Albion Inc&Gth VCT Albion Income & Growth VCT PLC : Interim Management Statement
February 05 2013 - 5:45AM
UK Regulatory
TIDMAAIG
Albion Income & Growth VCT PLC Interim Management Statement
Introduction
I am pleased to present Albion Income & Growth VCT PLC's (the "Company") interim
management statement for the period from 1 October 2012 to 5 February 2013 as
required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
Performance and dividends
The Company's unaudited net asset value per share (NAV), based on management
accounts, as at 31 December 2012 was GBP27.8 million or 65.9 pence per share
(excluding treasury shares), after accounting for a dividend of 1.75 pence per
share which was paid on 31 January 2013 to shareholders on the register on 4
January 2013.
The NAV as at 30 September 2012 was 64.3 p (after accounting for the dividend).
After taking account of the dividend, the Company's NAV has risen by 1.6 pence
per share or 2.5 per cent. since 30 September 2012 as a result of an increase in
investment valuations and the successful sale of its three cinema investments
for proceeds of GBP2.1 million.
Share issues and buybacks
During the period from 1 October 2012 to 5 February 2013, the Company issued the
following shares under the Albion VCTs Top Up Offers 2012/2013 (and are included
in the net asset value figures for 31 December 2012 above);
+----------------+-------------------+----------------------+------------------+
|Date | Number of shares |Issue price per share |Net proceeds GBP'000|
| | issued |(including 5.5% costs | |
| | | of issue) | |
+----------------+-------------------+----------------------+------------------+
|19 December 2012| 393,850 | 69.90 pence | 261 |
+----------------+-------------------+----------------------+------------------+
In addition, the following shares were issued under the dividend reinvestment
scheme on 31 January 2013 (and are not included in the NAV figures for 31
December 2012 above);
+---------------+---------------------+---------------------+------------------+
|Date | Number of shares | Issue price (pence |Net proceeds GBP'000|
| | issued | per share) | |
+---------------+---------------------+---------------------+------------------+
|31 January 2013| 83,383 | 64.25 pence | 46 |
+---------------+---------------------+---------------------+------------------+
During the period from 1 October 2012 to 5 February 2013, the Company purchased
864,000 shares at an average price of 57.6 pence per share and a total
consideration of GBP498,000. These shares were cancelled.
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
investee companies and the continued payment of dividends to shareholders.
It is the Company's intention that, subject to the sufficiency of cash resources
and any market constraints, the price at which shares are bought back should be
in the region of a 5 per cent. discount to net asset value.
Portfolio
The following investments have been made during the period from 1 October 2012
to 5 February 2013:
+---------------------------------+------+-------------------------------------+
|Name | GBP000's| |
+---------------------------------+------+-------------------------------------+
|AMS Sciences Limited (further | 72 |The company provides metabolism data |
|investment) | |in clinical and pre-clinical |
| | |development |
+---------------------------------+------+-------------------------------------+
|DySIS Medical Limited (further | 6 |Develops imaging systems for the non-|
|investment) | |invasive, in-vivo detection of |
| | |cancerous and pre-cancerous lesions. |
+---------------------------------+------+-------------------------------------+
|MyMeds&Me Limited (new | 110 |A way for patients, healthcare |
|investment) | |professionals and pharmaceutical |
| | |companies to connect with each other.|
+---------------------------------+------+-------------------------------------+
|Proveca Limited (new investment) | 67 |A specialist pharmaceutical company |
| | |which focuses on developing |
| | |innovative, technically complex, |
| | |demand driven pharmaceuticals. |
+---------------------------------+------+-------------------------------------+
|Rostima Holdings Limited | 58 |Provider of labour management |
|((further investment) | |software for the marine and aviation |
| | |industries |
+---------------------------------+------+-------------------------------------+
Disposals
The following amounts were received from portfolio companies during the period
from 1 October 2012 to 5 February 2013:
+-----------------------------------+------+----------------------------------+
|Name | GBP000's| |
+-----------------------------------+------+----------------------------------+
|CS (Brixton) Limited |1,422 |Disposal realising GBP846,000 profit|
+-----------------------------------+------+----------------------------------+
|CS (Exeter) Limited | 353 |Disposal realising GBP82,000 profit |
+-----------------------------------+------+----------------------------------+
|CS (Norwich) Limited | 325 |Disposal realising GBP155,000 profit|
+-----------------------------------+------+----------------------------------+
|The Dunedin Pub Company VCT Limited| 5 | Loan stock repayment |
+-----------------------------------+------+----------------------------------+
|Tower Bridge Health Clubs Limited | 52 | Loan stock repayment |
+-----------------------------------+------+----------------------------------+
Top ten holdings as at 31 December 2012:
+------------------------------------+----------------+----------------+
| Investment | Carrying value | % of portfolio |
| | GBP000's | |
+------------------------------------+----------------+----------------+
| Lowcosttravel Group Limited | 2,524 | 9.9 |
+------------------------------------+----------------+----------------+
| The Weybridge Club Limited | 2,440 | 9.6 |
+------------------------------------+----------------+----------------+
| Blackbay Limited | 2,304 | 9.1 |
+------------------------------------+----------------+----------------+
| Kensington Health Clubs Limited | 1,941 | 7.7 |
+------------------------------------+----------------+----------------+
| The Charnwood Pub Company Limited | 1,252 | 4.9 |
+------------------------------------+----------------+----------------+
| AMS Sciences Limited | 1,193 | 4.7 |
+------------------------------------+----------------+----------------+
| Bravo Inns II Limited | 1,163 | 4.6 |
+------------------------------------+----------------+----------------+
| Mi-Pay Limited | 1,139 | 4.5 |
+------------------------------------+----------------+----------------+
| Process Systems Enterprise Limited | 1,129 | 4.4 |
+------------------------------------+----------------+----------------+
| Tower Bridge Health Clubs Limited | 1,104 | 4.4 |
+------------------------------------+----------------+----------------+
A full breakdown of the Company's portfolio can be found on the funds website
under current portfolio at www.albion-ventures.co.uk/Our Funds/Albion Income &
Growth VCT PLC.
Material Events and Transactions
The Company continues to offer a Dividend Reinvestment Scheme to existing
shareholders. Details of this Scheme can be found at www.albion-
ventures.co.uk/Our Funds/Albion Income & Growth VCT PLC.
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 October 2012 to 5 February 2013.
Further information regarding historic and current financial performance and
other useful shareholder information can be found on the Fund's website under
www.albion-ventures.co.uk/Our Funds/Albion Income & Growth VCT PLC.
Friedrich Ternofsky, Chairman
5 February 2013
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Albion Income & Growth VCT PLC via Thomson Reuters ONE
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