPnil; 30 June 2020: GBPnil).
There are no external contingencies or guarantees of the Company as at
31 December 2020 (31 December 2019: GBPnil; 30 June 2020: GBPnil).
10. Post balance sheet events
Since 31 December 2020, the Company has completed the following material
transactions:
-- Investment of GBP1,239,000 in a new portfolio company, Threadneedle
Software Holding Limited (T/A Solidatus), a provider of data lineage
software to enterprise customers in regulated markets; and
-- Investment of GBP486,000 in an existing portfolio company, Healios
Limited, a provider of an online platform delivering family centric
psychological care primarily to children and adolescents.
On 10 February 2021, the Company was pleased to announce that it had
reached its GBP9 million limit under its Offer which was fully
subscribed and closed to further applications. 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.
11. Related party transactions
Other than transactions with the Manager as disclosed in note 5, there
are no other related party transactions requiring disclosure.
12. Going concern
The Board has conducted a detailed assessment of the Company's ability
to meet its liabilities as they fall due. Cash flow forecasts are
updated and discussed quarterly at Board level and have been stress
tested to allow for the forecasted impact of coronavirus (Covid-19). The
Board have revisited and updated their assessment of liquidity risk and
concluded that it remains unchanged since the last Annual Report and
Financial Statements. Further details can be found on page 72 of those
accounts.
The portfolio of investments is diversified in terms of sector, and the
major cash outflows of the Company (namely investments, dividends and
share buy-backs) are within the Company's control. Accordingly, after
making diligent enquiries, the Directors have a reasonable expectation
that the Company has adequate resources to continue in operational
existence for the foreseeable future. For this reason, the Directors
have adopted the going concern basis in preparing this Half-yearly
Financial Report and this is in accordance with the Guidance on Risk
Management, Internal Control and Related Financial and Business
Reporting issued by the Financial Reporting Council.
13. Risks and uncertainties
In addition to the risks and uncertainties outlined in the Interim
management report, the Board confirms that the following major risks and
uncertainties facing the Company have not materially changed from those
identified in the Annual Report and Financial Statements for the year
ended 30 June 2020. The impact of the coronavirus (Covid-19) pandemic
has created heightened uncertainty but has not changed the nature of
these risks. The Board considers that the processes for mitigating these
risks remain appropriate:
1. Investment, performance and valuation risk
The risk of investment in poor quality businesses, which could reduce
the capital and income returns to shareholders, and could negatively
impact on the Company's current and future valuations. By nature,
smaller unquoted businesses, such as those that qualify for Venture
Capital Trust purposes, are more volatile than larger, long established businesses. The Company's investment valuation methodology is reliant on the accuracy and completeness of information that is issued by portfolio companies. In particular, the Directors may not be aware of or take into account certain events or circumstances which occur after the information issued by such companies is reported. To reduce this risk, the Board places reliance upon the skills and expertise of the Manager and its track record over many years of making successful investments in this segment of the market. In addition, the Manager operates a formal and structured investment appraisal and review process, which includes an Investment Committee, comprising investment professionals from the Manager and at least one external investment professional. The Manager also invites and takes account of comments from non-executive Directors of the Company on matters discussed at the Investment Committee meetings. Investments are actively and regularly monitored by the Manager (investment managers normally sit on portfolio company boards), including the level of diversification in the portfolio, and the Board receives detailed reports on each investment as part of the Manager's report at quarterly board meetings. The unquoted investments held by the Company are designated at fair value through profit or loss and valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines as updated in 2018. These guidelines set out recommendations, intended to represent current best practice on the valuation of venture capital investments. The valuation takes into account all known material facts up to the date of approval of the Financial Statements by the Board. 2. VCT approval risk The Company must comply with section 274 of the Income Tax Act 2007 which enables its investors to take advantage of tax relief on their investment and on future returns. Breach of any of the rules enabling the Company to hold VCT status could result in the loss of that status. To reduce this risk, the Board has appointed the Manager, which has a team with significant experience in Venture Capital Trust management used to operating within the requirements of the Venture Capital Trust legislation. In addition, to provide further formal reassurance, the Board has appointed Philip Hare & Associates LLP as its taxation adviser, who report quarterly to the Board to independently confirm compliance with the Venture Capital Trust legislation, to highlight areas of risk and to inform on changes in legislation. Each investment in a new portfolio company is also pre-cleared with our professional advisers or H.M. Revenue & Customs. The Company monitors closely the extent of qualifying holdings and addresses this as required. 3. Regulatory and compliance risk The Company is listed on The London Stock Exchange and is required to comply with the rules of the UK Listing Authority, as well as with the Companies Act, Accounting Standards and other legislation. Failure to comply with these regulations could result in a delisting of the Company's shares, or other penalties under the Companies Act or from financial reporting oversight bodies. Board members and the Manager have experience of operating at senior levels within or advising quoted companies. In addition, the Board and the Manager receive regular updates on new regulation from its auditor, lawyers and other professional bodies. The Company is subject to compliance checks through the Manager's compliance officer, and any issues arising from compliance or regulation are reported to its own board on a monthly basis. These controls are also reviewed as part of the quarterly Board meetings, and also as part of the review work undertaken by the Manager's compliance officer. The report on controls is also evaluated by the internal auditors. 