Albion Ven Cap Trust Albion Venture Capital Trust Plc: Interim Management Statement
07 September 2023 - 8:45PM
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 April 2023 to 30
June 2023.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 June 2023
was GBP70.8 million or 50.42 pence per share (excluding treasury
shares), a decrease of 0.46 pence per share (0.90%) since 31 March
2023.
After accounting for the first dividend for the year ending 31
March 2024 of 1.27 pence per share paid on 31 July 2023 to
shareholders on the register on 7 July 2023, the NAV is 49.15 pence
per share.
Fundraising and share issues
During the period from 1 April 2023 to 30 June 2023, 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
Number of shares share (including
Date issued costs of issue) Net proceeds GBP'000
-------------- ------------------- ------------------- --------------------
14 April 2023 807,969 50.9p to 51.4p 405
-------------- ------------------- ------------------- --------------------
Portfolio
There have been no material investments or disposals in the
period from 1 April 2023 to 30 June 2023.
Top ten holdings (as at 30 June 2023)
% of
Carrying net
value asset
Investment GBP000's value Activity
------------------- -------- ----- ----------------------------------------------------------
Owner and operator of a 2 MW hydro-power scheme in
Chonais River Hydro 4,485 6.3% the Scottish Highlands.
------------------- -------- ----- ----------------------------------------------------------
Radnor House School
(TopCo) 2,827 4.0% Independent school for children aged 2-18.
------------------- -------- ----- ----------------------------------------------------------
Provider of low footprint automated speech recognition
Cantab Research which can be deployed in the cloud, on premise or
(T/A Speechmatics) 2,626 3.7% on.
------------------- -------- ----- ----------------------------------------------------------
Software company that enables enterprises to deploy
Seldon Technologies 2,539 3.6% Machine Learning models in production.
------------------- -------- ----- ----------------------------------------------------------
Operator and developer of women's health centres focusing
The Evewell Group 2,481 3.5% on fertility.
------------------- -------- ----- ----------------------------------------------------------
Gharagain River Owner and operator of a 1 MW hydro-power scheme in
Hydro 1,988 2.8% the Scottish Highlands.
------------------- -------- ----- ----------------------------------------------------------
Gravitee TopCo (T/A
Gravitee.io) 1,915 2.7% An API management platform.
------------------- -------- ----- ----------------------------------------------------------
Elliptic 1,913 2.7% Provider of Anti Money Laundering services to digital
Enterprises asset institutions.
------------------- -------- ----- ----------------------------------------------------------
Healios 1,856 2.6% Provider of an online platform delivering family centric
psychological care primarily to children and adolescents.
------------------- -------- ----- ----------------------------------------------------------
Runa Network 1,855 2.6% Cloud platform and infrastructure that enables corporates
to issue digital incentives and payouts.
------------------- -------- ----- ----------------------------------------------------------
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=4aIS7tDMwtuqdz75BcQQbEC1qDS1uyHli96v0GDi2W2nonyJaH0lBDxdTet4OFiXvhS7IyC3kE6eormjyDXZVhrHAbk6cW28niBRBF2BEqWxBGjlltXXRd72I7ny7XZ1
www.albion.capital/funds/AAVC.
Share buy-backs
During the period from 1 April 2023 to 30 June 2023, 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
Other than as described above, there have been no material
events or transactions during the quarter and 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=4aIS7tDMwtuqdz75BcQQbEC1qDS1uyHli96v0GDi2W00WlocbuGkYFdGgvHXc1jXwODHYex0horiu3ROPRpPicAb1h3R4DA99WofKw3nF2_VEhAV6OsobsjjKOMKSood
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=4aIS7tDMwtuqdz75BcQQbEC1qDS1uyHli96v0GDi2W0PNnNZbNuGCCf29fa03bDKxqgQQ6HISC0OyvGcsKgIA73BD4almyr3apKvYAX5_oonHJ7LMkQd6dQsphtDlcs2
www.albion.capital/funds/AAVC.
Richard Glover, Chairman
7 September 2023
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
September 07, 2023 06:45 ET (10:45 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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