Albion EnterpriseVCT Albion Enterprise Vct Plc : Interim Management Statement
07 February 2017 - 11:40PM
UK Regulatory
TIDMAAEV
Albion Enterprise VCT PLC Interim Management Statement
Introduction
I am pleased to present Albion Enterprise VCT PLC (the "Company")'s
interim management statement for the period from 1 October 2016 to 7
February 2017.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 December 2016 was
GBP45.97 million or 99.94 pence per share (excluding treasury shares).
An increase of 2.55 pence per share (2.62 per cent.) since 30 September
2016. This is a result of an increase in investment valuations and an
excess of investment income over expenses.
After accounting for a dividend of 2.50 pence per share, due to be paid
on 28 February 2017 to shareholders on the register as at 10 February
2017, the NAV will be 97.44 pence per share.
Share issues
During the period from 1 October 2016 to 7 February 2017, the Company
issued a total of 3,984,807 new Ordinary shares under the Albion VCTs
Prospectus Top Up Offers 2016/2017 made up as follows:
Issue price per
Number of shares share (including Net proceeds
Date issued costs of issue) GBP'000
31 January 2017 892,917 99.40 870
31 January 2017 309,346 99.90 301
31 January 2017 2,782,544 100.50 2,713
Total 3,984,807 3,884
The proceeds of the Offer are being used to provide further resources to
the Company at a time when a number of attractive new investment
opportunities are being seen.
A Securities Note which forms part of the Prospectus can be found on the
website www.albion-ventures.co.uk. The Offer will close on 29 September
2017 (unless fully subscribed earlier).
Share buy-backs
During the period from 1 October 2016 to 7 February 2017, the Company
purchased 71,000 shares for GBP62,000 at an average price of 87.37 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 per
cent. discount to the most recently announced net asset value, so far as
market conditions and liquidity permit.
Portfolio
The following investments have been made during the period from 1
October 2016 to 7 February 2017:
New investments GBP000's Activity
Convertr Media Limited 583 Digital marketing software
Beddlestead Farm Limited 10 Wedding venue operator
Total new investments 593
Further investments GBP000's Activity
Proveca Limited 245 Reformulation of paediatric medicines
Data analysis that supports corporate
Black Swan Data Limited 137 decision making
Mirada Medical Limited 85 Developer of medical imaging software
Validation and discovery of serum
Abcodia Limited 71 biomarkers
Total further investments 538
Disposals and loan stock repayment
The following disposals were made during the period from 1 October 2016
to 7 February 2017:
Name GBP000's
Exco Intouch Limited 2,871 Disposal of investment
Radnor House School (Holdings) Limited 98 Loan stock repayment
Top ten holdings as at 31 December 2016:
% of
net
Carrying value asset
Investment GBP000's value Activity
Radnor House
School
(Holdings)
Limited 5,976 13.0% Independent schools for children aged 5-18
Egress
Software
Technologies
Limited 2,533 5.5% Encrypted email & file transfer service provider
Bravo Inns II
Limited 2,386 5.2% Owner and operator of freehold pubs
Mirada
Medical
Limited 1,925 4.2% Developer of medical imaging software
Proveca
Limited 1,868 4.1% Reformulation of paediatric medicines
Regenerco
Renewable
Energy Generator of renewable energy from roof top solar
Limited 1,737 3.8% installations
Earnside
Energy
Limited 1,678 3.7% An anaerobic digestion plant in Scotland
Alto Prodotto Owns and operates community scale wind energy projects
Wind Limited 1,532 3.3% on brownfield sites in the UK
Greenenerco Installs, owns & operates a 500kW wind project in
Limited 1,531 3.3% the UK
The Street by
Street Solar
Programme Photovoltaic installations on domestic roofs in the
Limited 1,341 2.9% South of England
Process
Systems
Enterprise
Limited 1,283 2.8% Process modelling software and services
A full breakdown of the Company's portfolio can be found on the
Company's webpage on the Manager's website under Portfolio of
investments at www.albion-ventures.co.uk/funds/AAEV.
Material events and transactions
There have been no further significant events or transactions that the
Board is aware of which would have a material impact on the financial
position of the Company between 1 October 2016 to 7 February 2017.
Further information
The Company continues to offer a Dividend Reinvestment Scheme to
existing shareholders. Details of this scheme can be found at
www.albion-ventures.co.uk/funds/AAEV.
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
www.albion-ventures.co.uk/funds/AAEV.
Maxwell Packe
Chairman
7 February 2017
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Albion Enterprise VCT PLC via Globenewswire
http://www.closeventures.co.uk
(END) Dow Jones Newswires
February 07, 2017 07:40 ET (12:40 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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