Albion EnterpriseVCT Albion Enterprise Vct Plc: Interim Management Statement
February 13 2019 - 7:31AM
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 October 2018 to 31
December 2018.
Performance and dividends
The Company's unaudited net asset value (NAV) on 31 December 2018 was
GBP68.05 million or 118.94 pence per share (excluding treasury shares),
an increase of 6.82 pence per share (6.1 per cent.) since 30 September
2018.
After accounting for the dividend of 3.00 pence per share to be paid on
28 February 2019 to shareholders on the register on 8 February 2019, the
NAV is 115.94 pence per share.
Portfolio
The following investments have been made during the period from 1
October 2018 to 31 December 2018:
Follow on
investments
into existing
portfolio
companies GBP000s Activity
------------- ------- ---------------------------------------------------------
Egress
Software
Technologies
Limited 1,312 Data security cloud services
------------- ------- ---------------------------------------------------------
Software and services for non-interventional clinical
Cisiv Limited 136 trials
------------- ------- ---------------------------------------------------------
Arecor Development of biopharmaceuticals through the application
Limited 58 of a formulation technology platform
------------- ------- ---------------------------------------------------------
Total follow
on
investments 1,506
------------- -------
Top ten holdings (on 31 December 2018)
% of net
Carrying value asset
Investment GBP000s value Activity
--------------- -------------- ----------- ------------------------------------------------------
Egress Software
Technologies
Limited 9,301 13.7% Data security cloud services
--------------- -------------- ---- ---- ------------------------------------------------------
Radnor House
School
(Holdings)
Limited 7,351 10.8% Independent schools for children aged 5-18
--------------- -------------- ---- ---- ------------------------------------------------------
Mirada Medical Developer of medical imaging software using Deep
Limited 3,696 5.4% Learning
--------------- -------------- ---- ---- ------------------------------------------------------
Quantexa
Limited 2,896 4.3% Network analytics platform to detect financial crime
--------------- -------------- ---- ---- ------------------------------------------------------
Bravo Inns II
Limited 2,810 4.1% Owner and operator of freehold pubs
--------------- -------------- ---- ---- ------------------------------------------------------
Proveca Limited 2,160 3.2% Reformulation of paediatric medicines
--------------- -------------- ---- ---- ------------------------------------------------------
Regenerco 2,001 2.9 % Generator of renewable energy from roof top solar
Renewable installations
Energy
Limited
--------------- -------------- ---- ----- ------------------------------------------------------
Earnside Energy 1,823 2.7 % Anaerobic digestion and composting plant located in
Limited Scotland
--------------- -------------- ---- ----- ------------------------------------------------------
G. Network 1,817 2.7 % Ultra-fast fibre optic broadband provider in central
Communications London
Limited
--------------- -------------- ---- ----- ------------------------------------------------------
Alto Prodotto 1,602 2.4 % Owns and operates community scale wind energy projects
Wind Limited on brownfield sites in the UK
--------------- -------------- ---- ----- ------------------------------------------------------
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 October 2018 to 31 December 2018, the Company
purchased 97,000 Ordinary shares for GBP104,000 at an average price of
106.5p 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.
Material events and transactions after the period end
Portfolio
After the period end, the Company had the following material investment
transaction:
-- An investment of GBP430,000 in a new technology company, Avora Limited,
which develops software to improve decision making through augmented
analytics & machine learning.
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 January 2019 and 13 February 2019.
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
13 February 2019
For further information please contact:
Albion Capital Group LLP, Company Secretary - Tel: 020 7601 1850
(END) Dow Jones Newswires
February 13, 2019 07:31 ET (12:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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