Albion Tech&Gen VCT Albion Technology & General Vct Plc: Interim Management Statement
28 November 2022 - 10:47PM
UK Regulatory
TIDMAATG
Albion Technology & General VCT PLC
Interim Management Statement
LEI code: 213800TKJUY376H3KN16
Introduction
I present Albion Technology & General VCT PLC's (the
"Company") interim management statement for the period from 1 July
2022 to 30 September 2022.
Performance and dividends
The Company's unaudited net asset value (NAV) on 30 September
2022 was GBP124.8 million or 77.94 pence per share (excluding
treasury shares), a decrease of 0.75 pence per share (0.95 per
cent.) since 30 June 2022.
A second dividend for the year ending 31 December 2022 of 1.97
pence per Ordinary share is to be paid on 30 December 2022 to
shareholders on the register on 9 December 2022, resulting in total
dividends of 3.99 pence per share for the year, a 4.9% yield on
opening NAV.
Albion VCTs' Top Up Offers
A prospectus Top Up Offer of new Ordinary shares was launched on
10 October 2022. The Company's Offer is GBP8.5 million, with an
over-allotment facility of GBP7.0 million. Any election to make use
of the over-allotment facility will be subject to the decision of
the Board at the relevant time.
The first allotment of shares under the Offer is due to take
place on 2 December 2022, and the Company intends to allot new
ordinary shares based upon the latest published NAV in accordance
with the Pricing Formula set out in the Prospectus.
Full details of the Offer are in a prospectus that is available
on the Albion Capital website (www.albion.capital).
Portfolio
The following investments have been made during the period from
1 July 2022 to 30 September 2022:
New investments GBP'000 Activity
------------------ ------- --------------------------------------------------
Toqio FinTech
Holdings (T/A
Toqio) 1,400 Provider of embedded FinTech solutions
------------------ ------- --------------------------------------------------
GX Molecular (T/A
CS Genetics) 846 Develop single-cell sequencing solutions
------------------ ------- --------------------------------------------------
SaaS platform to measure and manage human risk for
OutThink 687 enterprises
------------------ ------- --------------------------------------------------
Neurofenix 590 Neurorehabilitation platform
------------------ ------- --------------------------------------------------
Total new
investments 3,523
------------------ -------
Further
investments GBP'000 Activity
------------- ------- -------------------------------------------------------
The Voucher A cloud platform that enables corporates to purchase
Market (T/A digital gift cards and to distribute them to employees
WeGift) 1,081 and customers
------------- ------- -------------------------------------------------------
InCrowd
Sports 113 Developer of mobile apps for professional sports clubs
------------- ------- -------------------------------------------------------
A middleware technology platform that enables life
uMedeor (T/A science organisations to conduct medical research
uMed) 50 programmes
------------- ------- -------------------------------------------------------
Brytlyt 32 A GPU database software provider
------------- ------- -------------------------------------------------------
Total further
investments 1,276
------------- -------
Top ten holdings as at 30 September 2022:
Investment Carrying value % of Activity
GBP'000 net
asset
value
------------------ -------------- ----- ----------------------------------------------------------
Quantexa 16,933 13.6 Network analytics platform to detect financial crime
------------------ -------------- ----- ----------------------------------------------------------
Oviva 5,506 4.4 Technology enabled service business in medical nutritional
therapy (MNT)
------------------ -------------- ----- ----------------------------------------------------------
Radnor House 5,280 4.2 Independent school for children aged 2-18
School (TopCo)
------------------ -------------- ----- ----------------------------------------------------------
Proveca 4,788 3.8 Reformulation of medicines for paediatrics
------------------ -------------- ----- ----------------------------------------------------------
Cantab Research 4,621 3.7 Provider of low footprint automated speech recognition
(T/A which can be deployed in the cloud, on premise or
Speechmatics) on device
------------------ -------------- ----- ----------------------------------------------------------
Chonais River 3,993 3.2 Owner and operator of a 2 MW hydro-power scheme in
Hydro the Scottish Highlands
------------------ -------------- ----- ----------------------------------------------------------
The Evewell Group 3,107 2.5 Operator and developer of women's health centres focusing
on fertility
------------------ -------------- ----- ----------------------------------------------------------
Egress Software 2,855 2.3 Encrypted email and file transfer service provider
Technologies
------------------ -------------- ----- ----------------------------------------------------------
The Voucher Market 2,692 2.2 A cloud platform that enables corporates to purchase
(T/A WeGift) digital gift cards and to distribute them to employees
and customers
------------------ -------------- ----- ----------------------------------------------------------
Elliptic 2,466 2.0 Provider of Anti Money Laundering services to digital
Enterprises asset institutions
------------------ -------------- ----- ----------------------------------------------------------
Share buy-backs
During the period from 1 July 2022 to 30 September 2022, the
Company purchased 713,078 shares for GBP536,000 (including stamp
duty) at an average price of 74.76 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.
Material events and transactions after the period end
After the period end, the Company undertook the following new
investment transactions:
-- Investment of GBP585,000 in a new portfolio company, an AI for code
testing/writing platform;
-- Investment of GBP487,000 in a new portfolio company, a veterinary
engagement and communications platform;
-- Investment of GBP390,000 in a new portfolio company, 5Mins AI, a
bite-sized workplace learning platform; and
-- Investment of GBP277,000 in a new portfolio company, a software platform
automating revenue and customer forecasting.
There have been no further significant events or transactions
between 1 October 2022 and 28 November 2022 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
28 November 2022
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
November 28, 2022 06:47 ET (11:47 GMT)
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