TIDMAADV
Albion Development VCT PLC
LEI Code 213800FDDMBD9QLHLB38
As required by the UK Listing Authority's Disclosure Guidance
and Transparency Rule 4.2, Albion Development VCT PLC today makes
public its information relating to the Half-yearly Financial Report
(which is unaudited) for the six months to 30 June 2021. This
announcement was approved by the Board of Directors on 8 September
2021.
The full Half-yearly Financial Report (which is unaudited) for
the period to 30 June 2021 will shortly be sent to shareholders and
will be available on the Albion Capital Group LLP website by
clicking
https://www.globenewswire.com/Tracker?data=utXipZ3X4uaZQfHzrYqL7tZa9_5OxxaU9tLwYHyOxHuVJLxuBhSSwcpmOtwtE2zRyjlX176khDFuK3jkdHningTUC4SXHGDuf7m7h7hmb85wdGU9UH34Z6pfmPURxu0b6Mx8a2kBOZM5su2JT0Dc69Vf_NCYIEqzG6uGi_kPPWI=
www.albion.capital/funds/AADV/30Jun2021.pdf.
Investment policy
The Company will invest in a broad portfolio of higher growth
businesses with a stronger focus on technology companies across a
variety of sectors of the UK economy. Allocation of assets will be
determined by the investment opportunities which become available
but efforts will be made to ensure that the portfolio is
diversified in terms of sector and stage of maturity of
company.
Funds held pending investment or for liquidity purposes will be
held as cash on deposit or up to 8 per cent. of its assets, at the
time of investment, in liquid open-ended equity funds providing
income and capital equity exposure (where it is considered economic
to do so).
Risk diversification and maximum exposures
Risk is spread by investing in a number of different businesses
within Venture Capital Trust qualifying industry sectors using a
mixture of securities. The maximum amount which the Company will
invest in a single portfolio company is 15 per cent. of the
Company's assets at cost thus ensuring a spread of investment risk.
The value of an individual investment may increase over time as a
result of trading progress and it is possible that it may grow in
value to a point where it represents a significantly higher
proportion of total assets prior to a realisation opportunity being
available.
The Company's maximum exposure in relation to gearing is
restricted to 10 per cent. of the adjusted share capital and
reserves.
Background to the Company
The Company is a Venture Capital Trust which raised a total of
GBP33.3 million through the issue of shares between 1999 and 2004.
The C shares merged with the Ordinary shares in 2007. A further
GBP6.3 million was raised through an issue of new D shares in 2010.
The D shares converted to Ordinary shares in 2015.
An additional GBP55.0 million has been raised for the Ordinary
shares through the Albion VCTs Top Up Offers since January
2011.
Financial calendar
Record date for second dividend for the year 10 September 2021
Payment date for second dividend for the year 30 September 2021
Financial year end 31 December
Financial highlights
Unaudited six months ended Unaudited six months ended Audited year ended
Ordinary 30 June 2021 30 June 2020 31 December 2020
shares (pence per share) (pence per share) (pence per share)
-------------- -------------------------- -------------------------- ------------------
Opening net
asset value 82.42 83.47 83.47
Capital
return/(loss) 12.93 (2.03) 3.15
Revenue
(loss)/return (0.46) 0.08 0.02
-------------------------- -------------------------- ------------------
Total
return/(loss) 12.47 (1.95) 3.17
Dividends paid (2.06) (2.25) (4.24)
Impact from
share capital
movements (0.42) 0.03 0.02
-------------------------- -------------------------- ------------------
Net asset
value 92.41 79.30 82.42
-------------- -------------------------- -------------------------- ------------------
Total dividends paid to 30 June 2021 106.55
Net asset value as at 30 June 2021 92.41
------
Total shareholder value to 30 June 2021 198.96
---------------------------------------- ------
The total shareholder value table above is for the Company,
Albion Development VCT PLC Ordinary shares only. Details of the
financial performance of the C shares and D shares, which have been
merged into the Ordinary shares, can be found at
https://www.globenewswire.com/Tracker?data=utXipZ3X4uaZQfHzrYqL7tZa9_5OxxaU9tLwYHyOxHvoivdQ7UGyKf3UPcRIE4HnGP192TeC0MjIwwxvMVKIXDia5fi95uFCrUCFQOnnXEy_SBEM6Di20z-z6cguYn6N
www.albion.capital/funds/AADV under the 'Financial summary for
previous funds' section.
A more detailed breakdown of the dividends paid per year can be
found at
https://www.globenewswire.com/Tracker?data=utXipZ3X4uaZQfHzrYqL7tZa9_5OxxaU9tLwYHyOxHtmepqaf83XJo0Egc2oV5lLeouS-M4RQ6s-6neTx7TCEmiUTFd94tRpbLpGqMeFl_CrZqIj-nEngpNq7iSFVhf2
www.albion.capital/funds/AADV under the 'Dividend History'
section.
In addition to the dividends summarised above, the Board has
declared a second dividend for the year ending 31 December 2021, of
2.31 pence per Ordinary share to be paid on 30 September 2021 to
shareholders on the register on 10 September 2021.
Interim management report
Introduction
The Company has had a strong six months to 30 June 2021, with a
total return of 12.47 pence per share, and the net asset value
("NAV") increasing to 92.41 pence per share, representing a 14.6%
return on opening NAV (after adjusting for the dividend paid). Our
portfolio companies are demonstrating the value they provide to
their customers as the economy emerges from the pandemic.
Valuations and results
There is a GBP12.5 million total return for the six months to 30
June 2021 compared to a total loss of GBP1.8 million for the same
period in the previous year. The successful series D fundraise in
Quantexa and series C fundraise in Oviva have been the major
contributors to the positive return. However, we have also seen
many of our other portfolio companies performing well. For example,
one of our portfolio companies, Arecor Therapeutics, listed onto
the AIM stock exchange during the period which led to an increase
in value of GBP0.3 million. Our top 10 portfolio companies, which
now account for 50.2% of net asset value, increased in value by
GBP13 million.
There have also been write-downs in our portfolio, the largest
being Mirada (GBP0.5 million) and Abcodia (GBP0.3 million), both of
which operate in the healthcare sector. Mirada's ability to sell
its software to hospitals has been hampered by Covid-19 and Abcodia
was impacted by disappointing clinical trial results.
