KAY Albion Kay Vct Plc

 
TIDMKAY 
 

Kings Arms Yard VCT PLC

Interim Management Statement

LEI Code 213800DK8H27QY3J5R45

Introduction

I present Kings Arms Yard VCT PLC's (the "Company") interim management statement for the period from 1 January 2023 to 31 March 2023.

Performance

The Company's unaudited net asset value ("NAV") as at 31 March 2023 was GBP116.0 million or 21.98 pence per share (excluding treasury shares), an increase of 1.03 pence per share (4.9%) since 31 December 2022.

On 2 March 2023, a NAV update was announced following an external fundraising process at Quantexa at a significantly higher valuation. The NAV at 31 March 2023 has increased by 0.19 pence per share (0.9%) compared to the 2 March 2023 NAV update. This Series E fundraising round has now completed, raising $129 million, and was announced by Quantexa on 4 April 2023.

After accounting for the first interim dividend for the year ending 31 December 2023 of 0.52 pence per share paid on 28 April 2023 to shareholders on the register on 11 April 2023, the NAV is 21.46 pence per share.

Albion VCTs' Top Up Offers

A prospectus Top Up Offer of new Ordinary shares was launched on 10 October 2022. The Board announced on 18 January 2023 that, following strong demand for the Company's shares, it had elected to exercise its over-allotment facility, taking the total Offer to GBP12.5 million. The Offer was fully subscribed and closed to further applications on 16 March 2023.

During the period from 1 January 2023 to 31 March 2023, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2022/2023:

 
                                          Issue price per share 
                                           (including costs of    Net proceeds 
Date            Number of shares issued          issue)              GBP'000 
--------------  -----------------------  -----------------------  ------------ 
31 March 2023                31,071,626                   22.40p         6,786 
--------------  -----------------------  -----------------------  ------------ 
 

Portfolio

The following investments have been made during the period from 1 January 2023 to 31 March 2023:

 
Further 
investments    GBP'000                         Activity 
-------------  -------  ------------------------------------------------------ 
Proveca          533           Reformulation of medicines for children 
-------------  -------  ------------------------------------------------------ 
Seldon                  Enabling enterprises to deploy Machine Learning models 
Technologies     152                         in production 
-------------  -------  ------------------------------------------------------ 
                           Designer and manufacturer of radiation detection 
Symetrica        150                          equipment 
-------------  -------  ------------------------------------------------------ 
Brytlyt          34                 GPU database software provider 
-------------  -------  ------------------------------------------------------ 
Total further 
 investments       869 
-------------  ------- 
 

Top ten holdings as at 31 March 2023:

 
                                 % of 
                                  net 
Portfolio        Carrying value  asset 
company              GBP'000     value                           Activity 
---------------  --------------  -----  ---------------------------------------------------------- 
Quantexa             15,274      13.2%     Network analytics platform to detect financial crime 
---------------  --------------  -----  ---------------------------------------------------------- 
Proveca                  10,445   9.0%                     Reformulation of medicines for children 
---------------  --------------  -----  ---------------------------------------------------------- 
Egress Software 
Technologies              6,234   5.4%          Encrypted email and file transfer service provider 
---------------  --------------  -----  ---------------------------------------------------------- 
Chonais River                                   Owner and operator of a 2 MW hydro-power scheme in 
Hydro                     3,470   3.0%                                      the Scottish Highlands 
---------------  --------------  -----  ---------------------------------------------------------- 
                                        Technology enabled service business in medical nutritional 
Oviva                     2,252   1.9%                                               therapy (MNT) 
---------------  --------------  -----  ---------------------------------------------------------- 
The Evewell 
Group                     2,245   1.9%    Operator of women's health centres focusing on fertility 
---------------  --------------  -----  ---------------------------------------------------------- 
                                          Provider of an online platform delivering family centric 
Healios                   2,008   1.7%    psychological care primarily to children and adolescents 
---------------  --------------  -----  ---------------------------------------------------------- 
Gravitee Topco 
 (T/A 
 Gravitee.io)             1,961   1.7%                                     API management platform 
---------------  --------------  -----  ---------------------------------------------------------- 
The Street by        1,859       1.6%   Owner and operator of photovoltaic systems on domestic 
 Street Solar                            properties in the UK 
 Programme 
---------------  --------------  -----  ---------------------------------------------------------- 
Academia             1,761       1.5%   Social networking for the academic community 
---------------  --------------  -----  ---------------------------------------------------------- 
 

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.

Share buy-backs

During the period from 1 January 2023 to 31 March 2023, the Company did not buy back any shares.

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% 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 issued the following new Ordinary shares of nominal value 1 penny each were allotted under the Albion VCTs Prospectus Top Up Offers 2022/23:

 
                                          Issue price per share 
                                           (including costs of    Net proceeds 
Date            Number of shares issued          issue)              GBP'000 
--------------  -----------------------  -----------------------  ------------ 
14 April 2023                 1,377,016         21.60p to 21.90p           294 
--------------  -----------------------  -----------------------  ------------ 
 

There have been no other material events or transactions after the period end to the date of this announcement.

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.

Fiona Wollocombe, Chairman

7 June 2023

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP -- Tel: 020 7601 1850

(END) Dow Jones Newswires

June 07, 2023 06:41 ET (10:41 GMT)

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