Albion Ven Cap Trust Albion Venture Capital Trust Plc : Interim Management Statement
August 14 2017 - 5:53AM
UK Regulatory
TIDMAAVC
ALBION VENTURE CAPITAL TRUST PLC
Interim Management Statement
Introduction
I am pleased to present Albion Venture Capital Trust PLC (the
"Company")'s interim management statement for the period from 1 April
2017 to 30 June 2017.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 June 2017 was
GBP66.0 million or 75.7 pence per share (excluding treasury shares), an
increase of 0.3 pence per share (0.4 per cent.) since 31 March 2017.
After accounting for the dividend paid of 2.5 pence per share on 31 July
2017 to shareholders on the register on 7 July 2017, the NAV is 73.2
pence per share.
Portfolio
During the period from 1 April 2017 to 30 June 2017, an investment of
GBP228,000 was made in a new portfolio company, G. Network
Communications Limited, which is a provider of fibre optic broadband to
SMEs in central London.
Top ten holdings (as at 30 June 2017)
Investment Carrying value % of Activity
GBP000's net
asset
value
Shinfield 10,627 16.1% Owns and operates a 66 bed care home in Shinfield,
Lodge Care Berkshire.
Limited
Active 6,789 10.3% Owns and operates a 75 bed care home in Cumnor Hill,
Lives Care Oxfordshire.
Limited
Kew Green 6,723 10.2% Operator of a Holiday Inn Express hotel at Stansted
VCT Airport.
(Stansted)
Limited
Ryefield 5,697 8.6% Owns and operates a 60 bed care home in Hillingdon,
Court Care Middlesex.
Limited
Radnor 4,316 6.5% Independent schools for children aged 5-18.
House
School
(Holdings)
Limited
Chonais 3,771 5.7% Owner and operator of a 2 MW hydro-power scheme in
River the Scottish Highlands.
Hydro
Limited
The Crown 3,087 4.7% Owner and operator of a 114 bedroom hotel located
Hotel in Harrogate, Yorkshire.
Harrogate
Limited
The 2,252 3.4% Boutique hotel located near Heathrow terminal 5.
Stanwell
Hotel
Limited
Earnside 1,613 2.4% Anaerobic digestion and composting plant located in
Energy Scotland.
Limited
Gharagain 1,538 2.3% Owner and operator of a 1 MW hydroelectricity plant
River in Western Scotland.
Hydro
Limited
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/AAVC.
Share buy-backs
During the period from 1 April 2017 to 30 June 2017,there were no share
buy-backs undertaken by the Company.
Fundraising and share issues
During the period from 1 April 2017 to 7 April 2017, the Company issued
the following shares under the Albion VCTs Prospectus Top Up Offers
2016/2017:
Issue price per
Number of shares share (including Net consideration
Date issued costs of issue) received GBP'000
7 April 2017 365,978 74.5p to 75.3p 267
The Offer was fully subscribed and raised net proceeds of GBP5.83
million. The proceeds of the Offer are being used to provide further
resources to the Company at a time when a number of attractive new
investment opportunities are being seen.
Material events and transactions after the period end
Portfolio
After the period end, the Company had the following material investment
transactions:
-- Investment of GBP340,000 in an existing portfolio company, Ryefield Court
Care Limited, which owns and operates a 60 bed care home in Hillingdon,
Middlesex;
-- Investment of GBP280,000 in an existing portfolio company, Active Lives
Care Limited, which owns and operates a 75 bed care home in Cumnor Hill,
Oxfordshire; and
-- Investment of GBP8,000 in an existing portfolio company, Beddlestead Farm
Limited, which is a seed investment to develop and operate dedicated
wedding venues in the UK.
Share price
The closing mid-market price for the shares on 14 August 2017 was 71.0
pence per share, a 3.0 per cent. discount to the net asset value at 30
June 2017 of 73.2 pence per share (after accounting for the dividend of
2.5 pence per share paid on 31 July 2017).
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 2017 to 14 August 2017.
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/AAVC.
David Watkins, Chairman
14 August 2017
For further information please contact:
Patrick Reeve, Albion Capital Group LLP - Tel: 020 7601 1850
LEI Code: 213800JKELS32V2OK421
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Albion Venture Capital Trust PLC via Globenewswire
http://www.closeventures.co.uk
(END) Dow Jones Newswires
August 14, 2017 05:53 ET (09:53 GMT)
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