The period saw disposals with proceeds totalling GBP2.9 million,
which has led to realised gains of GBP1.7 million. The principal
exit was the sale of OmPrompt Holdings in March which resulted in a
return of 2.3 times cost, and generated proceeds of GBP2.3 million.
SBD Automotive was also sold generating 2.1 times cost. Further
details on these disposals can be found in the table below.
Further details of the portfolio of investments can be found
below.
Dividends and results
In line with our variable dividend policy targeting around 5% of
NAV per annum, the Company paid a dividend totalling 2.06 pence per
share during the period to 30 June 2021 (30 June 2020: 2.25 pence
per share). The Company will pay a second dividend for the
financial year ending 31 December 2021 of 2.31 pence per share on
30 September 2021 to shareholders on the register on 10 September
2021, being 2.5% of the latest reported NAV.
This will bring the total dividends paid for the year ending 31
December 2021 to 4.37 pence per share, which equates to a 5.3%
yield on the opening NAV of 82.42 pence per share.
Investment activity
During the period the Company has invested GBP4.7 million into
new and existing portfolio companies, with new investments
comprising:
-- GBP1.2 million into Threadneedle Software Holdings (trading as Solidatus)
a provider of data lineage software to enterprise customers in regulated
sectors, which allows them to rapidly discover, visualise, catalogue and
understand how data flows through their systems;
-- GBP0.5 million into Gravitee TopCo (trading as Gravitee.io) an API
management platform;
-- GBP0.4 million into NuvoAir a provider of digital therapeutics and
decentralised clinical trials for respiratory conditions;
-- GBP0.3 million into Brytlyt which uses patented software and AI, combined
with the superior computation power of graphics processing units (GPUs),
to derive insights 1,000s of times faster than legacy systems; and
-- GBP0.2 million into Accelex Technologies (trading as Accelex) a data
extraction and analytics technology for private capital markets.
A further GBP2.0 million was invested in existing portfolio
companies, including GBP0.6 million into Black Swan to support the
restructure of its business to focus primarily on predictive
analytics for consumer brands, and GBP0.6 million into Healios to
continue providing psychological care to children and adolescents
using a family centric approach.
The pie chart at the end of this announcement illustrates the
composition of the portfolio by industry sector as at 30 June
2021.
Share buy-backs
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. This includes the maintenance of sufficient
cash resources for investment in new and existing portfolio
companies and the continued payment of dividends to
shareholders.
It is the Board's intention that such buy-backs should be at
around a 5% discount to net asset value, in so far as market
conditions and liquidity permit.
Transactions with the Manager
Details of transactions with the Manager for the reporting
period can be found in note 5. Details of related party
transactions can be found in note 11.
Risks and uncertainties
The longer term implications of the Covid-19 crisis is the key
risk facing the Company, including its impact on the UK and Global
economies. The risk of potential implications of the UK's departure
from the European Union adversely affecting our underlying
portfolio companies appears to be reducing. The Manager is
continually assessing the exposure to such risks for each portfolio
company, and where possible appropriate mitigating actions are
being taken.
The increasing maturity and success of some of our portfolio
companies has resulted in a high concentration in our top 10, which
may result in further volatility in the future.
Other principal risks and uncertainties remain unchanged and are
as detailed in note 13.
Albion VCTs Top Up Offers
As announced in the Annual Report and Financial Statements for
the year ended 31 December 2020, the Board was pleased to close the
2020/21 Offer, fully subscribed, having raised GBP10 million.
The proceeds are being used to provide support to our existing
portfolio companies and to enable us to take advantage of new and
exciting investment opportunities as they arise, five of which are
detailed above. Details on the share allotments during the period
can be found in note 8.
Shareholder seminar
The Board is pleased to report that the current intention of the
Manager, Albion Capital, is to host a physical rather than virtual
shareholder seminar this year on 12 November 2021, in central
London with the venue to be confirmed. This will be dependent on
government guidelines and any changes thereof, and we will keep
shareholders informed as the date approaches. The Board and Manager
are keen to interact with shareholders and look forward to sharing
with you further portfolio updates, as well as answering any
questions.
More details will shortly be available on the Albion Capital
website:
https://www.globenewswire.com/Tracker?data=utXipZ3X4uaZQfHzrYqL7oS4MYqL3aZkR6cs_xY11H_92IuAQriAMHKqbOnRYCAgE_r9e6NSugBfLEdgfqcigzWsoAFoKLaNoHSivWZo5Ys=
www.albion.capital.
Prospects
The Board is encouraged by the performance of the portfolio as a
whole and the prospects for the companies within it. The
availability of new investments is strong, demonstrated by the five
new investments in the past six months, and the Company continues
to invest into exciting new companies with a focus on B2B software
and healthcare. We therefore believe that the Company's portfolio
continues to have the potential to deliver attractive returns to
shareholders over the long term.
Ben Larkin
Chairman
8 September 2021
Responsibility statement
The Directors, Ben Larkin, Lyn Goleby, Lord O' Shaughnessy and
Patrick Reeve, are responsible for the preparation of the
Half-yearly Financial Report. In preparing these condensed
Financial Statements for the period to 30 June 2021 we, the
Directors of the Company, confirm that to the best of our
knowledge:
(a) the condensed set of Financial Statements, which has been
prepared in accordance with Financial Reporting Standard 104
"Interim Financial Reporting", give a true and fair view of the
assets, liabilities, financial position and profit and loss of the
Company as required by DTR 4.2.4R;
(b) the Interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
(c) the Interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
This Half-yearly Financial Report has not been audited or
reviewed by the Auditor.
