Albion Tech&Gen VCT Albion Technology & General Vct Plc - Ordinary Shares : Interim Management Statement
17 November 2017 - 5:28AM
UK Regulatory
TIDMAATG
Albion Technology & General VCT PLC Interim Management Statement
LEI code: 213800TKJUY376H3KN16
Introduction
I present Albion Technology & General VCT PLC (the "Company")'s interim
management statement for the period from 1 July 2017 to 30 September
2017.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2017
was GBP71.5 million or 73.7 pence per share (excluding treasury shares),
an increase of 2.2 pence per share or 3.1 per cent. since 30 June 2017
(71.5 pence per share) as a result of an increase in investment
valuations.
A third dividend for the year ending 31 December 2017 of 2.0 pence per
Ordinary share is to be paid on 29 December 2017 to shareholders on the
register on 1 December 2017, resulting in total dividends of 4.0 pence
per share for the year.
Albion VCTs Prospectus Top Up Offers 2017/2018
On 6 September 2017 the Company announced the publication of a
prospectus in relation to an offer for subscription for new Ordinary
shares. The Company is aiming to raise circa GBP6 million out of a
target of GBP32 million in aggregate that the Albion VCTs are seeking to
raise. A Securities Note, which forms part of the prospectus, has been
sent to shareholders. All applications that are received before 2:00pm
on 17 November 2017 will be included in the first allotment on that
date.
Share buy-backs
During the period from 1 July 2017 to 30 September 2017, the Company
purchased 242,000 shares for GBP160,097 at an average price of 66.16
pence per share. All of 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 per cent. discount to the most
recently announced net asset value, so far as market conditions and
liquidity permit.
Portfolio
The following investments have been made during the period from 1 July
2017 to 30 September 2017:
Follow-on
investments GBP000's Activity
A technology enabled service business in medical nutritional
Oviva AG 500 therapy (MNT)
G. Network
Communications
Limited 337 Fibre optic broadband provider in central London
Egress Software
Technologies
Limited 266 Encrypted email and file transfer service provider
Black Swan Data
Limited 233 Data analysis that supports corporate decision making
Convertr Media
Limited 130 Digital lead generation software
Abcodia Limited 30 Validation and discovery of serum biomarkers
Aridhia
Informatics
Limited 11 Healthcare informatics and analysis provider
Beddlestead Developer and operator of a dedicated wedding venue
Limited 10 in the UK
Total follow-on
investments 1,517
New investments GBP000's
SVS Albion OLIM UK Equity Income Fund 1,050 Liquidity management
Total new investments 1,050
Disposals
The following disposals were made during the period from 1 July 2017 to
30 September 2017:
Portfolio company GBP000's
Disposal of multi-disciplinary
Hilson Moran Holdings Limited 1,324 engineering consultancy
Total proceeds 1,324
Furthermore, Relayware Limited merged with Zift Solutions Inc. to form
Zift Channel Solutions Inc..
Top ten holdings as at 30 September 2017:
% of
net
Carrying value asset
Investment GBP000's value Activity
Radnor
House
School
(Holdings)
Limited 10,334 14.5% Independent schools for children aged 5-18
Process
Systems
Enterprise
Limited 4,657 6.5% Process modelling software and services
Chonais
River Hydro Owner and operator of a 2 MW hydro-power scheme in
Limited 3,228 4.5% the Scottish Highland
Bravo Inns
II
Limited 3,037 4.2% Owner and operator of freehold pubs
Earnside
Energy Anaerobic digestion and composting plant located in
Limited 2,476 3.5% Scotland
memsstar Refurbisher and manufacturer of MEMS and semiconductor
Limited 2,392 3.3% fabrication equipment
Mirada
Medical
Limited 2,048 2.9% Provider of medical imaging software
Bravo Inns
Limited 1,902 2.7% Owner and operator of freehold pubs
Gharagain
River Hydro Owner and operator of a 1 MW hydroelectricity plant
Limited 1,861 2.6% in Western Scotland
MHS 1
Limited 1,562 2.2% Education
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/AATG, by following the 'Portfolio of
Investments' link under the 'Fund reports' section.
Material events and transactions after the period end
Portfolio
After the period end, the Company had the following material investment
transactions:
-- Investment of GBP1,039,000 in a new portfolio company, Women's Health
(London West One) Limited, to develop a women's health centre of
excellence focussing on fertility;
-- Investment of GBP980,000 in an existing portfolio company, Beddlestead
Limited, which is a developer and operator of a dedicated wedding venue
in the UK;
-- Investment of GBP376,000 in an existing portfolio company, G. Network
Communications Limited, a provider of fibre optic broadband to SMEs in
central London;
-- Investment of GBP56,000 in an existing portfolio company, OmPrompt
Holdings Limited, a provider of process automation software;
-- Investment of GBP47,000 in an existing portfolio company, Sandcroft
Avenue Limited, a provider of flexible access to gyms, trading as
PayasUgym.
Patient capital review
The current consultation entitled "Financing growth in innovative firms"
may result in changes to VCT legislation in the next Budget, which may
limit the category of business in which the Company currently invests.
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/AATG.
Dr. Neil Cross, Chairman
16 November 2017
For further information please contact:
Patrick Reeve, Albion Capital Group LLP - tel: 020 7601 1850
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Albion Technology & General VCT PLC - Ordinary Shares via
Globenewswire
http://www.closeventures.co.uk
(END) Dow Jones Newswires
November 16, 2017 13:28 ET (18:28 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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