Albion Dev VCT Albion Development Vct Plc - Ordinary Shares : Interim Management Statement
04 November 2016 - 2:25AM
UK Regulatory
TIDMAADV
Introduction
I am pleased to present Albion Development VCT PLC (the "Company")'s
interim management statement for the period from 1 July 2016 to 3
November 2016.
Performance
The Company's unaudited net asset value (NAV) as at 30 September 2016
was GBP43.2 million or 68.9 pence per share (excluding treasury shares)
(30 June 2016: 69.3 pence per share) after accounting for the dividend
of 2.5 pence per share paid on 30 September 2016 to shareholders on the
register as at 9 September 2016.
Adjusting for the payment of the dividend, the net asset value has risen
by 2.1 pence per share (3.0 per cent.) since 30 June 2016, as a result
of an increase in investment valuations.
Dividend target from 2017
The Company paid dividends totalling 5.0 pence per share during the
financial year in line with the Company's policy, which has now been
maintained for six years. For most of this period, however, this
dividend has not been fully covered by total returns, resulting in a
gradual decline in NAV per share over the years. In an economic
environment of persistently low interest rates, the Board considers a
recalibration of the annual dividend target to 4.0 pence per share to be
more appropriate, representing a dividend yield on current NAV of 5.8
per cent. This target will apply from 2017.
Share issues
During the period from 1 July 2016 to 3 November 2016, the Company
issued the following shares under the dividend reinvestment scheme (and
are included in the net asset value figures for 30 September 2016
above):
Number of shares Issue price per Net proceeds
Date issued share GBP'000
30 September 2016 381,011 66.8 pence 251
Share buybacks
During the period from 1 July 2016 to 3 November 2016, the Company
purchased 614,000 Ordinary shares for GBP402,000 at an average price of
65.4p pence per Ordinary 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
2016 to 3 November 2016:
New investments GBP000's Activity
Convertr Limited 583 Digital lead generation software
Secured by Design Research and consulting for the global automotive
Limited 330 sector
Oviva AG 159 Medical nutritional therapy
Total new
investments 1,072
Further
investments GBP000's Activity
Abcodia Limited 133 Validation and discovery of serum biomarkers
Proveca Limited 100 Repositioning of paediatric medicines
DySIS Medical Medical devices for the detection of cervical
Limited 87 cancer
Total further
investments 320
Disposals
The following loan stock repayments were made during the period from 1
July 2016 to 3 November 2016:
Portfolio company GBP000's
Radnor House School (Holdings)
Limited 88 Loan stock repayment
Loan stock and redemption
Hilson Moran Holdings Limited 46 premium repayment
Total proceeds 134
Top ten holdings as at 30 September 2016:
% of
net
Value asset
Investment GBP000's value Activity
Radnor House
School
(Holdings)
Limited 5,395 12.5% Independent schools for children aged 5-18
Exco InTouch
Limited 2,752 6.4% Provider of mobile patient data solutions
Chonais River
Hydro
Limited 1,995 4.6% Hydropower project in Scotland
The Street by
Street Solar
Programme Builds, owns and operates photovoltaic systems on
Limited 1,915 4.4% domestic properties in the UK
Regenerco
Renewable
Energy Generator of renewable energy from roof top solar
Limited 1,620 3.8% installations
Proveca
Limited 1,602 3.7% Repositioning of paediatric medicines
Alto Prodotto Owns and operates community scale wind energy projects
Wind Limited 1,296 3.0% on brownfield sites in the UK
Earnside
Energy
Limited 1,271 2.9% An anaerobic digestion plant in Scotland
Bravo Inns II
Limited 1,173 2.7% Owner and operator of freehold pubs
Egress 1,077 2.5% Encrypted email & file transfer service provider
Software
Technologies
Limited
A full breakdown of the Company's portfolio can be found on the Fund's
webpage on the Manager's website at www.albion-ventures.co.uk/funds/AADV,
by following the 'Portfolio of Investments' link under the 'Funds
reports' section.
Material events and transactions
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 July 2016 to 3 November 2016.
Further information
The Company continues to offer a Dividend Reinvestment Scheme to
existing shareholders. Details of this Scheme can be found at
www.albion-ventures.co.uk/funds/AADV.
Further information regarding historic and current financial performance
and other useful shareholder information can be found on the Fund's
webpage on the Manager's website under
www.albion-ventures.co.uk/funds/AADV.
Geoffrey Vero, Chairman
3 November 2016
For further information please contact:
Patrick Reeve, Albion Ventures 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: Albion Development VCT PLC - Ordinary Shares via Globenewswire
http://www.closeventures.co.uk
(END) Dow Jones Newswires
November 03, 2016 11:25 ET (15:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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