Albion Dev VCT Albion Development Vct Plc - Ordinary Shares : Interim Management Statement
May 29 2018 - 5:53AM
UK Regulatory
TIDMAADV
Albion Development VCT PLC
Interim Management Statement as at 31 March 2018
LEI Code 213800FDDMBD9QLHLB38
Introduction
I am pleased to present Albion Development VCT PLC (the "Company")'s
interim management statement for the period from 1 January 2018 to 31
March 2018.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2018 was
GBP58.0 million or 78.2 pence per share (excluding treasury shares), an
increase of 4.4 pence per share (6.0 per cent.) since 31 December 2017.
A major contributor of the increase was the successful sale of Grapeshot
Limited which completed after the period end. If the full escrow amount
is received, we will have realised approximately 10 times our original
investment.
After accounting for the first dividend for the year ending 31 December
2018 of 2.0 pence per share (2017: first dividend of 2.0 pence per
share) to be paid on 31 May 2018 to shareholders on the register on 4
May 2018, the NAV is 76.2 pence per share.
Albion VCTs Prospectus Top Up Offers 2017/18
During the period from 1 January 2018 to 31 March 2018, the Company
issued new Ordinary shares under the Albion VCTs Prospectus Top Up
Offers 2017/18:
Aggregate
Number of nominal value Issue price per
shares of shares share (including Net proceeds
Date issued GBP'000 costs of issue) GBP'000
31 January 2018 1,903,510 19 74.0p 1,373
The Board announced on 26 February 2018 that the Company had reached its
GBP6 million limit under its offer pursuant to the Prospectus dated 6
September 2017, and so was closed.
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.
Share buybacks
During the period from 1 January 2018 to 31 March 2018, there were no
share buybacks undertaken by the Company.
It remains the Board's policy to buy back shares in the market, subject
to the overall constraint that such purchases are in the Company's
interest, including the maintenance of sufficient resources for
investment in existing and new portfolio companies and the continued
payment of dividends to shareholders.
It is the Board's intention for such buy-backs to be at around a 5 per
cent. discount to net asset value, so far as market conditions and
liquidity permit.
Portfolio
The following investments have been made during the period from 1
January 2018 to 31 March 2018:
New qualifying investments GBP'000 Activity
Online marketplace connecting
Koru Kids Limited 272 parents and nannies
Total new qualifying investments 272
Follow on investments into
existing portfolio companies GBP'000 Activity
Provider of cyber security
Panaseer Limited 309 services
Convertr Media Limited 175 Digital lead generation software
Total further investments 484
Top ten holdings as at 31 March 2018:
% of
net
Value asset
Investment GBP'000 value Activity
Grapeshot
Limited 6,102 10.5 Provider of digital marketing software
Radnor House
School
(Holdings)
Limited 5,930 10.2 Independent schools for children aged 3-18
Egress
Software
Technologies
Limited 3,216 5.5 Encrypted email & file transfer service provider
Chonais River
Hydro Owns and operates a 2 MW hydro-power scheme in the
Limited 2,372 4.1 Scottish Highlands
Proveca
Limited 2,354 4.1 Reformulation of paediatric medicines
The Street by
Street Solar
Programme Owns and operates photovoltaic systems on domestic
Limited 2,115 3.6 properties in the UK
Regenerco
Renewable
Energy Generator of renewable energy from roof top solar
Limited 1,827 3.1 installations
Alto Prodotto Owns and operates community scale wind energy projects
Wind Limited 1,397 2.4 on brownfield sites in the UK
Mirada
Medical
Limited 1,382 2.4 Developer of medical imaging software
Bravo Inns II
Limited 1,377 2.4 Owner and operator of freehold pubs
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/AADV, by following the 'Portfolio of
Investments' link under the 'Funds reports' section.
Material events and transactions after the period end
Portfolio
After the period end, the Company undertook the following investment
transactions:
-- As announced on 24 April 2018, contracts were exchanged for the sale of
Grapeshot Limited, which subsequently completed on 15 May 2018. The
valuation of the holding as at 31 March 2018 includes discounts to the
total estimated consideration to reflect completion and other risks;
-- Investment of GBP899,000 in an existing portfolio company Sandcroft
Avenue Limited, which provides flexible access to gyms trading as
PayasUgym.com;
-- Investment of GBP239,000 in an existing portfolio company, Black Swan
Data Limited, which provides data analysis that supports corporate
decision making;
-- Investment of GBP180,000 in an existing portfolio company, InCrowd Sports
Limited, which is a developer of mobile apps for professional sports
clubs;
-- Investment of GBP160,000 in an existing portfolio company, Abcodia
Limited, which focuses on the validation and discovery of serum
biomarkers;
-- Investment of GBP100,000 into a new portfolio company, Healios Limited,
which provides online delivery of mental health therapy services; and
-- Investment of GBP56,000 in an existing portfolio company, DySIS Medical
Limited, which is a developer of medical devices for the detection of
cervical cancer.
Albion VCTs prospectus Top Up Offers
The following new Ordinary shares of nominal value 1 penny per share
were allotted under the Albion VCTs prospectus Top Up Offers 2017/18
after 31 March 2018:
Aggregate
Number of nominal value Issue price per
shares of shares share (including Net proceeds
Date issued GBP'000 costs of issue) GBP'000
5 April 2018 964,862 10 75.7p 712
11 April 2018 214,652 2 75.0p to 75.7p 158
There have been no further significant events or transactions between 1
April 2018 and 29 May 2018 that the Board is aware of which would have
had a material impact on the financial position of the Company.
Further information
The Company continues to offer a Dividend Reinvestment Scheme to
existing shareholders. Details of this Scheme can be found on the
Company's webpage on the Manager's website at
www.albion.capital/funds/AADV.
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/AADV.
Geoffrey Vero, Chairman
29 May 2018
For further information please contact:
Albion Capital Group LLP - 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 Development VCT PLC - Ordinary Shares via Globenewswire
http://www.closeventures.co.uk
(END) Dow Jones Newswires
May 29, 2018 05:53 ET (09:53 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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