Albion Tech&Gen VCT Albion Technology & General Vct Plc : Interim Management Statement
12 November 2020 - 3:27AM
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's (the
"Company") interim management statement for the period from 1 July 2020
to 30 September 2020.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2020
was GBP87.0 million or 78.75 pence per share (excluding treasury shares),
an increase of 0.90 pence per share (1.2 per cent.) since 30 June 2020.
After accounting for the special dividend of 9.00 pence per share paid
on 30 October 2020 to shareholders on the register on 9 October 2020,
the NAV is 69.75 pence per share.
A second interim dividend for the year ending 31 December 2020 of 1.95
pence per Ordinary share is to be paid on 31 December 2020 to
shareholders on the register on 4 December 2020, resulting in total
dividends of 12.95 pence per share for the year.
Share buy-backs
There were no share buy-backs during the period from 1 July 2020 to 30
September 2020.
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
2020 to 30 September 2020:
New
investment GBP'000 Activity
------------- ------- -------------------------------------------------------
The Voucher
Market A cloud platform that enables corporates to purchase
Limited (T/A digital gift cards and to distribute them to employees
WeGift) 1,020 and customers
------------- ------- -------------------------------------------------------
Total new
investments 1,020
------------- -------
Further
investments GBP'000 Activity
---------------- ------- ---------------------------------------------------
Network analytics platform to detect financial
Quantexa Limited 1,967 crime
---------------- ------- ---------------------------------------------------
A developer and producer of industrial sensors for
Oxsensis Limited 1,082 use in ultra-high temperature environments
---------------- ------- ---------------------------------------------------
A patient engagement and data capture platform for
uMotif Limited 426 use in real world and observational research
---------------- ------- ---------------------------------------------------
AI platform that generates optimised marketing
Phrasee Limited 288 campaigns
---------------- ------- ---------------------------------------------------
The Evewell
(Harley Street) Operator of a women's health centre focusing on
Limited 52 fertility
---------------- ------- ---------------------------------------------------
ePatient Network
Limited (T/A Online community connecting people affected by rare
Raremark) 46 diseases
---------------- ------- ---------------------------------------------------
Total further
investments 3,861
---------------- -------
Top ten holdings as at 30 September 2020:
% of
net
Carrying value asset
Investment GBP'000 value Activity
--------------- -------------- ----- -----------------------------------------------------
Quantexa
Limited 7,978 9.2 Network analytics platform to detect financial crime
--------------- -------------- ----- -----------------------------------------------------
Radnor House
School (TopCo)
Limited 4,611 5.3 Independent school for children aged 2.5-18
--------------- -------------- ----- -----------------------------------------------------
Chonais River Owner and operator of a 2 MW hydro-power scheme in
Hydro Limited 3,915 4.5 the Scottish Highlands
--------------- -------------- ----- -----------------------------------------------------
Oxsensis A developer and producer of industrial sensors for
Limited 3,697 4.3 use in ultra-high temperature environments
--------------- -------------- ----- -----------------------------------------------------
Proveca Limited 3,621 4.2 Reformulation of paediatric medicines
--------------- -------------- ----- -----------------------------------------------------
Gharagain River Owner and operator of a 1 MW hydro-power scheme in
Hydro Limited 2,172 2.5 the Scottish Highlands
--------------- -------------- ----- -----------------------------------------------------
Egress Software
Technologies
Limited 2,114 2.4 Encrypted email & file transfer service provider
--------------- -------------- ----- -----------------------------------------------------
G.Network
Communications Ultra-fast fibre optic broadband provider in central
Limited 1,828 2.1 London
--------------- -------------- ----- -----------------------------------------------------
Black Swan Data
Limited 1,740 2.0 Predictive analytics for consumer brands
--------------- -------------- ----- -----------------------------------------------------
Concirrus 1,632 1.9 A software provider bringing real-time behavioural
Limited data analytics to the marine and transport insurance
industries
--------------- -------------- ----- -----------------------------------------------------
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=QV4rGABXOUjrcJd2RHQCRhZRPFzIhn4FaZf2_-LEEQGiyllLKKZwCUtv_svFl2_uQjZW_VdTBXQ22Wi__zpE8c0jk-JPHmJJhQK8HbmfTnbEr2H9ez9VZaMSdk5rMBBn
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
After the period end, the Company undertook the following material
investment transactions:
-- Our holding in SVS Albion OLIM UK Equity Income Fund was exited with
total proceeds (including dividends) of GBP1.85 million on cost of
GBP2.26 million; Proceeds of GBP757,000 received from the sale of Clear
Review Limited on cost of GBP367,000; Investment of GBP283,000 in a new
portfolio company, Seldon Technologies Limited, a software company that
enables enterprises to deploy Machine Learning models in production;
Investment of GBP180,000 in an existing portfolio company, Limitless
Technology Limited, a provider of a customer service platform powered by
the crowd and machine learning technology;
-- Investment of GBP100,000 in a new portfolio company, uMedeor Limited (T/A
uMed), a middleware technology platform that enables life science
organisations to conduct medical research programmes; and
-- Investment of GBP84,000 in an existing portfolio company, Arecor Limited,
which develops biopharmaceuticals through the application of a
formulation technology platform.
There have been no further significant events or transactions between 1
October 2020 and 11 November 2020 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=QV4rGABXOUjrcJd2RHQCRhZRPFzIhn4FaZf2_-LEEQFhgU-YPUJ9IbQ4YWkR4NOLOx1P_i4Gy_mNXU6SY_4J821w8kAI3RQYI5a9_k4YzVFeCJlXpRgC0zKXNWijKNHC
www.albion.capital/funds/AATG.
Dr. Neil Cross, Chairman
11 November 2020
For further information please contact:
Albion Capital Group LLP -- tel: 020 7601 1850
(END) Dow Jones Newswires
November 11, 2020 11:27 ET (16:27 GMT)
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