Albion Dev VCT Albion Development Vct Plc: Interim Management Statement
December 12 2022 - 08:46AM
UK Regulatory (RNS & others)
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 2022 to 30
September 2022.
Performance and dividends
The Company's unaudited net asset value (NAV) on 30 September
2022 was GBP112.97 million or 91.32 pence per share (excluding
treasury shares). After accounting for the dividend of 2.34 pence
per share paid on 30 September 2022 to shareholders on the register
on 9 September 2022, this is an increase of 0.11 pence per share
(0.12%) since 30 June 2022.
Fundraising and share issues
During the period from 1 July 2022 to 30 September 2022, the
Company issued the following shares under the dividend reinvestment
scheme (and are included in the net asset value figures for 30
September 2022 above):
Number of shares Issue price per Net invested
Date issued share GBP'000
------------------ ------------------ ------------------ ------------------
30 September 2022 559,250 91.21p 491
------------------ ------------------ ------------------ ------------------
A prospectus Top Up Offer of new Ordinary shares was launched on
10 October 2022. The Company's Offer is GBP8.0 millionm with an
over-allotment facility if GBP5.0 million. Any election to make use
of the over-allotment facility will be subject to the decision of
the Board at the relevant time.
The first allotment of shares under the Offer took place on 2
December 2022 and more information can be found in the transactions
after the period end section below. Full details of the Offer are
in a prospectus that is available on the Albion Capital website (
https://www.globenewswire.com/Tracker?data=fVoHueZJylMia5Wb2xdKMcSvMe9-W4RgSSSlzWiMAC0FkYfN-rm40W2_UlQ3C14RlKeuK6a0ZhKvgcuRFm_Iru57quleGclg29o6_c58eXk=
www.albion.capital).
Portfolio
The following investments have been made during the period from
1 July 2022 to 30 September 2022:
New investments GBP000s Activity
------------------ ------- --------------------------------------------------
Toqio FinTech
Holdings 1,369 Provider of embedded FinTech solutions
------------------ ------- --------------------------------------------------
GX Molecular (T/A
CS Genetics) 741 Developer of single-cell sequencing solutions
------------------ ------- --------------------------------------------------
SaaS platform to measure and manage human risk for
OutThink 610 enterprises
------------------ ------- --------------------------------------------------
Neurofenix 523 Neurorehabilitation platform
------------------ ------- --------------------------------------------------
Total new
investments 3,243
------------------ ------- --------------------------------------------------
Further
investments GBP000s Activity
------------- ------- -------------------------------------------------------
The Voucher A cloud platform that enables corporates to purchase
Market (T/A digital gift cards and to distribute them to employees
WeGift) 767 and customers
------------- ------- -------------------------------------------------------
InCrowd
Sports 97 Developer of mobile apps for professional sports clubs
------------- ------- -------------------------------------------------------
A middleware technology platform that enables life
uMedeor (T/A science organisations to conduct medical research
uMed) 64 programmes
------------- ------- -------------------------------------------------------
Brytlyt 33 A GPU database software provider
------------- ------- -------------------------------------------------------
Total further
investments 961
------------- ------- -------------------------------------------------------
Top ten holdings (on 30 September 2022)
% of
net
Carrying value asset
Investment GBP000s value Activity
------------------- -------------- ----- ------------------------------------------------------------
Quantexa 14,911 13.2 Network analytics platform to detect financial crime
------------------- -------------- ----- ------------------------------------------------------------
Egress Software
Technologies 8,708 7.7 Encrypted email & file transfer service provider
------------------- -------------- ----- ------------------------------------------------------------
Proveca 7,718 6.8 Reformulation of medicines for children
------------------- -------------- ----- ------------------------------------------------------------
Oviva 5,317 4.7 A technology enabled service business in medical nutritional
therapy (MNT)
------------------- -------------- ----- ------------------------------------------------------------
Radnor House School 3,040 2.7 Independent school for children aged 2-18
(TopCo)
------------------- -------------- ----- ------------------------------------------------------------
The Evewell Group 2,813 2.5 Operator and developer of women's health centres focusing
on fertility
------------------- -------------- ----- ------------------------------------------------------------
Chonais River Hydro 2,321 2.1 Owner and operator of a 2 MW hydro-power scheme in
the Scottish Highlands
------------------- -------------- ----- ------------------------------------------------------------
The Street by 2,300 2.0 Owner and operator of photovoltaic systems on domestic
Street Solar properties in the UK
Programme
------------------- -------------- ----- ------------------------------------------------------------
Threadneedle 2,238 2.0 Provider of data lineage software to enterprise customers
Software Holdings in regulated sectors
(T/A Solidatus)
------------------- -------------- ----- ------------------------------------------------------------
Cantab Research 2,130 1.9 Provider of low footprint automated speech recognition
(T/A which can be deployed in the cloud, on premise or
Speechmatics) on device
------------------- -------------- ----- ------------------------------------------------------------
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/AADV.
Share buy-backs
During the period from 1 July 2022 to 30 September 2022, the
Company purchased 414,104 shares for GBP361,000 (including stamp
duty) at an average price of 86.65 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 issued the following new
Ordinary shares of nominal value 1 penny per share under the Albion
VCTs Prospectus Top Up Offers 2022/23:
Issue price per share
Number of shares (including costs of Net proceeds
Date issued issue) GBP'000
---------------- ---------------------- ---------------------- ------------
2 December 2022 6,172,639 92.80p to 93.70p 5,640
---------------- ---------------------- ---------------------- ------------
There have been no other material events or transactions after
the period end 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=fVoHueZJylMia5Wb2xdKMULAPEN-dEt4oUYO7-2GZtY4EQcUaEJQc4qRw7n_aO9lJNMla-UwWgltO3KcH1R8BusDZ6vylCj8zkgL3ZF2zQaIcWoem5j2G0Vy0SnzZ7CM
www.albion.capital/funds/AADV.
Ben Larkin, Chairman
12 December 2022
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
December 12, 2022 08:46 ET (13:46 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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