For and on behalf of the Board
Ben Larkin
Chairman
8 September 2021
Portfolio of investments
As at 30 June 2021
Fixed asset % voting Cost Cumulative movement in value Value Change in value for the period*
investments rights GBP'000 GBP'000 GBP'000 GBP'000
---------------------- -------- -------- -------------------------------
Quantexa Limited 2.3 2,101 12,768 14,869 7,844
Egress Software
Technologies Limited 6.9 2,332 5,780 8,112 519
Proveca Limited 11.8 1,829 5,674 7,503 1,053
Oviva AG 3.3 1,151 2,479 3,630 2,154
Radnor House School
(TopCo) Limited 8.5 1,560 1,152 2,712 87
Black Swan Data
Limited 6.9 2,213 259 2,472 892
Chonais River Hydro
Limited 4.6 1,705 600 2,305 (5)
The Street by Street
Solar Programme
Limited 12.4 1,291 973 2,264 (174)
The Evewell Group
Limited 5.4 1,073 1,007 2,080 736
Regenerco Renewable
Energy Limited 11.9 1,204 713 1,917 (135)
Phrasee Limited 3.1 712 1,141 1,853 894
Panaseer Limited 3.1 1,122 534 1,656 (30)
Healios Limited 3.3 847 522 1,369 (67)
MyMeds&Me Limited 9.9 940 276 1,216 322
Threadneedle Software
Holdings Limited (T/A
Solidatus) 2.0 1,209 - 1,209 -
Alto Prodotto Wind
Limited 9.4 696 439 1,135 (55)
Aridhia Informatics
Limited 5.8 1,129 (101) 1,028 201
Convertr Media Limited 6.2 992 36 1,028 5
Cantab Research
Limited (T/A
Speechmatics) 1.7 685 338 1,023 338
Albion Investment
Properties Limited 68.2 929 74 1,003 26
MPP Global Solutions
Limited 3.0 1,000 - 1,000 -
uMotif Limited 3.2 941 58 999 -
Beddlestead Limited 8.6 1,026 (253) 773 93
InCrowd Sports Limited 4.3 545 195 740 206
Arecor Therapeutics
PLC (previously
Arecor Limited) 1.1 387 339 726 339
Limitless Technology
Limited 2.4 648 65 713 -
Cisiv Limited 7.6 686 (27) 659 217
Elliptic Enterprises
Limited 0.8 639 12 651 12
Innovation Broking
Group Limited 8.4 84 519 603 346
Locum's Nest Limited 5.6 550 33 583 67
Concirrus Limited 1.1 575 - 575 -
Imandra Inc. 1.7 166 344 510 344
Koru Kids Limited 2.1 460 48 508 -
Gravitee TopCo Limited
(T/A Gravitee.io) 2.3 492 - 492 -
The Voucher Market
Limited (T/A WeGift) 1.2 492 - 492 -
AVESI Limited 10.5 340 110 450 (43)
NuvoAir AB 1.4 448 - 448 -
The Q Garden Company
Limited 16.6 466 (75) 391 (26)
Oxsensis Limited 1.6 386 (4) 382 -
Seldon Technologies
Limited 1.8 356 - 356 -
Credit Kudos Limited 1.6 344 - 344 -
Dragon Hydro Limited 5.5 207 133 340 (4)
Brytlyt Limited 2.0 330 - 330 -
DySIS Medical Limited 1.4 1,038 (749) 289 6
Zift Channel Solutions
Inc. 1.7 885 (636) 249 85
Xperiome Limited
(previously
Raremark) 2.9 378 (142) 236 (206)
TransFICC Limited 1.4 207 - 207 -
MHS 1 Limited 3.3 231 (37) 194 (13)
Greenenerco Limited 1.0 113 74 187 (8)
Accelex Technology
Limited (T/A
Accelex) 2.0 185 - 185 -
Avora Limited 2.2 400 (249) 151 (249)
uMedeor Limited (T/A
uMed) 1.2 128 - 128 -
Premier Leisure
(Suffolk) Limited 6.2 109 (7) 102 (7)
Erin Solar Limited 4.3 120 (23) 97 (7)
Sandcroft Avenue
Limited (T/A Hussle) 6.4 1,281 (1,208) 73 (100)
Symetrica Limited 0.3 89 (18) 71 -
memsstar Limited 2.8 62 (3) 59 (72)
Abcodia Limited 4.7 838 (832) 6 (309)
Forward Clinical
Limited (T/A Pando) 1.8 219 (213) 6 (54)
Elements Software
Limited 0.6 3 (3) - -
Mirada Medical Limited 7.7 909 (909) - (513)
--------
Total fixed asset investments 44,483 31,206 75,689 14,709
-------------------------------- -------- ---------------------------- -------- -------------------------------
* As adjusted for additions and disposals during the year;
including realised gains/(losses).
Investment
realisations
in the period
to 30 June Cost Opening value Disposal proceeds Total realised gain Gain/(loss) on opening value
2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------- -------- ------------- ----------------- ------------------- ----------------------------
Disposals:
-------------
OmPrompt
Holdings
Limited 994 2,202 2,276 1,282 74
SBD
Automotive
Limited 220 459 458 238 (1)
Mi-Pay Group
PLC 22 22 25 3 3
Loan stock
repayments
and other:
-------------
Alto Prodotto
Wind
Limited 23 34 34 11 -
Greenenerco
Limited 4 6 6 2 -
Escrow
adjustments* - - 144 144 144
Total 1,263 2,723 2,943 1,680 220
------------- -------- ------------- ----------------- ------------------- ----------------------------
* These comprise fair value movements on deferred consideration
on previously disposed investments, release of the G.Network
Communications discount which is treated as a financing
transaction, and expenses which are incidental to the purchase or
disposal of an investment
Total change in value of investments for the year 14,709
Movement in accrued loan stock interest (1)
------
Unrealised gains on fixed asset investments sub-total 14,708
Realised gains in the current period 220
------
Total gains on investments as per Income statement 14,928
-------------------------------------------------------- ------
Condensed income statement
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2021 30 June 2020 31 December 2020
---------------------------------------------------------- ---- ---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gains/(losses) on investments 3 - 14,928 14,928 - (1,295) (1,295) - 4,073 4,073
Investment income 4 370 - 370 403 - 403 692 - 692
Investment management fee 5 (230) (692) (922) (186) (558) (744) (382) (1,146) (1,528)
Performance incentive fee 5 (441) (1,322) (1,763) - - - (11) (31) (42)
Other expenses (159) - (159) (141) - (141) (282) - (282)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
(Loss)/profit on ordinary activities before tax (460) 12,914 12,454 76 (1,853) (1,777) 17 2,896 2,913
Tax (charge)/credit on ordinary activities - - - (2) 2 - - - -
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
(Loss)/profit and total comprehensive income attributable
to shareholders (460) 12,914 12,454 74 (1,851) (1,777) 17 2,896 2,913
---------------------------------------------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Basic and diluted (loss)/return per share (pence)* 7 (0.46) 12.93 12.47 0.08 (2.03) (1.95) 0.02 3.15 3.17
---------------------------------------------------------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------
* adjusted for treasury shares
The accompanying notes below form an integral part of this
Half-yearly Financial Report.
