Albion EnterpriseVCT Albion Enterprise Vct Plc: Interim Management Statement
August 21 2018 - 5:40AM
UK Regulatory
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 April 2018 to 30 June
2018.
Performance and dividends
The Company's unaudited net asset value (NAV) on 30 June 2018 was
GBP64.83 million or 113.24 pence per share (excluding treasury shares),
an increase of 3.78 pence per share (3.5 per cent.) since 31 March 2018.
After accounting for the dividend of 3.00 pence per share to be paid on
31 August 2018 to shareholders on the register on 3 August 2018, the NAV
is 110.24 pence per share.
Portfolio
The following investments have been made during the period from 1 April
2018 to 30 June 2018:
New qualifying investments GBP000s Activity
--------------------------- ------- ----------------------------------------
A patient engagement and data capture
platform for use in real world
uMotif Limited 210 and observational research.
--------------------------- ------- ----------------------------------------
Provider of an online platform
delivering family centric psychological
care primarily to children and
Healios Limited 100 adolescents.
--------------------------- ------- ----------------------------------------
Total new qualifying
investments 310
--------------------------- -------
Follow on investments into
existing portfolio companies GBP000s Activity
------------------------------ ------- -----------------------------------------
A provider of flexible access to
Sandcroft Avenue Limited health and fitness clubs trading
(PayAsUGym.com) 961 as PayAsUGym.com.
------------------------------ ------- -----------------------------------------
Predictive analytics for consumer
Black Swan Data Limited 211 brands.
------------------------------ ------- -----------------------------------------
Validation and discovery of serum
Abcodia Limited 189 biomarkers.
------------------------------ ------- -----------------------------------------
Provides a platform for collecting
data from pharmaceutical adverse
MyMeds&Me Limited 180 events.
------------------------------ ------- -----------------------------------------
Developer of mobile apps for professional
InCrowd Sports Limited 165 sports clubs.
------------------------------ ------- -----------------------------------------
Medical devices for the detection
DySIS Medical Limited 148 of cervical cancer.
------------------------------ ------- -----------------------------------------
Total follow on investments 1,854
------------------------------ -------
Top ten holdings (on 30 June 2018)
% of net
Carrying value asset
Investment GBP000s value Activity
------------- -------------- ----------- ------------------------------------------------------
Radnor House
School
(Holdings)
Limited 6,580 10.1 % Independent schools for children aged 5-18.
------------- -------------- ---- ----- ------------------------------------------------------
Egress
Software
Technologies
Limited 4,640 7.2% Data security cloud services.
------------- -------------- ---- ---- ------------------------------------------------------
Bravo Inns II
Limited 2,760 4.3% Owner and operator of freehold pubs.
------------- -------------- ---- ---- ------------------------------------------------------
Quantexa
Limited 2,500 3.9% Network analytics platform to detect financial crime.
------------- -------------- ---- ---- ------------------------------------------------------
Mirada
Medical Developer of medical imaging software using Deep
Limited 2,448 3.8% Learning.
------------- -------------- ---- ---- ------------------------------------------------------
Regenerco
Renewable
Energy Generator of renewable energy from roof top solar
Limited 1,930 3.0% installations.
------------- -------------- ---- ---- ------------------------------------------------------
Proveca
Limited 1,888 2.9% Reformulation of paediatric medicines.
------------- -------------- ---- ---- ------------------------------------------------------
Earnside 1,678 2.6 % Anaerobic digestion and composting plant located in
Energy Scotland.
Limited
------------- -------------- ---- ----- ------------------------------------------------------
Alto Prodotto 1,667 2.6 % Owns and operates community scale wind energy projects
Wind on brownfield sites in the UK.
Limited
------------- -------------- ---- ----- ------------------------------------------------------
Greenenerco 1,544 2.4 % Owns and operates a 500kW wind project in the UK.
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.
Share buy-backs
During the period from 1 April 2018 to 30 June 2018, the Company
purchased 57,000 Ordinary shares for GBP53,000 at an average price of
91.91p 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.
Fundraising and share issues
During the period from 1 April 2018 to 30 June 2018, 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
nominal value Issue price per consideration
Number of of shares share (including received
Date shares issued GBP'000 costs of issue) GBP'000
-------------- -------------- ------------- ---------------- -------------
5 April 2018
to 11 April
2018 782,335 8 103.0p to 104.0p 794
-------------- -------------- ------------- ---------------- -------------
Material events and transactions after the period end
Portfolio
After the period end, the Company had the following material investment
transactions:
-- An investment of GBP396,000 in an existing portfolio company, Quantexa
Limited, which provides a network analytics platform to detect financial
crime.
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 April 2018 and 21 August 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
21 August 2018
For further information please contact:
Albion Capital Group LLP, Company Secretary - Tel: 020 7601 1850
(END) Dow Jones Newswires
August 21, 2018 05:40 ET (09:40 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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