TIDMAADV 
 
 
   ALBION DEVELOPMENT VCT PLC 
 
   LEI Code 213800FDDMBD9QLHLB38 
 
   Interim Management Statement 
 
 
 
   Introduction 
 
   I am pleased to present Albion Development VCT PLC (the "Company")'s 
interim management statement for the period from 1 January 2021 to 31 
March 2021. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) on 31 March 2021 was 
GBP86.88 million or 84.07 pence per share (excluding treasury shares), 
an increase of 1.65 pence per share (2.0%) since 31 December 2020. 
 
   After accounting for the dividend of 2.06 pence per share to be paid on 
28 May 2021 to shareholders on the register on 7 May 2021, the NAV is 
82.01 pence per share. 
 
   Fundraising and share issues 
 
   During the period from 1 January 2021 to 31 March 2021, the Company 
issued the following new Ordinary shares of nominal value 1 penny per 
share under the Albion VCTs Prospectus Top Up Offers 2020/21: 
 
 
 
 
                                           Issue price per share 
                      Number of shares      (including costs of   Net proceeds 
Date                       issued                 issue)             GBP'000 
-----------------  ----------------------  ---------------------  ------------ 
26 February 2021               11,313,942         83.3p -- 84.2p         9,288 
-----------------  ----------------------  ---------------------  ------------ 
 
 
   Portfolio 
 
   The following investments have been made during the period from 1 
January 2021 to 31 March 2021: 
 
 
 
 
New investments   GBP000s                          Activity 
----------------  -------  --------------------------------------------------------- 
                           Provider of data lineage software to enterprise customers 
Threadneedle                   in regulated sectors, which allows them to rapidly 
Software Limited               discover, visualise, catalogue and understand how 
(T/A Solidatus)    1,209                data flows through their systems 
----------------  -------  --------------------------------------------------------- 
Total new 
 investments        1,209 
----------------  -------  --------------------------------------------------------- 
 
 
 
 
 
 
Further 
investments      GBP000s                          Activity 
---------------  -------  --------------------------------------------------------- 
Black Swan Data 
Limited            603            Predictive analytics for consumer brands 
---------------  -------  --------------------------------------------------------- 
                          Provider of an online platform delivering family centric 
Healios Limited    577     psychological care primarily to children and adolescents 
---------------  -------  --------------------------------------------------------- 
ePatient 
Limited (T/A                 Online community connecting people affected by rare 
Raremark)          54                              diseases 
---------------  -------  --------------------------------------------------------- 
Total further 
 investments       1,234 
---------------  -------  --------------------------------------------------------- 
 
 
 
   Disposals 
 
   The following disposals were made during the period from 1 January 2021 
to 31 March 2021: 
 
 
 
 
Portfolio 
Company      GBP000s 
-----------  -------  -------------------------------------------------------- 
OmPrompt 
Holdings                 Disposal of investment on a cost of GBP1.0 million 
Limited       2,276          realising a gain of GBP1.3 million on cost 
-----------  -------  -------------------------------------------------------- 
SBD 
Automotive            Disposal of investment on a cost of GBP220,000 realising 
Limited        458                  a gain of GBP238,000 on cost 
-----------  -------  -------------------------------------------------------- 
Total 
 proceeds      2,734 
-----------  ------- 
 
 
 
   Top ten holdings (on 31 March 2021) 
 
 
 
 
                                  % of 
                                   net 
                  Carrying value  asset 
Investment            GBP000s     value                         Activity 
----------------  --------------  -----  ------------------------------------------------------ 
Egress Software 
Technologies 
Limited               7,593       8.7%      Encrypted email & file transfer service provider 
----------------  --------------  -----  ------------------------------------------------------ 
Quantexa Limited      7,026       8.1%    Network analytics platform to detect financial crime 
----------------  --------------  -----  ------------------------------------------------------ 
                                           UK based pharma company specialising in medicines 
Proveca Limited       6,866       7.9%                        for children. 
----------------  --------------  -----  ------------------------------------------------------ 
Radnor House 
School (TopCo) 
Limited               2,689       3.1%         Independent school for children aged 2-18 
----------------  --------------  -----  ------------------------------------------------------ 
Chonais River                              Owner and operator of a 2 MW hydro-power scheme in 
Hydro Limited         2,313       2.7%                   the Scottish Highlands 
----------------  --------------  -----  ------------------------------------------------------ 
The Street by 
Street Solar 
Programme                                Owner and operator of photovoltaic systems on domestic 
Limited               2,256       2.6%                    properties in the UK 
----------------  --------------  -----  ------------------------------------------------------ 
The Evewell 
(Harley Street)                             Operator of a women's health centre focusing on 
Limited               2,073       2.4%                         fertility 
----------------  --------------  -----  ------------------------------------------------------ 
Regenerco 
Renewable Energy                           Generator of renewable energy from roof top solar 
Limited               1,942       2.2%                        installations 
----------------  --------------  -----  ------------------------------------------------------ 
                                             AI platform that generates optimised marketing 
Phrasee Limited       1,853       2.1%                         campaigns 
----------------  --------------  -----  ------------------------------------------------------ 
Black Swan Data 
 Limited                   1,799   2.1%                Predictive analytics for consumer brands 
----------------  --------------  -----  ------------------------------------------------------ 
 
 
 
   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=dGUwL1BPGmK2ul3yuUASpBnWOxMlIeRQttGQqAODPLvjteEuH4T-uGnr-MfZHCwhM_OW8VlDIduyX5hsLhpkIsVZit5W-cNoi9oTpCEbTn8qpSB0fVhpULFN_UdX6Ove 
www.albion.capital/funds/AADV. 
 
   Share buy-backs 
 
   During the period from 1 January 2021 to 31 March 2021, 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 had the following material investment 
transactions: 
 
 
   -- Investment of GBP492,000 in a new portfolio company, an open sources API 
      management platform that enables enterprises to manage their APIs through 
      their lifecycle (from design to publishing to controlling access and 
      security); and 
 
   -- Investment of GBP370,000 in an existing portfolio company, Panaseer 
      Limited, a provider of cyber security services. 
 
 
   Other than as described above, there have been no material events or 
transactions during the quarter and 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 
https://www.globenewswire.com/Tracker?data=dGUwL1BPGmK2ul3yuUASpBnWOxMlIeRQttGQqAODPLtWmsDLEum4eKa2F8VdL0sn39IRxHlwCqStLRRQ4FxiM7JeaXX3mw0Rx1FP-mvfqvrOPGpy6WQ72gIZOg3okWBl 
www.albion.capital/funds/AADV. 
 
   Ben Larkin, Chairman 
 
   12 May 2021 
 
 
 
   For further information please contact: 
 
   Vikash Hansrani 
 
   Operations Partner 
 
   Albion Capital Group LLP 
 
   Telephone: 020 7601 1850 
 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 12, 2021 06:29 ET (10:29 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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