AAVC Albion Venture Capital Trust Plc

 
TIDMAAVC 
 
   ALBION VENTURE CAPITAL TRUST PLC 
 
   LEI Code: 213800JKELS32V2OK421 
 
   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 
2017 to 31 December 2017. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 31 December 2017 was 
GBP64.9 million or 74.5 pence per share (excluding treasury shares), an 
increase of 0.4 pence per share (0.5 per cent.) since 30 September 2017. 
 
   After accounting for the dividend of 2.5 pence per share paid on 31 
January 2018 to shareholders on the register on 5 January 2018, the NAV 
is 72.0 pence per share. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 
October 2017 to 31 December 2017: 
 
 
 
 
Name                   GBP'000  Activity 
Beddlestead Limited      940    Developer and operator of a dedicated wedding venue 
(existing                        in the UK. 
investment) 
Women's Health           750    Developer and operator of a women's health centre 
(London West One)                of excellence focussing on fertility. 
Limited (new 
investment) 
G.Network                254    Ultra-fast fibre optic broadband provider in central 
Communications                   London. 
Limited (existing 
investment) 
 
 
   Top ten holdings (as at 31 December 2017) 
 
 
 
 
Investment  Carrying value  % of   Activity 
             GBP000's       net 
                            asset 
                            value 
Shinfield           10,745  16.6%  Owns and operates a 66 bed care home in Shinfield, 
Lodge Care                          Berkshire. 
Limited 
Active               6,958  10.7%  Owns and operates a 75 bed care home in Cumnor Hill, 
Lives Care                          Oxfordshire. 
Limited 
Kew Green            6,932  10.7%  Operator of a Holiday Inn Express hotel at Stansted 
VCT                                 Airport. 
(Stansted) 
Limited 
Ryefield             5,867   9.0%  Owns and operates a 60 bed care home in Hillingdon, 
Court Care                          Middlesex. 
Limited 
Radnor               4,802   7.4%  Independent schools for children aged 5-18. 
House 
School 
(Holdings) 
Limited 
Chonais              3,854   5.9%  Owner and operator of a 2 MW hydro-power scheme in 
River                               the Scottish Highlands. 
Hydro 
Limited 
TCHH                 3,252   5.0%  Former owner and operator of The Crown Hotel in 
Limited                            Harrogate. 
The                  2,094   3.2%  Boutique hotel located near Heathrow Terminal 5. 
Stanwell 
Hotel 
Limited 
Earnside             1,616   2.5%  Anaerobic digestion and composting plant located in 
Energy                              Scotland. 
Limited 
Gharagain            1,558   2.4%  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 October 2017 to 31 December 2017, the Company 
purchased 140,000 shares at an average price of 68.68 pence per share. 
These shares will be held in treasury. 
 
   Patient Capital Review 
 
   As reported in the Half-yearly Financial Report, recent VCT legislation 
has led your Board and the Manager to conclude that a purely asset-based 
investment policy will not be practicable for the longer term, and will 
be making proposals to shareholders in due course. 
 
   Material events and transactions after the period end 
 
   Portfolio 
 
   After the period end, the Company had the following material investment 
transactions: 
 
 
   -- Proceeds of GBP3,262,000 from the sale of The Crown Hotel in Harrogate. 
 
   Share issues 
 
   Under the terms of the dividend reinvestment scheme, the following new 
Ordinary shares of nominal value 1 penny each were allotted after 31 
December 2017: 
 
 
 
 
                   Number of                   Issue price per 
                    shares      Nominal Value  share (including  Net invested 
Date                issued         GBP'000     costs of issue)      GBP'000 
31 January 2018        418,126              4             71.6p            297 
 
   Share price 
 
   The closing mid market price for the shares on 12 March 2018 was 69 
pence per share, a 4.2% per cent. discount to the net asset value at 31 
December 2017 of 72.0 pence per share (after accounting for the 2.5 
pence per share dividend paid on 31 January 2018). 
 
   Share buy-backs 
 
   During the period from 31 December 2017 to 13 March 2018, the Company 
purchased 727,000 shares at an average price of 68.68 pence per share. 
These shares will be held in treasury. 
 
   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 2017 to 13 March 2018. 
 
   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 
 
   13 March 2018 
 
   For further information please contact: 
 
   Albion Capital Group LLP, Company Secretary - Tel: 020 7601 1850 
 
   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, 2018 10:09 ET (14:09 GMT)

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