Albion Enterprise VCT PLC: Interim Management Report
August 30 2022 - 5:41AM
Albion Enterprise VCT PLC: Interim Management Report
ALBION ENTERPRISE VCT
PLCLEI Code: 213800OVSRDHRJBMO720 Interim
Management Statement
Introduction I present Albion
Enterprise VCT PLC (the “Company”)’s interim management statement
for the period from 1 April 2022 to 30 June 2022.
Performance and dividendsThe
Company's unaudited net asset value (NAV) on 30 June 2022 was
£117.39 million or 130.20 pence per share (excluding treasury
shares), a decrease of 2.08 pence per share (1.6%) since 31 March
2022.
After accounting for the first interim dividend
for the year ending 31 March 2023 of 3.31 pence per share to be
paid on 31 August 2022 to shareholders on the register on 5 August
2022, the NAV is 126.89 pence per share.
Fundraising and share
issuesDuring the period from 1 April 2022 to 30 June 2022,
the Company issued the following new Ordinary shares of nominal
value 1 penny per share under the Albion VCTs Prospectus Top Up
Offers 2021/22:
Date |
Number of shares issued |
Issue price per share (including costs of
issue) |
Net proceeds £’000 |
11 April 2022 |
644,529 |
131.7p – 133.0p |
836 |
Portfolio The following
investments have been made during the period from 1 April 2022 to
30 June 2022:
New investments |
£000s |
Activity |
PeakData |
862 |
Provides insights and analytics to pharmaceutical companies about
therapeutic areas. |
Ophelos |
526 |
Provider of an autonomous debt resolution platform. |
Total new investments |
1,388 |
|
Further investments |
£000s |
Activity |
Gravitee Topco (t/a Gravitee.io) |
668 |
Provider of an API management platform. |
Cantab Research (t/a Speechmatics) |
265 |
Provider of low footprint automated speech recognition which can be
deployed in the cloud, on premise or on device across over 31
languages. |
Accelex Technology |
252 |
Provides data extraction and analytics technology for private
capital markets. |
Concirrus |
75 |
A software provider bringing real-time behavioural data analytics
to the marine and transport insurance industries. |
Total further investments |
1,260 |
|
Top ten holdings (on 30 June
2022)
Investment |
Carrying value£000s |
% of net asset value |
Activity |
Quantexa |
14,530 |
12.4% |
Network analytics platform to detect financial crime. |
Egress Software Technologies |
12,121 |
10.3% |
Encrypted email & file transfer service provider. |
Proveca |
6,100 |
5.2% |
Reformulation of medicines for paediatrics. |
Oviva |
4,912 |
4.2% |
A technology enabled service business in medical nutritional
therapy (MNT). |
Radnor House School (TopCo) |
3,400 |
2.9% |
Independent school for children aged 2-18. |
The Evewell Group |
2,866 |
2.4% |
Operator and developer of women’s health centres focusing on
fertility. |
Cantab Research (t/a Speechmatics) |
2,165 |
1.8% |
Provider of low footprint automated speech recognition which can be
deployed in the cloud, on premise or on device across over 31
languages. |
Black Swan Data |
2,107 |
1.8% |
Predictive analytics for consumer brands. |
Regenerco Renewable Energy |
2,056 |
1.8% |
Generator of renewable energy from roof top solar
installations. |
Gravitee TopCo (t/a Gravitee.io) |
1,798 |
1.5% |
API management platform. |
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/AAEV.
Share buy-backsDuring the
period from 1 April 2022 to 30 June 2022, the Company did not buy
back any shares.
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.
Material events and transactions after
the period endOther than as described above, there have
been no material events or transactions during the quarter and to
the date of this announcement.
Further informationThe Company
continues to offer a dividend reinvestment scheme to existing
shareholders. Details of this Scheme can be found at
www.albion.capital/funds/AAEV.
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.capital/funds/AAEV.
Maxwell Packe, Chairman30 August 2022
For further information please contact:Vikash
HansraniOperations PartnerAlbion Capital Group LLPTelephone: 020
7601 1850
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