TIDMAATG
Albion Technology & General VCT PLC
Interim Management Statement
LEI code: 213800TKJUY376H3KN16
Introduction
I present Albion Technology & General VCT PLC's (the
"Company")'s interim management statement for the period from 1
January 2022 to 31 March 2022.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March
2022 was GBP131.89 million or 82.05 pence per share (excluding
treasury shares), an increase of 1.40 pence per share or 1.74 per
cent. since 31 December 2021.
Fundraising and share issuances
During the period from 1 January 2022 to 31 March 2022, the
Company issued the following new Ordinary shares of nominal value 1
penny per share under the Albion VCTs Prospectus Top Up Offers
2021/22:
Issue price per share
Number of shares (including costs of Net proceeds
Date issued issue) GBP'000
----------------- ---------------------- --------------------- ------------
25 February 2022 13,924,598 81.90p - 82.80p 11,241
----------------- ---------------------- --------------------- ------------
31 March 2022 14,154,989 82.80p 11,428
----------------- ---------------------- --------------------- ------------
Total 28,079,587 22,669
----------------- ---------------------- --------------------- ------------
On 29 March 2022, the Company announced that applications under
the Prospectus offer had reached its GBP24 million gross limit and
was therefore fully subscribed and closed to further
applications.
Portfolio
The following investments have been made during the period from
1 January 2022 to 31 March 2022:
New investments GBP'000 Activity
----------------- ------- --------------------------------------------------
PerchPeek Limited 546 Digital relocation platform
----------------- ------- --------------------------------------------------
Regulatory Genome
Development Provider of machine readable structured regulatory
Limited 107 content
----------------- ------- --------------------------------------------------
Total new
investments 653
----------------- ------- --------------------------------------------------
Further investments GBP'000 Activity
------------------- ------- --------------------------------------------------------
Black Swan Data
Limited 953 Predictive analytics for consumer brands
------------------- ------- --------------------------------------------------------
A provider of a connectivity solution, connecting
financial institutions with trading venues via a single
TransFICC Limited 878 API
------------------- ------- --------------------------------------------------------
Cantab Research Provider of low footprint automated speech recognition
Limited (T/A which can be deployed in the cloud, on premise or
Speechmatics) 849 on device across over 31 languages
------------------- ------- --------------------------------------------------------
Seldon Technologies Software company that enables enterprises to deploy
Limited 411 Machine Learning models in production
------------------- ------- --------------------------------------------------------
Locum's Nest Provides a technology solution for the management
Limited 138 of locum doctors for the NHS
------------------- ------- --------------------------------------------------------
NuvoAir Holdings Digital therapeutics and decentralised clinical trials
Inc 121 for respiratory conditions
------------------- ------- --------------------------------------------------------
Koru Kids Limited 85 Online marketplace connecting parents and nannies
------------------- ------- --------------------------------------------------------
Total further
investments 3,435
------------------- ------- --------------------------------------------------------
The following disposals were made during the period from 1
January 2022 to 31 March 2022:
Portfolio Proceeds
Company GBP'000
---------------- -------- --------------------------------------------------
Credit Kudos Disposal of investment on a cost of GBP1.0 million
Limited 5,065 realising a gain of GBP4.1 million on cost
---------------- -------- --------------------------------------------------
Disposal of investment on a cost of GBP0.7 million
Phrasee Limited 2,195 realising a gain of GBP1.5 million on cost
---------------- -------- --------------------------------------------------
MyMeds&Me Disposal of investment on a cost of GBP0.4 million
Limited 1,476 realising a gain of GBP1.0 million on cost
---------------- -------- --------------------------------------------------
Total proceeds 8,736
---------------- --------
Top ten holdings as at 31 March 2022:
% of
net
Carrying value asset
Investment GBP'000 value Activity
------------------- -------------- ----- ------------------------------------------------------------
Quantexa Limited 16,933 12.8 Network analytics platform to detect financial crime
------------------- -------------- ----- ------------------------------------------------------------
A technology enabled service business in medical nutritional
Oviva AG 5,548 4.2 therapy (MNT)
------------------- -------------- ----- ------------------------------------------------------------
Radnor House School
(TopCo) Limited 5,354 4.1 Independent school for children aged 2-18
------------------- -------------- ----- ------------------------------------------------------------
Proveca Limited 4,727 3.6 Reformulation of medicines for children
------------------- -------------- ----- ------------------------------------------------------------
Chonais River Hydro Owner and operator of a 2 MW hydro-power scheme in
Limited 4,147 3.1 the Scottish Highlands
------------------- -------------- ----- ------------------------------------------------------------
Black Swan Data
Limited 3,845 2.9 Predictive analytics for consumer brands
------------------- -------------- ----- ------------------------------------------------------------
Cantab Research 3,668 2.8 Provider of low footprint automated speech recognition
Limited (T/A which can be deployed in the cloud, on premise or
Speechmatics) on device across over 31 languages
------------------- -------------- ----- ------------------------------------------------------------
The Evewell Group 3,087 2.3 Operator and developer of women's health centres focusing
Limited on fertility
------------------- -------------- ----- ------------------------------------------------------------
Egress Software 3,024 2.3 Encrypted email & file transfer service provider
Technologies
Limited
------------------- -------------- ----- ------------------------------------------------------------
Oxsensis Limited 2,982 2.3 A developer and producer of industrial sensors for
use in ultra-high temperature environments
------------------- -------------- ----- ------------------------------------------------------------
Share buy-backs
During the period from 1 January 2022 to 31 March 2022, the
Company did not buy back any shares.
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 had the following material
investment transaction:
-- Investment of GBP566,000 in an existing portfolio company, Cantab
Research Limited (T/A Speechmatics), (business activity as described
above); and
-- Investment of GBP492,000 in a new portfolio company which uses machine
learning to create a new standard for how organisations manage customer
debt - ethically and technologically.
The following new Ordinary shares of nominal value 1 penny each
were allotted under the Albion VCTs Prospectus Top Up Offers
2021/22 to shareholders who elected for the 2022/23 tax year:
Issue price per share
(including costs of Net proceeds
Date Number of shares issued issue) GBP'000
-------------- ----------------------- ----------------------- ------------
11 April 2022 922,386 81.90p - 82.80p 745
-------------- ----------------------- ----------------------- ------------
There have been no other material events or transactions after
the period end to the date of this announcement.
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
26 May 2022
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
May 26, 2022 08:47 ET (12:47 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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