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 April 2022 to 30 June 2022.

Performance and dividends

The Company's unaudited net asset value (NAV) on 30 June 2022 was GBP117.39 million or 130.20 pence per share (excluding treasury shares), a decrease of 2.08 pence per share (1.6%) since 31 March 2022.

After accounting for the first interim dividend for the year ending 31 March 2023 of 3.31 pence per share to be paid on 31 August 2022 to shareholders on the register on 5 August 2022, the NAV is 126.89 pence per share.

Fundraising and share issues

During the period from 1 April 2022 to 30 June 2022, 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 
--------------  ----------------  ---------------------  ------------ 
11 April 2022            644,529       131.7p -- 133.0p           836 
--------------  ----------------  ---------------------  ------------ 
 

Portfolio

The following investments have been made during the period from 1 April 2022 to 30 June 2022:

 
New investments     GBP000s  Activity 
------------------  -------  ------------------------------------------------- 
                             Provides insights and analytics to pharmaceutical 
PeakData              862     companies about therapeutic areas. 
------------------  -------  ------------------------------------------------- 
                             Provider of an autonomous debt resolution 
Ophelos               526    platform. 
------------------  -------  ------------------------------------------------- 
Total new 
 investments          1,388 
------------------  -------  ------------------------------------------------- 
 
 
Further investments  GBP000s  Activity 
-------------------  -------  ------------------------------------------------------ 
Gravitee Topco (t/a 
Gravitee.io)           668    Provider of an API management platform. 
-------------------  -------  ------------------------------------------------------ 
                              Provider of low footprint automated speech recognition 
Cantab Research                which can be deployed in the cloud, on premise or 
(t/a Speechmatics)     265     on device across over 31 languages. 
-------------------  -------  ------------------------------------------------------ 
                              Provides data extraction and analytics technology 
Accelex Technology     252     for private capital markets. 
-------------------  -------  ------------------------------------------------------ 
                              A software provider bringing real-time behavioural 
                               data analytics to the marine and transport insurance 
Concirrus              75      industries. 
-------------------  -------  ------------------------------------------------------ 
Total further 
 investments           1,260 
-------------------  -------  ------------------------------------------------------ 
 

Top ten holdings (on 30 June 2022)

 
                                     % of 
                                      net 
                     Carrying value  asset 
Investment               GBP000s     value                            Activity 
-------------------  --------------  -----  ------------------------------------------------------------ 
Quantexa                 14,530      12.4%     Network analytics platform to detect financial crime. 
-------------------  --------------  -----  ------------------------------------------------------------ 
Egress Software 
Technologies             12,121      10.3%       Encrypted email & file transfer service provider. 
-------------------  --------------  -----  ------------------------------------------------------------ 
Proveca                  6,100       5.2%           Reformulation of medicines for paediatrics. 
-------------------  --------------  -----  ------------------------------------------------------------ 
                                            A technology enabled service business in medical nutritional 
Oviva                    4,912       4.2%                          therapy (MNT). 
-------------------  --------------  -----  ------------------------------------------------------------ 
Radnor House School 
(TopCo)                  3,400       2.9%            Independent school for children aged 2-18. 
-------------------  --------------  -----  ------------------------------------------------------------ 
                                             Operator and developer of women's health centres focusing 
The Evewell Group        2,866       2.4%                           on fertility. 
-------------------  --------------  -----  ------------------------------------------------------------ 
                                               Provider of low footprint automated speech recognition 
Cantab Research                                   which can be deployed in the cloud, on premise or 
(t/a Speechmatics)       2,165       1.8%                on device across over 31 languages. 
-------------------  --------------  -----  ------------------------------------------------------------ 
Black Swan Data          2,107       1.8%            Predictive analytics for consumer brands. 
-------------------  --------------  -----  ------------------------------------------------------------ 
Regenerco Renewable                              Generator of renewable energy from roof top solar 
Energy                   2,056       1.8%                          installations. 
-------------------  --------------  -----  ------------------------------------------------------------ 
Gravitee TopCo (t/a 
 Gravitee.io)                 1,798   1.5%                                      API management platform. 
-------------------  --------------  -----  ------------------------------------------------------------ 
 

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=yYOCGgBvQgWRz3TPj6B1SK5ymi6DpK4-suJopnqnPWkeU5mVi-PRr6WdvCBlv8wKMbn3ZbfWTB0zNk1VddbpuE1GAp5nMdvdwSs5gdygM5oL5L7CJskT62h0gK9iim-W www.albion.capital/funds/AAEV.

Share buy-backs

During the period from 1 April 2022 to 30 June 2022, the Company did not buy back any shares.

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

Other than as described above, there have been no material events or transactions during the quarter and to the date of this announcement.

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=yYOCGgBvQgWRz3TPj6B1SK5ymi6DpK4-suJopnqnPWkCVps78Ula4IPQ3HYXeh-rwBJDTrm1n2VgaspRGlHCwv1Jh8wKvJ1OpsR10py38Ud9--OPvtp0UaTcqFqtEzIe 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=yYOCGgBvQgWRz3TPj6B1SK5ymi6DpK4-suJopnqnPWkWbQSjUPMXJSf6POiQTKIgerdhcqlcdNRFdr2jK3gg8rb3DxeKeT1FO7vE9YL1Xvm9CD4SYLvYGTv9JkBUM9YW www.albion.capital/funds/AAEV.

Maxwell Packe, Chairman

30 August 2022

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: 020 7601 1850

 
 

(END) Dow Jones Newswires

August 30, 2022 06:41 ET (10:41 GMT)

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