Albion Technology & General VCT PLC : Interim Management Statement
May 26 2022 - 07:47AM
Albion Technology & General VCT PLC : Interim Management
Statement
Albion Technology & General VCT
PLC Interim Management StatementLEI code:
213800TKJUY376H3KN16
IntroductionI present Albion
Technology & General VCT PLC’s (the “Company”)’s interim
management statement for the period from 1 January 2022 to 31 March
2022.
Performance and dividendsThe
Company’s unaudited net asset value (NAV) as at 31 March 2022 was
£131.89 million or 82.05 pence per share (excluding treasury
shares), an increase of 1.40 pence per share or 1.74 per cent.
since 31 December 2021.
Fundraising and share
issuancesDuring the period from 1 January
2022 to 31 March 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 |
25 February 2022 |
13,924,598 |
81.90p - 82.80p |
11,241 |
31 March 2022 |
14,154,989 |
82.80p |
11,428 |
Total |
28,079,587 |
|
22,669 |
On 29 March 2022, the Company announced that
applications under the Prospectus offer had reached its £24 million
gross limit and was therefore fully subscribed and closed to
further applications.
PortfolioThe following
investments have been made during the period from 1 January 2022 to
31 March 2022:
New investments |
£’000 |
Activity |
PerchPeek Limited |
546 |
Digital relocation platform |
Regulatory Genome Development Limited |
107 |
Provider of machine readable structured regulatory content |
Total new investments |
653 |
|
Further investments |
£’000 |
Activity |
Black Swan Data Limited |
953 |
Predictive analytics for consumer brands |
TransFICC Limited |
878 |
A provider of a connectivity solution, connecting financial
institutions with trading venues via a single API |
Cantab Research Limited (T/A Speechmatics) |
849 |
Provider of low footprint automated speech recognition which can be
deployed in the cloud, on premise or on device across over 31
languages |
Seldon Technologies Limited |
411 |
Software company that enables enterprises to deploy Machine
Learning models in production |
Locum's Nest Limited |
138 |
Provides a technology solution for the management of locum doctors
for the NHS |
NuvoAir Holdings Inc |
121 |
Digital therapeutics and decentralised clinical trials for
respiratory conditions |
Koru Kids Limited |
85 |
Online marketplace connecting parents and nannies |
Total further investments |
3,435 |
|
The following disposals were made during the
period from 1 January 2022 to 31 March 2022:
Portfolio Company |
Proceeds£’000 |
|
Credit Kudos Limited |
5,065 |
Disposal of investment on a cost of £1.0 million realising a gain
of £4.1 million on cost |
Phrasee Limited |
2,195 |
Disposal of investment on a cost of £0.7 million realising a gain
of £1.5 million on cost |
MyMeds&Me Limited |
1,476 |
Disposal of investment on a cost of £0.4 million realising a gain
of £1.0 million on cost |
Total proceeds |
8,736 |
|
Top ten holdings as at
31 March
2022:
Investment |
Carrying value£’000 |
% of net asset
value |
Activity |
Quantexa Limited |
16,933 |
12.8 |
Network analytics platform to detect financial crime |
Oviva AG |
5,548 |
4.2 |
A technology enabled service business in medical nutritional
therapy (MNT) |
Radnor House School (TopCo) Limited |
5,354 |
4.1 |
Independent school for children aged 2-18 |
Proveca Limited |
4,727 |
3.6 |
Reformulation of medicines for children |
Chonais River Hydro Limited |
4,147 |
3.1 |
Owner and operator of a 2 MW hydro-power scheme in the Scottish
Highlands |
Black Swan Data Limited |
3,845 |
2.9 |
Predictive analytics for consumer brands |
Cantab Research Limited (T/A Speechmatics) |
3,668 |
2.8 |
Provider of low footprint automated speech recognition which can be
deployed in the cloud, on premise or on device across over 31
languages |
The Evewell Group Limited |
3,087 |
2.3 |
Operator and developer of women’s health centres focusing on
fertility |
Egress Software Technologies Limited |
3,024 |
2.3 |
Encrypted email & file transfer service provider |
Oxsensis Limited |
2,982 |
2.3 |
A developer and producer of industrial sensors for use in
ultra-high temperature environments |
Share buy-backsDuring the
period from 1 January 2022 to 31 March 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 endAfter the period end, the Company had the
following material investment transaction:
- Investment of £566,000 in an
existing portfolio company, Cantab Research Limited (T/A
Speechmatics), (business activity as described above); and
- Investment of £492,000 in a new
portfolio company which uses machine learning to create a new
standard for how organisations manage customer debt - ethically and
technologically.
The following new Ordinary shares of nominal
value 1 penny each were allotted under the Albion VCTs Prospectus
Top Up Offers 2021/22 to shareholders who elected for the 2022/23
tax year:
Date |
Number of shares issued |
Issue price per share (including costs of
issue) |
Net proceeds£’000 |
11 April 2022 |
922,386 |
81.90p - 82.80p |
745 |
There have been no other material events or
transactions after the period end to the date of this
announcement.
Further informationFurther
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.
Robin Archibald, Chairman26 May 2022
For further information please contact:Vikash
HansraniOperations PartnerAlbion Capital Group LLPTelephone: 020
7601 1850
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