Albion Inc&Gth VCT Albion Income & Growth Vct Plc : Interim Management Statement
August 08 2013 - 7:05AM
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 April 2013 to 8
August 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 30 June 2013 was GBP28.60 million or 65.30
pence per share (excluding treasury shares), after accounting for a
dividend of 1.75 pence per share which was paid on 28 June 2013 to
shareholders on the register on 7 June 2013.
The NAV as at 31 March 2013 was 64.85 pence per share (after accounting
for the above dividend).
After taking account of the dividend, the Company's NAV has risen by
0.45 pence per share or 0.70 per cent. since 31 March 2013 as a result
of a small increase in investment valuations.
Share issues and buybacks
During the period from 1 April 2013 to 8 August 2013, the Company issued
the following shares under the Albion VCTs Top Up Offers 2012/2013;
Issue price
per share
Number of (including 3% Net
shares costs of proceeds Opening mid market price per share on allotment (pence
Date issued issue) GBP'000 per share)
5
April
2013 1,941,975 68.00 pence 1,281 62.00
12
June
2013 574,144 66.90 pence 373 62.00
The Offers closed on 12 June 2013 and the Company raised total net
proceeds from the Offer of GBP1.9m. The proceeds of the Offers will be
used to provide further resources to the Company at a time when a number
of attractive new investment opportunities are being seen.
In addition, the following shares were issued under the dividend
reinvestment scheme on 28 June 2013;
Number
of Issue price Net
shares (pence per proceeds Opening mid market price per share on allotment (pence
Date issued share) GBP'000 per share)
28
June
2013 98,939 64.85 pence 63 65.00
During the period from 1 April 2013 to 8 August 2013, the Company
purchased 575,000 shares at an average price of 61.70 pence per share
and a total consideration of GBP357,000. 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 portfolio companies and the continued
payment of dividends to shareholders.
It is the Board'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 April
2013 to 8 August 2013:
Name GBP000's
GWH Acquisition 500 To acquire and develop hydropower schemes.
Limited (new
investment)
Helveta Limited 174 Provider of real-time, electronic traceability and
(further verification for the timber and other industries.
investment)
Proveca Limited 111 Specialist pharmaceutical company which focuses on
(further developing innovative, technically complex, demand
investment) driven pharmaceuticals.
Bravo Inns II 48 Owner and operator of freehold pubs in the North of
Limited (further England.
investment)
Mi-Pay Limited 46 Provider of mobile payment services.
(further
investment)
Rostima Holdings 22 Provider of labour management software for the marine
Limited (further and aviation industries.
investment)
DySIS Medical 20 Develops imaging systems for the non-invasive, in-vivo
Limited (further detection of cancer.
investment)
Disposals
The following amounts were received from portfolio companies during the
period from 1 April 2013 to 8 August 2013:
Name GBP000's
Opta Sports Data Limited 981 Proceeds on disposal in July 2013
Prime Care Holdings Limited 92 Proceeds on disposal in July 2013
Hilson Moran Holdings Limited 47 Loan stock repayment
Tower Bridge Health Clubs Limited 35 Loan stock repayment
Evolutions Group Limited 7 Final proceeds received
Masters Pharmaceuticals Limited 7 Loan stock repayment
The Dunedin Pub Company VCT 3 Loan stock repayment
Limited
Our investment in Opta Sports Data was sold during the period for total
proceeds, including rolled up interest and escrow retention, of
GBP1,094,000. Including income received, this investment achieved a
return of 3.3 times cost. Prime Care was also disposed during the period,
whose domiciliary care activities for the elderly had long struggled
against budget cuts by local authorities, resulting in a total return of
0.5 times cost.
Top ten holdings as at 30 June 2013:
Carrying value
Investment GBP000's % of net asset value
Lowcosttravelgroup Limited 2,524 8.8
Blackbay Limited 2,430 8.5
The Weybridge Club Limited 2,398 8.4
Kensington Health Clubs Limited 1,842 6.4
Process Systems Enterprise Limited 1,305 4.6
Bravo Inns II Limited 1,171 4.1
Mi-Pay Limited 1,161 4.1
Tower Bridge Health Clubs Limited 1,154 4.0
The Charnwood Pub Company Limited 1,144 4.0
Opta Sports Data Limited 1,093 3.8
A full breakdown of the Company's portfolio can be found on the funds
website under portfolio of investments at
www.albion-ventures.co.uk/OurFunds under Albion Income & Growth VCT PLC.
Dividend reinvestment scheme
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/OurFunds under Albion Income & Growth VCT PLC.
Proposed merger with Albion Technology & General VCT PLC
The Boards of Albion Income & Growth VCT PLC and Albion Technology &
General VCT PLC announced today that they have reached agreement in
principal to merge the companies. The merger is expected to achieve,
amongst other things, cost savings and administration efficiency through
the creation of a significantly enlarged VCT to provide benefits for all
shareholders. The proposed merger will be subject to approval by
shareholders of both companies.
The intention is that the proposed merger will be completed pursuant to
a Section 110 scheme of reconstruction under the Insolvency Act 1986 by
transferring the assets and liabilities of Albion Income & Growth VCT
PLC to Albion Technology & General VCT PLC in consideration for new
Albion Technology & General VCT PLC shares to be issued to Albion Income
& Growth VCT PLC shareholders on a relative net asset value basis, based
on net assets as at the time when the merger completes, adjusted for
merger costs.A merger solely on this basis will be outside provisions of
The City Code on Takeovers and Mergers.
Following the merger, it is the current intention that Albion Technology
& General VCT PLC pay quarterly dividends, in order to reflect the
payment dates for both VCTs.
A further announcement will be made in due course.
Material events and transactions
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 2013 to 8 August 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/OurFunds under Albion Income &
Growth VCT PLC.
Friedrich Ternofsky, Chairman
8 August 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
HUG#1721955
http://www.closeventures.co.uk/
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