Kings Arms Yard Kings Arms Yard Vct Plc : 1st Quarter Results
May 17 2017 - 5:25AM
UK Regulatory
TIDMKAY
Kings Arms Yard VCT PLC Interim Management Statement
Introduction
I am pleased to present Kings Arms Yard VCT PLC's interim management
statement for the period from 1 January 2017 to 17 May 2017.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2017 was
GBP60.91 million or 22.25 pence per share (excluding treasury shares),
an increase of 0.84 pence per share (4 per cent.) since 31 December
2016.
After accounting for the dividend paid of 0.50 pence per share on 28
April 2017 to shareholders on the register on 7 April 2017, the NAV is
21.75 pence per share.
Share issues
During the period from 1 January 2017 to 17 May 2017, the Company issued
new Ordinary shares under the Albion VCTs Prospectus Top Up Offers
2016/2017:
Issue price per
Number of shares share (including Net proceeds
Date issued costs of issue) GBP'000
31 January 2017 to
7 April 2017 27,993,183 20.9p to 22.1p 5,824
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.
The Board announced on 22 February 2017 that the Company had reached its
GBP6 million limit under its offer pursuant to the Prospectus dated 29
November 2016, and so was closed.
In addition, the following shares were issued under the dividend
reinvestment scheme on 28 April 2017:
Number of shares Issue price per
Date issued share Net invested GBP'000
28 April 2017 704,941 20.91p 146
Share buy-backs
During the period from 1 January 2017 to 17 May2017, the Company
purchased 1,975,000 shares for GBP390,000 at an average price of 19.76
pence per share. All of the 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.
Portfolio
The following investments have been made during the period from 1
January 2017 to 17 May 2017:
New
investments GBP000s Activity
MPP Global
Solutions Offers a cloud billing platform for enterprise subscription
Limited 550 businesses in the media, sport and retail sectors.
Quantexa Predictive analytics platform to protect and detect
Limited 190 complex financial crime.
Beddlestead
Farm Develop and operate dedicated wedding venues in the
Limited 6 UK
Total new
investments 746
Further investments GBP000s Activity
Data analysis that supports corporate
Black Swan Data Limited 123 decision making
Grapeshot Limited 84 Provider of digital marketing software
Panaseer Limited 63 Data analytics software platform
Mirada Medical Limited 24 Developer of medical imaging software
Total further investments 294
Disposals
The following disposals were made during the period from 1 January 2017
to 17 May 2017:
Portfolio company GBP000s
Oxford Immunotec Global PLC 373 Partial disposal of investment
ErgoMed PLC 210 Partial disposal of investment
Total proceeds 583
Top ten holdings as at 31 March 2017:
% of
net
Carrying value asset
Investment GBP000s value Activity
Active Lives Owner and operator of a care home for the elderly
Care Limited 6,185 10.1 in Oxford
Ryefield
Court Care Owner and operator of a care home for the elderly
Limited 4,496 7.4 in Hillingdon
Elateral
Group
Limited 4,425 7.3 Provider of digital marketing software
Chonais River
Hydro
Limited 2,989 4.8 Hydropower project in Scotland
Proveca
Limited 2,955 4.9 Reformulation of paediatric medicines
Antenova 2,724 4.5 Supplier of integrated antennas and RF solutions
Limited
ErgoMed PLC 2,035 3.3 Clinical stage contract research organisation
Oxford 1,944 3.2 A global, commercial-stage diagnostic company in the
Immunotec field of immunology
Global PLC
Egress 1,930 3.2 Encrypted email & file transfer service provider
Software
Technologies
Limited
Hilson Moran 1,617 2.7 Multi-disciplinary engineering consultancy
Holdings
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/KAY, by following the 'Portfolio of
Investments' link under the 'Funds reports' section.
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 January 2017 and 17 May 2017.
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-ventures.co.uk/funds/KAY.
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 under
www.albion-ventures.co.uk/funds/KAY.
Robin Field, Chairman
17 May 2017
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850
LEI Code 213800DK8H27QY3J5R45
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: Kings Arms Yard VCT PLC via Globenewswire
http://www.sparkventures.com
(END) Dow Jones Newswires
May 17, 2017 05:25 ET (09:25 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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