Albion Ven Cap Trust Albion Venture Capital Trust Plc: Interim Management Statement
03 March 2023 - 5:00AM
UK Regulatory
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 2022 to
31 December 2022.
Performance and dividends
As announced on 23 February 2023, the Company's unaudited net
asset value (NAV) as at 31 December 2022 was GBP66.8 million or
51.39 pence per share (excluding treasury shares). This represents
a decrease of 1.51 pence per share (2.85%) since 30 September
2022.
After accounting for the second interim dividend for the year
ending 31 March 2023 of 1.32 pence per share paid on 31 January
2023 to shareholders on the register on 6 January 2023, the NAV is
50.07 pence per share.
Albion VCTs Prospectus Top Up Offers 2022/23
The Company launched a prospectus top up offer of new Ordinary
shares on 10 October 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.
During the period from 1 October 2022 to 31 December 2022, the
Company issued the following new Ordinary shares of nominal value 1
penny per share under the Albion VCTs Prospectus Top Up Offers
2022/23:
Issue price per share
Number of shares (including costs of Net proceeds
Date issued issue) GBP'000
---------------- ---------------------- ---------------------- ------------
2 December 2022 10,397,152 53.8p -- 54.3p 5,506
---------------- ---------------------- ---------------------- ------------
Portfolio
The following investments have been made during the period from
1 October 2022 to 31 December 2022:
New investments GBP000s Activity
--------------- ------- ----------------------------------------------------
Employee digital healthcare platform for underserved
Peppy Health 1,207 health and wellness areas
--------------- ------- ----------------------------------------------------
Diffblue 343 AI for code testing/writing platform
--------------- ------- ----------------------------------------------------
PetsApp 286 Veterinary software
--------------- ------- ----------------------------------------------------
5Mins AI 229 Bite-sized workplace learning platform
--------------- ------- ----------------------------------------------------
Software platform automating revenue and customer
Ramp Software 227 forecasting
--------------- ------- ----------------------------------------------------
Tem Energy 154 Energy trading platform
--------------- ------- ----------------------------------------------------
InFact Systems 80 Technology for credit assessment
--------------- ------- ----------------------------------------------------
Total new
investments 2,526
--------------- ------- ----------------------------------------------------
Further
investments GBP000s Activity
------------ ------- ---------------------------------------------------------
Provider of an online platform delivering family centric
Healios 839 psychological care primarily to children and adolescents
------------ ------- ---------------------------------------------------------
Perchpeek 64 Digital relocation platform
------------ ------- ---------------------------------------------------------
Brytlyt 58 A GPU database software provider
------------ ------- ---------------------------------------------------------
Total
further
investments 961
------------ ------- ---------------------------------------------------------
Top ten holdings (as at 31 December 2022)
% of
net
Carrying value asset
Investment GBP000's value Activity
------------------- -------------- ----- ----------------------------------------------------------
Owner and operator of a 2 MW hydro-power scheme in
Chonais River Hydro 4,311 6.5% the Scottish Highlands.
------------------- -------------- ----- ----------------------------------------------------------
Provider of low footprint automated speech recognition
Cantab Research which can be deployed in the cloud, on premise or
(T/A Speechmatics) 2,939 4.4% on device.
------------------- -------------- ----- ----------------------------------------------------------
Operator and developer of women's health centres focusing
The Evewell Group 2,460 3.7% on fertility.
------------------- -------------- ----- ----------------------------------------------------------
Radnor House School
(TopCo) 2,437 3.6% Independent school for children aged 2-18.
------------------- -------------- ----- ----------------------------------------------------------
Software company that enables enterprises to deploy
Seldon Technologies 2,212 3.3% Machine Learning models in production.
------------------- -------------- ----- ----------------------------------------------------------
Threadneedle
Software Holdings Provider of data lineage software to enterprise customers
(T/A Solidatus) 2,030 3.0% in regulated sectors.
------------------- -------------- ----- ----------------------------------------------------------
Gravitee TopCo (T/A
Gravitee.io) 1,915 2.9% API management platform.
------------------- -------------- ----- ----------------------------------------------------------
Elliptic 1,913 2.9% Provider of Anti Money Laundering services to digital
Enterprises asset institutions.
------------------- -------------- ----- ----------------------------------------------------------
Healios 1,856 2.8% Provider of an online platform delivering family centric
psychological care primarily to children and adolescents.
------------------- -------------- ----- ----------------------------------------------------------
The Voucher Market 1,855 2.8% A cloud platform that enables corporates to purchase
(T/A WeGift) digital gift cards and to distribute them to employees
and customers.
------------------- -------------- ----- ----------------------------------------------------------
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=nHKjuPQnLJzb6IVz6Xwt63tLAfJ0HgiPad9oduf6Cc1e_a9FC8S1K2jYU6IQ9QWUKktg7CcQ-IOaJzev9icnknPswS0iwcV0szP89edvT73BdqnAWHXrI4CE4kqlbY9R
www.albion.capital/funds/AAVC.
Share buy-backs
During the period from 1 October 2022 to 31 December 2022, the
Company purchased 680,035 Ordinary shares at a cost of GBP343,000
including stamp duty. These 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
On 21 February 2023, the Company was pleased to announce that it
had reached its GBP11 million over-allotment limit under its Offer
which was fully subscribed and closed to further applications.
On 24 February 2023, the Board announced that, under advice, it
had delayed the proposed date of the second allotment of shares in
light of recent developments in the Albion managed portfolio. These
developments were assessed as having no impact on the NAV of the
Company.
There have been no other material events or transactions after
the period end to the date of this announcement.
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=nHKjuPQnLJzb6IVz6Xwt63tLAfJ0HgiPad9oduf6Cc3ZrjaY5sazUKhz5AF-4VLz-oIvyK003L1OF7ipugbKPItQ_2qHmInenGnkRI0EAM-pLaf9-3bVaFElsOTGQxWF
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=nHKjuPQnLJzb6IVz6Xwt63tLAfJ0HgiPad9oduf6Cc0lqegYcNjD5lHtCMTeFu7p1W6Cbot8frwRfcHTWFKQthhVZ4pxN3J8zFg8iMddkr0KEj7X28EPO_0Z7ejmd4b3
www.albion.capital/funds/AAVC.
Richard Glover, Chairman
2 March 2023
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
March 02, 2023 13:00 ET (18:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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