Albion Dev VCT Albion Development Vct Plc: Interim Management Statement
November 08 2021 - 7:57AM
UK Regulatory
TIDMAADV
ALBION DEVELOPMENT VCT PLC
LEI Code 213800FDDMBD9QLHLB38
Interim Management Statement
Introduction
I present Albion Development VCT PLC (the "Company")'s interim
management statement for the period from 1 July 2021 to 30
September 2021.
Performance and dividends
The Company's unaudited net asset value (NAV) on 30 September
2021 was GBP95.41 million or 92.52 pence per share (excluding
treasury shares). After accounting for the dividend of 2.31 pence
per share paid on 30 September 2021 to shareholders on the register
on the 10 September 2021, this is an increase of 2.42 pence per
share (2.7%) since 30 June 2021.
Fundraising and share issues
During the period from 1 July 2021 to 30 September 2021, the
Company issued the following shares under the dividend reinvestment
scheme (and are included in the net asset value figures for 30
September 2021 above):
Number of shares Issue price per Net invested
Date issued share GBP'000
------------------ ------------------ ------------------ ------------------
30 September 2021 444,130 90.10 pence 383
------------------ ------------------ ------------------ ------------------
The Company announced on 18 October 2021 that, subject to
obtaining the requisite regulatory approval, it intended to launch
a prospectus top up offer of new ordinary shares. Full details of
the Offer will be contained in a prospectus that is expected to be
published in early January 2022.
Portfolio
The following investments have been made during the period from
1 July 2021 to 30 September 2021:
Further
investments GBP000s Activity
------------ ------- ------------------------------------------------------------
A technology enabled service business in medical nutritional
Oviva AG 1,450 therapy (MNT)
------------ ------- ------------------------------------------------------------
The Evewell
Group Operator and developer of women's health centres focusing
Limited 334 on fertility
------------ ------- ------------------------------------------------------------
Provider of automated software testing and an enhanced
Imandra Inc. 70 learning experience for artificial neural networks
------------ ------- ------------------------------------------------------------
Total
further
investments 1,854
------------ ------- ------------------------------------------------------------
Top ten holdings (on 30 September 2021)
% of
Carrying net
value asset
Investment GBP000s value Activity
------------- -------- ----- ------------------------------------------------------------
Quantexa
Limited 14,911 15.6% Network analytics platform to detect financial crime
------------- -------- ----- ------------------------------------------------------------
Egress
Software
Technologies
Limited 8,291 8.7% Encrypted email & file transfer service provider
------------- -------- ----- ------------------------------------------------------------
Proveca UK based pharma company specialising in medicines
Limited 7,534 7.9% for children
------------- -------- ----- ------------------------------------------------------------
A technology enabled service business in medical nutritional
Oviva AG 5,219 5.5% therapy (MNT)
------------- -------- ----- ------------------------------------------------------------
Radnor House
School
(TopCo)
Limited 3,254 3.4% Independent school for children aged 2-18
------------- -------- ----- ------------------------------------------------------------
Black Swan
Data
Limited 2,472 2.6% Predictive analytics for consumer brands
------------- -------- ----- ------------------------------------------------------------
The Evewell 2,381 2.5% Operator and developer of women's health centres focusing
Group on fertility
Limited
------------- -------- ----- ------------------------------------------------------------
The Street by 2,280 2.4% Owner and operator of photovoltaic systems on domestic
Street Solar properties in the UK
Programme
Limited
------------- -------- ----- ------------------------------------------------------------
Chonais River 2,247 2.4% Owner and operator of a 2 MW hydro-power scheme in
Hydro the Scottish Highlands
Limited
------------- -------- ----- ------------------------------------------------------------
Regenerco 1,946 2.0% Generator of renewable energy from roof top solar
Renewable installations
Energy
Limited
------------- -------- ----- ------------------------------------------------------------
Share buy-backs
During the period from 1 July 2021 to 30 September 2021, the
Company purchased 479,912 shares for GBP413,000 (including stamp
duty) at an average price of 85.60 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% discount to net asset value, so far as market conditions and
liquidity permit.
Material events and transactions after the period end
After the period end, the Company had the following material
investment transactions:
-- Proceeds of GBP1,327,000 received from the sale of MPP Global Solutions
Limited on a cost of GBP1,000,000; and
-- Investment of GBP344,000 in an existing portfolio company, Elliptic
Enterprises Limited, a provider of Anti Money Laundering services to
digital asset institutions.
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
https://www.globenewswire.com/Tracker?data=ckezbtwRIkiz9pGQIb4Tppr53rGssts0VDPseybalikJ2gikAVV40Qajz2DlmSICb-tqeO44W4Ief1JwlDhOM68rpYRdCFpKals4Lf6cLf1mYaBKpmrc01xc3ilMgonB
www.albion.capital/funds/AADV.
Ben Larkin, Chairman
8 November 2021
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
November 08, 2021 07:57 ET (12:57 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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