Albion EnterpriseVCT Albion Enterprise Vct Plc: Interim Management Report
February 23 2023 - 7:45AM
UK Regulatory
TIDMAAEV
ALBION ENTERPRISE VCT PLC
LEI Code: 213800OVSRDHRJBMO720
Interim Management Statement
Introduction
I present Albion Enterprise VCT PLC (the "Company")'s interim
management statement for the period from 1 October 2022 to 31
December 2022.
Performance and dividends
The Company's unaudited net asset value (NAV) on 31 December
2022 was GBP115.5 million or 123.01 pence per share (excluding
treasury shares), a decrease of 3.99 pence per share (3.1%) since
30 September 2022.
After accounting for the second interim dividend for the year
ending 31 March 2023 of 3.18 pence per share payable on 28 February
2023 to shareholders on the register on 3 February 2023, the NAV is
119.83 pence per share.
Albion VCTs Prospectus Top Up Offers 2022/23
The Company launched a prospectus top up offer of new Ordinary
shares on 10 October 2022.
The proceeds of the Offer will be used to provide further
resources to our existing portfolio and to enable us to take
advantage of new investment opportunities being seen.
During the period from 1 October 2022 to 31 December 2022, 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 4,679,485 129.0p -- 130.3p 5,946
---------------- ---------------------- ---------------------- ------------
Portfolio
The following investments have been made during the period from
1 October 2022 to 31 December 2022:
New investments GBP000s Activity
--------------- ------- ----------------------------------------------------
Employee digital healthcare platform for underserved
Peppy Health 1,372 health and wellness areas
--------------- ------- ----------------------------------------------------
Diffblue 541 AI for code testing/writing platform
--------------- ------- ----------------------------------------------------
PetsApp 450 Veterinary software
--------------- ------- ----------------------------------------------------
5Mins AI 360 Bite-sized workplace learning platform
--------------- ------- ----------------------------------------------------
Software platform automating revenue and customer
Ramp Software 257 forecasting
--------------- ------- ----------------------------------------------------
Tem Energy 213 Energy trading platform
--------------- ------- ----------------------------------------------------
InFact Systems 88 Technology for credit assessment
--------------- ------- ----------------------------------------------------
Total new
investments 3,281
--------------- ------- ----------------------------------------------------
Further
investments GBP000s Activity
------------ ------- ---------------------------------------------------------
Provider of an online platform delivering family centric
Healios 1,366 psychological care primarily to children and adolescents
------------ ------- ---------------------------------------------------------
Black Swan
Data 270 Predictive analytics for consumer brands
------------ ------- ---------------------------------------------------------
Perchpeek 80 Digital relocation platform
------------ ------- ---------------------------------------------------------
Brytlyt 31 A GPU database software provider
------------ ------- ---------------------------------------------------------
Total
further
investments 1,747
------------ ------- ---------------------------------------------------------
Top ten holdings (on 31 December 2022)
% of
net
Carrying value asset
Investment GBP000s value Activity
---------------- -------------- ----- ------------------------------------------------------------
Quantexa 14,530 12.6% Network analytics platform to detect financial crime
---------------- -------------- ----- ------------------------------------------------------------
Egress Software
Technologies 13,017 11.3% Encrypted email & file transfer service provider
---------------- -------------- ----- ------------------------------------------------------------
Proveca 6,232 5.4% Reformulation of medicines for children
---------------- -------------- ----- ------------------------------------------------------------
A technology enabled service business in medical nutritional
Oviva 4,155 3.6% therapy (MNT)
---------------- -------------- ----- ------------------------------------------------------------
Radnor House
School (TopCo) 3,347 2.9% Independent school for children aged 2-18
---------------- -------------- ----- ------------------------------------------------------------
Provider of an online platform delivering family centric
Healios 3,022 2.6% psychological care primarily to children and adolescents
---------------- -------------- ----- ------------------------------------------------------------
The Evewell Operator and developer of women's health centres focusing
Group 2,909 2.5% on fertility
---------------- -------------- ----- ------------------------------------------------------------
Threadneedle
Software
Holdings (T/a Provider of data lineage software to enterprise customers
Solidatus) 2,188 1.9% in regulated sectors
---------------- -------------- ----- ------------------------------------------------------------
Regenerco
Renewable Generator of renewable energy from roof top solar
Energy 2,079 1.8% installations
---------------- -------------- ----- ------------------------------------------------------------
Convertr Media 1,940 1.7% Digital lead generation software
---------------- -------------- ----- ------------------------------------------------------------
A full breakdown of the Company's portfolio can be found on the
Company's webpage on the Manager's website at
https://www.globenewswire.com/Tracker?data=pxEbxiUtc11bh8bm6p9cF-TDlmcNTPg4J_mJeMe5dwYUDIZg1kjU9sMvpSGsiOdKSbyRV7xI-iZmzdpGUcTyG36MhYX18pbOY1E6qbo4QqcInB5AXZIoOV5xjTNmh-Q8
www.albion.capital/funds/AAEV.
Share buy-backs
During the period from 1 October 2022 to 31 December 2022, the
Company purchased 590,282 Ordinary shares for GBP716,000 including
stamp duty. All 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
There have been no significant events or transactions between 1
January 2023 and 23 February 2023 that the Board is aware of which
would have had a material impact on the financial position of the
Company.
Further information
The Company continues to offer a dividend reinvestment scheme to
existing shareholders. Details of this Scheme can be found at
https://www.globenewswire.com/Tracker?data=pxEbxiUtc11bh8bm6p9cF-TDlmcNTPg4J_mJeMe5dwYzL71jEOeB9Vkuqh5vjkvXDw8zAD9sBp-tqO9tvTi_DOxkafJMjzcRaOdpNo09ZB9CSXfafgX991f6Reo1MSOt
www.albion.capital/funds/AAEV.
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=pxEbxiUtc11bh8bm6p9cF-TDlmcNTPg4J_mJeMe5dwb3JoMHiukp0i_T40wnYbOgX-7DM2XRjJigYSr-STu9XwRZpDAZINhaFX6T_n52suP77jQ0ufQSkv9e1lQmh1pC
www.albion.capital/funds/AAEV.
Maxwell Packe, Chairman
23 February 2023
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
February 23, 2023 07:45 ET (12:45 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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