AAVC Albion Venture Capital Trust Plc

 
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 
2016 to 13 March 2017. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV), as at 31 December 2016 
was GBP57.96 million or 73.0 pence per share (excluding treasury shares) 
(30 September 2016: 72.9 pence per share) after accounting for a 
dividend of 2.5 pence per share which was paid on 30 December 2016 to 
shareholders on the register on 9 December 2016. 
 
   The total return for the 3 month period to 31 December 2016 was 2.6 
pence per share (3.6 per cent.). 
 
   Disposals and loan stock repayments 
 
   During the period from 1 October 2016 to 13 March 2017, the Company 
received loan stock repayments from Kew Green VCT (Stansted) Limited of 
GBP162,000 and Radnor House School (Holdings) Limited of GBP71,000. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 
October 2016 to 13 March 2017: 
 
 
 
 
Name                   GBP'000   Activity 
Shinfield Lodge Care     140    Owns and operates a 66 bed care home in Shinfield, 
Limited (existing                Berkshire. 
investment) 
Beddlestead Farm          8     Development of wedding venues 
Limited (new 
investment) 
 
 
   Top ten holdings (as at 31 December 2016) 
 
 
 
 
Investment  Carrying value  % of   Activity 
             GBP000's       net 
                            asset 
                            value 
Shinfield    9,735          16.8%  Owns and operates a 66 bed care home in Shinfield, 
Lodge Care                          Berkshire. 
Limited 
Kew Green    7,323          12.6%  Operator of a Holiday Inn Express hotel located at 
VCT                                 Stansted Airport. 
(Stansted) 
Limited 
Active       5,871          10.1%  Owns and operates a 75 bed care home in Cumnor Hill, 
Lives Care                          Oxfordshire. 
Limited 
Ryefield     4,956          8.5%   Owns and operates a 60 bed care home in Hillingdon, 
Court Care                          Middlesex. 
Limited 
Radnor       4,352          7.5%   Independent schools for children aged 5-18. 
House 
School 
(Holdings) 
Limited 
Chonais      3,747          6.5%   Owner and operator of a 2 MW hydro-power scheme in 
River                               the Scottish Highlands. 
Hydro 
Limited 
The Crown    3,057          5.3%   Owner and operator of a 114 bedroom hotel located 
Hotel                               in Harrogate, Yorkshire. 
Harrogate 
Limited 
The          2,347          4.0%   Boutique hotel located near Heathrow terminal 5. 
Stanwell 
Hotel 
Limited 
Earnside     1,627          2.8%   Anaerobic digestion plant and composting plant in 
Energy                              Scotland. 
Limited 
Gharagain    1,531          2.6%   Owner and operator of a 1 MW hydroelectricity plant 
River                               in Western Scotland. 
Hydro 
Limited 
 
 
   A full breakdown of the Company's portfolio can be found on the 
Company's webpage on the Manager's website at 
www.albion-ventures.co.uk/funds/AAVC. 
 
   Share buy-backs 
 
   During the period from 1 October 2016 to 13 March 2017, the Company 
purchased 572,000 shares at an average price of 66.21 pence per share. 
These shares will be held in treasury. 
 
   Fundraising and share issues 
 
   During the period from 1 October 2016 to 13 March 2017, the Company 
issued the following shares under the Albion VCTs Prospectus Top Up 
Offers 2016/2017: 
 
 
 
 
                                          Issue price 
                                       including costs of 
                   Number of shares     issue (pence per      Net proceeds 
Date                    issued               share)              GBP'000 
31 January 2017             1,516,754                71.9                1,069 
31 January 2017               542,522                72.3                  382 
31 January 2017             4,695,695                72.6                3,307 
Total                       6,754,971                                    4,758 
 
 
   The Board is pleased to announce that it has reached its GBP6m limit 
under its Offer, which as of 9 February 2017 was fully subscribed and 
has now closed. 
 
   In addition, the following shares were issued under the dividend 
reinvestment scheme on 30 December 2016: 
 
 
 
 
                                          Issue price 
                                       including costs of 
                    Number of shares    issue (pence per      Net invested 
Date                     issued              share)              GBP'000 
30 December 2016              377,848                70.4                  266 
 
   Share price 
 
   The closing mid market price for the shares on 10 March 2017 was 67 
pence per share, an 8.2% per cent. discount to the net asset value at 31 
December 2016 of 73.0 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 2016 to 13 March 2017. 
 
   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 
www.albion-ventures.co.uk/funds/AAVC. 
 
   David Watkins, Chairman 
 
   13 March 2017 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850 
 
   LEI Code 213800JKELS32V2OK421 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq 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 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

March 13, 2017 07:56 ET (11:56 GMT)

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