Kings Arms Yard Kings Arms Yard Vct Plc : Interim Management Statement
May 16 2018 - 4:30AM
UK Regulatory
TIDMKAY
Kings Arms Yard VCT PLC Interim Management Statement
LEI Code 213800DK8H27QY3J5R45
Introduction
I am pleased to present Kings Arms Yard VCT PLC (the "Company")'s
interim management statement for the period from 1 January 2018 to 31
March 2018.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2018 was
GBP67.01 million or 22.69 pence per share (excluding treasury shares),
an increase of 1.09 pence per share (5.0 per cent.) since 31 December
2017.
After accounting for the dividend paid of 0.60 pence per share on 30
April 2018 to shareholders on the register on 13 April 2018, the NAV is
22.09 pence per share.
Albion VCTs Prospectus Top Up Offers 2017/18
During the period from 1 January 2018 to 31 March 2018, the Company
issued new Ordinary shares under the Albion VCTs Prospectus Top Up
Offers 2017/18:
Aggregate
Number of nominal value Issue price per
shares of shares share (including Net proceeds
Date issued GBP000 costs of issue) GBP'000
31 January 2018 5,979,493 60 21.9p 1,277
The Board announced on 5 March 2018 that the Company had reached its
GBP8 million limit under its offer pursuant to the Prospectus dated 6
September 2017, and so was closed.
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.
Share buy-backs
During the period from 1 January 2018 to 31 March 2018, there were no
share buybacks undertaken by the Company.
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 2018 to 31 March 2018:
New qualifying investments GBP000s Activity
Online marketplace connecting
Koru Kids Limited 204 parents and nannies
Total new qualifying investments 204
Follow on investments into
existing portfolio companies GBP000s Activity
Provider of cyber security
Panaseer Limited 141 services
Provider of digital marketing
Elateral Group Limited 125 software
Convertr Media Limited 85 Digital lead generation software
Total follow on investments 351
Top ten holdings as at 31 March 2018:
% of
net
Portfolio Carrying value asset
company GBP000s value Activity
Active Lives Owns and operates a 75 bed care home in Cumnor Hill,
Care Limited 6,826 10.2 Oxfordshire
Ryefield
Court Care Owns and operates a 60 bed care home in Hillingdon,
Limited 5,191 7.7 Middlesex
Grapeshot
Limited 3,956 5.9 Provider of digital marketing software
Chonais River
Hydro Owns and operates a 2 MW hydro-power scheme in the
Limited 3,377 5.0 Scottish Highlands
Proveca
Limited 2,983 4.5 Reformulation of paediatric medicines
Elateral
Group
Limited 2,761 4.1 Provider of digital marketing software
Antenova 2,625 3.9 Supplier of integrated antennas and RF solutions
Limited
Egress 2,267 3.4 Encrypted email and file transfer service provider
Software
Technologies
Limited
Anthropics 1,775 2.6 Provider of digital picture enhancement software
Technology
Limited
The Street by 1,757 2.6 Owns and operates photovoltaic systems on domestic
Street Solar properties in the UK
Programme
Limited
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/KAY, by following the 'Portfolio of
Investments' link under the 'Fund reports' section.
Material events and transactions after the period end
Portfolio
After the period end, the Company had the following material investment
transactions:
-- An investment of GBP189,000 in an existing portfolio company, Black Swan
Data Limited, which provides data analysis that supports corporate
decision making;
-- An investment of GBP145,000 in an existing portfolio company, Abcodia
Limited, which focuses on the validation and discovery of serum
biomarkers;
-- An investment of GBP90,000 in an existing portfolio company, InCrowd
Sports Limited, which is a developer of mobile apps for professional
sports clubs; and
-- As announced on 24 April 2018, contracts were exchanged for the sale of
Grapeshot Limited which subsequently completed on 15 May 2018. The
valuation of the holding as at 31 March 2018 includes discounts to the
total estimated consideration to reflect completion and other risks.
Albion VCTs prospectus Top Up Offers
The following new Ordinary shares of nominal value 1 penny per share
were allotted under the Albion VCTs prospectus Top Up Offers 2017/18
after 31 March 2018:
Aggregate
Number of nominal value Issue price per
shares of shares share (including Net proceeds
Date issued GBP000 costs of issue) GBP'000
5 April 2018 9,261,391 93 22.2p 2,005
11 April 2018 2,514,181 25 22.0p to 22.2p 544
There have been no further significant events or transactions that the
Board is aware of which would have a material impact on the financial
position of the Company between 1 April 2018 to 16 May 2018.
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/KAY.
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 under www.albion.capital/funds/KAY.
Robin Field, Chairman
16 May 2018
For further information please contact:
Patrick Reeve, Albion Capital Group LLP - Tel: 020 7601 1850
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: Kings Arms Yard VCT PLC via Globenewswire
http://www.sparkventures.com
(END) Dow Jones Newswires
May 16, 2018 05:30 ET (09:30 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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