Albion Dev VCT Albion Development Vct Plc: Interim Management Statement
20 November 2023 - 11:15PM
UK Regulatory
TIDMAADV
ALBION DEVELOPMENT VCT PLC
LEI Code 213800FDDMBD9QLHLB38
Interim Management Statement
Introduction
I present Albion Development VCT PLC (the "Company")'s interim
management statement for the period from 1 July 2023 to 30
September 2023.
Performance and dividends
The Company's unaudited net asset value ("NAV") on 30 September
2023 was GBP120.13 million or 88.58 pence per share (excluding
treasury shares). After accounting for the dividend of 2.29 pence
per share paid on 29 September 2023 to shareholders on the register
on 8 September 2023, this is a decrease of 0.88 pence per share
(0.98%) since 30 June 2023.
Fundraising and share issues
During the period from 1 July 2023 to 30 September 2023, the
Company issued the following shares under the dividend reinvestment
scheme (and are included in the net asset value figures for 30
September 2023 above):
Number of shares Issue price per Net invested
Date issued share GBP'000
------------------ ------------------ ------------------ ------------------
29 September 2023 567,025 89.46p 488
------------------ ------------------ ------------------ ------------------
The Company announced on 12 October 2023 that, subject to
obtaining the requisite regulatory approval, it intended to launch
a prospectus top up offer of new ordinary shares. Full details of
the Offer will be contained in a prospectus that is expected to be
published prior to launch in early January 2024.
Portfolio
The following investments have been made during the period from
1 July 2023 to 30 September 2023:
New investments GBP000s Activity
---------------------- ------- ------------------------------
Phasecraft 418 Software for Quantum Computers
---------------------- ------- ------------------------------
Kennek 171 Vertical software for lenders
---------------------- ------- ------------------------------
Total new investments 589
---------------------- ------- ------------------------------
Further
investments GBP000s Activity
--------------- ------- ----------------------------------------------------
Gravitee 568 API management platform
--------------- ------- ----------------------------------------------------
A middleware technology platform that enables life
science organisations to conduct medical research
uMed 391 programmes
--------------- ------- ----------------------------------------------------
Data extraction and analytics technology for private
Accelex 89 capital markets
--------------- ------- ----------------------------------------------------
Total further
investments 1,048
--------------- ------- ----------------------------------------------------
Top ten holdings (on 30 September 2023)
% of
net
Portfolio Carrying value asset
Company GBP000s value Activity
------------- -------------- ----- ------------------------------------------------------------
Quantexa 24,958 20.8 Network analytics platform to detect financial crime
------------- -------------- ----- ------------------------------------------------------------
Proveca 9,131 7.6 Reformulation of medicines for children
------------- -------------- ----- ------------------------------------------------------------
Egress
Software
Technologies 8,890 7.4 Encrypted email & file transfer service provider
------------- -------------- ----- ------------------------------------------------------------
A technology enabled service business in medical nutritional
Oviva 4,424 3.7 therapy (MNT)
------------- -------------- ----- ------------------------------------------------------------
Radnor House
School
(TopCo) 3,552 3.0 Independent school for children aged 2-18
------------- -------------- ----- ------------------------------------------------------------
The Evewell Operator and developer of women's health centres focusing
Group 2,618 2.2 on fertility
------------- -------------- ----- ------------------------------------------------------------
Chonais River Owner and operator of a 2 MW hydro-power scheme in
Hydro 2,288 1.9 the Scottish Highlands
------------- -------------- ----- ------------------------------------------------------------
The Street by
Street Solar Owner and operator of photovoltaic systems on domestic
Programme 2,199 1.8 properties in the UK
------------- -------------- ----- ------------------------------------------------------------
Convertr
Media 1,872 1.6 Digital lead generation software
------------- -------------- ----- ------------------------------------------------------------
Regenerco 1,804 1.5 Generator of renewable energy from roof top solar
Renewable installations
Energy
------------- -------------- ----- ------------------------------------------------------------
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=pIj9XtTx0Tor9ei-zgpLqzV0yWPVyd4otBIUYQ-I4EnJVyyGH_zKqdfOV09rxyNL1EH4bQMZBeTdNoYN4zv51RpZlOeHJVnSSITPxeexxMGUMArmF2u_x2ebAmBsSefU
www.albion.capital/funds/AADV.
Share buy-backs
During the period from 1 July 2023 to 30 September 2023, the
Company purchased 533,338 shares for GBP456,000 (including stamp
duty) at a price of 84.99 pence per 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% discount to net asset value, so far as market conditions and
liquidity permit.
Material events and transactions after the period end
-- As announced on 6 October 2023, the Company sold a proportion of its
holding in Quantexa at its current holding value returning proceeds of
GBP2.7m; and
-- As announced on 30 October 2023, following a formal tender process,
Johnston Carmichael LLP were appointed the Company's Auditor.
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=pIj9XtTx0Tor9ei-zgpLqzV0yWPVyd4otBIUYQ-I4EndGOHQNuITtnMBrYt-pZyq6I880c3b2MUPSlY1B8rfDfcYAaEGP-3uk5QSpwKzJ8BqgfXyUlEvmN9LLKELNF9h
www.albion.capital/funds/AADV.
Ben Larkin, Chairman
20 November 2023
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
November 20, 2023 07:15 ET (12:15 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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