Albion Tech&Gen VCT Albion Technology & General Vct Plc : Interim Management Statement
May 27 2021 - 4:58AM
UK Regulatory
TIDMAATG
Albion Technology & General VCT PLC
Interim Management Statement
LEI code: 213800TKJUY376H3KN16
Introduction
I present Albion Technology & General VCT PLC's (the "Company")'s
interim management statement for the period from 1 January 2021 to 31
March 2021.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2021 was
GBP93.98 million or 70.33 pence per share (excluding treasury shares),
an increase of 0.98 pence per share or 1.41 per cent. since 31 December
2020.
Fundraising and share issuances
During the period from 1 January 2021 to 31 March 2021, the Company
issued the following new Ordinary shares of nominal value 1 penny per
share under the Albion VCTs Prospectus Top Up Offers 2020/21:
Issue price per share
Number of shares (including costs of Net proceeds
Date issued issue) GBP'000
----------------- ---------------------- --------------------- ------------
26 February 2021 21,121,379 70.3p to 71.1p 14,641
----------------- ---------------------- --------------------- ------------
Portfolio
The following investments have been made during the period from 1
January 2021 to 31 March 2021:
New investments GBP'000 Activity
---------------- ------- ---------------------------------------------------------
Provider of data lineage software to enterprise customers
Threadneedle in regulated sectors, which allows them to rapidly
Software Limited discover, visualise, catalogue and understand how
(T/A Solidatus) 1,014 data flows through their systems
---------------- ------- ---------------------------------------------------------
Total new
investments 1,014
---------------- ------- ---------------------------------------------------------
Further
investments GBP'000 Activity
--------------- ------- ---------------------------------------------------------
Black Swan Data
Limited 890 Predictive analytics for consumer brands
--------------- ------- ---------------------------------------------------------
Provider of an online platform delivering family centric
Healios Limited 418 psychological care primarily to children and adolescents
--------------- ------- ---------------------------------------------------------
ePatient
Network Limited Online community connecting people affected by rare
(T/A Raremark) 46 diseases
--------------- ------- ---------------------------------------------------------
Total further
investments 1,354
--------------- ------- ---------------------------------------------------------
The following disposals were made during the period from 1 January 2021
to 31 March 2021:
Portfolio Company GBP'000
-------------------------- ------- -----------------------------------------
Disposal of investment on a cost of
OmPrompt Holdings Limited 700 GBP306,000
-------------------------- ------- -----------------------------------------
Disposal of investment on a cost of
SBD Automotive Limited 567 GBP273,000
-------------------------- ------- -----------------------------------------
Total proceeds 1,267
-------------------------- -------
Top ten holdings as at 31 March 2021:
% of
net
Carrying value asset
Investment GBP'000 value Activity
---------------- -------------- ----- --------------------------------------------------
Network analytics platform to detect financial
Quantexa Limited 7,978 8.5 crime
---------------- -------------- ----- --------------------------------------------------
Radnor House
School (TopCo)
Limited 4,671 5.0 Independent school for children aged 2-18
---------------- -------------- ----- --------------------------------------------------
UK based pharma company specialising in medicines
Proveca Limited 4,256 4.5 for children
---------------- -------------- ----- --------------------------------------------------
Chonais River Owner and operator of a 2 MW hydro-power scheme in
Hydro Limited 3,965 4.2 the Scottish Highlands
---------------- -------------- ----- --------------------------------------------------
A developer and producer of industrial sensors for
Oxsensis Limited 3,697 3.9 use in ultra-high temperature environments
---------------- -------------- ----- --------------------------------------------------
Egress Software
Technologies
Limited 2,489 2.6 Encrypted email & file transfer service provider
---------------- -------------- ----- --------------------------------------------------
Black Swan Data
Limited 2,378 2.5 Predictive analytics for consumer brands
---------------- -------------- ----- --------------------------------------------------
The Evewell 2,308 2.5 Operator of a women's health centre focusing on
(Harley Street) fertility
Limited
---------------- -------------- ----- --------------------------------------------------
Gharagain River 2,219 2.4 Owner and operator of a 1 MW hydro-power scheme in
Hydro Limited the Scottish Highlands
---------------- -------------- ----- --------------------------------------------------
Phrasee Limited 1,771 1.9 AI platform that generates optimised marketing
campaigns
---------------- -------------- ----- --------------------------------------------------
Share buy-backs
During the period from 1 January 2021 to 31 March 2021, 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.
Board Composition
I have had the privilege of being Chairman of your Company since its
launch in 2000 and I am retiring today following the Annual General
Meeting. Robin Archibald, who has been on the Board as Audit Committee
Chairman since 2013, will succeed me as Chairman of the Board, and
Margaret Payn will succeed Robin as chairman of the Audit Committee.
Modwenna Rees Mogg will retire from the Board in September 2021 after
serving for nine years as a non-executive director of the Company. Mary
Anne Cordeiro and Patrick Reeve will continue as non-executive directors
of the Company, with Patrick, given his role as chairman of the Manager,
being regarded as non-independent. The continuing Board will further
consider succession planning in due course but has adequate skills and
experience to oversee the activities of the Company during such time.
Material events and transactions after the period end
After the period end, the Company had the following material investment
transactions:
-- Investment of GBP490,000 in a new portfolio company, an open source API
management platform that enables enterprises to manage their APIs through
their lifecycle (from design to publishing to controlling access and
security);
-- Investment of GBP370,000 in an existing portfolio company, Panaseer
Limited, a provider of cyber security services; and
-- Investment of GBP181,000 in a new portfolio company, Accelex Technology
Limited (T/A Accelex), a provider of data extraction and analytics
technology for private capital markets
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
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/AATG.
Dr. Neil Cross, Chairman
27 May 2021
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
May 27, 2021 05:58 ET (09:58 GMT)
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