Albion EnterpriseVCT Albion Enterprise Vct Plc: Interim Management Report
01 March 2022 - 10:39PM
UK Regulatory
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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