Albion Ven Cap Trust Albion Venture Capital Trust Plc: Interim Management Statement
March 04 2021 - 10:10AM
UK Regulatory
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
2020 to 31 December 2020.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 December 2020 was
GBP73.7 million or 73.48 pence per share (excluding treasury shares), an
increase of 3.89 pence per share (5.6 per cent.) since 30 September
2020. The uplift in NAV is predominantly a result of the sale of the
Company's care home investments after the period end, which are
reflected in the 31 December 2020 NAV, and further information on the
disposal can be found below.
After accounting for the dividend paid of 1.74 pence per share on 29
January 2021 to shareholders on the register on 8 January 2021, the NAV
is 71.74 pence per share.
Portfolio
The following investments have been made during the period from 1
October 2020 to 31 December 2020:
New investments GBP000's Activity
--------------- -------- ---------------------------------------------------
Seldon
Technologies Software company that enables enterprises to deploy
Limited 902 Machine Learning models in production.
--------------- -------- ---------------------------------------------------
A middleware technology platform that enables life
uMedeor Limited science organisations to conduct medical research
(T/A uMed) 334 programmes.
--------------- -------- ---------------------------------------------------
Total new
investments 1,236
--------------- -------- ---------------------------------------------------
Further
investments GBP000's Activity
------------ -------- ---------------------------------------------------------
Limitless
Technology Provider of a customer service platform powered by
Limited 151 the crowd and machine learning technology.
------------ -------- ---------------------------------------------------------
Arecor Development of biopharmaceuticals through the application
Limited 69 of a formulation technology platform.
------------ -------- ---------------------------------------------------------
Total
further
investments 220
------------ -------- ---------------------------------------------------------
Disposals
The following material disposals were made during the period from 1
October 2020 to 31 December 2020:
Portfolio company GBP000's
---------------------------------- -------- --------------------------------
Disposal of investment on a cost
G. Network Communications Limited 1,281 of GBP228,000.
---------------------------------- -------- --------------------------------
Disposal of investment on a cost
Clear Review Limited 793 of GBP384,000.
---------------------------------- -------- --------------------------------
Total proceeds 2,074
---------------------------------- -------- --------------------------------
Top ten holdings (as at 31 December 2020)
Investment Carrying value % of Activity
GBP000's net
asset
value
------------------ -------------- ----- -------------------------------------------------------
Shinfield Lodge 14,088 19.1% Owner and operator of a 66 bed care home in Shinfield,
Care Limited Berkshire.
------------------ -------------- ----- -------------------------------------------------------
Active Lives Care 8,713 11.8% Owner and operator of a 75 bed care home in Cumnor
Limited Hill, Oxfordshire.
------------------ -------------- ----- -------------------------------------------------------
Ryefield Court 7,328 9.9% Owner and operator of a 60 bed care home in Hillingdon,
Care Limited Middlesex.
------------------ -------------- ----- -------------------------------------------------------
Chonais River 4,266 5.8% Owner and operator of a 2 MW hydro-power scheme in
Hydro Limited the Scottish Highlands.
------------------ -------------- ----- -------------------------------------------------------
Radnor House 2,122 2.9% Independent school for children aged 3-18.
School (TopCo)
Limited
------------------ -------------- ----- -------------------------------------------------------
Gharagain River 1,784 2.4% Owner and operator of a 1 MW hydro-power scheme in
Hydro Limited the Scottish Highlands.
------------------ -------------- ----- -------------------------------------------------------
The Street by 1,273 1.7% Owner and operator of photovoltaic systems on domestic
Street Solar properties in the UK.
Programme Limited
------------------ -------------- ----- -------------------------------------------------------
Elliptic 1,244 1.7% Provider of Anti Money Laundering services to digital
Enterprises asset institutions.
Limited
------------------ -------------- ----- -------------------------------------------------------
Cantab Research 1,144 1.6% Provider of low footprint automated speech recognition
Limited (T/A which can be deployed in the cloud, on premise or
Speechmatics) on device across 29 languages.
------------------ -------------- ----- -------------------------------------------------------
The Evewell 1,080 1.5% Operator of a women's health centre focusing on
(Harley Street) fertility.
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 2020 to 31 December 2020, the Company
purchased 389,868 Ordinary shares at a cost of GBP259,000 including
stamp duty. All shares are to be held in treasury.
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.
Material events and transactions after the period end
Portfolio
After the period end, the Company had the following material investment
transaction:
-- Investment of GBP1,262,000 in a new portfolio company, Threadneedle
Software Holdings Limited (T/A Solidatus), a provider of data lineage
software to enterprise customers in regulated sectors, which allows them
to rapidly discover, visualise, catalogue and understand how data flows
through their systems;
-- Investment of GBP503,000 in an existing portfolio company, Healios
Limited, provider of an online platform delivering family centric
psychological care primarily to children and adolescents; and
-- Investment of GBP44,000 in an existing portfolio company, ePatient
Network Limited (T/A Raremark), provider of an online community
connecting people affected by rare diseases.
Care home portfolio disposal
The Board is pleased to announce that, following the period end, the
Company completed the sale of its three care homes for the elderly;
Active Lives Care Limited, Ryefield Court Care Limited, and Shinfield
Lodge Care Limited. The purpose built residential care homes situated
across the South of England, offer luxury living with all-inclusive
service and an excellent level of care. The homes were trading at mature
occupancy levels.
The first investments in the homes were made over 5 years ago and the
sale will generate a 2.4x return on cost (including interest received),
an excellent result for the Company.
Following the sale, which results in the Company holding significant
cash, the Board intends to consider the options available to the Company,
including the potential payment of a special dividend, and will provide
an update to shareholders in the Annual Report and Financial Statements
for the year ended 31 March 2021.
There have been no other 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 January 2021 and 4 March 2021.
Further information
The Company continues to offer a dividend reinvestment scheme to
existing shareholders. Details of this Scheme can be found at
www.albion.capital/funds/AAVC.
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.
Richard Glover, Chairman
4 March 2021
For further information please contact:
Albion Capital Group LLP, Company Secretary - Tel: 020 7601 1850
(END) Dow Jones Newswires
March 04, 2021 10:10 ET (15:10 GMT)
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