Crown Place VCT PLC Crown Place Vct Plc: Interim Management Statement
November 28 2022 - 5:48AM
UK Regulatory
TIDMCRWN
Crown Place VCT PLC
Interim Management Statement
LEI Code: 213800SYIQPA3L3T1Q68
Introduction
I present Crown Place VCT PLC's interim management statement for
the period from 1 July 2022 to 30 September 2022.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September
2022 was GBP86.0 million or 33.77 pence per share (excluding
treasury shares), an increase of 0.07 pence per share (0.21%) since
30 June 2022.
After accounting for the first interim dividend of 0.84 pence
per share which will be paid on 30 November 2022 to shareholders on
the register on 4 November 2022, the NAV is 32.93 pence per
share.
Albion VCTs' Top Up Offers
A prospectus Top Up Offer of new Ordinary shares was launched on
10 October 2022. The Company's Offer is GBP8.0 million, with an
over-allotment facility of GBP3.5 million. Any election to make use
of the over-allotment facility will be subject to the decision of
the Board at the relevant time.
The first allotment of shares under the Offer is due to take
place on 2 December 2022, and the Company intends to allot new
ordinary shares based upon the latest published NAV in accordance
with the Pricing Formula set out in the Prospectus.
Full details of the Offer are in a prospectus that is available
on the Albion Capital website (www.albion.capital).
Portfolio
The following investments have been made during the period from
1 July 2022 to 30 September 2022:
New investments GBP'000 Activity
------------------ ------- --------------------------------------------------
Toqio FinTech
Holdings 1,017 Provider of embedded FinTech solutions
------------------ ------- --------------------------------------------------
GX Molecular (T/A
CS Genetics) 615 Developer of single-cell sequencing solutions
------------------ ------- --------------------------------------------------
SaaS platform to measure and manage human risk for
OutThink 505 enterprises
------------------ ------- --------------------------------------------------
Neurofenix 432 Neurorehabilitation platform
------------------ ------- --------------------------------------------------
Total new
investments 2,569
------------------ -------
Further
investments GBP'000 Activity
------------- ------- -------------------------------------------------------
The Voucher A cloud platform that enables corporates to purchase
Market (T/A digital gift cards and to distribute them to employees
WeGift) 824 and customers
------------- ------- -------------------------------------------------------
A middleware technology platform that enables life
uMedeor (T/A science organisations to conduct medical research
uMed) 76 programmes
------------- ------- -------------------------------------------------------
InCrowd
Sports 57 Developer of mobile apps for professional sports clubs
------------- ------- -------------------------------------------------------
Brytlyt 40 A GPU database software provider
------------- ------- -------------------------------------------------------
Total further
investments 997
------------- -------
Top ten holdings as at 30 September 2022:
Investment Carrying value % of Activity
GBP'000 net
asset
value
------------------ -------------- ----- ----------------------------------------------------------
Quantexa 10,119 11.8% Network analytics platform to detect financial crime
------------------ -------------- ----- ----------------------------------------------------------
Proveca 4,044 4.7% Reformulation of medicines for paediatrics
------------------ -------------- ----- ----------------------------------------------------------
Oviva 3,607 4.2% Technology enabled service business in medical nutritional
therapy (MNT)
------------------ -------------- ----- ----------------------------------------------------------
Chonais River 3,138 3.6% Owner and operator of a 2 MW hydro-power scheme in
Hydro the Scottish Highlands
------------------ -------------- ----- ----------------------------------------------------------
Radnor House 3,101 3.6% Independent school for children aged 2-18
School (TopCo)
------------------ -------------- ----- ----------------------------------------------------------
The Evewell Group 2,429 2.8% Operator and developer of women's health centres focusing
on fertility
------------------ -------------- ----- ----------------------------------------------------------
Cantab Research 2,423 2.8% Provider of low footprint automated speech recognition
(T/A which can be deployed in the cloud, on premise or
Speechmatics) on device
------------------ -------------- ----- ----------------------------------------------------------
Threadneedle 2,294 2.7% Provider of data lineage software to enterprise customers
Software Holding in regulated sectors
(T/A Solidatus)
------------------ -------------- ----- ----------------------------------------------------------
The Voucher Market 2,131 2.5% A cloud platform that enables corporates to purchase
(T/A WeGift) digital gift cards and to distribute them to employees
and customers.
------------------ -------------- ----- ----------------------------------------------------------
Gharagain River 1,730 2.0% Owner and operator of a 1 MW hydro-power scheme in
Hydro Limited the Scottish Highlands
------------------ -------------- ----- ----------------------------------------------------------
A full breakdown of the Company's portfolio can be found on the
Company's webpage on the Manager's website at
www.albion.capital/funds/CRWN.
Share buy-backs
During the period from 1 July 2022 to 30 September 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 end
There have been no significant events or transactions between 1
October 2022 and 28 November 2022 that the Board is aware of which
would have had a material impact on the financial position of the
Company.
Further information
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.
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
28 November 2022
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP -- Tel: 020 7601 1850
(END) Dow Jones Newswires
November 28, 2022 06:48 ET (11:48 GMT)
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