Comparative figures have been extracted from the unaudited
Half-yearly Financial Report for the six months ended 30 June 2020
and the audited statutory accounts for the year ended 31 December
2020.
The total column of this Condensed income statement represents
the profit and loss account of the Company. The supplementary
revenue and capital columns have been prepared in accordance with
The Association of Investment Companies' Statement of Recommended
Practice.
Condensed balance sheet
Unaudited Unaudited Audited
30 June 2021 30 June 2020 31 December 2020
Note GBP'000 GBP'000 GBP'000
----------------------- ---- ------------- ------------- -----------------
Fixed asset investments 75,689 52,585 58,998
Current assets
Current asset
investments - 4,057 -
Trade and other
receivables 1,827 177 1,757
Cash and cash
equivalents 20,400 17,074 15,645
------------- ------------- -----------------
22,227 21,308 17,402
Total assets 97,916 73,893 76,400
Payables: amounts
falling due within one
year
Trade and other
payables (2,576) (446) (541)
------------- ------------- -----------------
Total assets less
current liabilities 95,340 73,447 75,859
------------- ------------- -----------------
Equity attributable to
equity holders
Called-up share capital 8 1,163 1,036 1,040
Share premium 54,961 44,687 44,978
Capital redemption
reserve 12 12 12
Unrealised capital
reserve 31,267 13,383 18,020
Realised capital
reserve 10,432 14,619 12,886
Other distributable
reserve (2,495) (290) (1,077)
------------- ------------- -----------------
Total equity
shareholders' funds 95,340 73,447 75,859
------------- ------------- -----------------
Basic and diluted net
asset value per share
(pence)* 92.41 79.30 82.42
----------------------- ---- ------------- ------------- -----------------
*excluding treasury shares
The accompanying notes below form an integral part of this
Half-yearly Financial Report.
Comparative figures have been extracted from the unaudited
Half-yearly Financial Report for the six months ended 30 June 2020
and the audited statutory accounts for the year ended 31 December
2020.
These Financial Statements were approved by the Board of
Directors and authorised for issue on 8 September 2021, and were
signed on its behalf by
Ben Larkin
Chairman
Company number: 03654040
Condensed statement of changes in equity
Capital Unrealised Realised Other
Called-up share Share redemption capital capital distributable
capital premium reserve reserve reserve* reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 1 January 2021 1,040 44,978 12 18,020 12,886 (1,077) 75,859
Profit/(loss) and total comprehensive income for the
period - - - 14,708 (1,794) (460) 12,454
Transfer of previously unrealised gains on disposal
of investments - - - (1,461) 1,461 - -
Purchase of shares for treasury - - - - - (958) (958)
Issue of equity 123 10,229 - - - - 10,352
Cost of issue of equity - (246) - - - - (246)
Dividends paid - - - - (2,121) - (2,121)
As at 30 June 2021 1,163 54,961 12 31,267 10,432 (2,495) 95,340
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 1 January 2020 938 36,712 12 14,702 15,151 2,168 69,683
(Loss)/profit and total comprehensive income for the
period - - - (1,338) (513) 74 (1,777)
Transfer of previously unrealised losses on disposal
of investments - - - 19 (19) - -
Purchase of shares for treasury - - - - - (455) (455)
Issue of equity 98 8,172 - - - - 8,270
Cost of issue of equity - (197) - - - - (197)
Dividends paid - - - - - (2,077) (2,077)
As at 30 June 2020 1,036 44,687 12 13,383 14,619 (290) 73,447
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 1 January 2020 938 36,712 12 14,702 15,151 2,168 69,683
Profit/(loss) and total comprehensive income for the
year - - - 4,595 (1,699) 17 2,913
Transfer of previously unrealised gains on disposal
of investments - - - (1,277) 1,277 - -
Purchase of shares for treasury - - - - - (1,189) (1,189)
Issue of equity 102 8,478 - - - - 8,580
Cost of issue of equity - (212) - - - - (212)
Dividends paid - - - - (1,843) (2,073) (3,916)
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
As at 31 December 2020 1,040 44,978 12 18,020 12,886 (1,077) 75,859
----------------------------------------------------- --------------- ------- ---------- ---------- -------- ------------- -------
*These reserves amount to GBP7,937,000 (30 June 2020:
GBP14,329,000; 31 December 2020: GBP11,809,000) which is considered
distributable.
Condensed statement of cash flows
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2021 30 June 2020 31 December 2020
GBP'000 GBP'000 GBP'000
--------------------- ----------------- ----------------- -----------------
Cash flow from
operating activities
Loan stock income
received 349 301 583
Deposit interest
received 1 34 35
Dividend income
received 18 141 191
Investment management
fee paid (827) (716) (1,475)
Performance incentive
fee paid (42) - -
Other cash payments (195) (154) (283)
Corporation tax paid - - -
----------------- ----------------- -----------------
Net cash flow from
operating
activities (696) (394) (949)
Cash flow from
investing activities
Purchase of current
asset investments - (1,190) (1,190)
Purchase of fixed
asset investments (4,705) (1,614) (5,156)
Disposal of current
asset investments - - 3,945
Disposal of fixed
asset investments 2,882 196 1,201
Net cash flow from
investing
activities (1,823) (2,608) (1,200)
----------------- ----------------- -----------------
Cash flow from
financing activities
Issue of share
capital 9,767 7,738 7,737
Cost of issue of
shares (17) (16) (33)
Equity dividends
paid* (1,766) (1,719) (3,251)
Purchase of own
shares (including
costs) (710) (456) (1,188)
----------------- ----------------- -----------------
Net cash flow from
financing
activities 7,274 5,547 3,265
----------------- ----------------- -----------------
Increase in cash and
cash equivalents 4,755 2,545 1,116
Cash and cash
equivalents at start
of period 15,645 14,529 14,529
----------------- ----------------- -----------------
Cash and cash
equivalents at end
of period 20,400 17,074 15,645
--------------------- ----------------- ----------------- -----------------
*The dividends paid shown in the cash flow are different to the
dividends disclosed in note 6 as a result of the non-cash effect of
the Dividend Reinvestment Scheme.
