Albion Dev VCT Albion Development Vct Plc - Ordinary Shares : Interim Management Statement
November 08 2019 - 2:37AM
UK Regulatory
TIDMAADV
Albion Development VCT PLC
Interim Management Statement
LEI Code 213800FDDMBD9QLHLB38
Introduction
I am pleased to present Albion Development VCT PLC (the "Company")'s
interim management statement for the period from 1 July 2019 to 30
September 2019.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2019
was GBP70.1 million or 83.52 pence per share (excluding treasury shares),
after accounting for the dividend of 2.25 pence per share paid on 30
September 2019 to shareholders on the register on 13 September 2019.
Albion VCTs Prospectus Top Up Offers 2019/20
The Company announced on 22 October 2019 that it has launched a
Prospectus Top Up Offer to raise up to GBP8 million before issue costs,
with a further over-allotment facility of GBP2 million, of new Ordinary
shares for subscription in the 2019/20 and 2020/21 tax years. Full
details of the offer are contained in a Prospectus that was published on
the same date on the Manager's website at
www.albion.capital/investor-center/current-offers.
Share issues
During the period from 1 July 2019 to 30 September 2019, the Company
issued the following shares under the dividend reinvestment scheme (and
are included in the net asset value figures for 30 September 2019
above):
Number of shares Issue price per Net invested
Date issued share GBP'000
------------------ ------------------ ------------------ ------------------
30 September 2019 378,342 83.03 pence 299
------------------ ------------------ ------------------ ------------------
Share buybacks
During the period from 1 July 2019 to 30 September 2019, the Company
purchased 223,000 Ordinary shares for GBP175,000 at an average price of
78.15p pence per Ordinary share. All of the shares are to be held in
treasury.
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
2019 to 30 September 2019:
New
investments GBP000s Activity
-------------- ------- -----------------------------------------------------
Elliptic
Enterprises Provider of Anti Money Laundering services to digital
Limited 639 asset institutions
-------------- ------- -----------------------------------------------------
Total new
investments 639
-------------- -------
Further
investments GBP000s Activity
------------------ ------- -------------------------------------------------
Koru Kids Limited 188 Online marketplace connecting parents and nannies
------------------ ------- -------------------------------------------------
The Evewell
(Harley Street) Developer and operator of a women's health centre
Limited 37 of excellence focussing on fertility
------------------ ------- -------------------------------------------------
Convertr Media
Limited 23 Digital lead generation software
------------------ ------- -------------------------------------------------
Total further
investments 248
------------------ -------
Disposals
The following material disposals and loan stock repayments were made
during the period from 1 July 2019 to 30 September 2019:
-- As announced in the Half-yearly Financial Report, contracts were
exchanged for the sale of Process Systems Enterprise Limited. Proceeds of
GBP1.3 million have been received after the period end, generating a 10
times return on cost to the Company; and
-- G.Network Communications Limited repaid its loan stock of GBP577,000.
Top ten holdings as at 30 September 2019:
% of
net
Value asset
Investment GBP000s value Activity
--------------- -------- ----- ----------------------------------------------------
Radnor House
School
(Holdings)
Limited 6,947 9.9 Independent schools for children aged 5-18
--------------- -------- ----- ----------------------------------------------------
Egress Software
Technologies
Limited 6,447 9.2 Encrypted email & file transfer service provider
--------------- -------- ----- ----------------------------------------------------
Proveca Limited 4,412 6.3 Reformulation of medicines for paediatric use
--------------- -------- ----- ----------------------------------------------------
Quantexa
Limited 3,010 4.3 Network analytics platform to detect financial crime
--------------- -------- ----- ----------------------------------------------------
Chonais River Owner and operator of a 2 MW hydro-power scheme in
Hydro Limited 2,359 3.4 the Scottish Highlands
--------------- -------- ----- ----------------------------------------------------
The Street by
Street Solar
Programme Owns and operates photovoltaic systems on domestic
Limited 2,353 3.4 properties in the UK
--------------- -------- ----- ----------------------------------------------------
Mirada Medical Developer of medical imaging software using Deep
Limited 2,057 2.9 Learning
--------------- -------- ----- ----------------------------------------------------
Regenerco
Renewable Generator of renewable energy from roof top solar
Energy Limited 2,016 2.9 installations
--------------- -------- ----- ----------------------------------------------------
Bravo Inns II
Limited 1,621 2.3 Owner and operator of freehold pubs
--------------- -------- ----- ----------------------------------------------------
G.Network 1,479 2.1 Ultra-fast fibre optic broadband provider in central
Communications London
Limited
--------------- -------- ----- ----------------------------------------------------
A full breakdown of the Company's portfolio can be found on the
Company's webpage on the Manager's website at
www.albion.capital/funds/AADV, by following the 'Portfolio of
Investments' link under the 'Fund reports' section.
Material events and transactions after the period end
After the period end, the Company undertook the following material
investment transaction:
-- Following a restructuring of Radnor House School (Holdings) Limited,
Radnor House Twickenham was sold generating proceeds of GBP4.0 million;
-- Proceeds of GBP1.3 million received from the sale of Process Systems
Enterprise Limited;
-- Investment of GBP685,000 in a new portfolio company, Cantab Research
Limited (trading as Speechmatics), a provider of low footprint automated
speech recognition which can be deployed in the cloud, on premise or on
device across 29 languages;
-- Investment of GBP107,000 in an existing portfolio company, Oviva AG, a
technology enabled service business in medical nutritional therapy (MNT);
and
-- Investment of GBP100,000 in an existing portfolio company, uMotif Limited,
a patient engagement and data capture platform used in real world and
observational research.
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 October 2019 to 8 November 2019.
Further information
The Company continues to offer a Dividend Reinvestment Scheme to
existing shareholders. Details of this Scheme can be found on the
Company's webpage on the Manager's website at
www.albion.capital/funds/AADV.
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/AADV.
Ben Larkin, Chairman
8 November 2019
For further information please contact:
Albion Capital Group LLP -- Tel: 020 7601 1850
(END) Dow Jones Newswires
November 08, 2019 03:37 ET (08:37 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Albion Development Vct (LSE:AADV)
Historical Stock Chart
From Apr 2024 to May 2024
Albion Development Vct (LSE:AADV)
Historical Stock Chart
From May 2023 to May 2024