Albion Dev VCT Albion Development Vct Plc: Interim Management Statement
10 May 2022 - 8:44PM
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 2022 to 31 March 2022.
Performance and dividends
The Company's unaudited net asset value (NAV) on 31 March 2022
was GBP119.94 million or 97.15 pence per share (excluding treasury
shares), an increase of 2.17 pence per share (2.28%) since 31
December 2021.
After accounting for the dividend of 2.37 pence per share to be
paid on 31 May 2022 to shareholders on the register on 6 May 2022,
the NAV is 94.78 pence per share.
Fundraising and share issues
During the period from 1 January 2022 to 31 March 2022, the
Company issued the following new Ordinary shares of nominal value 1
penny per share under the Albion VCTs Prospectus Top Up Offers
2021/22:
Issue price per share
Number of shares (including costs of Net proceeds
Date issued issue) GBP'000
----------------- ---------------------- --------------------- ------------
25 February 2022 12,901,184 96.5p -- 97.5p 12,265
----------------- ---------------------- --------------------- ------------
31 March 2022 7,756,832 97.5p 7,374
----------------- ---------------------- --------------------- ------------
On 23 March 2022, the Company announced that applications under
the Prospectus offer had reached its GBP21 million gross limit and
was therefore fully subscribed and closed to further
applications.
Portfolio
The following investments have been made during the period from
1 January 2022 to 31 March 2022:
New investments GBP000s Activity
----------------- ------- --------------------------------------------------
PerchPeek Limited 517 Digital relocation platform
----------------- ------- --------------------------------------------------
Regulatory Genome
Development Provider of machine readable structured regulatory
Limited 112 content
----------------- ------- --------------------------------------------------
Total new
investments 629
----------------- ------- --------------------------------------------------
Further investments GBP000s Activity
------------------- ------- --------------------------------------------------------
Black Swan Data
Limited 721 Predictive analytics for consumer brands
------------------- ------- --------------------------------------------------------
A provider of a connectivity solution, connecting
financial institutions with trading venues via a single
TransFICC Limited 684 API
------------------- ------- --------------------------------------------------------
Seldon Technologies Software company that enables enterprises to deploy
Limited 517 Machine Learning models in production
------------------- ------- --------------------------------------------------------
Cantab Research Provider of low footprint automated speech recognition
Limited (T/A which can be deployed in the cloud, on premise or
Speechmatics) 391 on device across over 31 languages
------------------- ------- --------------------------------------------------------
NuvoAir Holdings Digital therapeutics and decentralised clinical trials
Inc 122 for respiratory conditions
------------------- ------- --------------------------------------------------------
Koru Kids Limited 113 Online marketplace connecting parents and nannies
------------------- ------- --------------------------------------------------------
Locum's Nest Provides a technology solution for the management
Limited 112 of locum doctors for the NHS
------------------- ------- --------------------------------------------------------
Total further
investments 2,660
------------------- ------- --------------------------------------------------------
Disposals
The following disposals were made during the period from 1
January 2022 to 31 March 2022:
Portfolio Company GBP000s
----------------- ------- --------------------------------------------------
Disposal of investment on a cost of GBP0.9 million
MyMeds&Me Limited 3,152 realising a gain of GBP2.2 million on cost
----------------- ------- --------------------------------------------------
Disposal of investment on a cost of GBP0.7 million
Phrasee Limited 2,297 realising a gain of GBP1.6 million on cost
----------------- ------- --------------------------------------------------
Credit Kudos Disposal of investment on a cost of GBP0.3 million
Limited 1,776 realising a gain of GBP1.4 million on cost
----------------- ------- --------------------------------------------------
Total proceeds 7,225
----------------- -------
Top ten holdings (on 31 March 2022)
% of
net
Carrying value asset
Investment GBP000s value Activity
------------- -------------- ----- ------------------------------------------------------------
Quantexa
Limited 14,911 12.4 Network analytics platform to detect financial crime
------------- -------------- ----- ------------------------------------------------------------
Egress
Software
Technologies
Limited 9,224 7.7 Encrypted email & file transfer service provider
------------- -------------- ----- ------------------------------------------------------------
Proveca
Limited 7,621 6.4 Reformulation of medicines for children
------------- -------------- ----- ------------------------------------------------------------
A technology enabled service business in medical nutritional
Oviva AG 5,357 4.5 therapy (MNT)
------------- -------------- ----- ------------------------------------------------------------
Radnor House
School
(TopCo)
Limited 3,083 2.6 Independent school for children aged 2-18
------------- -------------- ----- ------------------------------------------------------------
Black Swan
Data
Limited 2,909 2.4 Predictive analytics for consumer brands
------------- -------------- ----- ------------------------------------------------------------
The Evewell 2,795 2.3 Operator and developer of women's health centres focusing
Group on fertility
Limited
------------- -------------- ----- ------------------------------------------------------------
Chonais River 2,366 2.0 Owner and operator of a 2 MW hydro-power scheme in
Hydro the Scottish Highlands
Limited
------------- -------------- ----- ------------------------------------------------------------
The Street by 2,343 2.0 Owner and operator of photovoltaic systems on domestic
Street Solar properties in the UK
Programme
Limited
------------- -------------- ----- ------------------------------------------------------------
Regenerco 1,954 1.6 Generator of renewable energy from roof top solar
Renewable installations
Energy
Limited
------------- -------------- ----- ------------------------------------------------------------
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=E6CWufsIX4n2Hx-irHy9SToZy-WqAeinI6zoXUQIo7SWlaZ-ZscNRHF0mj3-Yb1T_3TWK4v7JSiy2KYOqtjrTip8sHhLqNfYJbDl3OLEJi_iK4qwhBG9GsT7zYPd_i7L
www.albion.capital/funds/AADV.
Share buy-backs
During the period from 1 January 2022 to 31 March 2022, 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
The following new Ordinary shares of nominal value 1 penny each
were allotted under the Albion VCTs Prospectus Top Up Offers
2021/22 after 31 March 2022:
Issue price per share
(including costs of Net proceeds
Date Number of shares issued issue) GBP'000
-------------- ----------------------- ----------------------- ------------
11 April 2022 896,583 96.5p -- 97.5p 852
-------------- ----------------------- ----------------------- ------------
There have been no other material events or transactions after
the period end 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=E6CWufsIX4n2Hx-irHy9SToZy-WqAeinI6zoXUQIo7Q8b3qCP1cj04W0wxNfgLX6pZ56cTZGLxEtoXIBlP-Ap4jESxu0qEeWHJpS5PaGhUj-bScNHFb0qjAFKNZ8x6zB
www.albion.capital/funds/AADV.
Ben Larkin, Chairman
10 May 2022
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
May 10, 2022 06:44 ET (10:44 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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