Albion EnterpriseVCT Albion Enterprise Vct Plc: Interim Management Statement
July 30 2019 - 6:31AM
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 April 2019 to 30 June
2019.
Performance and dividends
The Company's unaudited net asset value (NAV) on 30 June 2019 was
GBP75.55 million or 118.42 pence per share (excluding treasury shares),
an increase of 0.66 pence per share (0.56 per cent.) since 31 March
2019.
The company will pay a dividend of 3.00 pence per share on 30 August
2019 to shareholders on the register on 2 August 2019. After accounting
for the dividend the NAV will be 115.42 pence per share.
Portfolio
The following investments have been made during the period from 1 April
2019 to 30 June 2019:
New qualifying
investments GBP000s Activity
------------------- ------- ------------------------------------------------------
Limitless Provider of a customer service platform powered by
Technology Limited 320 the crowd and machine learning technology.
------------------- ------- ------------------------------------------------------
One Touch Apps
Limited (T/A Clear Provider of Human Resources technology to mid market
Review) 256 enterprises.
------------------- ------- ------------------------------------------------------
Provider of automated software testing and an enhanced
Imandra Inc. 121 learning experience for artificial neural networks.
------------------- ------- ------------------------------------------------------
A designer and manufacturer of radiation detection
Symetrica Limited 47 equipment.
------------------- ------- ------------------------------------------------------
Total new
qualifying
investments 744
------------------- -------
Follow on
investments into
existing
portfolio
companies GBP000s Activity
----------------- ------- --------------------------------------------------
Proveca Limited 606 Reformulation of medicines for paediatric use.
----------------- ------- --------------------------------------------------
OmPrompt Holdings
Limited 130 A provider of process automation software.
----------------- ------- --------------------------------------------------
A developer and producer of industrial sensors for
Oxsensis Limited 92 use in ultra-high temperature environments.
----------------- ------- --------------------------------------------------
Aridhia
Informatics
Limited 83 Healthcare informatics and analysis provider.
----------------- ------- --------------------------------------------------
Total follow on
investments 911
----------------- -------
In addition, GBP600,000 was invested into SVS Albion OLIM UK Equity
Income Fund, an open-ended equity fund.
Disposals
The following material disposals and loan stock repayments were made
during the period from 1 April 2019 to 30 June 2019:
Portfolio
company GBP000s
--------------- ------- ----------------------------------------------------
Earnside Energy Disposal of investment on a cost of GBP1.39 million,
Limited 1,675 realising a gain of GBP281,000 on cost.
--------------- ------- ----------------------------------------------------
Total proceeds 1,675
--------------- -------
Top ten holdings (as at 30 June 2019)
% of
net
Carrying value asset
Investment GBP000s value Activity
--------------- -------------- ----- ----------------------------------------------------
Egress Software
Technologies
Limited 9,301 12.3% Encrypted email and file transfer service provider.
--------------- -------------- ----- ----------------------------------------------------
Radnor House
School
(Holdings)
Limited 7,355 9.7% Independent schools for children aged 5-18.
--------------- -------------- ----- ----------------------------------------------------
Mirada Medical Developer of medical imaging software using Deep
Limited 3,787 5.0% Learning.
--------------- -------------- ----- ----------------------------------------------------
Proveca Limited 3,616 4.8% Reformulation of medicines for paediatric use.
--------------- -------------- ----- ----------------------------------------------------
Bravo Inns II
Limited 3,140 4.2% Owner and operator of freehold pubs.
--------------- -------------- ----- ----------------------------------------------------
Quantexa Network analytics platform to detect financial
Limited 2,896 3.8% crime.
--------------- -------------- ----- ----------------------------------------------------
Regenerco
Renewable Generator of renewable energy from roof top solar
Energy Limited 2,041 2.7% installations.
--------------- -------------- ----- ----------------------------------------------------
G.Network
Communications Ultra-fast fibre optic broadband provider in central
Limited 1,860 2.5% London.
--------------- -------------- ----- ----------------------------------------------------
The Street by
Street Solar
Programme Owns and operates photovoltaic systems on domestic
Limited 1,571 2.1% properties in the UK.
--------------- -------------- ----- ----------------------------------------------------
Process Systems
Enterprise
Limited 1,558 2.1% Process modelling software and services.
--------------- -------------- ----- ----------------------------------------------------
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 2019 to 30 June 2019, the Company
purchased 156,000 Ordinary shares for GBP173,000 including stamp duty,
at an average price of 110.09p 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 2019 to 30 June 2019, the Company issued
the following new Ordinary shares of nominal value 1 penny per share
under the Albion VCTs Prospectus Top Up Offers 2018/19:
Issue price per
Number of shares share (including Net proceeds
Date issued costs of issue) GBP'000
--------------------- -------------------- ------------------- ------------
1 April 2019 -- 12
April 2019 6,728,561 117.8p to 119.0p 7,807
--------------------- -------------------- ------------------- ------------
Management arrangements
Your Board is currently reviewing the management arrangements in place
with Albion Capital Group LLP, the Manager, with a view to provide
further benefit to shareholders. The Board will provide an update
including proposed changes, once the evaluation is concluded.
Material events and transactions after the period end
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 2019 and 30 July 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
30 July 2019
For further information please contact:
Albion Capital Group LLP, Company Secretary - Tel: 020 7601 1850
(END) Dow Jones Newswires
July 30, 2019 06:31 ET (10:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Albion Enterprise Vct (LSE:AAEV)
Historical Stock Chart
From Jun 2024 to Jul 2024
Albion Enterprise Vct (LSE:AAEV)
Historical Stock Chart
From Jul 2023 to Jul 2024