Crown Place VCT PLC Crown Place Vct Plc : Interim Management Statement
May 17 2021 - 08:28AM
UK Regulatory
TIDMCRWN
Crown Place VCT PLC
Interim Management Statement
LEI Code: 213800SYIQPA3L3T1Q68
Introduction
I am pleased to present Crown Place VCT PLC's (the "Company") 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
GBP70.96 million or 31.59 pence per share (excluding treasury shares).
After accounting for a dividend of 0.78 pence per share which was paid
on 31 March 2021 to shareholders on the register on 5 March 2021 the NAV
has increased by 1.24 pence per share (4.09%) since 31 December 2020.
Fundraising and share issues
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 26,967,479 31.7p to 32.0p 8,414
----------------- ---------------------- --------------------- ------------
The Company also issued the following shares under the dividend
reinvestment scheme which are included in the net asset value figures
for 31 March 2021 above:
Number of shares Issue price per
Date issued share Net invested GBP'000
-------------- ------------------- ------------------- --------------------
31 March 2021 976,922 30.35 pence 295
-------------- ------------------- ------------------- --------------------
The Company continues to offer a Dividend Reinvestment Scheme to
existing shareholders. Details of this Scheme can be found at
www.albion.capital/funds/CRWN.
Share buy-backs
During the period from 1 January 2021 to 31 March 2021, the Company
purchased 1,304,353 shares for GBP388,000 including stamp duty, at an
average price of 29.57 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 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) 1,239 data flows through their systems
---------------- ------- ---------------------------------------------------------
Total new
investments 1,239
---------------- ------- ---------------------------------------------------------
Further
investments GBP'000 Activity
--------------- ------- ---------------------------------------------------------
Provider of an online platform delivering family centric
Healios Limited 486 psychological care primarily to children and adolescents
--------------- ------- ---------------------------------------------------------
Black Swan Data
Limited 262 Predictive analytics for consumer brands
--------------- ------- ---------------------------------------------------------
ePatient
Limited (T/A Online community connecting people affected by rare
Raremark) 46 diseases
--------------- ------- ---------------------------------------------------------
Total further
investments 794
--------------- ------- ---------------------------------------------------------
The following disposals were made during the period from 1 January 2021
to 31 March 2021:
Cost Proceeds
Portfolio Company GBP'000 GBP'000
----------------------------- -------- --------
Shinfield Lodge Care Limited 2,140 4,580
----------------------------- -------- --------
Active Lives Care Limited 1,620 2,874
----------------------------- -------- --------
Ryefield Court Care Limited 1,275 2,374
----------------------------- -------- --------
SBD Automotive Limited 220 379
----------------------------- -------- --------
OmPrompt Holdings Limited 153 350
----------------------------- -------- --------
Total 5,408 10,557
----------------------------- -------- --------
In March 2021, the Company completed the sale of its three care homes
for the elderly; Active Lives Care Limited, Ryefield Court Care Limited,
and Shinfield Lodge Care Limited. The purpose-built residential care
homes situated across the South of England, offer luxury living with
all-inclusive service and an excellent level of care. The homes were
trading at mature occupancy levels.
The first investments in the homes were made over 5 years ago and the
sale generated a 2.5x return on cost (including interest received), an
excellent result for the Company.
Top ten holdings as at 31 March 2021:
Investment Carrying value % of Activity
GBP'000 net
asset
value
--------------- -------------- ----- ---------------------------------------------------------
Quantexa 4,768 6.7 Network analytics platform to detect financial crime
Limited
--------------- -------------- ----- ---------------------------------------------------------
Proveca Limited 3,596 5.1 UK based pharma company specialising in medicines
for children
--------------- -------------- ----- ---------------------------------------------------------
Chonais River 3,114 4.4 Owner and operator of a 2 MW hydro-power scheme in
Hydro Limited the Scottish Highlands
--------------- -------------- ----- ---------------------------------------------------------
Radnor House 2,743 3.9 Independent school for children aged 2-18
School (TopCo)
Limited
--------------- -------------- ----- ---------------------------------------------------------
The Evewell 1,728 2.4 Operator of a women's health centre focusing on fertility
(Harley Street)
Limited
--------------- -------------- ----- ---------------------------------------------------------
Gharagain River 1,676 2.4 Owner and operator of a 1 MW hydro-power scheme in
Hydro Limited the Scottish Highlands
--------------- -------------- ----- ---------------------------------------------------------
Phrasee Limited 1,606 2.3 AI platform that generates optimised marketing campaigns
--------------- -------------- ----- ---------------------------------------------------------
Threadneedle 1,239 1.7 Provider of data lineage software to enterprise customers
Software in regulated sector
Holding Limited
(T/A
Solidatus)
--------------- -------------- ----- ---------------------------------------------------------
Healios Limited 1,081 1.5 Provider of an online platform delivering family centric
psychological care primarily to children and adolescents
--------------- -------------- ----- ---------------------------------------------------------
Egress Software 996 1.4 Encrypted email and file transfer service provider
Technologies
Limited
--------------- -------------- ----- ---------------------------------------------------------
Material events and transactions after the period end
After the period end, the Company had the following material investment
transactions:
-- Investment of GBP608,000 in a new portfolio company, an open sources API
management platform that enables enterprises to manage their APIs through
their lifecycle (from design to publishing to controlling access and
security); and
-- Investment of GBP168,000 in an existing portfolio company, Panaseer
Limited, a provider of cyber security services.
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/CRWN.
Penny Freer, Chairman
crownchair@albion.capital
17 May 2021
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
May 17, 2021 09:28 ET (13:28 GMT)
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