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's (the "Company") 
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 GBP77.58 million or 20.71 pence per share (excluding treasury 
shares), an increase of 0.41 pence per share (2.0 per cent.) since 30 
June 2020. 
 
   After accounting for the dividend paid of 0.51 pence per share on 30 
October 2020 to shareholders on the register on 2 October 2020, the NAV 
is 20.20 pence per share. 
 
   Share buy-backs 
 
   During the period from 1 July 2020 to 30 September 2020, the Company 
purchased 1,705,566 shares for GBP331,000 at an average price of 19.29 
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. The level of share buybacks for 
the sixth month period to 31 December 2020 will be limited to GBP1 
million. 
 
   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 
investments    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)          361                         and customers. 
-------------  -------  ------------------------------------------------------- 
Total new 
 investments       361 
-------------  ------- 
 
 
 
 
 
 
Follow on 
investments       GBP'000                       Activity 
----------------  -------  --------------------------------------------------- 
                             Network analytics platform to detect financial 
Quantexa Limited    891                          crime. 
----------------  -------  --------------------------------------------------- 
                             AI platform that generates optimised marketing 
Phrasee Limited     274                        campaigns. 
----------------  -------  --------------------------------------------------- 
                           A patient engagement and data capture platform for 
uMotif Limited      175       use in real world and observational research. 
----------------  -------  --------------------------------------------------- 
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             29                         fertility. 
----------------  -------  --------------------------------------------------- 
Total follow on 
 investments        1,415 
----------------  ------- 
 
   Disposals 
 
   During the period from 1 July 2020 to 30 September 2020 contracts were 
exchanged for the sale of Perpetuum Limited, subject to regulatory 
approval. 
 
   Top ten holdings as at 30 September 2020: 
 
 
 
 
Portfolio     Carrying value  % of   Activity 
company           GBP'000      net 
                              asset 
                              value 
------------  --------------  -----  ------------------------------------------------------- 
Proveca           7,412        9.6   Reformulation of medicines for paediatric use. 
Limited 
------------  --------------  -----  ------------------------------------------------------- 
Active Lives      6,986        9.0   Owner and operator of a 75 bed care home in Cumnor 
Care                                  Hill, Oxfordshire. 
Limited 
------------  --------------  -----  ------------------------------------------------------- 
Ryefield          4,900        6.3   Owner and operator of a 60 bed care home in Hillingdon, 
Court Care                            Middlesex. 
Limited 
------------  --------------  -----  ------------------------------------------------------- 
Egress            4,545        5.9   Encrypted email & file transfer service provider. 
Software 
Technologies 
Limited 
------------  --------------  -----  ------------------------------------------------------- 
Quantexa          4,300        5.5   Network analytics platform to detect financial crime. 
Limited 
------------  --------------  -----  ------------------------------------------------------- 
Chonais           3,272        4.2   Owner and operator of a 2 MW hydro-power scheme in 
River Hydro                           the Scottish Highlands. 
Limited 
------------  --------------  -----  ------------------------------------------------------- 
Antenova          2,350        3.0   Supplier of integrated antennas and RF solutions. 
Limited 
------------  --------------  -----  ------------------------------------------------------- 
The Street        1,914        2.5   Owner and operator of photovoltaic systems on domestic 
by Street                             properties in the UK. 
Solar 
Programme 
Limited 
------------  --------------  -----  ------------------------------------------------------- 
Regenerco         1,674        2.2   Generator of renewable energy from roof top solar 
Renewable                             installations. 
Energy 
Limited 
------------  --------------  -----  ------------------------------------------------------- 
Alto              1,458        1.9   Owner and operator of community scale wind energy 
Prodotto                              projects on brownfield sites in the UK. 
Wind 
Limited 
------------  --------------  -----  ------------------------------------------------------- 
 
 
   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=exCee2chLy17nX4itGG3CLPKQ0M3KtNrBlOql4dgcTUWVqcrJ3izUKvrc6l1EN15Mon1ZLPNVRyV-dgYbXx2R1P_GyuCko786Fl-1HlCWN4dumSn8U0g1u1EV8IEk2_o 
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 
 
   After the period end, the Company undertook the following investment 
transactions: 
 
 
   -- Proceeds of GBP419,000 received from the sale of Clear Review Limited on 
      a cost of GBP203,000; 
 
   -- Investment of GBP418,000 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 GBP123,000 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 GBP84,000 in an existing portfolio company, Arecor Limited, 
      which develops biopharmaceuticals through the application of a 
      formulation technology platform. 
 
 
   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 10 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=exCee2chLy17nX4itGG3CLPKQ0M3KtNrBlOql4dgcTXvl0qqQ0lPzcDkgV4WGmYA-nP_twhogeFR3JpP4wKfSu-6hYXRzNk6l9X7QkipLECb4yU04OZYWJm8B10apJZt 
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=exCee2chLy17nX4itGG3CLPKQ0M3KtNrBlOql4dgcTU-V6FF6Jo9cE0XGIKcMiKouw1LSfxSdQX9iSEVoJkxSNDCOG6PJzNuODxC9Do_FS7-RSI8buXosroS5PfElxBr 
www.albion.capital/funds/KAY. 
 
   Robin Field, Chairman 
 
   10 November 2020 
 
   For further information please contact: 
 
   Albion Capital Group LLP -- Tel: [phone] 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 10, 2020 11:05 ET (16:05 GMT)

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