Albion Dev VCT Albion Development Vct Plc: Interim Management Statement
12 May 2021 - 08:29PM
UK Regulatory
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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