Crown Place VCT PLC Crown Place Vct Plc: Interim Management Statement

 
TIDMCRWN 
 

Crown Place VCT PLC

Interim Management Statement

LEI Code: 213800SYIQPA3L3T1Q68

Introduction

I present Crown Place VCT PLC's interim management statement for the period from 1 July 2022 to 30 September 2022.

Performance and dividends

The Company's unaudited net asset value (NAV) as at 30 September 2022 was GBP86.0 million or 33.77 pence per share (excluding treasury shares), an increase of 0.07 pence per share (0.21%) since 30 June 2022.

After accounting for the first interim dividend of 0.84 pence per share which will be paid on 30 November 2022 to shareholders on the register on 4 November 2022, the NAV is 32.93 pence per share.

Albion VCTs' Top Up Offers

A prospectus Top Up Offer of new Ordinary shares was launched on 10 October 2022. The Company's Offer is GBP8.0 million, with an over-allotment facility of GBP3.5 million. Any election to make use of the over-allotment facility will be subject to the decision of the Board at the relevant time.

The first allotment of shares under the Offer is due to take place on 2 December 2022, and the Company intends to allot new ordinary shares based upon the latest published NAV in accordance with the Pricing Formula set out in the Prospectus.

Full details of the Offer are in a prospectus that is available on the Albion Capital website (www.albion.capital).

Portfolio

The following investments have been made during the period from 1 July 2022 to 30 September 2022:

 
New investments     GBP'000                       Activity 
------------------  -------  -------------------------------------------------- 
Toqio FinTech 
Holdings             1,017         Provider of embedded FinTech solutions 
------------------  -------  -------------------------------------------------- 
GX Molecular (T/A 
CS Genetics)          615      Developer of single-cell sequencing solutions 
------------------  -------  -------------------------------------------------- 
                             SaaS platform to measure and manage human risk for 
OutThink              505                        enterprises 
------------------  -------  -------------------------------------------------- 
Neurofenix            432               Neurorehabilitation platform 
------------------  -------  -------------------------------------------------- 
Total new 
 investments          2,569 
------------------  ------- 
 
 
Further 
investments    GBP'000                         Activity 
-------------  -------  ------------------------------------------------------- 
The Voucher              A cloud platform that enables corporates to purchase 
Market (T/A              digital gift cards and to distribute them to employees 
WeGift)          824                         and customers 
-------------  -------  ------------------------------------------------------- 
                          A middleware technology platform that enables life 
uMedeor (T/A               science organisations to conduct medical research 
uMed)            76                            programmes 
-------------  -------  ------------------------------------------------------- 
InCrowd 
Sports           57     Developer of mobile apps for professional sports clubs 
-------------  -------  ------------------------------------------------------- 
Brytlyt          40                A GPU database software provider 
-------------  -------  ------------------------------------------------------- 
Total further 
 investments       997 
-------------  ------- 
 

Top ten holdings as at 30 September 2022:

 
Investment          Carrying value  % of   Activity 
                        GBP'000      net 
                                    asset 
                                    value 
------------------  --------------  -----  ---------------------------------------------------------- 
Quantexa                10,119      11.8%  Network analytics platform to detect financial crime 
------------------  --------------  -----  ---------------------------------------------------------- 
Proveca                 4,044       4.7%   Reformulation of medicines for paediatrics 
------------------  --------------  -----  ---------------------------------------------------------- 
Oviva                   3,607       4.2%   Technology enabled service business in medical nutritional 
                                            therapy (MNT) 
------------------  --------------  -----  ---------------------------------------------------------- 
Chonais River           3,138       3.6%   Owner and operator of a 2 MW hydro-power scheme in 
Hydro                                       the Scottish Highlands 
------------------  --------------  -----  ---------------------------------------------------------- 
Radnor House            3,101       3.6%   Independent school for children aged 2-18 
School (TopCo) 
------------------  --------------  -----  ---------------------------------------------------------- 
The Evewell Group       2,429       2.8%   Operator and developer of women's health centres focusing 
                                            on fertility 
------------------  --------------  -----  ---------------------------------------------------------- 
Cantab Research         2,423       2.8%   Provider of low footprint automated speech recognition 
(T/A                                        which can be deployed in the cloud, on premise or 
Speechmatics)                               on device 
------------------  --------------  -----  ---------------------------------------------------------- 
Threadneedle            2,294       2.7%   Provider of data lineage software to enterprise customers 
Software Holding                            in regulated sectors 
(T/A Solidatus) 
------------------  --------------  -----  ---------------------------------------------------------- 
The Voucher Market      2,131       2.5%   A cloud platform that enables corporates to purchase 
(T/A WeGift)                                digital gift cards and to distribute them to employees 
                                            and customers. 
------------------  --------------  -----  ---------------------------------------------------------- 
Gharagain River         1,730       2.0%   Owner and operator of a 1 MW hydro-power scheme in 
Hydro Limited                               the Scottish Highlands 
------------------  --------------  -----  ---------------------------------------------------------- 
 

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/CRWN.

Share buy-backs

During the period from 1 July 2022 to 30 September 2022, 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

There have been no significant events or transactions between 1 October 2022 and 28 November 2022 that the Board is aware of which would have had a material impact on the financial position of the Company.

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/CRWN.

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/CRWN.

Penny Freer, Chairman

28 November 2022

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP -- Tel: [phone]

(END) Dow Jones Newswires

November 28, 2022 06:48 ET (11:48 GMT)

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