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 January 2022 to 31 March 2022.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March
2022 was GBP86.0 million or 33.71 pence per share (excluding
treasury shares). After accounting for a dividend of 0.84 pence per
share which was paid on 31 March 2022 to shareholders on the
register on 11 March 2022 the NAV has increased by 0.79 pence per
share (2.4 per cent.) since 31 December 2021.
Fundraising and share issues
During the period from 1 January 2022 to 31 March 2022, the
Company issued the following new Ordinary shares of nominal value 1
penny per share under the Albion VCTs Prospectus Top Up Offers
2021/22:
Issue price per share
Number of shares (including costs of Net proceeds
Date issued issue) GBP'000
----------------- ---------------------- --------------------- ------------
25 February 2022 30,665,580 34.30p to 34.70p 10,374
----------------- ---------------------- --------------------- ------------
31 March 2022 1,838,353 33.80p 606
----------------- ---------------------- --------------------- ------------
On 2 March 2022, the Company announced that applications under
the Prospectus offer had reached its GBP12 million gross limit and
was therefore fully subscribed and closed to further
applications.
The Company also issued the following shares under the dividend
reinvestment scheme which are included in the net asset value
figures for 31 March 2022 above:
Net invested
Date Number of shares issued Issue price per share GBP'000
-------------- ----------------------- --------------------- ------------
31 March 2022 1,137,670 32.92 pence 357
-------------- ----------------------- --------------------- ------------
The Company continues to offer a Dividend Reinvestment Scheme to
existing shareholders. Details of this Scheme can be found at
www.albion.capital/funds/CRWN.
Portfolio
The following investments have been made during the period from
1 January 2022 to 31 March 2022:
New investments GBP'000 Activity
----------------- ------- --------------------------------------------------
Perchpeek Limited 672 Digital relocation platform
----------------- ------- --------------------------------------------------
Regulatory Genome
Development Provider of machine readable structured regulatory
Limited 116 content
----------------- ------- --------------------------------------------------
Total further
investments 788
----------------- -------
Further investments GBP'000 Activity
------------------- ------- --------------------------------------------------------
A provider of a connectivity solution, connecting
financial institutions with trading venues via a single
TransFICC Limited 846 API
------------------- ------- --------------------------------------------------------
Seldon Technologies Software company that enables enterprises to deploy
Limited 615 Machine Learning models in production
------------------- ------- --------------------------------------------------------
Cantab Research Provider of low footprint automated speech recognition
Limited (T/A which can be deployed in the cloud, on premise or
Speechmatics) 445 on device across over 31 languages
------------------- ------- --------------------------------------------------------
Black Swan Data
Limited 336 Predictive analytics for consumer brands
------------------- ------- --------------------------------------------------------
Nuvoair Holdings Digital therapeutics and decentralised clinical trials
Inc. 152 for respiratory conditions
------------------- ------- --------------------------------------------------------
Koru Kids Limited 83 Online marketplace connecting parents and nannies
------------------- ------- --------------------------------------------------------
Locum's Nest Provides a technology solution for the management
Limited 82 of locum doctors for the NHS
------------------- ------- --------------------------------------------------------
Total further
investments 2,559
------------------- -------
Disposals
The following disposals were made during the period from 1
January 2022 to 31 March 2022:
Portfolio Company GBP000s
----------------- ------- --------------------------------------------------
Credit Kudos Disposal of investment on a cost of GBP0.5 million
Limited 2,352 realising a gain of GBP1.9 million on cost
----------------- ------- --------------------------------------------------
Disposal of investment on a cost of GBP0.6 million
Phrasee Limited 1,991 realising a gain of GBP1.4 million on cost
----------------- ------- --------------------------------------------------
Disposal of investment on a cost of GBP0.5 million
MyMeds&Me Limited 1,476 realising a gain of GBP1.0 million on cost
----------------- ------- --------------------------------------------------
Total proceeds 5,819
----------------- -------
Top ten holdings as at 31 March 2022:
% of
net
Carrying value asset
Investment GBP'000 value Activity
------------------- -------------- ----- ----------------------------------------------------------
Quantexa Limited 10,119 11.8 Network analytics platform to detect financial crime
------------------- -------------- ----- ----------------------------------------------------------
Proveca Limited 3,993 4.6 Reformulation of paediatric medicines
------------------- -------------- ----- ----------------------------------------------------------
Technology enabled service business in medical nutritional
Oviva AG 3,634 4.2 therapy (MNT)
------------------- -------------- ----- ----------------------------------------------------------
Chonais River Hydro Owner and operator of a 2 MW hydro-power scheme in
Limited 3,276 3.8 the Scottish Highlands
------------------- -------------- ----- ----------------------------------------------------------
Radnor House School
(TopCo) Limited 3,145 3.7 Independent school for children aged 2-18
------------------- -------------- ----- ----------------------------------------------------------
The Evewell Group Operator and developer of women's health centres focusing
Limited 2,415 2.8 on fertility
------------------- -------------- ----- ----------------------------------------------------------
Cantab Research Provider of low footprint automated speech recognition
Limited (T/A which can be deployed in the cloud, on premise or
Speechmatics) 1,923 2.2 on device across 31 languages
------------------- -------------- ----- ----------------------------------------------------------
Gharagain River Owner and operator of a 1 MW hydro-power scheme in
Hydro Limited 1,793 2.1 the Scottish Highlands
------------------- -------------- ----- ----------------------------------------------------------
Elliptic
Enterprises Provider of Anti Money Laundering services to digital
Limited 1,529 1.8 asset institutions
------------------- -------------- ----- ----------------------------------------------------------
Black Swan Data
Limited 1,355 1.6 Predictive analytics for consumer brands
------------------- -------------- ----- ----------------------------------------------------------
Share buy-backs
During the period from 1 January 2022 to 31 March 2022, the
Company purchased 2,022,762 shares for GBP636,000 including stamp
duty, at an average price of 31.27 pence per share. All of 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 per cent. discount to net asset value, so far as market
conditions and liquidity permit.
Material events and transactions after the period end
After the period end, the Company undertook the following
material investment transaction:
-- Investment of GBP532,000 in an existing portfolio company, Gravitee Topco
Limited, an open source API management platform.
The following new Ordinary shares of nominal value 1 penny each
were allotted under the Albion VCTs Prospectus Top Up Offers
2021/22 to shareholders who elected for the 2022/23 tax year:
Issue price per share
(including costs of Net proceeds
Date Number of shares issued issue) GBP'000
-------------- ----------------------- ----------------------- ------------
11 April 2022 2,215,278 33.50p to 33.80p 730
-------------- ----------------------- ----------------------- ------------
There have been no other material events or transactions after
the period end to the date of this announcement.
Further information
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/CRWN.
Penny Freer, Chairman
crownchair@albion.capital
17 May 2022
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
May 17, 2022 06:58 ET (10:58 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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