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 April 
2017 to 30 June 2017. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 30 June 2017 was 
GBP66.0 million or 75.7 pence per share (excluding treasury shares), an 
increase of 0.3 pence per share (0.4 per cent.) since 31 March 2017. 
 
   After accounting for the dividend paid of 2.5 pence per share on 31 July 
2017 to shareholders on the register on 7 July 2017, the NAV is 73.2 
pence per share. 
 
   Portfolio 
 
   During the period from 1 April 2017 to 30 June 2017, an investment of 
GBP228,000 was made in a new portfolio company, G. Network 
Communications Limited, which is a provider of fibre optic broadband to 
SMEs in central London. 
 
   Top ten holdings (as at 30 June 2017) 
 
 
 
 
Investment  Carrying value  % of   Activity 
             GBP000's       net 
                            asset 
                            value 
Shinfield       10,627      16.1%  Owns and operates a 66 bed care home in Shinfield, 
Lodge Care                          Berkshire. 
Limited 
Active          6,789       10.3%  Owns and operates a 75 bed care home in Cumnor Hill, 
Lives Care                          Oxfordshire. 
Limited 
Kew Green       6,723       10.2%  Operator of a Holiday Inn Express hotel at Stansted 
VCT                                 Airport. 
(Stansted) 
Limited 
Ryefield        5,697       8.6%   Owns and operates a 60 bed care home in Hillingdon, 
Court Care                          Middlesex. 
Limited 
Radnor          4,316       6.5%   Independent schools for children aged 5-18. 
House 
School 
(Holdings) 
Limited 
Chonais         3,771       5.7%   Owner and operator of a 2 MW hydro-power scheme in 
River                               the Scottish Highlands. 
Hydro 
Limited 
The Crown       3,087       4.7%   Owner and operator of a 114 bedroom hotel located 
Hotel                               in Harrogate, Yorkshire. 
Harrogate 
Limited 
The             2,252       3.4%   Boutique hotel located near Heathrow terminal 5. 
Stanwell 
Hotel 
Limited 
Earnside        1,613       2.4%   Anaerobic digestion and composting plant located in 
Energy                              Scotland. 
Limited 
Gharagain       1,538       2.3%   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.capital/funds/AAVC. 
 
   Share buy-backs 
 
   During the period from 1 April 2017 to 30 June 2017,there were no share 
buy-backs undertaken by the Company. 
 
   Fundraising and share issues 
 
   During the period from 1 April 2017 to 7 April 2017, the Company issued 
the following shares under the Albion VCTs Prospectus Top Up Offers 
2016/2017: 
 
 
 
 
                                       Issue price per 
                 Number of shares     share (including     Net consideration 
Date                  issued           costs of issue)      received GBP'000 
7 April 2017                365,978       74.5p to 75.3p                   267 
 
 
   The Offer was fully subscribed and raised net proceeds of GBP5.83 
million. The proceeds of the Offer are being used to provide further 
resources to the Company at a time when a number of attractive new 
investment opportunities are being seen. 
 
   Material events and transactions after the period end 
 
   Portfolio 
 
   After the period end, the Company had the following material investment 
transactions: 
 
 
   -- Investment of GBP340,000 in an existing portfolio company, Ryefield Court 
      Care Limited, which owns and operates a 60 bed care home in Hillingdon, 
      Middlesex; 
 
   -- Investment of GBP280,000 in an existing portfolio company, Active Lives 
      Care Limited, which owns and operates a 75 bed care home in Cumnor Hill, 
      Oxfordshire; and 
 
   -- Investment of GBP8,000 in an existing portfolio company, Beddlestead Farm 
      Limited, which is a seed investment to develop and operate dedicated 
      wedding venues in the UK. 
 
   Share price 
 
   The closing mid-market price for the shares on 14 August 2017 was 71.0 
pence per share, a 3.0 per cent. discount to the net asset value at 30 
June 2017 of 73.2 pence per share (after accounting for the dividend of 
2.5 pence per share paid on 31 July 2017). 
 
   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 2017 to 14 August 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.capital/funds/AAVC. 
 
   David Watkins, Chairman 
 
   14 August 2017 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Capital Group 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

August 14, 2017 05:53 ET (09:53 GMT)

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