TIDMAAVC 
 
   ALBION VENTURE CAPITAL TRUST PLC 
 
   Interim Management Statement 
 
   Introduction 
 
   I am pleased to present Albion Venture Capital Trust PLC (the 
"Company")'s interim management statement for the period from 1 October 
2014 to 19 February 2015. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV), based on management 
accounts, as at 31 December 2014 was GBP44.03 million or 69.07 pence per 
share (excluding treasury shares) (30 September 2014: 69.92 pence per 
share) after accounting for a dividend of 2.50 pence per share which was 
paid on 31 December 2014 to shareholders on the register as at 5 
December 2014. 
 
   Before taking account of the dividend, the Company's NAV rose by 1.65 
pence per share or 2.36 per cent. over the 3 months since 30 September 
2014 as a result of an increase in investment valuations and disposals 
(capital uplift of 1.07 pence per share) and net revenue return (0.58 
pence per share). 
 
   Disposals 
 
   During the period from 1 October 2014 to 31 December 2014 the Company 
sold its investment in Oakland Care Centre Limited for GBP5.7 million, 
compared to book value of GBP5.3 million at 30 September 2014 (an uplift 
of 0.73 pence per share) and cost of GBP3.3 million. Including loan 
stock interest, the Company received a return of approximately 2.0x its 
investment and an IRR of 25 per cent. 
 
   The Company also sold its investment in Tower Bridge Health Clubs 
Limited for GBP818,000, compared to book value of GBP775,000 at 30 
September 2014 and cost of GBP313,000. Including loan stock interest and 
loan stock repayments over the course of the investment, the Company 
received a return of approximately 2.7x cost and an IRR of 16 per cent. 
 
   Subsequent to 31 December 2014, the Company sold its investment in the 
Orchard Portman Group (Taunton Hospital Limited) for GBP1,862,000, 
compared to book value of GBP1,846,000 at 31 December 2014 (GBP1,639,000 
at 30 September 2014) and cost of GBP1,314,000. Including loan stock 
interest, the Company received a return of approximately 1.4x cost and 
an IRR of 14 per cent. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 
October 2014 to 19 February 2015: 
 
 
 
 
Name                                                    GBP000's 
Chonais Holdings Limited (existing investment)            999     Owner and operator of a 2 megawatt hydro-power scheme 
                                                                   in the Scottish Highlands. 
Infinite Ventures (Goathill) Ltd (existing investment)    200     Wind turbine project in Scotland. 
Green Highland Renewables (Ledgowan) Limited (existing    156     Hydropower project in Scotland. 
 investment) 
Charnwood Pub Company Limited (existing investment)        30     Pub company which owns and operates 10 freehold public 
                                                                   houses in central England. 
Regenerco Renewable Energy Limited(existing                24     Generator of renewable energy from roof top solar 
investment)                                                        installations. 
AVESI Limited (existing investment)                        12     Generator of renewable energy from roof top solar 
                                                                   installations. 
 
 
   Top ten holdings (as at 31 December 2014) 
 
 
 
 
                                  Carrying value 
Investment                           GBP000's             % of net asset value 
Kew Green VCT (Stansted) Limited           6,855                        15.57% 
The Crown Hotel Harrogate 
 Limited                                   3,074                         6.98% 
Chonais Holdings Limited                   3,043                         6.91% 
The Stanwell Hotel Limited                 2,403                         5.46% 
Radnor House School (Holdings) 
 Limited                                   2,320                         5.27% 
Active Lives Care Limited                  1,846                         4.19% 
Orchard Portman Group (Taunton 
 Hospital Limited)                         1,846                         4.19% 
The Charnwood Pub Company 
 Limited                                   1,493                         3.39% 
The Weybridge Club Limited                 1,328                         3.02% 
Kensington Health Club Limited             1,296                         2.94% 
 
 
   A full breakdown of the Company's portfolio can be found on the Albion 
Ventures website under Portfolio of Investments at 
http://www.albion-ventures.co.uk/ourfunds/AAVC.htm. 
 
   Dividend Reinvestment Scheme 
 
   The Company continues to offer a Dividend Reinvestment Scheme to 
existing shareholders. Details of this scheme can be found at 
http://www.albion-ventures.co.uk/ourfunds/AAVC.htm. 
 
   Share buy-backs 
 
   During the period from 1 October 2014 to 19 February 2015, the Company 
purchased 325,000 shares at an average price of 65.6 pence per share. 
These shares will be held in treasury. 
 
   Fundraising and share issues 
 
   On 17 November 2014 the Company announced the launch of a prospectus top 
up offer (the "Offer") as part of the Albion VCTs Prospectus Top Up 
Offers 2014/2015 which are seeking to raise in aggregate GBP25.5 million, 
including GBP4.25 million for the Company. In addition, the Board may 
elect to raise up to a further GBP1.75 million if there is sufficient 
demand and the Board deems it prudent to do so. 
 
   The proceeds of the Offer will be used to provide further resources to 
the Company at a time when a number of attractive new investment 
opportunities are being seen. 
 
   A Securities Note which forms part of the Prospectus can be found on the 
website www.albion-ventures.co.uk. The Offer will close on 30 September 
2015 (unless fully subscribed or extended by the Company). 
 
   On 30 January 2015 the Company issued the following shares under the 
Albion VCTs Prospectus Top Up Offers 2014/2015: 
 
 
 
 
                                        Issue price per 
                   Number of shares     share (including      Net proceeds 
Date                    issued          costs of issue)          GBP'000 
30 January 2015             1,478,334         68.80 pence                  997 
30 January 2015               832,852         69.20 pence                  562 
Total                       2,311,186                                    1,559 
 
   Share price 
 
   The closing mid market price for the shares on 18 February 2015 was 
66.00 pence per share, a 4.4 per cent. discount to the net asset value 
at 31 December 2014 of 69.07 pence per share. 
 
   Material events and transactions 
 
   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 2014 and 19 February 2015. 
 
   Further information regarding historic and current financial performance 
and other useful shareholder information can be found on the Fund's 
website under http://www.albion-ventures.co.uk/ourfunds/AAVC.htm. 
 
   David Watkins, Chairman 
 
   19 February 2015 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX 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: Albion Venture Capital Trust PLC via Globenewswire 
 
   HUG#1895947 
 
 
  http://www.closeventures.co.uk
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