Kings Arms Yard Interim Management Statement
10 November 2016 - 1:39AM
UK Regulatory
TIDMKAY
Kings Arms Yard VCT PLC Interim Management Statement
Introduction
I am pleased to present Kings Arms Yard VCT PLC's interim management
statement for the period from 1 July 2016 to 9 November 2016.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2016
was GBP52.06 million or 20.94 pence per share (excluding treasury
shares), an increase of 1.28 pence per share (6.5 per cent.) since 30
June 2016.
After accounting for the dividend paid of 0.50 pence per share on 31
October 2016 to shareholders on the register as at 7 October 2016, the
NAV is 20.44 pence per share.
Share issues
During the period from 1 July 2016 to 9 November 2016, the Company
issued the following new Ordinary shares under the dividend reinvestment
scheme:
Number of shares Issue price per Net proceeds
Date issued share GBP'000
31 October 2016 649,493 19.16 pence 123
Share buy-backs
During the period from 1 July 2016 to 9 November2016, the Company
purchased 1,187,000 shares for GBP215,000 at an average price of 18.13
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. As mentioned in the Interim
management report of the latest Half-yearly Financial Report, the
Company intends to limit the sum available for share buy-backs for the
six month period ending 31 December 2016 to GBP750,000 unless a material
exit occurs.
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 9 November 2016:
New investments GBP000's Activity
Secured By Design Research and consulting for the global automotive
Limited 260 sector
Convertr Limited 284 Digital lead generation software
Oviva AG 91 Medical nutritional therapy
Total new
investments 635
Further
investments GBP000's Activity
Active Lives Care Owner and operator of a care home for the elderly
Limited 490 in Oxford
Ryefield Court Owner and operator of a care home for the elderly
Care Limited 486 in Hillingdon
Abcodia Limited 121 Validation and discovery of serum biomarkers
Elateral Group
Limited 100 Provider of digital marketing software
Proveca Limited 56 Reformulation of pediatric medicines
Shinfield Lodge Owner and operator of a care home for the elderly
Care Limited 10 in Shinfield, Berkshire
Total further
investments 1,263
Disposals
The following disposals were made during the period from 1 July 2016 to
9 November 2016:
Portfolio company GBP000's
Partial disposal of investment
Oxford Immunotec Global PLC 1,055 (October 2016)
Loan stock and redemption premium
Hilson Moran Holdings Limited 60 repayment
Total proceeds 1,115
Top ten holdings as at 30 September 2016:
% of
net
Carrying value asset
Investment GBP000's value Activity
Elateral
Group
Limited 5,801 11.1 Provider of digital marketing software
Active
Lives Care Owner and operator of a care home for the elderly
Limited 5,396 10.4 in Oxford
Ryefield
Court Care Owner and operator of a care home for the elderly
Limited 3,902 7.5 in Hillingdon
Chonais
River
Hydro
Limited 2,839 5.5 Hydropower project in Scotland
Oxford
Immunotec A global, commercial-stage diagnostic company in the
Global PLC 2,773* 5.3 field of immunology
Proveca
Limited 2,206 4.2 Reformulation of pediatric medicines
Sift 1,627 3.1 Web based provision of online business and community
Limited management solutions
The Street 1,544 3.0 Builds, owns and operates photovoltaic systems on
by Street domestic properties in the UK
Solar
Programme
Limited
Alto 1,539 3.0 Owns and operates community scale wind energy projects
Prodotto on brownfield sites in the UK
Wind
Limited
Perpetuum 1,421 2.7 Provider of vibration harvester powered wireless sensing
Limited systems for the rail and industrial sectors
*Prior to the sale of shares totalling GBP1,055,000 as noted in
Disposals above.
A full breakdown of the Company's portfolio can be found on the Fund's
webpage on the Manager's website at www.albion-ventures.co.uk/funds/KAY,
by following the 'Portfolio of Investments' link under the 'Funds
reports' section.
Material events and transactions
There have been no further 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 and 9 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/KAY.
Further information regarding historic and current financial performance
and other useful shareholder information can be found on the Fund's
webpage on the Manager's website under
www.albion-ventures.co.uk/funds/KAY.
Robin Field, Chairman
9 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: Kings Arms Yard VCT PLC via Globenewswire
http://www.sparkventures.com
(END) Dow Jones Newswires
November 09, 2016 09:39 ET (14:39 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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