4. Operational and internal control risk The Company relies on a number of third parties, in particular the Manager, for the provision of investment management and administrative functions. Failures in key systems and controls within the Manager's business could place assets of the Company at risk or result in reduced or inaccurate information being passed to the Board or to shareholders. The Company and its operations are subject to a series of rigorous internal controls and review procedures exercised throughout the year, and receives reports from the Manager on internal controls and risk management, including on matters relating to cyber security. The Audit and Risk Committee reviews the Internal Audit Reports prepared by the Manager's internal auditor, PKF Littlejohn LLP and has access to the internal audit partner of PKF Littlejohn LLP to provide an opportunity to ask specific detailed questions in order to satisfy itself that the Manager has strong systems and controls in place including those in relation to business continuity and cyber security. From 1 October 2018, Ocorian (UK) Limited was appointed as Depositary to oversee the custody and cash arrangements and provide other AIFMD duties. The Board reviews the quarterly reports prepared by Ocorian (UK) Limited to ensure that Albion Capital is adhering to its policies and procedures as required by the AIFMD. In addition, the Board regularly reviews the performance of its key service providers, particularly the Manager, to ensure they continue to have the necessary expertise and resources to deliver the Company's investment objective and policy. The Manager and other service providers have also demonstrated to the Board that there is no undue reliance placed upon any one individual. 5. Economic, political and social risk Changes in economic conditions, including, for example, interest rates, rates of inflation, industry conditions, competition, political and diplomatic events and other factors could substantially and adversely affect the Company's prospects in a number of ways. This also includes risks of social upheaval, including from infection and population re-distribution, as well as economic risk challenges as a result of healthcare pandemics/infection. The current risk to the Company, and the wider population and economy, is the coronavirus (Covid-19) pandemic. The Company invests in a diversified portfolio of companies across a number of industry sectors and in addition often invests a mixture of instruments in portfolio companies and has a policy of minimising any external bank borrowings within portfolio companies. At any given time, the Company has sufficient cash resources to meet its operating requirements, including share buy-backs and follow-on investments. In common with most commercial operations, exogenous risks over which the Company has no control are always a risk and the Company does what it can to address these risks where possible, not least as the nature of the investments the Company makes are long term. With regards to coronavirus (Covid-19), the Manager is having ongoing discussions with all portfolio companies, in order to ascertain where support is most needed. Cash comprises a significant proportion of net assets, following a strong year of exits and the most recent Top Up, which can be used in part to help mitigate any immediate cashflow problems for these portfolio companies. The portfolio is structured as an all-weather portfolio with c.60 companies which are diversified as discussed above. Exposure is small to at-risk sectors that include leisure, hospitality, retail and travel. 6. Market value of Ordinary shares The market value of Ordinary shares can fluctuate. The market value of an Ordinary share, as well as being affected by its net asset value and prospective net asset value, also takes into account its dividend yield and prevailing interest rates. As such, the market value of an Ordinary share may vary considerably from its underlying net asset value. The market prices of shares in quoted investment companies can, therefore, be at a discount or premium to the net asset value at different times, depending on supply and demand, market conditions, general investor sentiment and other factors. Accordingly, the market price of the Ordinary shares may not fully reflect their underlying net asset value. The Company operates a share buy-back policy, which is designed to limit the discount at which the Ordinary shares trade to around 5 per cent. to net asset value, by providing a purchaser through the Company in absence of market purchasers. From time to time buy-backs cannot be applied, for example when the Company is subject to a close period, or if it were to exhaust any buy-back authorities. New Ordinary shares are issued at sufficient premium to net asset value to cover the costs of issue and to avoid asset value dilution to existing investors. 7. Reputational risk The Company relies on the judgement and reputation of the Manager which is itself subject to the risk of loss. The Board regularly questions the Manager on its ethics, procedures, safeguards and investment philosophy, which should consequently result in the risk to reputation being minimised. 14. Other information The information set out in the Half-yearly Financial Report does not constitute the Company's statutory accounts within the terms of section 434 of the Companies Act 2006 for the periods ended 31 December 2020 and 31 December 2019 and is unaudited. The financial information for the year ended 30 June 2020 does not constitute statutory accounts within the terms of section 434 of the Companies Act 2006 and is derived from the statutory accounts for the financial year, which have been delivered to the Registrar of Companies. The Auditor's report on those accounts was unqualified and did not contain statements under s498 (2) or (3) of the Companies Act 2006. 15. Publication
This Half-yearly Financial Report is being sent to shareholders and
copies will be made available to the public at the registered office of
the Company, Companies House, the National Storage Mechanism and also
electronically at
https://www.globenewswire.com/Tracker?data=K8J3al6mHiaxo_F7CKx8D2UGckgPA_Qpinna7lIDHIyLwMIYTyZe3RQdaL8uTdZ0KZ3TAbb4BE0WV6hNIXH6EASuP906L1JmDDEucLg9EXR19tTLMDequH6uQO-nbLu-
www.albion.capital/funds/CRWN.
Attachment
-- Investment portfolio by sector as at 31 December 2020
https://ml-eu.globenewswire.com/Resource/Download/5d8830e7-a5b6-42e0-9436-0d9a8e2ecad7
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February 15, 2021 06:30 ET (11:30 GMT)
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