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

 
TIDMCRWN 
 
 
   Crown Place VCT PLC 
 
   Interim Management Statement 
 
   LEI Code: 213800SYIQPA3L3T1Q68 
 
   Introduction 
 
   I am pleased to present Crown Place VCT PLC's interim management 
statement for the period from 1 July 2020 to 30 September 2020. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 September 2020 
was GBP65.7 million or 33.34 pence per share (excluding treasury shares), 
an increase of 0.20 pence per share (0.6 per cent.) since 30 June 2020. 
 
   After accounting for the special dividend of 2.00 pence per share paid 
on 30 October 2020 to shareholders on the register on 9 October 2020, 
and the first interim dividend of 0.83 pence per share, to be paid on 30 
November 2020 to shareholders on the register on 6 November 2020, the 
NAV is 30.51 pence per share. 
 
   Share buy-backs 
 
   There were no share buy-backs during the period from 1 July 2020 to 30 
September 2020. 
 
   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 July 
2020 to 30 September 2020: 
 
 
 
 
New 
investment     GBP'000                         Activity 
-------------  -------  ------------------------------------------------------- 
The Voucher 
Market                   A cloud platform that enables corporates to purchase 
Limited (T/A             digital gift cards and to distribute them to employees 
WeGift)          828                         and customers 
-------------  -------  ------------------------------------------------------- 
Total new 
 investments       828 
-------------  ------- 
 
 
 
 
 
 
Further 
investments       GBP'000  Activity 
----------------  -------  --------------------------------------------------- 
                           Network analytics platform to detect financial 
Quantexa Limited   1,359   crime 
----------------  -------  --------------------------------------------------- 
                           A patient engagement and data capture platform for 
uMotif Limited      346     use in real world and observational research 
----------------  -------  --------------------------------------------------- 
                           AI platform that generates optimised marketing 
Phrasee Limited     261    campaigns 
----------------  -------  --------------------------------------------------- 
                           A developer and producer of industrial sensors for 
Oxsensis Limited    112     use in ultra-high temperature environments 
----------------  -------  --------------------------------------------------- 
ePatient Network 
Limited (T/A               Online community connecting people affected by rare 
Raremark)           46      diseases 
----------------  -------  --------------------------------------------------- 
The Evewell 
(Harley Street)            Operator of a women's health centre focusing on 
Limited             39     fertility 
----------------  -------  --------------------------------------------------- 
Total further 
 investments        2,163 
----------------  ------- 
 
 
 
   Top ten holdings as at 30 September 2020: 
 
 
 
 
                                  % of 
                                   net 
                  Carrying value  asset 
Investment            GBP'000     value                            Activity 
----------------  --------------  -----  ------------------------------------------------------------ 
 Quantexa 
 Limited               4,768       7.3       Network analytics platform to detect financial crime 
----------------  --------------  -----  ------------------------------------------------------------ 
 Shinfield Lodge                            Owner and operator of a 66 bed care home in Shinfield, 
 Care Limited          4,207       6.4                             Berkshire 
----------------  --------------  -----  ------------------------------------------------------------ 
 Chonais River                                Owner and operator of a 2 MW hydro-power scheme in 
 Hydro Limited         3,070       4.7                      the Scottish Highlands 
----------------  --------------  -----  ------------------------------------------------------------ 
 Proveca Limited           3,058    4.7                         Reformulation of paediatric medicines 
----------------  --------------  -----  ------------------------------------------------------------ 
 Radnor House          2,708       4.1   Independent school for children aged 3-18 years 
  School (TopCo) 
  Limited 
----------------  --------------  -----  ------------------------------------------------------------ 
 Active Lives          2,557       3.9   Owner and operator of a 75 bed care home in Cumnor 
  Care Limited                            Hill, Oxfordshire 
----------------  --------------  -----  ------------------------------------------------------------ 
 Ryefield Court        2,019       3.1   Owner and operator of a 60 bed care home in Hillingdon, 
  Care Limited                            Middlesex 
----------------  --------------  -----  ------------------------------------------------------------ 
 Gharagain River       1,639       2.5   Owner and operator of a 1 MW hydro-power scheme in 
  Hydro Limited                           the Scottish Highlands 
----------------  --------------  -----  ------------------------------------------------------------ 
 G.Network             1,009       1.5   Ultra-fast fibre optic broadband provider in central 
  Communications                          London 
  Limited 
----------------  --------------  -----  ------------------------------------------------------------ 
 Oviva AG               976        1.5   A technology enabled service business in medical nutritional 
                                          therapy (MNT) 
----------------  --------------  -----  ------------------------------------------------------------ 
 
 
 
   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=r-gK1pXHO85UHcxINUAPx_H_ZTd8mhdkob2AvAlnf0BzrYlEiFZ473aMjD-uXFwwFM5pG64HQ8A46mkqya01SOdbffnU0alnzQRdqlZnwZl4lq6wmwjEGcLEni1GzUho 
www.albion.capital/funds/CRWN, by following the 'Portfolio of 
Investments' link under the 'Fund Reports' section. 
 
   Material events and transactions after the period end 
 
   After the period end, the Company undertook the following material 
investment transactions: 
 
 
   -- Proceeds of GBP478,000 received from the sale of Clear Review Limited on 
      cost of GBP231,000, a multiple of 2.1 times cost and a 75% internal rate 
      of return; 
 
   -- Investment of GBP424,000 in a new portfolio company, Seldon Technologies 
      Limited, a software company that enables enterprises to deploy Machine 
      Learning models in production; 
 
   -- Investment of GBP152,000 in a new portfolio company, uMedeor Limited (T/A 
      uMed), a middleware technology platform that enables life science 
      organisations to conduct medical research programmes; 
 
   -- Investment of GBP132,000 in an existing portfolio company, Limitless 
      Technology Limited, a provider of a customer service platform powered by 
      the crowd and Machine Learning technology; and 
 
   -- Investment of GBP80,000 in an existing portfolio company, Arecor Limited, 
      which develops biopharmaceuticals through the application of a 
      formulation technology platform. 
 
   Albion VCTs' Top Up Offers 
 
   The Company was pleased to announce on 23 November 2020 that, subject to 
obtaining the requisite regulatory approval, the Company intends to 
launch prospectus Top Up Offers of new Ordinary shares for subscription 
in the 2020/2021 and 2021/2022 tax years (the "Offers"). 
 
   Full details of the Offers will be contained in a prospectus that is 
expected to be published in early January 2021 and will be available on 
the Albion Capital website (www.albion.capital). 
 
   There have been no further 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 October 2020 and 26 November 2020. 
 
   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=r-gK1pXHO85UHcxINUAPx_H_ZTd8mhdkob2AvAlnf0ClH5CNXn_qlDzW60SdX4uq2IfynKU3_BHi8dxifTQUrWcwUI8GK0PaP5cwvjIWixXzFajpXkdtKmhTFc8wuC-R 
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 
https://www.globenewswire.com/Tracker?data=r-gK1pXHO85UHcxINUAPx_H_ZTd8mhdkob2AvAlnf0DO_30mzGxtP3KGnvM4qYm84xIxtENp-3AVNTWPppSw2P8DPWRwSNjxb1OUsUb6Qrp_XHneqAXlwFUjl1R4TgeR 
www.albion.capital/funds/CRWN. 
 
 
 
   Penny Freer, Chairman 
 
   [e-mail] 
 
   26 November 2020 
 
   For further information please contact: 
 
   Albion Capital Group LLP -- Tel: [phone] 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 26, 2020 06:27 ET (11:27 GMT)

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