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

 
TIDMCRWN 
 
 
   Crown Place VCT PLC Interim Management Statement 
 
   Introduction 
 
   I am pleased to present Crown Place VCT PLC's interim management 
statement for the period ended 31 March 2017. 
 
   Performance and dividends 
 
   The Group's unaudited net asset value (NAV) as at 31 March 2017 was 
GBP45.65 million or 30.99 pence per share (excluding treasury shares), 
after accounting for a dividend of 1 penny per share which was paid on 
31 March 2017 to shareholders on the register as at 10 March 2017. 
 
   After taking account of the total 2.00 pence per share of dividends paid 
on 30 November 2016 (1 penny) and 31 March 2017 (1 penny), the 
comparable ex-dividend NAV as at 30 June 2016 was 26.94 pence per share. 
Therefore, the NAV has risen by 4.05 pence per share or (15.03 per 
cent.) since 30 June 2016. 
 
   Share issues 
 
   During the period from 1 January 2017 to 31 March 2017, the Company 
issued the following new Ordinary shares under the Albion VCTs 
Prospectus Top Up Offers 2016/2017: 
 
 
 
 
                                          Issue price per 
                      Number of shares   share (including      Net proceeds 
Date                       issued         costs of issue)        GBP'000 
31 January 2017 to 
 28 March 2017               18,961,894     30.4p to 30.8p               5,653 
 
 
   In addition, the following new Ordinary shares were issued under the 
dividend reinvestment scheme on 31 March 2017: 
 
 
 
 
                 Number of shares      Issue price per 
Date                  issued                share         Net invested GBP'000 
31 March 2017               767,434               29.84p                   227 
 
 
   Share buy-backs 
 
   During the period from 1 January 2017 to 31 March 2017, the Company 
purchased 561,000 shares for GBP159,000 at an average price of 28.28 
pence per share. All of the shares are to be held in treasury. 
 
   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. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 
January 2017 to 31 March 2017: 
 
 
 
 
New 
investments     GBP000s                        Activity 
Quantexa                  Predictive analytics platform to protect and detect 
Limited           190                   complex financial crime 
Beddlestead              Seed funding to develop and operate dedicated wedding 
Farm Limited       6                        venues in the UK 
Total new 
 investments        196 
 
 
 
 
Further investments         GBP000s  Activity 
                                     Medical devices for the detection of 
Dysis Medical Limited         147    cervical cancer 
                                     Data analysis that supports corporate 
Black Swan Data Limited       83     decision making 
Total further investments       230 
 
 
   Disposals 
 
   The following disposals and loan stock repayments were made during the 
period from 1 January 2017 to 31 March 2017: 
 
 
 
 
Portfolio company                   GBP000s 
Masters Pharmaceuticals Limited       351         Disposal of investment 
AMS Sciences Limited                  136         Disposal of investment 
Radnor House School (Holdings) 
Limited                               90           Loan stock repayment 
                                             Loan stock and redemption premium 
Alto Prodotto Wind Limited             7                 repayment 
Total proceeds                          584 
 
 
   Top ten holdings as at 31 March 2017: 
 
 
 
 
                               % of 
                                net 
               Carrying value  asset 
Investment         GBP000s     value                      Activity 
Radnor House 
School 
(Holdings) 
Limited             5,589      12.2      Independent schools for children aged 5-18 
Shinfield 
Lodge Care                            Owner and operator of a care home for the elderly 
Limited             3,500       7.7                      in Berkshire 
Chonais River 
 Hydro 
 Limited                2,463    5.4                     Hydropower project in Scotland 
Active Lives                          Owner and operator of a care home for the elderly 
Care Limited            2,275    5.0                                          in Oxford 
The Crown 
Hotel 
Harrogate 
Limited                 1,929    4.2   Owner and operator of The Crown Hotel, Harrogate 
ELE Advanced 
Technologies 
Limited                 1,890    4.1   Manufacturer of precision engineering components 
Ryefield 
Court Care                            Owner and operator of a care home for the elderly 
Limited                 1,849    4.1                                      in Hillingdon 
Gharagain 
 River Hydro 
 Limited                1,326    2.9                     Hydropower project in Scotland 
Earnside 
 Energy 
 Limited                1,254    2.7           An anaerobic digestion plant in Scotland 
Proveca 
 Limited                1,217    2.7              Reformulation of paediatric medicines 
 
 
   A full breakdown of the Company's portfolio can be found on the 
Company's webpage on the Manager's website at 
www.albion-ventures.co.uk/funds/CRWN, by following the 'Portfolio of 
Investments' link under the 'Funds reports' section. 
 
   Material events and transactions after the period end 
 
   Share issues 
 
   After the period end, the Company issued the following new Ordinary 
shares under the Albion VCTs Prospectus Top Up Offers 2016/2017: 
 
 
 
 
                                       Issue price per 
                 Number of shares     share (including 
Date                  issued           costs of issue)    Net proceeds GBP'000 
6 April 2017                564,349       30.5p to 30.8p                   169 
 
 
   The Offer closed on 22 February 2017 having been fully subscribed and 
raising net proceeds of GBP5.82 million. The proceeds of the Offer are 
being used to provide further resources to the Company at a time when a 
number of attractive new investment opportunities are being seen. 
 
   Portfolio 
 
   After the period end, the Company had the following material investment 
transactions: 
 
 
   -- Disposal of Blackbay Limited for GBP639k of which GBP20k is deferred and 
      held in escrow; 
 
   -- Investment of GBP550k in a new company, MPP Global Solutions Limited, 
      which offers a cloud billing platform for enterprise subscription 
      businesses in the media, sport and retail sectors; 
 
   -- Investment of GBP63k in an existing investee company, Panaseer Limited, 
      which provides a data analytics software platform. 
 
 
   Further information 
 
   The Company continues to offer a Dividend Reinvestment Scheme to 
existing shareholders. Details of this Scheme can be found at 
www.albion-ventures.co.uk/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-ventures.co.uk/funds/CRWN. 
 
 
 
   Richard Huntingford, Chairman 
 
   [e-mail] 
 
   19 May 2017 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Ventures LLP - Tel: [phone] 
 
   LEI Code: 213800SYIQPA3L3T1Q68 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Crown Place VCT PLC via Globenewswire 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

May 19, 2017 07:17 ET (11:17 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.