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 present Kings Arms Yard VCT PLC's (the "Company") interim management 
statement for the period from 1 January 2020 to 31 March 2020. 
 
   Impact of coronavirus (Covid-19) and Net asset value 
 
   Since the year ended 31 December 2019, the Board has been monitoring the 
ongoing disruption caused by the coronavirus (Covid-19) pandemic and its 
current and potential impact on portfolio companies. The full extent of 
the damage that will be inflicted on the global economies is still 
uncertain. 
 
   In light of this, the Company announces its unaudited net asset value 
(NAV) as at 31 March 2020 of GBP74.4 million or 19.79 pence per share 
(excluding treasury shares), which represents a decrease of 2.23 pence 
per share (10.1 per cent.) since 31 December 2019. This reflects 
reductions across the portfolio, which is carried at fair value, as a 
result of market conditions arising from the healthcare pandemic. The 
Board has reassessed the carrying values of all companies within the 
portfolio and has reduced those which are affected by the current 
situation. The portfolio is well diversified and has weightings in 
sectors that may be less badly affected by the pandemic such as 
renewable energy.  Many companies within the portfolio are well suited 
to operating in a remote environment but this may not entirely insulate 
them from the failure of clients due to recession. 
 
   After accounting for the dividend of 0.60 pence per share payable on 30 
April 2020 to shareholders on the register on 14 April 2020, the NAV 
will be 19.19 pence per share. 
 
   Fundraising and share issues 
 
   During the period from 1 January 2020 to 31 March 2020, the Company 
issued the following new Ordinary shares of nominal value 1 penny per 
share under the Albion VCTs Prospectus Top Up Offers 2019/20: 
 
 
 
 
                                          Issue price per share 
                     Number of shares      (including costs of    Net proceeds 
Date                      issued                  issue)             GBP'000 
----------------  ----------------------  ----------------------  ------------ 
31 January 2020               42,437,803          22.4p to 22.7p         9,388 
----------------  ----------------------  ----------------------  ------------ 
 
   Share buy-backs 
 
   Given the uncertainty on valuations caused by coronavirus (Covid-19) and 
its impact on financial markets in recent times, the Board agreed to 
suspend the Company's buy back operation on 18 March 2020 until such 
time as the Company could provide an updated valuation as at 31 March 
2020 of the portfolio and the Company's NAV. 
 
   With this announcement of the NAV of the Company at 31 March 2020, the 
Board is pleased to announce the resumption of its share buy-back policy, 
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. However, the level of share 
buybacks until the announcement of the Company's interim results, 
expected during August 2020, shall be limited to GBP500,000. 
 
   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 2020 to 31 March 2020: 
 
 
 
 
New 
investments    GBP000s                         Activity 
-------------  -------  ------------------------------------------------------ 
                          A software provider bringing real-time behavioural 
Concirrus                data analytics to the marine and transport insurance 
Limited          308                          industries 
-------------  -------  ------------------------------------------------------ 
Credit Kudos              Challenger credit bureau helping lenders optimise 
Limited          154     and automate their affordability and risk assessments 
-------------  -------  ------------------------------------------------------ 
Total new 
 investments       462 
-------------  ------- 
 
 
   Top ten holdings as at 31 March 2020: 
 
 
 
 
                               % of 
                                net 
Portfolio      Carrying value  asset 
company            GBP000s     value                         Activity 
-------------  --------------  -----  ------------------------------------------------------- 
Active Lives                            Owner and operator of a 75 bed care home in Cumnor 
Care Limited       6,540        8.8                      Hill, Oxfordshire 
-------------  --------------  -----  ------------------------------------------------------- 
Proveca 
 Limited                5,833    7.8                    Reformulation of paediatric medicines 
-------------  --------------  -----  ------------------------------------------------------- 
Egress             4,545        6.1   Encrypted email & file transfer service provider 
 Software 
 Technologies 
 Limited 
-------------  --------------  -----  ------------------------------------------------------- 
Ryefield           4,473        6.0   Owner and operator of a 60 bed care home in Hillingdon, 
 Court Care                            Middlesex 
 Limited 
-------------  --------------  -----  ------------------------------------------------------- 
Chonais River      3,331        4.5   Owner and operator of a 2 MW hydro-power scheme in 
 Hydro                                 the Scottish Highlands 
 Limited 
-------------  --------------  -----  ------------------------------------------------------- 
Antenova           2,329        3.1   Supplier of integrated antennas and RF solutions 
 Limited 
-------------  --------------  -----  ------------------------------------------------------- 
The Street by      1,876        2.5   Owner and operator of photovoltaic systems on domestic 
 Street Solar                          properties in the UK 
 Programme 
 Limited 
-------------  --------------  -----  ------------------------------------------------------- 
Quantexa           1,816        2.4   Network analytics platform to detect financial crime 
 Limited 
-------------  --------------  -----  ------------------------------------------------------- 
Regenerco          1,554        2.1   Generator of renewable energy from roof top solar 
 Renewable                             installations 
 Energy 
 Limited 
-------------  --------------  -----  ------------------------------------------------------- 
Alto Prodotto      1,473        2.0   Owner and operator of community scale wind energy 
 Wind                                  projects on brownfield sites in the UK 
 Limited 
-------------  --------------  -----  ------------------------------------------------------- 
 
   Board composition 
 
   Since the Company's year end, the Board has been engaged in discussions 
with regards to succession planning and an announcement will be made 
later on this year. 
 
   Material events and transactions after the period end 
 
   After the period end, the Company had no material transactions. 
 
   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=0KSMHNUVHZ0oiTUxZCyCRB96RYoG6EEvBQQfxzpD1BEDUdvozf_7LOkJwuX4tGPeCbsfIrmXeP0zZ-IbOGrMRVcsB29Yera9cX2nZyq4ff9bOowzWIQdiJ063AkQSx-6 
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 
https://www.globenewswire.com/Tracker?data=0KSMHNUVHZ0oiTUxZCyCRB96RYoG6EEvBQQfxzpD1BHxaxUCtvNgb01lJe5nWs86PRF2M1BpxmcdoaS14ftF6juPaCTx8He8fSAzZxmGrxYj8Eo1SLVnyX7Kr3ngPsyf 
www.albion.capital/funds/KAY. 
 
   Robin Field, Chairman 
 
   22 April 2020 
 
   For further information please contact: 
 
   [e-mail] 
https://www.globenewswire.com/Tracker?data=jThGwCTEWvFdawOtqf-M2eMKZvcBDx5VONmVPKA8IcMKhLTUX6KoLF1aEgLH_Zwa533r8h1sx43UEGd-NdaXwkTg1Z5PwuIXZcyq0g9ztUg= 
 
 
   Albion Capital Group LLP -- Tel: [phone] 
 
 
 
 
 
 

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April 22, 2020 12:30 ET (16:30 GMT)

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