Kings Arms Yard Kings Arms Yard Vct Plc: Interim Management Statement
21 May 2019 - 7:43PM
UK Regulatory
TIDMKAY
Kings Arms Yard VCT PLC Interim Management Statement
LEI Code 213800DK8H27QY3J5R45
Introduction
I am pleased to present Kings Arms Yard VCT PLC (the "Company")'s
interim management statement for the period from 1 January 2019 to 31
March 2019.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2019 was
GBP70.76 million or 23.38 pence per share (excluding treasury shares),
an increase of 0.60 pence per share (2.6 per cent.) since 31 December
2018.
After accounting for the dividend paid of 0.60 pence per share on 30
April 2019 to shareholders on the register on 5 April 2019, the NAV is
22.78 pence per share.
Share buy-backs
During the period from 1 January 2019 to 31 March 2019, the Company
purchased 897,000 shares for GBP191,000 at an average price of 21.21
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
January 2019 to 31 March 2019:
New
investments GBP000s Activity
------------ ------- --------------------------------------------------------
Avora Developer of software to improve decision making through
Limited 510 augmented analytics & machine learning
------------ ------- --------------------------------------------------------
Total new
investments 510
------------ -------
Follow on investments GBP000s Activity
---------------------------- ------- ---------------------------------------
Elateral Group Limited 125 Provider of digital marketing software
---------------------------- ------- ---------------------------------------
Beddlestead Limited 104 Wedding venue operator
---------------------------- ------- ---------------------------------------
Convertr Media Limited 45 Digital lead generation software
---------------------------- ------- ---------------------------------------
Developer of medical imaging software
Mirada Medical Limited 13 using Deep Learning
---------------------------- ------- ---------------------------------------
Total follow on investments 287
---------------------------- -------
Top ten holdings as at 31 March 2019:
Portfolio Carrying value % of Activity
company GBP000s net
asset
value
------------ -------------- ----- --------------------------------------------------------
Active Lives 7,621 10.8 Owner and operator of a 75 bed care home in Cumnor
Care Hill, Oxfordshire
Limited
------------ -------------- ----- --------------------------------------------------------
Ryefield 5,439 7.7 Owner and operator of a 60 bed care home in Hillingdon,
Court Care Middlesex
Limited
------------ -------------- ----- --------------------------------------------------------
Proveca 4,677 6.6 Reformulation of medicines for paediatric use
Limited
------------ -------------- ----- --------------------------------------------------------
Egress 4,545 6.4 Encrypted email & file transfer service provider
Software
Technologies
Limited
------------ -------------- ----- --------------------------------------------------------
Chonais 3,376 4.8 Owner and operator of a 2 MW hydro-power scheme in
River Hydro the Scottish Highlands
Limited
------------ -------------- ----- --------------------------------------------------------
Antenova 2,731 3.9 Supplier of integrated antennas and RF solutions
Limited
------------ -------------- ----- --------------------------------------------------------
Perpetuum 2,268 3.2 Provider of vibration harvester powered wireless sensing
Limited systems for the rail and industrial sectors
------------ -------------- ----- --------------------------------------------------------
The Street 1,828 2.6 Owns and operates photovoltaic systems on domestic
by Street properties in the UK
Solar
Programme
Limited
------------ -------------- ----- --------------------------------------------------------
Quantexa 1,816 2.6 Network analytics platform to detect financial crime
Limited
------------ -------------- ----- --------------------------------------------------------
Anthropics 1,677 2.4 Provider of digital image enhancement software
Technology
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=3uuk2TAiaUNxbtdCp-dFiZchaOJY12goi2taBuk9wsE8OBMSXJTCyDn3wSwQfvKmpSLwoaDK10x5Q5q1dacaYwA_0BMSSVTq3hFweW0NslFifujOpbX5u0zr7AYPTabd
www.albion.capital/funds/KAY, by following the 'Portfolio of
Investments' link under the 'Fund reports' section.
Material events and transactions after the period end
Portfolio
After the period end, the Company undertook the following investment
transactions:
-- Disposal of the remaining shares in ErgoMed Plc for GBP1.2 million;
-- Disposal of Earnside Energy for GBP950,000;
-- Investment of GBP955,000 in an existing portfolio company, Proveca, which
develops drugs specifically formulated for children;
-- Investment of GBP262,000 in an existing portfolio company, Perpetuum,
which provides vibration harvester powered wireless sensing systems for
the rail and industrial sectors;
-- Investment of GBP260,000 in a new portfolio company, Limitless Technology,
which provides a customer service platform powered by crowd and machine
learning technology;
-- Investment of GBP180,000 in an existing portfolio company, OmPrompt
Holdings, which provides process automation software;
-- Investment of GBP145,000 in an existing portfolio company, Symetrica, a
designer and manufacturer of radiation detection equipment;
-- Investment of GBP125,000 in an existing portfolio company, Elateral Group,
which provides digital marketing software;
-- Investment of GBP91,000 in a new portfolio company, Imandra, which
provides automated software testing and an enhanced learning experience
for artificial neural networks; and
-- Investment of GBP27,000 in an existing portfolio company, Aridhia
Informatics, a healthcare informatics and analysis provider.
Albion VCTs prospectus Top Up Offers 2018/19
The Board was delighted to announce on 5 April 2019 that the Offer
pursuant to the Prospectus dated 7 January 2019 had closed having
reached its GBP8 million limit. The proceeds of the Offer will be used
to provide further resources at a time when a number of attractive
investment opportunities are being seen.
The following new Ordinary shares of nominal value 1 penny per share
were allotted under the Albion VCTs prospectus Top Up Offers 2018/19
after 31 March 2019:
Aggregate
Number of nominal value Issue price per
Date of shares of shares share (including Net proceeds
allotment issued GBP'000 costs of issue) GBP'000
--------------- ------------- ------------- ---------------- -------------
1 April 2019 26,943,087 269 23.2 to 23.4 6,149
--------------- ------------- ------------- ---------------- -------------
5 April 2019 5,377,583 54 23.4 1,227
--------------- ------------- ------------- ---------------- -------------
12 April 2019 1,923,552 19 22.6 to 22.8 428
--------------- ------------- ------------- ---------------- -------------
Total 34,244,222 342 7,804
--------------- ------------- ------------- ---------------- -------------
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 April 2019 to 21 May 2019.
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=3uuk2TAiaUNxbtdCp-dFiZchaOJY12goi2taBuk9wsETEXUtIcW3b56zrEDdKGpbQtIaG7jjbuZi0LaB1IqjFNVn1wtU1UUq1SUgjQXvl1fDABcE9BvBewY30c-AB0Nh
www.albion.capital/funds/KAY.
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 under
https://www.globenewswire.com/Tracker?data=3uuk2TAiaUNxbtdCp-dFiZchaOJY12goi2taBuk9wsEwSfOv4UpUTOcp4mtOPv7NNooUmwAq8AVDFXB3DlmLgnr5Hi-BNZ6rQ19MXKHK9AcApNAKEPJ3qpTsJ006wyLl
www.albion.capital/funds/KAY.
Robin Field, Chairman
21 May 2019
For further information please contact:
Albion Capital Group LLP -- Tel: 020 7601 1850
(END) Dow Jones Newswires
May 21, 2019 05:43 ET (09:43 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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