Notes to the condensed Financial Statements
1. Basis of accounting
The Financial Statements have been prepared in accordance with
applicable United Kingdom law and accounting standards, including
Financial Reporting Standard 102 ("FRS 102"), and with the
Statement of Recommended Practice "Financial Statements of
Investment Trust Companies and Venture Capital Trusts" ("SORP")
issued by The Association of Investment Companies ("AIC"). The
Financial Statements have been prepared on a going concern
basis.
The preparation of the Financial Statements requires management
to make judgements and estimates that affect the application of
policies and reported amounts of assets, liabilities, income and
expenses. The most critical estimates and judgements relate to the
determination of carrying value of investments at Fair Value
Through Profit and Loss ("FVTPL") in accordance with FRS 102
sections 11 and 12. The Company values investments by following the
International Private Equity and Venture Capital Valuation ("IPEV")
Guidelines as updated in 2018 and further detail on the valuation
techniques used are outlined in note 2 below.
Company information can be found on page 2 of the full
Half-yearly Financial Report.
2. Accounting policies
Fixed and current asset investments
The Company's business is investing in financial assets with a
view to profiting from their total return in the form of income and
capital growth. This portfolio of financial assets is managed and
its performance evaluated on a fair value basis, in accordance with
a documented investment policy, and information about the portfolio
is provided internally on that basis to the Board.
In accordance with the requirements of FRS 102, those
undertakings in which the Company holds more than 20 per cent. of
the equity as part of an investment portfolio are not accounted for
using the equity method. In these circumstances the investment is
measured at FVTPL.
Upon initial recognition (using trade date accounting)
investments, including loan stock, are classified by the Company as
FVTPL and are included at their initial fair value, which is cost
(excluding expenses incidental to the acquisition which are written
off to the Income statement).
Subsequently, the investments are valued at 'fair value', which
is measured as follows:
-- Investments listed on recognised exchanges are valued at their bid prices
at the end of the accounting period or otherwise at fair value based on
published price quotations.
-- Unquoted investments, where there is not an active market, are valued
using an appropriate valuation technique in accordance with the IPEV
Guidelines. Indicators of fair value are derived using established
methodologies including earnings multiples, revenue multiples, the level
of third party offers received, cost or price of recent investment rounds,
net assets and industry valuation benchmarks. Where price of recent
investment is used as a starting point for estimating fair value at
subsequent measurement dates, this has been benchmarked using an
appropriate valuation technique permitted by the IPEV guidelines.
-- In situations where cost or price of recent investment is used,
consideration is given to the circumstances of the portfolio company
since that date in determining fair value. This includes consideration of
whether there is any evidence of deterioration or strong definable
evidence of an increase in value. In the absence of these indicators, the
investment in question is valued at the amount reported at the previous
reporting date. Examples of events or changes that could indicate a
diminution include:
-- the performance and/or prospects of the underlying business are
significantly below the expectations on which the investment was based;
-- a significant adverse change either in the portfolio company's business
or in the technological, market, economic, legal or regulatory
environment in which the business operates; or
-- market conditions have deteriorated, which may be indicated by a fall in
the share prices of quoted businesses operating in the same or related
sectors.
Investments are recognised as financial assets on legal
completion of the investment contract and are de-recognised on
legal completion of the sale of an investment.
Dividend income is not recognised as part of the fair value
movement of an investment, but is recognised separately as
investment income through the other distributable reserve when a
share becomes ex-dividend.
Current assets and payables
Receivables (including debtors due after more than one year),
payables and cash are carried at amortised cost, in accordance with
FRS 102. Debtors due after more than one year meet the definition
of a financing transaction held at amortised cost, and interest
will be recognised through capital over the credit period using the
effective interest method. There are no financial liabilities other
than payables.
Investment income
Equity income
Dividend income is included in revenue when the investment is
quoted ex-dividend.
Unquoted loan stock income
Fixed returns on non-equity shares and debt securities are
recognised when the Company's right to receive payment and expect
settlement is established. Where interest is rolled up and/or
payable at redemption then it is recognised as income unless there
is reasonable doubt as to its receipt.
Bank interest income
Interest income is recognised on an accruals basis using the
rate of interest agreed with the bank.
Investment management fee, performance incentive fee and
expenses
All expenses have been accounted for on an accruals basis.
Expenses are charged through the other distributable reserve except
the following which are charged through the realised capital
reserve:
-- 75 per cent. of management fees and performance incentive fees, if any,
are allocated to the realised capital reserve. This is in line with the
Board's expectation that over the long term 75 per cent. of the Company's
investment returns will be in the form of capital gains; and
-- expenses which are incidental to the purchase or disposal of an
investment are charged through the realised capital reserve.
Taxation
Taxation is applied on a current basis in accordance with FRS
102. Current tax is tax payable/(refundable) in respect of the
taxable profit (tax loss) for the current period or past reporting
periods using the tax rates and laws that have been enacted or
substantively enacted at the financial reporting date. Taxation
associated with capital expenses is applied in accordance with the
SORP.
Deferred tax is provided in full on all timing differences at
the reporting date. Timing differences are differences between
taxable profits and total comprehensive income as stated in the
Financial Statements that arise from the inclusion of income and
expenses in tax assessments in periods different from those in
which they are recognised in the Financial Statements. As a VCT the
Company has an exemption from tax on capital gains. The Company
intends to continue meeting the conditions required to obtain
approval as a VCT in the foreseeable future. The Company therefore,
should have no material deferred tax timing differences arising in
respect of the revaluation or disposal of investments and the
Company has not provided for any deferred tax.
Share capital and reserves
Called-up share capital
Called-up share capital accounts for the nominal value of the
Company's shares.
Share premium
This reserve accounts for the difference between the price paid
for the Company's shares and the nominal value of those shares,
less issue costs and transfers to the other distributable
reserve.
Capital redemption reserve
This reserve accounts for amounts by which the issued share
capital is diminished through the repurchase and cancellation of
the Company's own shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at
the year end against cost are included in this reserve.
Realised capital reserve
The following are disclosed in this reserve:
-- gains and losses compared to cost on the realisation of investments, or
permanent diminutions in value;
-- expenses, together with the related taxation effect, charged in
accordance with the above policies; and
-- dividends paid to equity holders where paid out by capital.
