Crown Place VCT PLC Crown Place Vct Plc : Interim Management Statement
17 November 2016 - 9:26PM
UK Regulatory
TIDMCRWN
Crown Place VCT PLC Interim Management Statement
Introduction
I am pleased to present Crown Place VCT PLC's interim management
statement for the period from 1 July 2016 to 17 November 2016.
Performance and dividends
The Group's unaudited net asset value (NAV) as at 30 September 2016 was
GBP39.7 million or 30.70 pence per share (excluding treasury shares), an
increase of 1.76 pence per share (6.1 per cent.) since 30 June 2016.
This is a result of an increase in investment valuations of the care
homes, Radnor House and our hydro investments.
After accounting for a dividend of 1 penny per share, to be paid on 30
November 2016 to shareholders on the register as at 4 November 2016, the
NAV will be 29.70 pence per share.
Share issues
On 4 November 2016 the Board announced, subject to obtaining the
requisite regulatory approval, its intention to launch a prospectus
offer of new ordinary shares for subscription in the 2016/2017 and
2017/2018 tax years (the "Offer"). The Offer will form part of top up
offers for the six VCTs managed by Albion Ventures LLP seeking to raise,
in aggregate, up to GBP24m.
Full details of the Offer will be contained in a prospectus that is
expected to be published on or around 29 November 2016 and will be
available on the Albion Ventures LLP website
(www.albion-ventures.co.uk). A copy of the securities note will be sent
to shareholders in December 2016. The Offer is expected to close on 29
September 2017 unless fully subscribed or closed earlier.
Share buy-backs
During the period from 1 July 2016 to 17 November 2016, the Company
purchased 1,476,000 shares for GBP380,000 at an average price of 25.75
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 per cent. discount to net asset value,
so far as market conditions and liquidity permit.
Portfolio
The following investments have been made during the period from 1 July
2016 to 17 November 2016:
New investments GBP000's Activity
Convertr Limited 400 Digital sales lead generation software
Secured By Design Research and consulting for the global automotive
Limited 220 sector
Oviva AG 108 Medical nutritional therapy
Total new
investments 728
Further investments GBP000's Activity
Ryefield Court Care Owner and operator of a care home for the elderly
Limited 190 in Hillingdon
Active Lives Care Owner and operator of a care home for the elderly
Limited 180 in Oxford
Medical devices for the detection of cervical
DySIS Medical Limited 87 cancer
Proveca Limited 69 Reformulation of paediatric medicines
Shinfield Lodge Care Owner and operator of a care home for the elderly
Limited 50 in Berkshire
Abcodia Limited 50 Validation and discovery of serum biomarkers
Total further
investments 626
Disposals
The following disposals and loan stock repayments were made during the
period from 1 July 2016 to 17 November 2016:
Portfolio company GBP000's
Radnor House School (Holdings)
Limited 90 Loan stock repayment
Kew Green VCT (Stansted) Limited 60 Loan stock repayment
Loan stock and redemption
Hilson Moran Holdings Limited 18 premium repayment
Total proceeds 168
Top ten holdings as at 30 September 2016:
% of
net
Carrying value asset
Investment GBP000's value Activity
Radnor House
School
(Holdings)
Limited 5,611 14.1 Independent schools for children aged 5-18
Shinfield
Lodge Care Owner and operator of a care home for the elderly
Limited 2,608 6.6 in Berkshire
Chonais River
Hydro
Limited 2,056 5.2 Hydropower project in Scotland
Active Lives Owner and operator of a care home for the elderly
Care Limited 1,976 5.0 in Oxford
ELE Advanced
Technologies
Limited 1,910 4.8 Manufacturer of precision engineering components
The Crown
Hotel
Harrogate
Limited 1,884 4.8 Owner and operator of The Crown Hotel, Harrogate
Ryefield
Court Care Owner and operator of a care home for the elderly
Limited 1,603 4.0 in Hillingdon
Gharagain
River Hydro
Limited 1,337 3.4 Hydropower project in Scotland
Earnside
Energy
Limited 1,240 3.1 An anaerobic digestion plant in Scotland
Proveca
Limited 798 2.0 Reformulation of paediatric medicines
A full breakdown of the Company's portfolio can be found on the
Company's webpage on the Manager's website at
www.albion-ventures.co.uk/funds/CRWN, by following the 'Portfolio of
Investments' link under the 'Funds reports' section.
Material events and transactions
There have been no significant events or transactions that the Board is
aware of which would have a material impact on the financial position of
the Company between 1 July 2016 to 17 November 2016.
Further information
The Company continues to offer a Dividend Reinvestment Scheme to
existing shareholders. Details of this Scheme can be found at
www.albion-ventures.co.uk/funds/CRWN.
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-ventures.co.uk/funds/CRWN.
Richard Huntingford, Chairman
crownchair@albion-ventures.co.uk
17 November 2016
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Crown Place VCT PLC via Globenewswire
http://www.closeventures.co.uk
(END) Dow Jones Newswires
November 17, 2016 05:26 ET (10:26 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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