Crown Place VCT PLC Crown Place Vct Plc : Interim Management Statement
November 26 2020 - 6:27AM
UK Regulatory
TIDMCRWN
Crown Place VCT PLC
Interim Management Statement
LEI Code: 213800SYIQPA3L3T1Q68
Introduction
I am pleased to present Crown Place VCT PLC's interim management
statement for the period from 1 July 2020 to 30 September 2020.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2020
was GBP65.7 million or 33.34 pence per share (excluding treasury shares),
an increase of 0.20 pence per share (0.6 per cent.) since 30 June 2020.
After accounting for the special dividend of 2.00 pence per share paid
on 30 October 2020 to shareholders on the register on 9 October 2020,
and the first interim dividend of 0.83 pence per share, to be paid on 30
November 2020 to shareholders on the register on 6 November 2020, the
NAV is 30.51 pence per share.
Share buy-backs
There were no share buy-backs during the period from 1 July 2020 to 30
September 2020.
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 per
cent. discount to net asset value, so far as market conditions and
liquidity permit.
Portfolio
The following investments have been made during the period from 1 July
2020 to 30 September 2020:
New
investment GBP'000 Activity
------------- ------- -------------------------------------------------------
The Voucher
Market A cloud platform that enables corporates to purchase
Limited (T/A digital gift cards and to distribute them to employees
WeGift) 828 and customers
------------- ------- -------------------------------------------------------
Total new
investments 828
------------- -------
Further
investments GBP'000 Activity
---------------- ------- ---------------------------------------------------
Network analytics platform to detect financial
Quantexa Limited 1,359 crime
---------------- ------- ---------------------------------------------------
A patient engagement and data capture platform for
uMotif Limited 346 use in real world and observational research
---------------- ------- ---------------------------------------------------
AI platform that generates optimised marketing
Phrasee Limited 261 campaigns
---------------- ------- ---------------------------------------------------
A developer and producer of industrial sensors for
Oxsensis Limited 112 use in ultra-high temperature environments
---------------- ------- ---------------------------------------------------
ePatient Network
Limited (T/A Online community connecting people affected by rare
Raremark) 46 diseases
---------------- ------- ---------------------------------------------------
The Evewell
(Harley Street) Operator of a women's health centre focusing on
Limited 39 fertility
---------------- ------- ---------------------------------------------------
Total further
investments 2,163
---------------- -------
Top ten holdings as at 30 September 2020:
% of
net
Carrying value asset
Investment GBP'000 value Activity
---------------- -------------- ----- ------------------------------------------------------------
Quantexa
Limited 4,768 7.3 Network analytics platform to detect financial crime
---------------- -------------- ----- ------------------------------------------------------------
Shinfield Lodge Owner and operator of a 66 bed care home in Shinfield,
Care Limited 4,207 6.4 Berkshire
---------------- -------------- ----- ------------------------------------------------------------
Chonais River Owner and operator of a 2 MW hydro-power scheme in
Hydro Limited 3,070 4.7 the Scottish Highlands
---------------- -------------- ----- ------------------------------------------------------------
Proveca Limited 3,058 4.7 Reformulation of paediatric medicines
---------------- -------------- ----- ------------------------------------------------------------
Radnor House 2,708 4.1 Independent school for children aged 3-18 years
School (TopCo)
Limited
---------------- -------------- ----- ------------------------------------------------------------
Active Lives 2,557 3.9 Owner and operator of a 75 bed care home in Cumnor
Care Limited Hill, Oxfordshire
---------------- -------------- ----- ------------------------------------------------------------
Ryefield Court 2,019 3.1 Owner and operator of a 60 bed care home in Hillingdon,
Care Limited Middlesex
---------------- -------------- ----- ------------------------------------------------------------
Gharagain River 1,639 2.5 Owner and operator of a 1 MW hydro-power scheme in
Hydro Limited the Scottish Highlands
---------------- -------------- ----- ------------------------------------------------------------
G.Network 1,009 1.5 Ultra-fast fibre optic broadband provider in central
Communications London
Limited
---------------- -------------- ----- ------------------------------------------------------------
Oviva AG 976 1.5 A technology enabled service business in medical nutritional
therapy (MNT)
---------------- -------------- ----- ------------------------------------------------------------
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=r-gK1pXHO85UHcxINUAPx_H_ZTd8mhdkob2AvAlnf0BzrYlEiFZ473aMjD-uXFwwFM5pG64HQ8A46mkqya01SOdbffnU0alnzQRdqlZnwZl4lq6wmwjEGcLEni1GzUho
www.albion.capital/funds/CRWN, by following the 'Portfolio of
Investments' link under the 'Fund Reports' section.
Material events and transactions after the period end
After the period end, the Company undertook the following material
investment transactions:
-- Proceeds of GBP478,000 received from the sale of Clear Review Limited on
cost of GBP231,000, a multiple of 2.1 times cost and a 75% internal rate
of return;
-- Investment of GBP424,000 in a new portfolio company, Seldon Technologies
Limited, a software company that enables enterprises to deploy Machine
Learning models in production;
-- Investment of GBP152,000 in a new portfolio company, uMedeor Limited (T/A
uMed), a middleware technology platform that enables life science
organisations to conduct medical research programmes;
-- Investment of GBP132,000 in an existing portfolio company, Limitless
Technology Limited, a provider of a customer service platform powered by
the crowd and Machine Learning technology; and
-- Investment of GBP80,000 in an existing portfolio company, Arecor Limited,
which develops biopharmaceuticals through the application of a
formulation technology platform.
Albion VCTs' Top Up Offers
The Company was pleased to announce on 23 November 2020 that, subject to
obtaining the requisite regulatory approval, the Company intends to
launch prospectus Top Up Offers of new Ordinary shares for subscription
in the 2020/2021 and 2021/2022 tax years (the "Offers").
Full details of the Offers will be contained in a prospectus that is
expected to be published in early January 2021 and will be available on
the Albion Capital website (www.albion.capital).
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 2020 and 26 November 2020.
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=r-gK1pXHO85UHcxINUAPx_H_ZTd8mhdkob2AvAlnf0ClH5CNXn_qlDzW60SdX4uq2IfynKU3_BHi8dxifTQUrWcwUI8GK0PaP5cwvjIWixXzFajpXkdtKmhTFc8wuC-R
www.albion.capital/funds/CRWN.
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=r-gK1pXHO85UHcxINUAPx_H_ZTd8mhdkob2AvAlnf0DO_30mzGxtP3KGnvM4qYm84xIxtENp-3AVNTWPppSw2P8DPWRwSNjxb1OUsUb6Qrp_XHneqAXlwFUjl1R4TgeR
www.albion.capital/funds/CRWN.
Penny Freer, Chairman
crownchair@albion.capital
26 November 2020
For further information please contact:
Albion Capital Group LLP -- Tel: 020 7601 1850
(END) Dow Jones Newswires
November 26, 2020 06:27 ET (11:27 GMT)
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