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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 0.0% 33.20 32.40 34.00 33.20 33.20 33.20 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 0.5 0.3 132.8 75

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

17/05/2021 2:28pm

UK Regulatory (RNS & others)


 
TIDMCRWN 
 
   Crown Place VCT PLC 
 
   Interim Management Statement 
 
   LEI Code: 213800SYIQPA3L3T1Q68 
 
   Introduction 
 
   I am pleased to present Crown Place VCT PLC's (the "Company") interim 
management statement for the period from 1 January 2021 to 31 March 
2021. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 31 March 2021 was 
GBP70.96 million or 31.59 pence per share (excluding treasury shares). 
After accounting for a dividend of 0.78 pence per share which was paid 
on 31 March 2021 to shareholders on the register on 5 March 2021 the NAV 
has increased by 1.24 pence per share (4.09%) since 31 December 2020. 
 
   Fundraising and share issues 
 
   During the period from 1 January 2021 to 31 March 2021, the Company 
issued the following new Ordinary shares of nominal value 1 penny per 
share under the Albion VCTs Prospectus Top Up Offers 2020/21: 
 
 
 
 
                                           Issue price per share 
                      Number of shares      (including costs of   Net proceeds 
Date                       issued                 issue)             GBP'000 
-----------------  ----------------------  ---------------------  ------------ 
26 February 2021               26,967,479         31.7p to 32.0p         8,414 
-----------------  ----------------------  ---------------------  ------------ 
 
 
   The Company also issued the following shares under the dividend 
reinvestment scheme which are included in the net asset value figures 
for 31 March 2021 above: 
 
 
 
 
                 Number of shares      Issue price per 
Date                  issued                share         Net invested GBP'000 
--------------  -------------------  -------------------  -------------------- 
31 March 2021               976,922          30.35 pence                   295 
--------------  -------------------  -------------------  -------------------- 
 
 
   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. 
 
   Share buy-backs 
 
   During the period from 1 January 2021 to 31 March 2021, the Company 
purchased 1,304,353 shares for GBP388,000 including stamp duty, at an 
average price of 29.57 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 2021 to 31 March 2021: 
 
 
 
 
New investments   GBP'000                          Activity 
----------------  -------  --------------------------------------------------------- 
                           Provider of data lineage software to enterprise customers 
Threadneedle                   in regulated sectors, which allows them to rapidly 
Software Limited               discover, visualise, catalogue and understand how 
(T/A Solidatus)    1,239                data flows through their systems 
----------------  -------  --------------------------------------------------------- 
Total new 
 investments        1,239 
----------------  -------  --------------------------------------------------------- 
 
 
 
 
 
 
Further 
investments      GBP'000                          Activity 
---------------  -------  --------------------------------------------------------- 
                          Provider of an online platform delivering family centric 
Healios Limited    486     psychological care primarily to children and adolescents 
---------------  -------  --------------------------------------------------------- 
Black Swan Data 
Limited            262            Predictive analytics for consumer brands 
---------------  -------  --------------------------------------------------------- 
ePatient 
Limited (T/A                 Online community connecting people affected by rare 
Raremark)          46                              diseases 
---------------  -------  --------------------------------------------------------- 
Total further 
 investments         794 
---------------  -------  --------------------------------------------------------- 
 
 
   The following disposals were made during the period from 1 January 2021 
to 31 March 2021: 
 
 
 
 
                                 Cost    Proceeds 
Portfolio Company               GBP'000   GBP'000 
-----------------------------  --------  -------- 
Shinfield Lodge Care Limited      2,140     4,580 
-----------------------------  --------  -------- 
Active Lives Care Limited         1,620     2,874 
-----------------------------  --------  -------- 
Ryefield Court Care Limited       1,275     2,374 
-----------------------------  --------  -------- 
SBD Automotive Limited              220       379 
-----------------------------  --------  -------- 
OmPrompt Holdings Limited           153       350 
-----------------------------  --------  -------- 
Total                             5,408    10,557 
-----------------------------  --------  -------- 
 
 
   In March 2021, the Company completed the sale of its three care homes 
for the elderly; Active Lives Care Limited, Ryefield Court Care Limited, 
and Shinfield Lodge Care Limited. The purpose-built residential care 
homes situated across the South of England, offer luxury living with 
all-inclusive service and an excellent level of care. The homes were 
trading at mature occupancy levels. 
 
   The first investments in the homes were made over 5 years ago and the 
sale generated a 2.5x return on cost (including interest received), an 
excellent result for the Company. 
 
   Top ten holdings as at 31 March 2021: 
 
 
 
 
Investment       Carrying value  % of   Activity 
                     GBP'000      net 
                                 asset 
                                 value 
---------------  --------------  -----  --------------------------------------------------------- 
Quantexa             4,768        6.7   Network analytics platform to detect financial crime 
Limited 
---------------  --------------  -----  --------------------------------------------------------- 
Proveca Limited      3,596        5.1   UK based pharma company specialising in medicines 
                                         for children 
---------------  --------------  -----  --------------------------------------------------------- 
Chonais River        3,114        4.4   Owner and operator of a 2 MW hydro-power scheme in 
Hydro Limited                            the Scottish Highlands 
---------------  --------------  -----  --------------------------------------------------------- 
Radnor House         2,743        3.9   Independent school for children aged 2-18 
School (TopCo) 
Limited 
---------------  --------------  -----  --------------------------------------------------------- 
The Evewell          1,728        2.4   Operator of a women's health centre focusing on fertility 
(Harley Street) 
Limited 
---------------  --------------  -----  --------------------------------------------------------- 
Gharagain River      1,676        2.4   Owner and operator of a 1 MW hydro-power scheme in 
Hydro Limited                            the Scottish Highlands 
---------------  --------------  -----  --------------------------------------------------------- 
Phrasee Limited      1,606        2.3   AI platform that generates optimised marketing campaigns 
---------------  --------------  -----  --------------------------------------------------------- 
Threadneedle         1,239        1.7   Provider of data lineage software to enterprise customers 
Software                                 in regulated sector 
Holding Limited 
(T/A 
Solidatus) 
---------------  --------------  -----  --------------------------------------------------------- 
Healios Limited      1,081        1.5   Provider of an online platform delivering family centric 
                                         psychological care primarily to children and adolescents 
---------------  --------------  -----  --------------------------------------------------------- 
Egress Software       996         1.4   Encrypted email and file transfer service provider 
Technologies 
Limited 
---------------  --------------  -----  --------------------------------------------------------- 
 
   Material events and transactions after the period end 
 
   After the period end, the Company had the following material investment 
transactions: 
 
 
   -- Investment of GBP608,000 in a new portfolio company, an open sources API 
      management platform that enables enterprises to manage their APIs through 
      their lifecycle (from design to publishing to controlling access and 
      security); and 
 
   -- Investment of GBP168,000 in an existing portfolio company, Panaseer 
      Limited, a provider of cyber security services. 
 
 
   Other than as described above, there have been no material events or 
transactions during the quarter and to the date of this announcement. 
 
   Further information 
 
   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 
 
   crownchair@albion.capital 
 
   17 May 2021 
 
   For further information please contact: 
 
   Vikash Hansrani 
 
   Operations Partner 
 
   Albion Capital Group LLP 
 
   Telephone: 020 7601 1850 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 17, 2021 09:28 ET (13:28 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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