Kings Arms Yard Kings Arms Yard Vct Plc: Interim Management Statement
December 05 2023 - 6:49AM
UK Regulatory
TIDMKAY
Kings Arms Yard VCT PLC
Interim Management Statement
LEI Code 213800DK8H27QY3J5R45
Introduction
I present Kings Arms Yard VCT PLC (the "Company")'s interim
management statement for the period from 1 July 2023 to 30
September 2023.
Performance and dividends
The Company's unaudited net asset value ("NAV") on 30 September
2023 was GBP109.8 million or 21.03 pence per share (excluding
treasury shares), a decrease of 0.25 pence per share (1.17%) since
30 June 2023.
After accounting for the second dividend for the year ending 31
December 2023 of 0.53 pence per share paid on 31 October 2023 to
shareholders on the register on 6 October 2023, the NAV is 20.50
pence per share.
Fundraising
The Company announced on 12 October 2023 that, subject to
obtaining the requisite regulatory approval, it intended to launch
a prospectus top up offer of new ordinary shares. Full details of
the Offer will be contained in a prospectus that is expected to be
published prior to launch in early January 2024.
Portfolio
The following investments have been made during the period from
1 July 2023 to 30 September 2023:
New investments GBP'000 Activity
---------------------- ------- ------------------------------
Phasecraft AI 378 Software for Quantum Computers
---------------------- ------- ------------------------------
Kennek Solutions 155 Vertical software for lenders
---------------------- ------- ------------------------------
Total new investments 533
---------------------- -------
Further
investments GBP'000 Activity
--------------- ------- ----------------------------------------------------
Gravitee Topco
(T/A
Gravitee.io) 717 API management platform
--------------- ------- ----------------------------------------------------
A middleware technology platform that enables life
uMedeor (T/A science organisations to conduct medical research
uMed) 408 programmes
--------------- ------- ----------------------------------------------------
Accelex Data extraction and analytics technology for private
Technology 156 capital markets
--------------- ------- ----------------------------------------------------
Total further
investments 1,281
--------------- -------
Top ten holdings as at 30 September 2023:
% of
net
Portfolio Carrying value asset
company GBP'000 value Activity
--------------- -------------- ----- ------------------------------------------------------------
Quantexa 15,274 13.9% Network analytics platform to detect financial crime
--------------- -------------- ----- ------------------------------------------------------------
Proveca 11,606 10.6% Reformulation of medicines for paediatrics
--------------- -------------- ----- ------------------------------------------------------------
Egress Software
Technologies 6,267 5.7% Encrypted email and file transfer service provider
--------------- -------------- ----- ------------------------------------------------------------
Chonais River Owner and operator of a 2 MW hydro-power scheme in
Hydro 3,258 3.0% the Scottish Highlands
--------------- -------------- ----- ------------------------------------------------------------
Gravitee Topco
(T/A
Gravitee.io) 2,678 2.4% API management platform
--------------- -------------- ----- ------------------------------------------------------------
A technology enabled service business in medical nutritional
Oviva 2,528 2.3% therapy (MNT)
--------------- -------------- ----- ------------------------------------------------------------
The Evewell Operator and developer of women's health centres focusing
Group 1,838 1.7% on fertility
--------------- -------------- ----- ------------------------------------------------------------
Academia 1,782 1.6% Social networking for the academic community
--------------- -------------- ----- ------------------------------------------------------------
The Street by
Street Solar Owner and operator of photovoltaic systems on domestic
Programme 1,772 1.6% properties in the UK
--------------- -------------- ----- ------------------------------------------------------------
Toqio FinTech
Holdings 1,498 1.4% Provider of embedded FinTech solutions
--------------- -------------- ----- ------------------------------------------------------------
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.
Share buy-backs
During the period from 1 July 2023 to 30 September 2023, 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
-- As announced on 30 October 2023, following a formal tender process,
Johnston Carmichael LLP were appointed as the Company's Auditor.
There have been no other material events or transactions after
the period end to the date of this announcement.
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.
Fiona Wollocombe, Chairman
5 December 2023
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP -- Tel: 020 7601 1850
(END) Dow Jones Newswires
December 05, 2023 07:49 ET (12:49 GMT)
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