Kings Arms Yard Kings Arms Yard Vct Plc: Interim Management Statement
April 22 2020 - 11:30AM
UK Regulatory
TIDMKAY
Kings Arms Yard VCT PLC Interim Management Statement
LEI Code 213800DK8H27QY3J5R45
Introduction
I present Kings Arms Yard VCT PLC's (the "Company") interim management
statement for the period from 1 January 2020 to 31 March 2020.
Impact of coronavirus (Covid-19) and Net asset value
Since the year ended 31 December 2019, the Board has been monitoring the
ongoing disruption caused by the coronavirus (Covid-19) pandemic and its
current and potential impact on portfolio companies. The full extent of
the damage that will be inflicted on the global economies is still
uncertain.
In light of this, the Company announces its unaudited net asset value
(NAV) as at 31 March 2020 of GBP74.4 million or 19.79 pence per share
(excluding treasury shares), which represents a decrease of 2.23 pence
per share (10.1 per cent.) since 31 December 2019. This reflects
reductions across the portfolio, which is carried at fair value, as a
result of market conditions arising from the healthcare pandemic. The
Board has reassessed the carrying values of all companies within the
portfolio and has reduced those which are affected by the current
situation. The portfolio is well diversified and has weightings in
sectors that may be less badly affected by the pandemic such as
renewable energy. Many companies within the portfolio are well suited
to operating in a remote environment but this may not entirely insulate
them from the failure of clients due to recession.
After accounting for the dividend of 0.60 pence per share payable on 30
April 2020 to shareholders on the register on 14 April 2020, the NAV
will be 19.19 pence per share.
Fundraising and share issues
During the period from 1 January 2020 to 31 March 2020, the Company
issued the following new Ordinary shares of nominal value 1 penny per
share under the Albion VCTs Prospectus Top Up Offers 2019/20:
Issue price per share
Number of shares (including costs of Net proceeds
Date issued issue) GBP'000
---------------- ---------------------- ---------------------- ------------
31 January 2020 42,437,803 22.4p to 22.7p 9,388
---------------- ---------------------- ---------------------- ------------
Share buy-backs
Given the uncertainty on valuations caused by coronavirus (Covid-19) and
its impact on financial markets in recent times, the Board agreed to
suspend the Company's buy back operation on 18 March 2020 until such
time as the Company could provide an updated valuation as at 31 March
2020 of the portfolio and the Company's NAV.
With this announcement of the NAV of the Company at 31 March 2020, the
Board is pleased to announce the resumption of its share buy-back policy,
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. However, the level of share
buybacks until the announcement of the Company's interim results,
expected during August 2020, shall be limited to GBP500,000.
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 2020 to 31 March 2020:
New
investments GBP000s Activity
------------- ------- ------------------------------------------------------
A software provider bringing real-time behavioural
Concirrus data analytics to the marine and transport insurance
Limited 308 industries
------------- ------- ------------------------------------------------------
Credit Kudos Challenger credit bureau helping lenders optimise
Limited 154 and automate their affordability and risk assessments
------------- ------- ------------------------------------------------------
Total new
investments 462
------------- -------
Top ten holdings as at 31 March 2020:
% of
net
Portfolio Carrying value asset
company GBP000s value Activity
------------- -------------- ----- -------------------------------------------------------
Active Lives Owner and operator of a 75 bed care home in Cumnor
Care Limited 6,540 8.8 Hill, Oxfordshire
------------- -------------- ----- -------------------------------------------------------
Proveca
Limited 5,833 7.8 Reformulation of paediatric medicines
------------- -------------- ----- -------------------------------------------------------
Egress 4,545 6.1 Encrypted email & file transfer service provider
Software
Technologies
Limited
------------- -------------- ----- -------------------------------------------------------
Ryefield 4,473 6.0 Owner and operator of a 60 bed care home in Hillingdon,
Court Care Middlesex
Limited
------------- -------------- ----- -------------------------------------------------------
Chonais River 3,331 4.5 Owner and operator of a 2 MW hydro-power scheme in
Hydro the Scottish Highlands
Limited
------------- -------------- ----- -------------------------------------------------------
Antenova 2,329 3.1 Supplier of integrated antennas and RF solutions
Limited
------------- -------------- ----- -------------------------------------------------------
The Street by 1,876 2.5 Owner and operator of photovoltaic systems on domestic
Street Solar properties in the UK
Programme
Limited
------------- -------------- ----- -------------------------------------------------------
Quantexa 1,816 2.4 Network analytics platform to detect financial crime
Limited
------------- -------------- ----- -------------------------------------------------------
Regenerco 1,554 2.1 Generator of renewable energy from roof top solar
Renewable installations
Energy
Limited
------------- -------------- ----- -------------------------------------------------------
Alto Prodotto 1,473 2.0 Owner and operator of community scale wind energy
Wind projects on brownfield sites in the UK
Limited
------------- -------------- ----- -------------------------------------------------------
Board composition
Since the Company's year end, the Board has been engaged in discussions
with regards to succession planning and an announcement will be made
later on this year.
Material events and transactions after the period end
After the period end, the Company had no material transactions.
Further information
The Company continues to offer a dividend reinvestment scheme to
existing shareholders. Details of this scheme can be found at
https://www.globenewswire.com/Tracker?data=0KSMHNUVHZ0oiTUxZCyCRB96RYoG6EEvBQQfxzpD1BEDUdvozf_7LOkJwuX4tGPeCbsfIrmXeP0zZ-IbOGrMRVcsB29Yera9cX2nZyq4ff9bOowzWIQdiJ063AkQSx-6
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
https://www.globenewswire.com/Tracker?data=0KSMHNUVHZ0oiTUxZCyCRB96RYoG6EEvBQQfxzpD1BHxaxUCtvNgb01lJe5nWs86PRF2M1BpxmcdoaS14ftF6juPaCTx8He8fSAzZxmGrxYj8Eo1SLVnyX7Kr3ngPsyf
www.albion.capital/funds/KAY.
Robin Field, Chairman
22 April 2020
For further information please contact:
KAYchair@albion.capital
https://www.globenewswire.com/Tracker?data=jThGwCTEWvFdawOtqf-M2eMKZvcBDx5VONmVPKA8IcMKhLTUX6KoLF1aEgLH_Zwa533r8h1sx43UEGd-NdaXwkTg1Z5PwuIXZcyq0g9ztUg=
Albion Capital Group LLP -- Tel: 020 7601 1850
(END) Dow Jones Newswires
April 22, 2020 12:30 ET (16:30 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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