Albion Ven Cap Trust Albion Venture Capital Trust Plc : Interim Management Statement
August 08 2016 - 5:58AM
UK Regulatory
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 April
2016 to 8 August 2016.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 June 2016 was
GBP57.4 million or 72.3 pence per share (excluding treasury shares), an
increase of 0.3 pence per share (0.4 per cent.) since 31 March 2016.
After accounting for a dividend for the year to 31 March 2017 of 2.5
pence per share (total value: GBP2.0 million), paid on 29 July 2016 to
shareholders on the register as at 8 July 2016, the NAV is 69.8 pence
per share.
Disposals and loan stock repayments
During the period from 1 April 2016 to 8 August 2016, the Company
received loan stock repayments from Kew Green VCT (Stansted) Limited of
GBP243,000.
Portfolio
The following investments have been made during the period from 1 April
2016 to 8 August 2016:
Name GBP'000 Activity
Ryefield Court Care 1,063 Owns and operates a 60 bed care home in Hillingdon,
Limited (existing Middlesex.
investment)
Earnside Energy 1,022 Anaerobic digestion and composting plant located in
Limited (existing Scotland.
investment)
Active Lives Care 945 Owns and operates a 75 bed care home in Cumnor Hill,
Limited (existing Oxfordshire.
investment)
Shinfield Lodge Care 885 Owns and operates a 66 bed care home in Shinfield,
Limited (existing Berkshire.
investment)
The Weybridge Club 3 Health and Fitness Club located in Weybridge.
Limited (existing
investment)
Top ten holdings (as at 30 June 2016)
Investment Carrying value % of Activity
GBP000's net
asset
value
Kew Green 7,877 13.7% Operator of a Holiday Inn Express hotel at Stansted
VCT Airport.
(Stansted)
Limited
Shinfield 7,642 13.3% Owns and operates a 66 bed care home in Shinfield,
Lodge Care Berkshire.
Limited
Active 4,247 7.4% Owns and operates a 75 bed care home in Cumnor Hill,
Lives Care Oxfordshire.
Limited
Radnor 3,840 6.7% Independent schools for children aged 5-18.
House
School
(Holdings)
Limited
Chonais 3,719 6.5% Owner and operator of a 2 MW hydro-power scheme in
River the Scottish Highlands.
Hydro
Limited
Ryefield 3,079 5.4% Owns and operates a 60 bed care home in Hillingdon,
Court Care Middlesex.
Limited
The Crown 2,975 5.2% Owner and operator of a 114 bedroom hotel located
Hotel in Harrogate, Yorkshire.
Harrogate
Limited
The 2,511 4.4% Boutique hotel located near Heathrow terminal 5.
Stanwell
Hotel
Limited
Gharagain 1,790 3.1% Owner and operator of a 1 MW hydroelectricity plant
River in Western Scotland.
Hydro
Limited
Earnside 1,614 2.8% Anaerobic digestion and composting plant located in
Energy Scotland.
Limited
A full breakdown of the Company's portfolio can be found on the
Company's webpage on the Manager's website at
http://www.albion-ventures.co.uk/funds/AAVC.
Share buy-backs
During the period from 1 April 2016 to 8 August 2016, the Company
purchased 306,748 shares at an average price of 66.155 pence per share.
These shares will be held in treasury.
Fundraising and share issues
The Board announced on 17 March 2016 that the Company had reached its
GBP6 million limit under its offer pursuant to the Prospectus dated 17
November 2015, and so was closed.
During the period from 1 April 2016 to 6 April 2016, the Company issued
the following shares under the Albion VCTs Prospectus Top Up Offers
2015/2016:
Issue price per
Number of shares share (including
Date issued costs of issue) Net proceeds GBP'000
6 April 2016 245,265 72.00 pence 173
6 April 2016 9,897 72.40 pence 7
6 April 2016 107,001 72.80 pence 76
Total 362,163 256
In addition, the following shares were issued under the dividend
reinvestment scheme on 29 July 2016:
Issue price per
Number of shares share (including
Date issued costs of issue) Net proceeds GBP'000
29 July 2016 374,773 69.50 pence 259
Share price
The closing mid-market price for the shares on 5 August 2016 was 66.5
pence per share, a 4.7 per cent. discount to the net asset value at 30
June 2016 of 69.8 pence per share (after accounting for the dividend of
2.50 pence per share paid on 29 July 2016).
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 April 2016 to 8 August 2016.
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 at
http://www.albion-ventures.co.uk/funds/AAVC.
David Watkins, Chairman
8 August 2016
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#2033805
http://www.closeventures.co.uk
(END) Dow Jones Newswires
August 08, 2016 05:58 ET (09:58 GMT)
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