Crown Place VCT PLC Crown Place Vct Plc : Interim Management Statement
May 19 2017 - 6:17AM
UK Regulatory
TIDMCRWN
Crown Place VCT PLC Interim Management Statement
Introduction
I am pleased to present Crown Place VCT PLC's interim management
statement for the period ended 31 March 2017.
Performance and dividends
The Group's unaudited net asset value (NAV) as at 31 March 2017 was
GBP45.65 million or 30.99 pence per share (excluding treasury shares),
after accounting for a dividend of 1 penny per share which was paid on
31 March 2017 to shareholders on the register as at 10 March 2017.
After taking account of the total 2.00 pence per share of dividends paid
on 30 November 2016 (1 penny) and 31 March 2017 (1 penny), the
comparable ex-dividend NAV as at 30 June 2016 was 26.94 pence per share.
Therefore, the NAV has risen by 4.05 pence per share or (15.03 per
cent.) since 30 June 2016.
Share issues
During the period from 1 January 2017 to 31 March 2017, the Company
issued the following new Ordinary shares under the Albion VCTs
Prospectus Top Up Offers 2016/2017:
Issue price per
Number of shares share (including Net proceeds
Date issued costs of issue) GBP'000
31 January 2017 to
28 March 2017 18,961,894 30.4p to 30.8p 5,653
In addition, the following new Ordinary shares were issued under the
dividend reinvestment scheme on 31 March 2017:
Number of shares Issue price per
Date issued share Net invested GBP'000
31 March 2017 767,434 29.84p 227
Share buy-backs
During the period from 1 January 2017 to 31 March 2017, the Company
purchased 561,000 shares for GBP159,000 at an average price of 28.28
pence per share. All of the shares are to be held in treasury.
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 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
January 2017 to 31 March 2017:
New
investments GBP000s Activity
Quantexa Predictive analytics platform to protect and detect
Limited 190 complex financial crime
Beddlestead Seed funding to develop and operate dedicated wedding
Farm Limited 6 venues in the UK
Total new
investments 196
Further investments GBP000s Activity
Medical devices for the detection of
Dysis Medical Limited 147 cervical cancer
Data analysis that supports corporate
Black Swan Data Limited 83 decision making
Total further investments 230
Disposals
The following disposals and loan stock repayments were made during the
period from 1 January 2017 to 31 March 2017:
Portfolio company GBP000s
Masters Pharmaceuticals Limited 351 Disposal of investment
AMS Sciences Limited 136 Disposal of investment
Radnor House School (Holdings)
Limited 90 Loan stock repayment
Loan stock and redemption premium
Alto Prodotto Wind Limited 7 repayment
Total proceeds 584
Top ten holdings as at 31 March 2017:
% of
net
Carrying value asset
Investment GBP000s value Activity
Radnor House
School
(Holdings)
Limited 5,589 12.2 Independent schools for children aged 5-18
Shinfield
Lodge Care Owner and operator of a care home for the elderly
Limited 3,500 7.7 in Berkshire
Chonais River
Hydro
Limited 2,463 5.4 Hydropower project in Scotland
Active Lives Owner and operator of a care home for the elderly
Care Limited 2,275 5.0 in Oxford
The Crown
Hotel
Harrogate
Limited 1,929 4.2 Owner and operator of The Crown Hotel, Harrogate
ELE Advanced
Technologies
Limited 1,890 4.1 Manufacturer of precision engineering components
Ryefield
Court Care Owner and operator of a care home for the elderly
Limited 1,849 4.1 in Hillingdon
Gharagain
River Hydro
Limited 1,326 2.9 Hydropower project in Scotland
Earnside
Energy
Limited 1,254 2.7 An anaerobic digestion plant in Scotland
Proveca
Limited 1,217 2.7 Reformulation of paediatric medicines
A full breakdown of the Company's portfolio can be found on the
Company's webpage on the Manager's website at
www.albion-ventures.co.uk/funds/CRWN, by following the 'Portfolio of
Investments' link under the 'Funds reports' section.
Material events and transactions after the period end
Share issues
After the period end, the Company issued the following new Ordinary
shares under the Albion VCTs Prospectus Top Up Offers 2016/2017:
Issue price per
Number of shares share (including
Date issued costs of issue) Net proceeds GBP'000
6 April 2017 564,349 30.5p to 30.8p 169
The Offer closed on 22 February 2017 having been fully subscribed and
raising net proceeds of GBP5.82 million. The proceeds of the Offer are
being used to provide further resources to the Company at a time when a
number of attractive new investment opportunities are being seen.
Portfolio
After the period end, the Company had the following material investment
transactions:
-- Disposal of Blackbay Limited for GBP639k of which GBP20k is deferred and
held in escrow;
-- Investment of GBP550k in a new company, MPP Global Solutions Limited,
which offers a cloud billing platform for enterprise subscription
businesses in the media, sport and retail sectors;
-- Investment of GBP63k in an existing investee company, Panaseer Limited,
which provides a data analytics software platform.
Further information
The Company continues to offer a Dividend Reinvestment Scheme to
existing shareholders. Details of this Scheme can be found at
www.albion-ventures.co.uk/funds/CRWN.
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-ventures.co.uk/funds/CRWN.
Richard Huntingford, Chairman
crownchair@albion-ventures.co.uk
19 May 2017
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850
LEI Code: 213800SYIQPA3L3T1Q68
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Crown Place VCT PLC via Globenewswire
http://www.closeventures.co.uk
(END) Dow Jones Newswires
May 19, 2017 07:17 ET (11:17 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Crown Place Vct (LSE:CRWN)
Historical Stock Chart
From Apr 2024 to May 2024
Crown Place Vct (LSE:CRWN)
Historical Stock Chart
From May 2023 to May 2024