Albion EnterpriseVCT Albion Enterprise Vct Plc : Interim Management Statement

 
TIDMAAEV 
 
 
   ALBION ENTERPRISE VCT PLC 
 
   LEI Code: 213800OVSRDHRJBMO720 
 
   Interim Management Statement 
 
   Introduction 
 
   I am pleased to present Albion Enterprise VCT PLC (the "Company")'s 
interim management statement for the period from 1 October 2017 to 31 
December 2017. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 31 December 2017 was 
GBP57.46 million or 103.88 pence per share (excluding treasury shares), 
an increase of 2.26 pence per share (2.22 per cent.) since 30 September 
2017. 
 
   After accounting for the dividend of 2.50 pence per share to be paid on 
28 February 2018 to shareholders on the register on 9 February 2018, the 
NAV is 101.38 pence per share. 
 
   Share buy-backs 
 
   During the period from 1 October 2017 to 31 December 2017, the Company 
purchased 130,000 Ordinary shares for GBP123,000 at an average price of 
94.18p pence per Ordinary 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 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 
October 2017 to 31 December 2017: 
 
 
 
 
New qualifying 
investments         GBP000s  Activity 
Women's Health 
(London West One)            Developer of a women's health centre of excellence 
Limited               917     focussing on fertility. 
Total new 
 qualifying 
 investments            917 
 
 
 
 
 
 
 
Follow on 
investments 
into existing 
portfolio 
companies        GBP000s  Activity 
Beddlestead               Developer and operator of a dedicated wedding venue 
Limited            780     in the UK. 
G.Network 
Communications            Ultra-fast fibre optic broadband provider in central 
Limited            305     London. 
OmPrompt 
Holdings                  A provider of process automation software for global 
Limited            182     manufacturing companies. 
                          A provider of flexible access to health and fitness 
PayAsUGym.com      152     clubs. 
Aridhia 
Informatics 
Limited            120    Provider of healthcare informatics and analysis. 
Total follow on 
 investments       1,539 
 
 
   Top ten holdings (as at 31 December 2017) 
 
 
 
 
                               % of 
                                net 
               Carrying value  asset 
Investment         GBP000s     value                         Activity 
Radnor House 
School 
(Holdings) 
Limited            6,596       11.5%       Independent schools for children aged 5-18. 
Grapeshot 
 Limited                4,923   8.6%                 Provider of digital marketing software. 
Egress 
Software 
Technologies 
Limited                 4,640   8.1%     Encrypted email and file transfer service provider. 
Bravo Inns II 
 Limited                2,605   4.5%                    Owner and operator of freehold pubs. 
Mirada 
 Medical 
 Limited                2,232   3.9%                  Developer of medical imaging software. 
Proveca 
 Limited                1,982   3.4%                  Reformulation of paediatric medicines. 
Regenerco          1,898       3.3%   Generator of renewable energy from roof top solar 
 Renewable                             installations. 
 Energy 
 Limited 
Earnside           1,670       2.9%   Anaerobic digestion and composting plant located in 
 Energy                                Scotland. 
 Limited 
Alto Prodotto      1,540       2.7%   Owns and operates community scale wind energy projects 
 Wind                                  on brownfield sites in the UK. 
 Limited 
The Street by      1,466       2.6%   Owns & operates a 500kW wind project in the UK. 
 Street Solar 
 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/AAEV, by following the 'Portfolio of 
Investments' link under the 'Fund reports' section. 
 
   Fundraising and share issues 
 
   During the period from 1 October 2017 to 31 December 2017, the Company 
issued the following new Ordinary shares of nominal value 1 penny per 
share under the Albion VCTs Prospectus Top Up Offers 2017/18: 
 
 
 
 
                                  Aggregate                           Net 
                   Number of    nominal value  Issue price per   consideration 
                    shares        of shares    share (including    received 
Date                issued         GBP'000     costs of issue)      GBP'000 
17 November 
 2017                3,737,042             37   99.8p to 100.8p          3,673 
 
 
   Material events and transactions after the period end 
 
   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 December 2017: 
 
 
 
 
                                  Aggregate                           Net 
                   Number of    nominal value  Issue price per   consideration 
                    shares        of shares    share (including    received 
Date                issued         GBP'000     costs of issue)      GBP'000 
31 January 2018      1,374,981             14            104.3p          1,398 
 
 
   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 2017 to 16 February 2018. 
 
   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 www.albion.capital/funds/AAEV. 
 
   Maxwell Packe, Chairman 
 
   16 February 2018 
 
   For further information please contact: 
 
   Albion Capital Group LLP, Company Secretary - Tel: 020 7601 1850 
 
   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: Albion Enterprise VCT PLC via Globenewswire 
 
 
  http://www.closeventures.co.uk
(END) Dow Jones Newswires
February 16, 2018 04:46 ET (09:46 GMT)
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