TIDMAAVC
ALBION VENTURE CAPITAL TRUST PLC
LEI Code: 213800JKELS32V2OK421
Interim Management Statement
Introduction
I present Albion Venture Capital Trust PLC (the "Company")'s
interim management statement for the period from 1 October 2021 to
31 December 2021.
Performance and dividends
As announced on 11 February 2022, the Company's unaudited net
asset value (NAV) as at 31 December 2021 was GBP54.8 million or
52.90 pence per share (excluding treasury shares). After taking
account of the second special dividend of 7.00 pence per share paid
on 31 December 2021 to shareholders on the register on 10 December
2021, this represents an increase of 1.10 pence per share (2.12 per
cent.) since 30 September 2021.
After accounting for the second interim dividend for the year
ending 31 March 2022 of 1.47 pence per share paid on 31 January
2022 to shareholders on the register on 7 January 2022, the NAV is
51.43 pence per share.
Albion VCTs Prospectus Top Up Offers 2021/22
The Company launched a prospectus top up offer of new Ordinary
shares on 6 January 2022. On 16 February 2022 the Company was
pleased to announce that it had reached its GBP10 million limit
under its Offer which was fully subscribed and closed to further
applications. The first allotment under the Offer was made on 25
February 2022.
The proceeds of the Offer will be used to provide further
resources to our existing portfolio and to enable us to take
advantage of new investment opportunities being seen.
Portfolio
The following material investment has been made during the
period from 1 October 2021 to 31 December 2021:
Further GBP000's Activity
investments
------------- -------- -----------------------------------------------------
Elliptic 669 Provider of Anti Money Laundering services to digital
Enterprises asset institutions.
Limited
------------- -------- -----------------------------------------------------
Top ten holdings (as at 31 December 2021)
Investment Carrying value % of Activity
GBP000's net
asset
value
------------------ -------------- ----- ---------------------------------------------------------
Chonais River 4,171 7.6% Owner and operator of a 2 MW hydro-power scheme in
Hydro Limited the Scottish Highlands.
------------------ -------------- ----- ---------------------------------------------------------
Radnor House 2,653 4.8% Independent school for children aged 2-18.
School (TopCo)
Limited
------------------ -------------- ----- ---------------------------------------------------------
Elliptic 2,626 4.8% Provider of Anti Money Laundering services to digital
Enterprises asset institutions.
Limited
------------------ -------------- ----- ---------------------------------------------------------
Credit Kudos 2,417 4.4% Challenger credit bureau helping lenders to optimise
Limited and automate their affordability and risk assessments.
------------------ -------------- ----- ---------------------------------------------------------
The Evewell Group 2,415 4.4% Operator and developer of women's health centres focusing
Limited on fertility.
------------------ -------------- ----- ---------------------------------------------------------
Gharagain River 1,748 3.2% Owner and operator of a 1 MW hydro-power scheme in
Hydro Limited the Scottish Highlands.
------------------ -------------- ----- ---------------------------------------------------------
Cantab Research 1,710 3.1% 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.
------------------ -------------- ----- ---------------------------------------------------------
Phrasee Limited 1,596 2.9% AI platform that generates optimised marketing campaigns.
------------------ -------------- ----- ---------------------------------------------------------
Threadneedle 1,262 2.3% Provider of data lineage software to enterprise customers
Software Holdings in regulated sectors.
Limited (T/A
Solidatus)
------------------ -------------- ----- ---------------------------------------------------------
The Street by 1,199 2.2% Owner and operator of photovoltaic systems on domestic
Street Solar properties in the UK.
Programme Limited
------------------ -------------- ----- ---------------------------------------------------------
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=5tR4K0AGxMIu2MoE2kex0zc6Fe85FAE5k3_WcnsgSvB29HxCAR_f4DFV0yLNE3QMJoqEtBDyBbBe4vW3RSHYcLLbj7TGwoSexq9aLSjMla32ei0PQ02b-d34Aw6YM6ax
www.albion.capital/funds/AAVC.
Share buy-backs
During the period from 1 October 2021 to 31 December 2021, the
Company purchased 483,808 Ordinary shares at a cost of GBP239,000
including stamp duty. These shares were cancelled.
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 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 transactions:
-- Investment of GBP1,310,000 in an existing portfolio company, Seldon
Technologies Limited, a software company that enables enterprises to
deploy Machine Learning models in production; and
-- Investment of GBP653,000 in an existing portfolio company, Cantab
Research Limited (T/A Speechmatics), a provider of low footprint
automated speech recognition which can be deployed in the cloud, on
premise or on device across over 31 languages; and
-- Investment of GBP202,000 in an existing portfolio company, NuvoAir
Holdings Inc, a provider of digital therapeutics and decentralised
clinical trials for respiratory conditions.
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 17,365,249 52.30p to 52.80p 8,941
----------------- ---------------------- --------------------- ------------
Further information
The Company continues to offer a dividend reinvestment scheme to
existing shareholders. Details of this Scheme can be found at
https://www.globenewswire.com/Tracker?data=5tR4K0AGxMIu2MoE2kex0zc6Fe85FAE5k3_WcnsgSvDxkrBSRBuVus0FR5swyK-uMIVCW4_thp3ngV6zEHIqeexXUhxwC7zR07KAPXQN3txDY5ivEY5k1EWjdfO6DcVB
www.albion.capital/funds/AAVC.
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=5tR4K0AGxMIu2MoE2kex0zc6Fe85FAE5k3_WcnsgSvDW-mKiZOredjGRwDw_EmYQehR6SaD_dz5BqZKLRkFX6SFe9OIa9zeIbC1c5SJAKZ1zq2T4E1CpUoM7_U0Jw89A
www.albion.capital/funds/AAVC.
Richard Glover, Chairman
1 March 2022
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
March 01, 2022 04:47 ET (09:47 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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