Albion EnterpriseVCT Albion Enterprise Vct Plc: Interim Management Statement
03 September 2020 - 8:43PM
UK Regulatory
TIDMAAEV
ALBION ENTERPRISE VCT PLC
LEI Code: 213800OVSRDHRJBMO720
Interim Management Statement
Introduction
I am pleased to present Albion Enterprise VCT PLC (the "Company")'s
interim management statement for the period from 1 April 2020 to 30 June
2020.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 June 2020 was
GBP75.08 million or 110.43 pence per share (excluding treasury shares),
an increase of 3.89 pence per share (3.65 per cent.) since 31 March
2020.
After accounting for the dividend paid of 2.70 pence per share on 28
August 2020 to shareholders on the register on 7 August 2020, the NAV is
107.73 pence per share.
Fundraising and share issues
During the period from 1 April 2020 to 30 June 2020, the Company issued
the following new Ordinary shares of nominal value 1 penny per share
under the Albion VCTs Prospectus Top Up Offers 2019/20:
Issue price per share
(including costs of Net proceeds
Date Number of shares issued issue) GBP'000
-------------- ----------------------- ----------------------- ------------
30 April 2020 192,526 108.2p to 109.3p 205
-------------- ----------------------- ----------------------- ------------
Portfolio
The following investments have been made during the period from 1 April
2020 to 30 June 2020:
New GBP000's Activity
investments
----------- -------- --------------------------------------------------------
TransFICC 234 A provider of a connectivity solution, connecting
Limited financial institutions with trading venues via a single
API
----------- -------- --------------------------------------------------------
Further
investments GBP000's Activity
---------------- -------- ------------------------------------------------------------
Black Swan Data
Limited 264 Predictive analytics for consumer brands
---------------- -------- ------------------------------------------------------------
A technology enabled service business in medical nutritional
Oviva AG 139 therapy (MNT)
---------------- -------- ------------------------------------------------------------
Credit Kudos Challenger credit bureau helping lenders to optimise
Limited 76 and automate their affordability and risk assessments
---------------- -------- ------------------------------------------------------------
The Evewell
(Harley Street)
Limited 37 Operator of a women's health centre focusing on fertility
---------------- -------- ------------------------------------------------------------
Symetrica A designer and manufacturer of radiation detection
Limited 8 equipment
---------------- -------- ------------------------------------------------------------
Total further
investments 524
---------------- -------- ------------------------------------------------------------
Top ten holdings (as at 30 June 2020)
% of
net
Carrying value asset
Investment GBP000's value Activity
--------------- -------------- ----- ------------------------------------------------------------
Egress Software
Technologies
Limited 9,301 12.4% Encrypted email & file transfer service provider
--------------- -------------- ----- ------------------------------------------------------------
Quantexa
Limited 5,436 7.2% Network analytics platform to detect financial crime
--------------- -------------- ----- ------------------------------------------------------------
Proveca Limited 4,462 5.9% Reformulation of paediatric medicines
--------------- -------------- ----- ------------------------------------------------------------
Radnor House 2,873 3.8% Independent school for children aged 2.5-18
School (TopCo)
Limited
--------------- -------------- ----- ------------------------------------------------------------
Regenerco 2,055 2.7% Generator of renewable energy from roof top solar
Renewable installations
Energy
Limited
--------------- -------------- ----- ------------------------------------------------------------
The Street by 1,586 2.1% Owns and operates photovoltaic systems on domestic
Street Solar properties in the UK
Programme
Limited
--------------- -------------- ----- ------------------------------------------------------------
Alto Prodotto 1,491 2.0% Owns and operates community scale wind energy projects
Wind Limited on brownfield sites in the UK
--------------- -------------- ----- ------------------------------------------------------------
G.Network 1,479 2.0% Ultra-fast fibre optic broadband provider in central
Communications London
Limited
--------------- -------------- ----- ------------------------------------------------------------
Greenenerco 1,403 1.9% Owns and operates a 500kW wind project in the UK
Limited
--------------- -------------- ----- ------------------------------------------------------------
Oviva AG 1,181 1.6% A technology enabled service business in medical nutritional
therapy (MNT)
--------------- -------------- ----- ------------------------------------------------------------
A full breakdown of the Company's portfolio can be found on the
Company's webpage on the Manager's website at
www.albion.capital/funds/AAEV.
Share buy-backs
During the period from 1 April 2020 to 30 June 2020, the Company
purchased 301,448 Ordinary shares for GBP307,000 including stamp duty.
All 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. Given the current stability of the
portfolio and the Company's current cash position, the Board have
decided that there will be no limit on the level of share buybacks.
It is the Board's intention for such buy-backs to be at around a 5 per
cent. discount to net asset value, so far as market conditions and
liquidity permit.
Material events and transactions after the period end
Portfolio
After the period end, the Company had the following material investment
transactions:
-- Investment of GBP1,410,000 in an existing portfolio company, Quantexa
Limited, a network analytics platform to detect financial crime;
-- Investment of GBP564,000 in a new portfolio company, which provides a
cloud platform that enables corporates to purchase digital gift cards and
to distribute them to employees and customers;
-- Investment of GBP348,000 in an existing portfolio company, Phrasee
Limited, provider of an AI platform that generates optimised marketing
campaigns;
-- Investment of GBP294,000 in an existing portfolio company, Oxsensis
Limited, a developer and producer of industrial sensors for use in
ultra-high temperature environments; and
-- Investment of GBP263,000 in an existing portfolio company, uMotif Limited,
provider of a patient engagement and data capture platform for use in
real world and observational research.
There have been no other significant events or transactions that the
Board is aware of which would have a material impact on the financial
position of the Company between 30 June 2020 and 3 September 2020.
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 www.albion.capital/funds/AAEV.
Maxwell Packe, Chairman
3 September 2020
For further information please contact:
Albion Capital Group LLP, Company Secretary - Tel: 020 7601 1850
(END) Dow Jones Newswires
September 03, 2020 06:43 ET (10:43 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Albion Enterprise Vct (LSE:AAEV)
Historical Stock Chart
From Apr 2024 to May 2024
Albion Enterprise Vct (LSE:AAEV)
Historical Stock Chart
From May 2023 to May 2024