TIDMKAY 
 

Kings Arms Yard VCT PLC

Interim Management Statement

LEI Code 213800DK8H27QY3J5R45

Introduction

I present Kings Arms Yard VCT PLC's (the "Company") interim management statement for the period from 1 July 2021 to 30 September 2021.

Performance and dividends

The Company's unaudited net asset value (NAV) as at 30 September 2021 was GBP106.5 million or 24.30 pence per share (excluding treasury shares), an increase of 0.31 pence per share (1.3 per cent.) since 30 June 2021.

After accounting for the second interim dividend for the year ending 31 December 2021 of 0.60 pence per share and the special dividend of 1.14 pence per share paid on 29 October 2021 to shareholders on the register on 1 October 2021, the NAV is 22.56 pence per share.

Portfolio

The following investments have been made during the period from 1 July 2021 to 30 September 2021:

 
Further 
investments   GBP'000                           Activity 
------------  -------  ---------------------------------------------------------- 
                       Technology enabled service business in medical nutritional 
Oviva AG        829                          therapy (MNT). 
------------  -------  ---------------------------------------------------------- 
The Evewell 
Group                  Operator and developer of women's health centres focusing 
Limited         386                           on fertility. 
------------  -------  ---------------------------------------------------------- 
                         Provider of automated software testing and an enhanced 
Imandra Inc.    47         learning experience for artificial neural networks. 
------------  -------  ---------------------------------------------------------- 
Total 
 further 
 investments    1,262 
------------  ------- 
 

The following disposals were made during the period from 1 July 2021 to 30 September 2021:

 
                           Cost    Proceeds 
Portfolio Company         GBP'000   GBP'000 
-----------------------  --------  -------- 
Antenova Limited            1,733     5,239 
-----------------------  --------  -------- 
Elateral Group Limited      5,488       410 
-----------------------  --------  -------- 
Total                       7,221     5,649 
-----------------------  --------  -------- 
 

Top ten holdings as at 30 September 2021:

 
Portfolio     Carrying value  % of   Activity 
company           GBP'000      net 
                              asset 
                              value 
------------  --------------  -----  ----------------------------------------------------------- 
Proveca           9,569        9.0   UK based pharma company specialising in medicines 
Limited                               for children. 
------------  --------------  -----  ----------------------------------------------------------- 
Quantexa          9,126        8.6   Network analytics platform to detect financial crime. 
Limited 
------------  --------------  -----  ----------------------------------------------------------- 
Egress            5,845        5.5   Encrypted email and file transfer service provider. 
Software 
Technologies 
Limited 
------------  --------------  -----  ----------------------------------------------------------- 
Chonais           3,199        3.0   Owner and operator of a 2 MW hydro-power scheme in 
River Hydro                           the Scottish Highlands. 
Limited 
------------  --------------  -----  ----------------------------------------------------------- 
Oviva AG          2,982        2.8   Technology enabled service business in medical nutritional 
                                      therapy (MNT). 
------------  --------------  -----  ----------------------------------------------------------- 
MyMeds&Me         1,899        1.8   Provides a platform for collecting data from pharmaceutical 
Limited                               adverse events. 
------------  --------------  -----  ----------------------------------------------------------- 
The Street        1,838        1.7   Owner and operator of photovoltaic systems on domestic 
by Street                             properties in the UK. 
Solar 
Programme 
Limited 
------------  --------------  -----  ----------------------------------------------------------- 
Sift Limited      1,698        1.6   Web based provision of online business and community 
                                      management solutions. 
------------  --------------  -----  ----------------------------------------------------------- 
Phrasee           1,689        1.6   AI platform that generates optimised marketing campaigns. 
Limited 
------------  --------------  -----  ----------------------------------------------------------- 
The Evewell       1,666        1.6   Operator and developer of women's health centres focusing 
Group                                 on fertility. 
Limited 
------------  --------------  -----  ----------------------------------------------------------- 
 

Share buy-backs

During the period from 1 July 2021 to 30 September 2021, the Company purchased 1,682,551 shares for GBP357,000 (including stamp duty) at an average price of 21.14 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% discount to net asset value, so far as market conditions and liquidity permit.

Fundraising

The Company announced on 18 October 2021 that, subject to obtaining the requisite regulatory approval, it intended to launch a prospectus top up offer of new ordinary shares. Full details of the Offer will be contained in a prospectus that is expected to be published in early January 2022.

Material events and transactions after the period end

The Company had no material investment transactions following 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 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 www.albion.capital/funds/KAY.

Fiona Wollocombe, Chairman

25 November 2021

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP -- Tel: 020 7601 1850

 
 

(END) Dow Jones Newswires

November 25, 2021 09:23 ET (14:23 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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