Other distributable reserve
The special reserve, treasury share reserve and the revenue
reserve were combined in 2012 to form a single reserve named other
distributable reserve.
This reserve accounts for movements from the revenue column of
the Income statement, the payment of dividends, the buy-back of
shares and other non-capital realised movements.
Dividends
Dividends by the Company are accounted for in the period in
which the dividend is paid or approved at the Annual General
Meeting.
Segmental reporting
The Directors are of the opinion that the Company is engaged in
a single operating segment of business, being investment in smaller
companies principally based in the UK.
3. Gains/(losses) on investments
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2021 30 June 2020 31 December 2020
GBP'000 GBP'000 GBP'000
---------------------
Unrealised
gains/(losses) on
fixed asset
investments 14,708 (327) 4,595
Unrealised losses on
current asset
investments - (1,011) -
Realised gains on
fixed asset
investments 220 43 601
Realised losses on
current asset
investments - - (1,123)
14,928 (1,295) 4,073
----------------- ----------------- -----------------
4. Investment income
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2021 30 June 2020 31 December 2020
GBP'000 GBP'000 GBP'000
---------------------
Loan stock interest 351 302 584
Dividend income 18 68 74
Bank deposit interest 1 33 34
----------------- ----------------- -----------------
370 403 692
----------------- ----------------- -----------------
5. Investment management fee and performance incentive fee
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2021 30 June 2020 31 December 2020
GBP'000 GBP'000 GBP'000
---------------------
Investment management
fee charged to
revenue 230 186 382
Investment management
fee charged to
capital 692 558 1,146
Performance incentive
fee charged to
revenue 441 - 11
Performance incentive
fee charged to
capital 1,322 - 31
----------------- ----------------- -----------------
2,685 744 1,570
----------------- ----------------- -----------------
Further details of the Management agreement under which the
investment management fee and performance incentive fee are paid
are given in the Strategic report on page 12 of the Annual Report
and Financial Statements for the year ended 31 December 2020.
During the period, services to a total value of GBP922,000 (30
June 2020: GBP744,000; 31 December 2020: GBP1,528,000) were
purchased by the Company from Albion Capital Group LLP. At the
financial period end, the amount due to Albion Capital Group LLP in
respect of these services was GBP495,000 (30 June 2020: GBP375,000;
31 December 2020: GBP401,000). The total annual running costs of
the Company are capped at an amount equal to 2.5% of the Company's
net assets, with any excess being met by Albion by way of a
reduction in management fees. During the period, the management fee
was reduced by GBP41,000 as a result of this cap (30 June 2020:
GBP48,000; 31 December 2020: GBP97,000). For the period to 30 June
2021, a performance incentive fee of GBP1,763,000 has been accrued,
however any performance incentive fee is calculated on year end
results and payable in line with the Management agreement (30 June
2020: GBPnil; 31 December 2020: GBP42,000).
During the period, the Company was not charged by Albion Capital
Group LLP in respect of Patrick Reeve's services as a Director (30
June 2020: GBPnil; 31 December 2020: GBPnil).
Albion Capital Group LLP, its Partners and staff (including
Patrick Reeve) hold 791,411 Ordinary shares in the Company as at 30
June 2021.
The Manager is, from time to time, eligible to receive
arrangement fees and monitoring fees from portfolio companies.
During the period ended 30 June 2021, fees of GBP136,000
attributable to the investments of the Company were paid pursuant
to these arrangements (30 June 2020: GBP77,000; 31 December 2020:
GBP168,000).
The Company entered into an offer agreement relating to the
Offers with the Company's investment manager Albion Capital Group
LLP, pursuant to which Albion Capital would receive a fee of 2.5%
of the gross proceeds of the Offers and out of which Albion Capital
would pay the costs of the Offers, as detailed in the
Prospectus.
6. Dividends
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2021 30 June 2020 31 December 2020
GBP'000 GBP'000 GBP'000
Dividend of 1.99p per share paid on 30 September 2020 - - 1,843
Dividend of 2.06p per share paid on 28 May 2021 (29
May 2020: 2.25p per share) 2,126 2,077 2,077
Unclaimed dividends (5) - (4)
2,121 2,077 3,916
----------------- ----------------- -----------------
In addition to the dividends summarised above, the Board has
declared a second dividend for the year ending 31 December 2021 of
2.31 pence per share (total approximately GBP2,383,000), payable on
30 September 2021 to shareholders on the register on 10 September
2021.
7. Basic and diluted (loss)/return per share
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2021 30 June 2020 31 December 2020
Revenue Capital Revenue Capital Revenue Capital
--------------
(Loss)/return
attributable
to Ordinary
shares
(GBP'000) (460) 12,914 74 (1,851) 17 2,896
Weighted
average
shares in
issue 99,832,987 91,020,671 91,755,964
(Loss)/return
per Ordinary
share
(pence) (0.46) 12.93 0.08 (2.03) 0.02 3.15
The weighted average number of shares is calculated after
adjusting for treasury shares of 13,137,307 (30 June 2020:
10,954,270; 31 December 2020: 11,938,106).
There are no convertible instruments, derivatives or contingent
share agreements in issue hence there are no dilution effects to
the return per share. The basic return per share is therefore the
same as the diluted return per share.
8. Called-up share capital
Allotted, called-up and fully paid Ordinary shares Unaudited Unaudited Audited
of 1 penny each 30 June 2021 30 June 2020 31 December 2020
---------------------------------------------------
Number of shares 116,303,264 103,573,410 103,974,504
Nominal value of allotted shares (GBP'000) 1,163 1,036 1,040
Voting rights (number of shares net of treasury
shares) 103,165,957 92,619,140 92,036,398
During the period to 30 June 2021 the Company purchased
1,199,201 Ordinary shares (nominal value GBP11,992) for treasury at
a cost of GBP958,000. The total number of Ordinary shares held in
treasury as at 30 June 2021 was 13,137,307 (30 June 2020:
10,954,270; 31 December 2020: 11,938,106) representing 11.3% of the
Ordinary shares in issue as at 30 June 2021.
