Kings Arms Yard Kings Arms Yard Vct Plc : Interim Management Statement

 
TIDMKAY 
 
 
   Kings Arms Yard VCT PLC Interim Management Statement 
 
   LEI Code 213800DK8H27QY3J5R45 
 
   Introduction 
 
   I am pleased to present Kings Arms Yard VCT PLC (the "Company")'s 
interim management statement for the period from 1 January 2018 to 31 
March 2018. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 31 March 2018 was 
GBP67.01 million or 22.69 pence per share (excluding treasury shares), 
an increase of 1.09 pence per share (5.0 per cent.) since 31 December 
2017. 
 
   After accounting for the dividend paid of 0.60 pence per share on 30 
April 2018 to shareholders on the register on 13 April 2018, the NAV is 
22.09 pence per share. 
 
   Albion VCTs Prospectus Top Up Offers 2017/18 
 
   During the period from 1 January 2018 to 31 March 2018, the Company 
issued new Ordinary shares under the Albion VCTs Prospectus Top Up 
Offers 2017/18: 
 
 
 
 
                                  Aggregate 
                   Number of    nominal value  Issue price per 
                    shares        of shares    share (including  Net proceeds 
Date                issued         GBP000      costs of issue)      GBP'000 
31 January 2018      5,979,493             60             21.9p          1,277 
 
 
   The Board announced on 5 March 2018 that the Company had reached its 
GBP8 million limit under its offer pursuant to the Prospectus dated 6 
September 2017, and so was closed. 
 
   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. 
 
   Share buy-backs 
 
   During the period from 1 January 2018 to 31 March 2018, there were no 
share buybacks undertaken by the Company. 
 
   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 2018 to 31 March 2018: 
 
 
 
 
New qualifying investments         GBP000s  Activity 
                                            Online marketplace connecting 
Koru Kids Limited                    204    parents and nannies 
Total new qualifying investments       204 
 
 
 
 
 
 
 
Follow on investments into 
existing portfolio companies        GBP000s              Activity 
                                                Provider of cyber security 
Panaseer Limited                      141                services 
                                               Provider of digital marketing 
Elateral Group Limited                125                software 
Convertr Media Limited                85     Digital lead generation software 
Total follow on investments             351 
 
 
 
 
   Top ten holdings as at 31 March 2018: 
 
 
 
 
                               % of 
                                net 
Portfolio      Carrying value  asset 
company            GBP000s     value                        Activity 
Active Lives                          Owns and operates a 75 bed care home in Cumnor Hill, 
Care Limited       6,826       10.2                        Oxfordshire 
Ryefield 
Court Care                            Owns and operates a 60 bed care home in Hillingdon, 
Limited            5,191        7.7                         Middlesex 
Grapeshot 
 Limited                3,956    5.9                Provider of digital marketing software 
Chonais River 
Hydro                                   Owns and operates a 2 MW hydro-power scheme in the 
Limited                 3,377    5.0                                    Scottish Highlands 
Proveca 
 Limited                2,983    4.5                 Reformulation of paediatric medicines 
Elateral 
 Group 
 Limited                2,761    4.1                Provider of digital marketing software 
Antenova           2,625        3.9   Supplier of integrated antennas and RF solutions 
 Limited 
Egress             2,267        3.4   Encrypted email and file transfer service provider 
 Software 
 Technologies 
 Limited 
Anthropics         1,775        2.6   Provider of digital picture enhancement software 
 Technology 
 Limited 
The Street by      1,757        2.6   Owns and operates photovoltaic systems on domestic 
 Street Solar                          properties in the UK 
 Programme 
 Limited 
 
 
   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/KAY, by following the 'Portfolio of 
Investments' link under the 'Fund reports' section. 
 
   Material events and transactions after the period end 
 
   Portfolio 
 
   After the period end, the Company had the following material investment 
transactions: 
 
 
   -- An investment of GBP189,000 in an existing portfolio company, Black Swan 
      Data Limited, which provides data analysis that supports corporate 
      decision making; 
 
   -- An investment of GBP145,000 in an existing portfolio company, Abcodia 
      Limited, which focuses on the validation and discovery of serum 
      biomarkers; 
 
   -- An investment of GBP90,000 in an existing portfolio company, InCrowd 
      Sports Limited, which is a developer of mobile apps for professional 
      sports clubs; and 
 
   -- As announced on 24 April 2018, contracts were exchanged for the sale of 
      Grapeshot Limited which subsequently completed on 15 May 2018. The 
      valuation of the holding as at 31 March 2018 includes discounts to the 
      total estimated consideration to reflect completion and other risks. 
 
 
   Albion VCTs prospectus Top Up Offers 
 
   The following new Ordinary shares of nominal value 1 penny per share 
were allotted under the Albion VCTs prospectus Top Up Offers 2017/18 
after 31 March 2018: 
 
 
 
 
                                 Aggregate 
                  Number of    nominal value  Issue price per 
                   shares        of shares    share (including   Net proceeds 
Date               issued         GBP000      costs of issue)      GBP'000 
5 April 2018        9,261,391             93             22.2p           2,005 
11 April 2018       2,514,181             25    22.0p to 22.2p             544 
 
 
 
   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 April 2018 to 16 May 2018. 
 
   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/KAY. 
 
   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 under www.albion.capital/funds/KAY. 
 
 
 
 
 
   Robin Field, Chairman 
 
   16 May 2018 
 
 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Capital Group LLP - Tel: [phone] 
 
   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: Kings Arms Yard VCT PLC via Globenewswire 
 
 
  http://www.sparkventures.com 
 

(END) Dow Jones Newswires

May 16, 2018 05:30 ET (09:30 GMT)

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