Albion Tech&Gen VCT Albion Technology & General Vct Plc - Ordinary Shares : Interim Management Statement
04 June 2019 - 7:30PM
UK Regulatory
TIDMAATG
Albion Technology & General VCT PLC
Interim Management Statement
LEI code: 213800TKJUY376H3KN16
Introduction
I am pleased to present Albion Technology & General VCT PLC (the
"Company")'s interim management statement for the period from 1 January
2019 to 31 March 2019.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2019 was
GBP80.3 million or 78.6 pence per share (excluding treasury shares), an
increase of 1.2 pence per share or 1.6 per cent. since 31 December 2018.
Share buy-backs
During the period from 1 January 2019 to 31 March 2019, the Company
purchased 993,000 shares for GBP736,000 including stamp duty, at an
average price of 73.73 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 material investment has been made during the period from 1
January 2019 to 31 March 2019:
New GBP000s Activity
investment
----------- ------- --------------------------------------------------------
Avora 400 Developer of software to improve decision making through
Limited augmented analytics & machine learning
----------- ------- --------------------------------------------------------
Top ten holdings as at 31 March 2019:
% of
net
Carrying value asset
Investment GBP'000 value Activity
--------------- -------------- ----- ----------------------------------------------------
Radnor House
School
(Holdings)
Limited 11,452 14.3 Independent schools for children aged 5-18
--------------- -------------- ----- ----------------------------------------------------
Process Systems
Enterprise
Limited 5,335 6.6 Process modelling software and services
--------------- -------------- ----- ----------------------------------------------------
Chonais River Owner and operator of a 2 MW hydro-power scheme in
Hydro Limited 4,166 5.2 the Scottish Highlands
--------------- -------------- ----- ----------------------------------------------------
Bravo Inns II
Limited 3,479 4.3 Owner and operator of freehold pubs
--------------- -------------- ----- ----------------------------------------------------
Mirada Medical 3,262 4.1 Developer of medical imaging software using Deep
Limited Learning
--------------- -------------- ----- ----------------------------------------------------
Quantexa 3,202 4.0 Network analytics platform to detect financial crime
Limited
--------------- -------------- ----- ----------------------------------------------------
Earnside Energy 2,526 3.1 Anaerobic digestion and composting plant located in
Limited Scotland
--------------- -------------- ----- ----------------------------------------------------
Proveca Limited 2,290 2.9 Reformulation of medicines for paediatric use
--------------- -------------- ----- ----------------------------------------------------
G.Network 2,271 2.8 Ultra-fast fibre optic broadband provider in central
Communications London
Limited
--------------- -------------- ----- ----------------------------------------------------
Gharagain River 2,197 2.7 Owner and operator of a 1 MW hydroelectricity plant
Hydro Limited in the Scottish Highlands
--------------- -------------- ----- ----------------------------------------------------
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=JNK75OdDbjCyRJS6FU73wun3D-W_6Qs-aNFb-YrtpnVHuWHUIOLFgV4qEcCac-UETkNf-C40BS9qz-MZzuG342A2eozxqimqFRKWQwUqvdV9SxE9-It3ggF35bP8qJ7T
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 undertook the following transactions:
-- Disposal of Earnside Energy for GBP2.5 million;
-- Investment of GBP455,000 in an existing portfolio company, Proveca, which
develops drugs specifically formulated for children;
-- Investment of GBP380,000 in a new portfolio company, Limitless Technology,
which provides a customer service platform powered by crowd and machine
learning technology; and
-- Investment of GBP151,000 in a new portfolio company, Imandra, which
provides automated software testing and an enhanced learning experience
for artificial neural networks.
Albion VCTs prospectus Top Up Offers
The Board announced on 5 April 2019 that the Company had reached its
GBP8 million limit under its offer pursuant to the Prospectus dated 7
January 2019, and so was closed. The proceeds of the Offer will be used
to provide further resources at a time when a number of attractive
investment opportunities are being seen.
The following new Ordinary shares of nominal value 1 penny per share
were allotted under the Albion VCTs prospectus Top Up Offers 2018/19
after 31 March 2019:
Aggregate
Number of nominal value Issue price per
Date of shares of shares share (including Net proceeds
allotment issued GBP'000 costs of issue) GBP'000
--------------- ------------- ------------- ---------------- -------------
1 April 2019 7,904,507 79 78.6p to 79.4p 6,120
--------------- ------------- ------------- ---------------- -------------
5 April 2019 1,795,802 18 79.4p 1,390
--------------- ------------- ------------- ---------------- -------------
12 April 2019 379,988 4 78.6p to 79.4p 294
--------------- ------------- ------------- ---------------- -------------
Total 10,080,297 101 7,804
--------------- ------------- ------------- ---------------- -------------
Material events and transactions
There have been no further significant events or transactions between 1
April 2019 and 4 June 2019 that the Board is aware of which would have
had a material impact on the financial position of the Company.
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
https://www.globenewswire.com/Tracker?data=JNK75OdDbjCyRJS6FU73wun3D-W_6Qs-aNFb-YrtpnWyQpF3IAep1X64xw1EhPZny5BeTlmacZloedBg63nUeyGDD5DVRhpeYNkiJBXhGCn31GzuBBYibuy46XiFmQzz
www.albion.capital/funds/AATG.
Dr. Neil Cross, Chairman
4 June 2019
For further information please contact:
Albion Capital Group LLP -- tel: 020 7601 1850
(END) Dow Jones Newswires
June 04, 2019 05:30 ET (09:30 GMT)
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