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 2021 to 30 September 2021.

Performance and dividends

The Company's unaudited net asset value (NAV) as at 30 September 2021 was GBP107.8 million or 81.16 pence per share (excluding treasury shares), an increase of 2.99 pence per share (3.82 per cent.) since 30 June 2021.

A second dividend for the year ending 31 December 2021 of 1.95 pence per Ordinary share is to be paid on 31 December 2021 to shareholders on the register on 3 December 2021, resulting in total dividends of 3.68 pence per share for the year.

Portfolio

The following investments have been made during the period from 1 July 2021 to 30 September 2021:

 
Further 
investments   GBP'000                           Activity 
------------  -------  ---------------------------------------------------------- 
                       Technology enabled service business in medical nutritional 
Oviva AG       1,501                          therapy (MNT) 
------------  -------  ---------------------------------------------------------- 
The Evewell 
Group                  Operator and developer of women's health centres focusing 
Limited         352                           on fertility 
------------  -------  ---------------------------------------------------------- 
                         Provider of automated software testing and an enhanced 
Imandra Inc.    64         learning experience for artificial neural networks 
------------  -------  ---------------------------------------------------------- 
Total 
 further 
 investments    1,917 
------------  ------- 
 

Top ten holdings as at 30 September 2021:

 
                               % of 
                                net 
               Carrying value  asset 
Investment         GBP'000     value                           Activity 
-------------  --------------  -----  ---------------------------------------------------------- 
Quantexa 
Limited            16,933      15.7      Network analytics platform to detect financial crime 
-------------  --------------  -----  ---------------------------------------------------------- 
Radnor House 
School 
(TopCo) 
Limited            5,652        5.2           Independent school for children aged 2-18 
-------------  --------------  -----  ---------------------------------------------------------- 
                                      Technology enabled service business in medical nutritional 
Oviva AG           5,405        5.0                          therapy (MNT) 
-------------  --------------  -----  ---------------------------------------------------------- 
Proveca 
 Limited                4,671    4.3                       Reformulation of paediatric medicines 
-------------  --------------  -----  ---------------------------------------------------------- 
Chonais River 
Hydro                                         Owner and operator of a 2 MW hydro-power scheme in 
Limited                 3,740    3.5                                      the Scottish Highlands 
-------------  --------------  -----  ---------------------------------------------------------- 
Oxsensis                                      A developer and producer of industrial sensors for 
Limited                 3,697    3.4                  use in ultra-high temperature environments 
-------------  --------------  -----  ---------------------------------------------------------- 
Black Swan 
 Data 
 Limited                3,268    3.0                    Predictive analytics for consumer brands 
-------------  --------------  -----  ---------------------------------------------------------- 
Egress             2,718        2.5   Encrypted email and file transfer service provider 
 Software 
 Technologies 
 Limited 
-------------  --------------  -----  ---------------------------------------------------------- 
The Evewell        2,631        2.4   Operator and developer of women's health centres focusing 
 Group                                 on fertility 
 Limited 
-------------  --------------  -----  ---------------------------------------------------------- 
Credit Kudos       2,482        2.3   Challenger credit bureau helping lenders optimise 
 Limited                               and automate their affordability and risk assessments 
-------------  --------------  -----  ---------------------------------------------------------- 
 

Share buy-backs

During the period from 1 July 2021 to 30 September 2021, the Company purchased 490,916 shares for GBP366,000 (including stamp duty) at an average price of 74.26 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% discount to net asset value, so far as market conditions and liquidity permit.

Board Composition

Following recent changes to the Board, Robin Archibald has been appointed as chairman of the Nomination Committee and the newly formed Management Engagement Committee. Mary Anne Cordeiro has been appointed Senior Independent Director and chairman of the Remuneration Committee. The Board is engaged in succession planning with the possibility of recruiting a further non-executive director in the first half of 2022.

Material events and transactions after the period end

After the period end, the Company undertook the following material investment transaction:

   -- Proceeds of GBP1,261,000 received from the sale of MPP Global Solutions 
      Limited on cost of GBP950,000; and 
 
   -- Investment of GBP754,000 in an existing portfolio company, Elliptic 
      Enterprises Limited, a provider of Anti Money Laundering services to 
      digital asset institutions. 

Albion VCTs' Top Up Offers

The Company was pleased to announce on 18 October 2021 that, subject to obtaining the requisite regulatory approval, the Company intends to launch a prospectus Top Up Offer of new Ordinary shares for subscription in the 2021/2022 and 2022/2023 tax years (the "Offer").

Full details of the Offer will be contained in a prospectus that is expected to be published in early January 2022 and will be available on the Albion Capital website (www.albion.capital).

There have been no further significant events or transactions between 1 October 2021 and 18 November 2021 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 www.albion.capital/funds/AATG.

Robin Archibald, Chairman

18 November 2021

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: 020 7601 1850

 
 

(END) Dow Jones Newswires

November 18, 2021 04:00 ET (09:00 GMT)

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