Under the terms of the Dividend Reinvestment Scheme Circular
dated 27 August 2008, the following new Ordinary shares, of nominal
value 1 penny each, were allotted:
Aggregate
Number nominal
of value of Issue price Net
Date of shares shares (pence per invested Opening market price on allotment date (pence per
allotment allotted (GBP'000) share) (GBP'000) share)
----------
28 May
2021 434,384 4 82.01 339 78.00
Under the terms of the Albion VCTs Prospectus Top Up Offers
2020/21, the following new Ordinary shares, of nominal value 1
penny each, were allotted during the period to 30 June 2021:
Aggregate
nominal Net
Number of value of Issue price consideration
Date of shares shares (pence per received Opening market price on allotment date (pence per
allotment allotted (GBP'000) share) (GBP'000) share)
----------
26
February
2021 1,932,052 19 83.30 1,585 78.00
26
February
2021 515,665 5 83.80 424 78.00
26
February
2021 8,866,225 89 84.20 7,279 78.00
9 April
2021 202,566 2 83.70 167 78.50
9 April
2021 32,777 - 84.20 27 78.50
9 April
2021 345,091 3 84.60 285 78.50
11,894,376 9,767
---------- -------------
9. Commitments and contingencies
As at 30 June 2021, the Company had no financial commitments in
respect of investments (30 June 2020: GBPnil; 31 December 2020:
GBPnil).
There were no contingencies or guarantees of the Company as at
30 June 2021 (30 June 2020: GBPnil; 31 December 2020: GBPnil).
10. Post balance sheet events
The following are the post balance sheet events since 30 June
2021:
-- Investment of GBP1,450,000 in an existing portfolio company,
Oviva AG, a technology enabled service business in medical
nutritional therapy (MNT);
-- Investment of GBP334,000 in an existing portfolio company,
The Evewell Group Limited, an operator and developer of women's
health centres focusing on fertility; and
-- Investment of GBP70,000 in an existing portfolio company,
Imandra Inc., a provider of automated software testing and an
enhanced learning experience for artificial neural networks.
11. Related party transactions
Other than transactions with the Manager as disclosed in note 5
and that disclosed above, there are no other related party
transactions or balances requiring disclosure.
12. Going concern
The Board has conducted a detailed assessment of the Company's
ability to meet its liabilities as they fall due. Cash flow
forecasts are updated and discussed quarterly at Board level and
have been stress tested to allow for the forecasted impact of
Coronavirus (Covid-19). The Board have revisited and updated their
assessment of liquidity risk and concluded that it remains
unchanged since the last Annual Report and Financial Statements.
Further details can be found on page 65 of those accounts.
The portfolio of investments is diversified in terms of sector
and the major cash outflows of the Company (namely investments,
dividends and share buy-backs) are within the Company's control.
Accordingly, after making diligent enquiries, the Directors have a
reasonable expectation that the Company has adequate cash and
liquid resources to continue in operational existence for the
foreseeable future. For this reason, the Directors have adopted the
going concern basis in preparing this Half-yearly Financial Report
and this is in accordance with the Guidance on Risk Management,
Internal Control and Related Financial and Business Reporting
issued by the Financial Reporting Council in September 2014, and
the subsequent updated Going concern, risk and viability guidance
issued by the FRC due to Covid-19 in 2020.
13. Risks and uncertainties
In addition to the risks and uncertainties outlined in the
Interim management report, the Board confirms that the following
major risks and uncertainties facing the Company have not
materially changed from those identified in the Annual Report and
Financial Statements for the year ended 31 December 2020. The
impact of the Coronavirus (Covid-19) pandemic has created
heightened uncertainty but has not changed the nature of these
risks. The Board considers that the processes for mitigating these
risks remain appropriate.
1. Investment, performance and valuation risk
The risk of investment in poor quality businesses, which could
reduce the returns to shareholders and could negatively impact on
the Company's current and future valuations.
By nature, smaller unquoted businesses, such as those that
qualify for Venture Capital Trust purposes, are more volatile than
larger, long established businesses.
The Company's investment valuation methodology is reliant on the
accuracy and completeness of information that is issued by
portfolio companies. In particular, the Directors may not be aware
of or take into account certain events or circumstances which occur
after the information issued by such companies is reported.
To reduce this risk, the Board places reliance upon the skills
and expertise of the Manager and its track record over many years
of making successful investments in this segment of the market. In
addition, the Manager operates a formal and structured investment
appraisal and review process, which includes an Investment
Committee, comprising investment professionals from the Manager for
all investments, and at least one external investment professional
for investments greater than GBP1 million in aggregate across all
the Albion managed VCTs. The Manager also invites and takes account
of comments from non-executive Directors of the Company on matters
discussed at the Investment Committee meetings. Investments are
actively and regularly monitored by the Manager (investment
managers normally sit on portfolio company boards), including the
level of diversification in the portfolio, and the Board receives
detailed reports on each investment as part of the Manager's report
at quarterly board meetings. The Board and Manager regularly review
the deployment of investments and cash resources available to the
Company in assessing liquidity required for servicing the Company's
buy-backs, dividend payments and operational expenses.
The unquoted investments held by the Company are designated at
fair value through profit or loss and valued in accordance with the
International Private Equity and Venture Capital Valuation
Guidelines updated in 2018. These guidelines set out
recommendations, intended to represent current best practice on the
valuation of venture capital investments. The valuation takes into
account all known material facts up to the date of approval of the
Financial Statements by the Board.
2. VCT approval risk
The Company must comply with section 274 of the Income Tax Act
2007 which enables its investors to take advantage of tax relief on
their investment and on future returns. Breach of any of the rules
enabling the Company to hold VCT status could result in the loss of
that status.
To reduce this risk, the Board has appointed the Manager, which
has a team with significant experience in Venture Capital Trust
management, used to operating within the requirements of the
Venture Capital Trust legislation. In addition, to provide further
formal reassurance, the Board has appointed Philip Hare &
Associates LLP as its taxation adviser, who report quarterly to the
Board to independently confirm compliance with the Venture Capital
Trust legislation, to highlight areas of risk and to inform on
changes in legislation. Each investment in a new portfolio company
is also pre-cleared with our professional advisers or H.M. Revenue
& Customs. The Company monitors closely the extent of
qualifying holdings and addresses this as required.
3. Regulatory and compliance risk
The Company is listed on The London Stock Exchange and is
required to comply with the rules of the UK Listing Authority, as
well as with the Companies Act, Accounting Standards and other
legislation. Failure to comply with these regulations could result
in a delisting of the Company's shares, or other penalties under
the Companies Act or from financial reporting oversight bodies.
