TIDMAAEV

ALBION ENTERPRISE VCT PLC

LEI Code: 213800OVSRDHRJBMO720

Interim Management Statement

Introduction

I present Albion Enterprise VCT PLC (the "Company")'s interim management statement for the period from 1 October 2021 to 31 December 2021.

Performance and dividends

As announced on 11 February 2022, the Company's unaudited net asset value (NAV) on 31 December 2021 was GBP98.67 million or 132.89 pence per share (excluding treasury shares), an increase of 4.04 pence per share (3.1%) since 30 September 2021.

After accounting for the second interim dividend for the year ending 31 March 2022 of 3.22 pence per share paid on 28 February 2022 to shareholders on the register on 4 February 2022, the NAV is 129.67 pence per share.

Albion VCTs Prospectus Top Up Offers 2021/22

The Company launched a prospectus top up offer of new Ordinary shares on 6 January 2022. The first allotment under the Offer was on 25 February 2022.

The proceeds of the Offer will be used to provide further resources to our existing portfolio and to enable us to take advantage of new investment opportunities being seen.

Portfolio

The following material investments have been made during the period from 1 October 2021 to 31 December 2021:

 
Further         GBP000s  Activity 
investments 
--------------  -------  ----------------------------------------------------- 
Elliptic          426    Provider of Anti Money Laundering services to digital 
Enterprises               asset institutions. 
Limited 
--------------  -------  -----------------------------------------------------

Disposals

The following material disposals were made during the period from 1 October 2021 to 31 December 2021:

 
Portfolio Company                  GBP000s 
---------------------------------  -------  ---------------------------------- 
                                             Disposal of investment on a cost 
MPP Global Solutions Limited        1,261             of GBP950,000 
---------------------------------  -------  ---------------------------------- 
                                             Disposal of investment on a cost 
Innovation Broking Group Limited     866               of GBP84,000 
---------------------------------  -------  ---------------------------------- 
Total proceeds                       2,127 
---------------------------------  -------

Top ten holdings (on 31 December 2021)

 
Investment    Carrying value  % of   Activity 
               GBP000s        net 
                              asset 
                              value 
------------  --------------  -----  ------------------------------------------------------------ 
Quantexa          14,530      14.7%  Network analytics platform to detect financial crime 
Limited 
------------  --------------  -----  ------------------------------------------------------------ 
Egress            13,307      13.5%  Encrypted email & file transfer service provider 
Software 
Technologies 
Limited 
------------  --------------  -----  ------------------------------------------------------------ 
Proveca           6,355       6.4%   Reformulation of medicines for paediatrics 
Limited 
------------  --------------  -----  ------------------------------------------------------------ 
Oviva AG          5,208       5.3%   A technology enabled service business in medical nutritional 
                                      therapy (MNT) 
------------  --------------  -----  ------------------------------------------------------------ 
Radnor House      3,643       3.7%   Independent school for children aged 2-18 
School 
(TopCo) 
Limited 
------------  --------------  -----  ------------------------------------------------------------ 
The Evewell       2,852       2.9%   Operator and developer of women's health centres focusing 
Group                                 on fertility 
Limited 
------------  --------------  -----  ------------------------------------------------------------ 
Phrasee           2,441       2.5%   AI platform that generates optimised marketing campaigns 
Limited 
------------  --------------  -----  ------------------------------------------------------------ 
Regenerco         2,038       2.1%   Generator of renewable energy from roof top solar 
Renewable                             installations 
Energy 
Limited 
------------  --------------  -----  ------------------------------------------------------------ 
Credit Kudos      1,876       1.9%   Challenger credit bureau helping lenders to optimise 
Limited                               and automate their affordability and risk assessments 
------------  --------------  -----  ------------------------------------------------------------ 
Elliptic          1,673       1.7%   Provider of Anti Money Laundering services to digital 
Enterprises                           asset institutions 
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=mKma0uvkS2RrtTOSxh4s6N2ULbSdw9qTtssmmyzc6eTJC3wFSiYKgMecLrvQr6HoJYB58tVgk9GXuOAF197Ig243ee_Wkq2l8ZPLDmtYB3SWtbSA7TlLKmUpiBZRmXSE www.albion.capital/funds/AAEV.

Share buy-backs

During the period from 1 October 2021 to 31 December 2021, the Company purchased 295,175 Ordinary shares for GBP363,000 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.

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

After the period end, 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                9,097,709     131.70p to 133.00p        11,799 
-----------------  ----------------------  ---------------------  ------------

Further information

The Company continues to offer a dividend reinvestment scheme to existing shareholders. Details of this Scheme can be found at https://www.globenewswire.com/Tracker?data=mKma0uvkS2RrtTOSxh4s6N2ULbSdw9qTtssmmyzc6eSsSWpvbFR7B38oSXwsBs8djDEiZWqlRiTD-eDeRfYJ1S7cJpgXumv1jIhe0B8wF20FZPhHpFFyr7EucNYdIxF6 www.albion.capital/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 https://www.globenewswire.com/Tracker?data=mKma0uvkS2RrtTOSxh4s6N2ULbSdw9qTtssmmyzc6eQwagU3_nx855Ujq5y15IOjvh4ORxRCDB_xt2rXeHZxHI_N63OlwD7g2MPYN5jka_QraDaiGBCrbPUw6TW09iG0 www.albion.capital/funds/AAEV.

Maxwell Packe, Chairman

1 March 2022

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: 020 7601 1850

(END) Dow Jones Newswires

March 01, 2022 06:39 ET (11:39 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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