Kings Arms Yard Kings Arms Yard Vct Plc : Interim Management Statement
November 09 2017 - 9:30AM
UK Regulatory
TIDMKAY
Kings Arms Yard VCT PLC Interim Management Statement
LEI Code 213800DK8H27QY3J5R45
Introduction
I am pleased to present Kings Arms Yard VCT PLC (the "Company")'s
interim management statement for the period from 1 July 2017 to 30
September 2017.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2017
was GBP59.32 million or 21.76 pence per share (excluding treasury
shares), a decrease of 0.05 pence per share (0.2 per cent.) since 30
June 2017.
After accounting for the dividend paid of 0.50 pence per share on 31
October 2017 to shareholders on the register on 6 October 2017, the NAV
is 21.26 pence per share.
Albion VCTs Prospectus Top Up Offers 2017/2018
On 6 September 2017 the Company announced the publication of a
prospectus in relation to an offer for subscription for new Ordinary
shares. The Company is aiming to raise circa GBP8 million out of a
target of GBP32 million in aggregate that the Albion VCTs are seeking to
raise. A Securities Note, which forms part of the prospectus, has been
sent to shareholders. All applications that are received before 2:00pm
on 17 November 2017 will be included in the first allotment on that
date.
Share buy-backs
During the period from 1 July 2017 to 30 September 2017, the Company
purchased 344,000 shares for GBP70,000 at an average price of 20.45
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.
Portfolio
The following investments have been made during the period from 1 July
2017 to 30 September 2017:
Follow on
investments
into existing
investee
companies GBP000s Activity
Egress Software
Technologies
Limited 573 Encrypted email and file transfer service provider
A technology enabled service business in medical nutritional
Oviva AG 276 therapy (MNT)
Ryefield Court Owns and operates a 60 bed care home in Hillingdon,
Care Limited 270 Middlesex
Active Lives Owns and operates a 75 bed care home in Cumnor Hill,
Care Limited 255 Oxfordshire
G.Network
Communications
Limited 204 Fibre optic broadband provider in central London
Black Swan Data
Limited 189 Data analysis that supports corporate decision making
Convertr Media
Limited 56 Digital lead generation software
Abcodia Limited 41 Validation and discovery of serum biomarkers
Beddlestead Developer and operator of a dedicated wedding venue
Limited 6 in the UK
Aridhia
Informatics
Limited 5 Healthcare informatics and analysis provider
Total follow on
investments 1,875
Disposals
The following disposals were made during the period from 1 July 2017 to
30 September 2017:
Portfolio
company GBP000s
Hilson Moran
Holdings Full disposal for a realised gain on cost of GBP1.9
Limited 2,205 million
Oxford Immunotec
PLC 846 Partial disposal of shares
ErgoMed PLC 202 Partial disposal of shares
Total proceeds 3,253
Furthermore, Relayware Limited merged with Zift Solutions Inc. to form
Zift Channel Solutions Inc..
Top ten holdings as at 30 September 2017:
% of
net
Portfolio Carrying value asset
company GBP000s value Activity
Active Lives Owns and operates a 75 bed care home in Cumnor Hill,
Care Limited 6,347 10.7 Oxfordshire
Ryefield
Court Care Owns and operates a 60 bed care home in Hillingdon,
Limited 4,641 7.8 Middlesex
Chonais River
Hydro Owns and operates a 2 MW hydro-power scheme in the
Limited 2,987 5.0 Scottish Highlands
Proveca
Limited 2,985 5.0 Reformulation of paediatric medicines
Antenova
Limited 2,857 4.8 Supplier of integrated antennas and RF solutions
Elateral
Group
Limited 2,666 4.5 Provider of digital marketing software
Egress
Software
Technologies
Limited 2,267 3.8 Encrypted email and file transfer service provider
Anthropics
Technology
Limited 1,739 2.9 Provider of digital picture enhancement software
The Street by
Street Solar
Programme Owns and operates photovoltaic systems on domestic
Limited 1,693 2.9 properties in the UK
Grapeshot
Limited 1,589 2.7 Provider of digital marketing software
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/KAY, by following the 'Portfolio of
Investments' link under the 'Fund reports' section.
Material events and transactions after the period end
Portfolio
After the period end, the Company had the following material investment
transactions:
-- Investment of GBP583,000 in a new portfolio company, Women's Health
(London West One) Limited, to develop a women's health centre of
excellence focussing on fertility;
-- Investment of GBP490,000 in an existing portfolio company, Beddlestead
Limited, which is a developer and operator of a dedicated wedding venue
in the UK;
-- Investment of GBP228,000 in an existing portfolio company, G.Network
Communications Limited, which is a fibre optic broadband provider in
central London; and
-- Investment of GBP150,000 in an existing portfolio company, Elateral Group
Limited, which is a provider of digital marketing software.
Patient capital review
The current consultation entitled "Financing growth in innovative firms"
may result in changes to VCT legislation in the next Budget, which may
limit the category of business in which the Company currently invests.
Further information
The Company continues to offer a dividend reinvestment scheme to
existing shareholders. Details of this Scheme can be found at
www.albion.capital/funds/KAY.
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 under www.albion.capital/funds/KAY.
Robin Field, Chairman
9 November 2017
For further information please contact:
Patrick Reeve, Albion Capital Group LLP - Tel: 020 7601 1850
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: Kings Arms Yard VCT PLC via Globenewswire
http://www.sparkventures.com
(END) Dow Jones Newswires
November 09, 2017 09:30 ET (14:30 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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