Kings Arms Yard Kings Arms Yard Vct Plc: Interim Management Statement
November 10 2020 - 10:05AM
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's (the "Company")
interim management statement for the period from 1 July 2020 to 30
September 2020.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2020
was GBP77.58 million or 20.71 pence per share (excluding treasury
shares), an increase of 0.41 pence per share (2.0 per cent.) since 30
June 2020.
After accounting for the dividend paid of 0.51 pence per share on 30
October 2020 to shareholders on the register on 2 October 2020, the NAV
is 20.20 pence per share.
Share buy-backs
During the period from 1 July 2020 to 30 September 2020, the Company
purchased 1,705,566 shares for GBP331,000 at an average price of 19.29
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. The level of share buybacks for
the sixth month period to 31 December 2020 will be limited to GBP1
million.
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 July
2020 to 30 September 2020:
New
investments GBP'000 Activity
------------- ------- -------------------------------------------------------
The Voucher
Market A cloud platform that enables corporates to purchase
Limited (T/A digital gift cards and to distribute them to employees
WeGift) 361 and customers.
------------- ------- -------------------------------------------------------
Total new
investments 361
------------- -------
Follow on
investments GBP'000 Activity
---------------- ------- ---------------------------------------------------
Network analytics platform to detect financial
Quantexa Limited 891 crime.
---------------- ------- ---------------------------------------------------
AI platform that generates optimised marketing
Phrasee Limited 274 campaigns.
---------------- ------- ---------------------------------------------------
A patient engagement and data capture platform for
uMotif Limited 175 use in real world and observational research.
---------------- ------- ---------------------------------------------------
ePatient Network
Limited (T/A Online community connecting people affected by rare
Raremark) 46 diseases.
---------------- ------- ---------------------------------------------------
The Evewell
(Harley Street) Operator of a women's health centre focusing on
Limited 29 fertility.
---------------- ------- ---------------------------------------------------
Total follow on
investments 1,415
---------------- -------
Disposals
During the period from 1 July 2020 to 30 September 2020 contracts were
exchanged for the sale of Perpetuum Limited, subject to regulatory
approval.
Top ten holdings as at 30 September 2020:
Portfolio Carrying value % of Activity
company GBP'000 net
asset
value
------------ -------------- ----- -------------------------------------------------------
Proveca 7,412 9.6 Reformulation of medicines for paediatric use.
Limited
------------ -------------- ----- -------------------------------------------------------
Active Lives 6,986 9.0 Owner and operator of a 75 bed care home in Cumnor
Care Hill, Oxfordshire.
Limited
------------ -------------- ----- -------------------------------------------------------
Ryefield 4,900 6.3 Owner and operator of a 60 bed care home in Hillingdon,
Court Care Middlesex.
Limited
------------ -------------- ----- -------------------------------------------------------
Egress 4,545 5.9 Encrypted email & file transfer service provider.
Software
Technologies
Limited
------------ -------------- ----- -------------------------------------------------------
Quantexa 4,300 5.5 Network analytics platform to detect financial crime.
Limited
------------ -------------- ----- -------------------------------------------------------
Chonais 3,272 4.2 Owner and operator of a 2 MW hydro-power scheme in
River Hydro the Scottish Highlands.
Limited
------------ -------------- ----- -------------------------------------------------------
Antenova 2,350 3.0 Supplier of integrated antennas and RF solutions.
Limited
------------ -------------- ----- -------------------------------------------------------
The Street 1,914 2.5 Owner and operator of photovoltaic systems on domestic
by Street properties in the UK.
Solar
Programme
Limited
------------ -------------- ----- -------------------------------------------------------
Regenerco 1,674 2.2 Generator of renewable energy from roof top solar
Renewable installations.
Energy
Limited
------------ -------------- ----- -------------------------------------------------------
Alto 1,458 1.9 Owner and operator of community scale wind energy
Prodotto projects on brownfield sites in the UK.
Wind
Limited
------------ -------------- ----- -------------------------------------------------------
A full breakdown of the Company's portfolio can be found on the
Company's webpage on the Manager's website at
https://www.globenewswire.com/Tracker?data=exCee2chLy17nX4itGG3CLPKQ0M3KtNrBlOql4dgcTUWVqcrJ3izUKvrc6l1EN15Mon1ZLPNVRyV-dgYbXx2R1P_GyuCko786Fl-1HlCWN4dumSn8U0g1u1EV8IEk2_o
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
After the period end, the Company undertook the following investment
transactions:
-- Proceeds of GBP419,000 received from the sale of Clear Review Limited on
a cost of GBP203,000;
-- Investment of GBP418,000 in a new portfolio company, Seldon Technologies
Limited, a software company that enables enterprises to deploy Machine
Learning models in production;
-- Investment of GBP152,000 in a new portfolio company, uMedeor Limited (T/A
uMed), a middleware technology platform that enables life science
organisations to conduct medical research programmes;
-- Investment of GBP123,000 in an existing portfolio company, Limitless
Technology Limited, a provider of a customer service platform powered by
the crowd and machine learning technology; and
-- Investment of GBP84,000 in an existing portfolio company, Arecor Limited,
which develops biopharmaceuticals through the application of a
formulation technology platform.
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 October 2020 and 10 November 2020.
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=exCee2chLy17nX4itGG3CLPKQ0M3KtNrBlOql4dgcTXvl0qqQ0lPzcDkgV4WGmYA-nP_twhogeFR3JpP4wKfSu-6hYXRzNk6l9X7QkipLECb4yU04OZYWJm8B10apJZt
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=exCee2chLy17nX4itGG3CLPKQ0M3KtNrBlOql4dgcTU-V6FF6Jo9cE0XGIKcMiKouw1LSfxSdQX9iSEVoJkxSNDCOG6PJzNuODxC9Do_FS7-RSI8buXosroS5PfElxBr
www.albion.capital/funds/KAY.
Robin Field, Chairman
10 November 2020
For further information please contact:
Albion Capital Group LLP -- Tel: 020 7601 1850
(END) Dow Jones Newswires
November 10, 2020 11:05 ET (16:05 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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