Board members and the Manager have experience of operating at
senior levels within or advising quoted companies. In addition, the
Board and the Manager receive regular updates on new regulation
from its auditor, lawyers and other professional bodies. The
Company is subject to compliance checks through the Manager's
compliance officer, and any issues arising from compliance or
regulation are reported to its own board on a monthly basis. These
controls are also reviewed as part of the quarterly Board meetings,
and also as part of the review work undertaken by the Manager's
compliance officer. The report on controls is also evaluated by the
internal auditors.
4. Operational and internal control risk
The Company relies on a number of third parties, in particular
the Manager, for the provision of investment management and
administrative functions. Failures in key systems and controls
within the Manager's business could put assets of the Company at
risk or result in reduced or inaccurate information being passed to
the Board or to shareholders.
The Company and its operations are subject to a series of
rigorous internal controls and review procedures exercised
throughout the year, and receives reports from the Manager on its
internal controls and risk management, including on matters
relating to cyber security.
The Audit Committee reviews the Internal Audit Reports prepared
by the Manager's internal auditors, PKF Littlejohn LLP and has
access to the internal audit partner of PKF Littlejohn LLP to
provide an opportunity to ask specific detailed questions in order
to satisfy itself that the Manager has strong systems and controls
in place including those in relation to business continuity and
cyber security.
From 1 October 2018, Ocorian Depositary (UK) Limited was
appointed as Depositary to oversee the custody and cash
arrangements and provide other AIFMD duties. The Board reviews the
quarterly reports prepared by Ocorian Depositary (UK) Limited to
ensure that Albion Capital is adhering to its policies and
procedures as required by the AIFMD.
In addition, the Board regularly reviews the performance of its
key service providers, particularly the Manager, to ensure they
continue to have the necessary expertise and resources to deliver
the Company's investment objective and policy. The Manager and
other service providers have also demonstrated to the Board that
there is no undue reliance placed upon any one individual.
5. Economic, political and social risk
Changes in economic conditions, including, for example, interest
rates, rates of inflation, industry conditions, competition,
political and diplomatic events, such as the impact of Brexit, and
other factors could substantially and adversely affect the
Company's prospects in a number of ways. This also includes risks
of social upheaval, including from infection and population
re-distribution, as well as economic risk challenges as a result of
healthcare pandemics/infection.
The current significant exogenous risk to the Company, the wider
population and economy, is the Covid-19 pandemic.
The Company invests in a diversified portfolio of companies
across a number of industry sectors and in addition often invests
in a mixture of instruments in portfolio companies and has a policy
of minimising any external bank borrowings within portfolio
companies.
At any given time, the Company has sufficient cash resources to
meet its operating requirements, including share buy-backs and
follow-on investments.
In common with most commercial operations, exogenous risks over
which the Company has no control are always a risk and the Company
does what it can to address these risks where possible, not least
as the nature of the investments the Company makes are long
term.
The Board and Manager are continuously assessing the resilience
of the portfolio, the Company and its operations and the robustness
of the Company's external agents during the health crisis, as well
as considering longer term impacts on how the Company might be
positioned in how it invests and operates. Ensuring liquidity in
the portfolio to cope with exigent and unexpected pressures on the
finances of the portfolio and the Company is an important part of
the risk mitigation in these uncertain times. The portfolio is
structured as an all-weather portfolio with c.60 companies which
are diversified as discussed above. Exposure is relatively small to
at-risk sectors that include leisure, hospitality, retail and
travel.
6. Market value of Ordinary shares
The market value of Ordinary shares can fluctuate. The market
value of an Ordinary share, as well as being affected by its net
asset value and prospective net asset value, also takes into
account its dividend yield and prevailing interest rates. As such,
the market value of an Ordinary share may vary considerably from
its underlying net asset value. The market prices of shares in
quoted investment companies can, therefore, be at a discount or
premium to the net asset value at different times, depending on
supply and demand, market conditions, general investor sentiment
and other factors. Accordingly, the market price of the Ordinary
shares may not fully reflect their underlying net asset value.
The Company operates a share buy-back policy, which is designed
to limit the discount at which the Ordinary shares trade to around
5 per cent to net asset value, by providing a purchaser through the
Company in absence of market purchasers. From time to time
buy-backs cannot be applied, for example when the Company is
subject to a close period, or if it were to exhaust any buy-back
authorities.
New Ordinary shares are issued at sufficient premium to net
asset value to cover the costs of issue and to avoid asset value
dilution to existing investors.
7. Reputational risk
The Company relies on the judgement and reputation of the
Manager which is itself subject to the risk of loss.
The Board regularly questions the Manager on its ethics,
procedures, safeguards and investment philosophy, which should
consequently result in the risk to reputational damage being
minimised.
14. Other information
The information set out in this Half-yearly Financial Report
does not constitute the Company's statutory accounts within the
terms of section 434 of the Companies Act 2006 for the periods
ended 30 June 2021 and 30 June 2020 and is unaudited. The
information for the year ended 31 December 2020, does not
constitute statutory accounts within the terms of section 434 of
the Companies Act 2006 but is derived from the audited statutory
accounts for the financial year, which have been delivered to the
Registrar of Companies. The Auditor reported on those accounts;
their report was unqualified and did not contain a statement under
s498 (2) or (3) of the Companies Act 2006.
15. Publication
This Half-yearly Financial Report is being sent to shareholders
and copies will be made available to the public at the registered
office of the Company, Companies House, the National Storage
Mechanism and also electronically at
https://www.globenewswire.com/Tracker?data=utXipZ3X4uaZQfHzrYqL7tZa9_5OxxaU9tLwYHyOxHsaJfCW3U-PyY03oPg1W0zst3s0kzuARwXjwP-Vlqa9shKNcJlpkxk8Gb2uxL_l33_QnP-BE4eLbjSnpUAl7YRp
www.albion.capital/funds/AADV, where the Report can be accessed
from the 'Financial Reports and Circulars' section.
Attachment
-- AADV Pie chart 30 June 2021
https://ml-eu.globenewswire.com/Resource/Download/6526b928-c02b-47f3-830d-3f401e0c3fe6
(END) Dow Jones Newswires
September 08, 2021 10:09 ET (14:09 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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