TIDMAATG

Albion Technology & General VCT PLC

Interim Management Statement

LEI code: 213800TKJUY376H3KN16

Introduction

I present Albion Technology & General VCT PLC's (the "Company") interim management statement for the period from 1 July 2023 to 30 September 2023.

Performance and dividends

The Company's unaudited net asset value (NAV) on 30 September 2023 was GBP133.4 million or 75.05 pence per share (excluding treasury shares), a decrease of 0.97 pence per share (1.28%) since 30 June 2023.

A second dividend for the year ending 31 December 2023 of 1.90 pence per Ordinary share is to be paid on 29 December 2023 to shareholders on the register on 8 December 2023, resulting in total dividends of 3.72 pence per share for the year, a 5.1% yield on opening NAV.

Fundraising

The Company announced on 12 October 2023 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 prior to launch in early January 2024.

Portfolio

The following investments have been made during the period from 1 July 2023 to 30 September 2023:

 
New investments    GBP'000             Activity 
-----------------  -------  ------------------------------ 
Phasecraft           514    Software for Quantum Computers 
-----------------  -------  ------------------------------ 
Kennek Solutions     210    Vertical software for lenders 
-----------------  -------  ------------------------------ 
Total new 
 investments           724 
-----------------  ------- 
 
 
Further 
investments      GBP'000                        Activity 
---------------  -------  ---------------------------------------------------- 
Gravitee           637                  API management platform 
---------------  -------  ---------------------------------------------------- 
                           A middleware technology platform that enables life 
uMedeor (T/A)               science organisations to conduct medical research 
uMed               387                         programmes 
---------------  -------  ---------------------------------------------------- 
                          Data extraction and analytics technology for private 
Accelex            87                        capital markets 
---------------  -------  ---------------------------------------------------- 
Total further 
 investments       1,111 
---------------  -------

Top ten holdings as at 30 September 2023:

 
                                     % of 
                                      net 
                     Carrying value  asset 
Investment               GBP'000     value                            Activity 
-------------------  --------------  -----  ------------------------------------------------------------ 
Quantexa                 28,341      21.2       Network analytics platform to detect financial crime 
-------------------  --------------  -----  ------------------------------------------------------------ 
Radnor House School 
(TopCo)                  6,169        4.6            Independent school for children aged 2-18 
-------------------  --------------  -----  ------------------------------------------------------------ 
Proveca                       5,656    4.2                       Reformulation of medicines for children 
-------------------  --------------  -----  ------------------------------------------------------------ 
Oviva                    4,581        3.4   A technology enabled service business in medical nutritional 
                                             therapy (MNT) 
-------------------  --------------  -----  ------------------------------------------------------------ 
Chonais River Hydro      3,881        2.9   Owner and operator of a 2 MW hydro-power scheme in 
                                             the Scottish Highlands 
-------------------  --------------  -----  ------------------------------------------------------------ 
Cantab Research          3,411        2.6   Provider of low footprint automated speech recognition 
 (T/A                                        which can be deployed in the cloud, on premise or 
 Speechmatics)                               on device 
-------------------  --------------  -----  ------------------------------------------------------------ 
Egress Software          2,915        2.2   Encrypted email & file transfer service provider 
 Technologies 
-------------------  --------------  -----  ------------------------------------------------------------ 
The Evewell Group        2,892        2.2   Operator and developer of women's health centres focusing 
                                             on fertility 
-------------------  --------------  -----  ------------------------------------------------------------ 
Runa Network             2,829        2.1   Cloud platform and infrastructure that enables corporates 
                                             to issue digital incentives and payouts 
-------------------  --------------  -----  ------------------------------------------------------------ 
Gharagain River          2,349        1.8   Owner and operator of a 1 MW hydro-power scheme in 
 Hydro                                       the Scottish Highlands 
-------------------  --------------  -----  ------------------------------------------------------------

Share buy-backs

During the period from 1 July 2023 to 30 September 2023, the Company did not buy 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

Following changes to the Board earlier this year, Peter Moorhouse has been appointed chairman of the Remuneration Committee from 29 November 2023.

Material events and transactions after the period end

   -- As announced on 6 October 2023, the Company sold a proportion of its 
      holding in Quantexa at its current holding value returning proceeds of 
      GBP3.4m; and 
 
   -- As announced on 30 October 2023, following a formal tender process, 
      Johnston Carmichael LLP were appointed as the Company's Auditor.

There have been no other material events or transactions after the period end 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.

Clive Richardson, Chairman

29 November 2023

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: 020 7601 1850

(END) Dow Jones Newswires

November 29, 2023 10:10 ET (15:10 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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