Albion Enterprise VCT PLC: Interim Management Report
22 February 2024 - 1:08AM
UK Regulatory
Albion Enterprise VCT PLC: Interim Management Report
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 2023 to 31
December 2023.
Performance and dividends
The Company's unaudited net asset value (“NAV”) on 31 December 2023
was £124.1 million or 123.67 pence per share (excluding treasury
shares), an increase of 1.14 pence per share (0.9%) since 30
September 2023.
After accounting for the second interim dividend
for the year ending 31 March 2024 of 3.06 pence per share payable
on 29 February 2024 to shareholders on the register on 2 February
2024, the NAV is 120.61 pence per share.
Albion VCTs Prospectus Top Up Offers
2023/24
The Company launched a prospectus top up offer of new Ordinary
shares to raise up to £15.75 million on 2 January 2024 and are
expected to close no later than 30 September 2024 (unless fully
subscribed by an earlier date or previously closed).
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.
Portfolio
The following investments have been made during the period from 1
October 2023 to 31 December 2023:
|
New investments |
£000s |
Activity |
|
OpenDialog |
949 |
AI powered chatbots and virtual assistants |
|
Gridcog International |
497 |
Modelling software for Distributed Energy Resources
(DERs) |
|
Mondra Global |
166 |
Food supply chain emissions modelling |
|
Total new investments |
1,612 |
|
|
Further investments |
£000s |
Activity |
|
Panaseer |
1,020 |
Provider of cyber security services |
|
Proveca |
637 |
Reformulation of medicines for children |
|
Runa Network |
475 |
Cloud platform and infrastructure that enables corporates to
issue digital incentives and payouts |
|
Healios |
455 |
Provider of an online platform delivering family centric
psychological care primarily to children and adolescents |
|
Elliptic Enterprises |
154 |
Provider of Anti Money Laundering services to digital asset
institutions |
|
Accelex |
137 |
Data extraction and analytics technology for private capital
markets |
|
Koru Kids |
20 |
Online marketplace connecting parents and nannies |
|
Total further investments |
2,898 |
|
Top ten holdings (on 31 December
2023)
|
Investment |
Carrying value
£000s |
% of net asset value |
Activity |
|
Quantexa |
22,164 |
17.9% |
Network analytics platform to detect financial crime |
|
Egress Software Technologies |
15,196 |
12.3% |
Encrypted email & file transfer service provider |
|
Proveca |
7,751 |
6.3% |
Reformulation of medicines for children |
|
Oviva |
4,235 |
3.4% |
A technology enabled service business in medical nutritional
therapy (MNT) |
|
Radnor House School (TopCo) |
3,774 |
3.0% |
Independent school for children aged 2-18 |
|
Healios |
2,993 |
2.4% |
Provider of an online platform delivering family centric
psychological care primarily to children and adolescents |
|
The Evewell Group |
2,826 |
2.3% |
Operator and developer of women’s health centres focusing on
fertility |
|
Gravitee TopCo |
2,535 |
2.0% |
API management platform |
|
Panaseer |
2,369 |
1.9% |
Provider of cyber security services |
|
Runa Network |
2,285 |
1.8% |
Cloud platform and infrastructure that enables corporates to
issue digital incentives and payouts |
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 October 2023 to 31 December 2023, the
Company purchased 565,182 Ordinary shares for £661,000 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 received £2.4 million as deferred
consideration for G. Network Communications.
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
21 February 2024
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
Albion Enterprise Vct (LSE:AAEV)
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