Albion Enterprise VCT PLC: Interim Management Report
February 23 2023 - 7:45AM
Albion Enterprise VCT PLC: Interim Management Report
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 £115.5 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:
Date |
Number of shares issued |
Issue price per share (including costs of
issue) |
Net proceeds £’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 |
£000s |
Activity |
Peppy Health |
1,372 |
Employee digital healthcare platform for underserved health and
wellness areas |
Diffblue |
541 |
AI for code testing/writing platform |
PetsApp |
450 |
Veterinary software |
5Mins AI |
360 |
Bite-sized workplace learning platform |
Ramp Software |
257 |
Software platform automating revenue and customer forecasting |
Tem Energy |
213 |
Energy trading platform |
InFact Systems |
88 |
Technology for credit assessment |
Total new investments |
3,281 |
|
Further investments |
£000s |
Activity |
Healios |
1,366 |
Provider of an online platform delivering family centric
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)
Investment |
Carrying value £000s |
% of net asset 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 |
Oviva |
4,155 |
3.6% |
A technology enabled service business in medical nutritional
therapy (MNT) |
Radnor House School (TopCo) |
3,347 |
2.9% |
Independent school for children aged 2-18 |
Healios |
3,022 |
2.6% |
Provider of an online platform delivering family centric
psychological care primarily to children and adolescents |
The Evewell Group |
2,909 |
2.5% |
Operator and developer of women’s health centres focusing on
fertility |
Threadneedle Software Holdings (T/a Solidatus) |
2,188 |
1.9% |
Provider of data lineage software to enterprise customers in
regulated sectors |
Regenerco Renewable Energy |
2,079 |
1.8% |
Generator of renewable energy from roof top solar
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
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
£716,000 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 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 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
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