Albion Tech&Gen VCT Albion Technology & General Vct Plc : Interim Management Statement
11 Novembre 2019 - 05:20PM
UK Regulatory
TIDMAATG
Albion Technology & General VCT PLC
Interim Management Statement
LEI code: 213800TKJUY376H3KN16
Introduction
I am pleased to present Albion Technology & General VCT PLC's (the
"Company") interim management statement for the period from 1 July 2019
to 30 September 2019.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2019
was GBP95.2 million or 85.28 pence per share (excluding treasury shares),
an increase of 0.13 pence per share or 0.2 per cent. since 30 June 2019.
A second dividend for the year ending 31 December 2019 of 2.0 pence per
Ordinary share is to be paid on 31 December 2019 to shareholders on the
register on 6 December 2019, resulting in total dividends of 4.0 pence
per share for the year.
Share buy-backs
During the period from 1 July 2019 to 30 September 2019, the Company
purchased 373,000 shares for GBP280,000 including stamp duty, at an
average price of 74.63 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 the most
recently announced net asset value, so far as market conditions and
liquidity permit.
Portfolio
The following investments have been made during the period from 1 July
2019 to 30 September 2019:
New investment GBP000s Activity
-------------- ------- -----------------------------------------------------
Elliptic 1,402 Provider of Anti Money Laundering services to digital
Enterprises asset institutions
Limited
-------------- ------- -----------------------------------------------------
Further
investments GBP000s Activity
------------------ ------- -------------------------------------------------
Koru Kids Limited 141 Online marketplace connecting parents and nannies
------------------ ------- -------------------------------------------------
The Evewell
(Harley Street) Developer and operator of a women's health centre
Limited 42 of excellence focussing on fertility
------------------ ------- -------------------------------------------------
Convertr Media
Limited 26 Digital lead generation software
------------------ ------- -------------------------------------------------
Total further
investments 209
------------------ -------
Disposals
The following material disposals and loan stock repayments were made
during the period from 1 July 2019 to 30 September 2019:
-- As announced in the Half-yearly Financial Report, contracts were
exchanged for the sale of Process Systems Enterprise Limited. Proceeds of
GBP14.0 million have been received after the period end, generating a 10
times return on total funds invested; and
-- G. Network Communications Limited repaid its loan stock of GBP713,000.
Top ten holdings as at 30 September 2019:
% of
net
Carrying value asset
Investment GBP'000 value Activity
------------- -------------- ----- ---------------------------------------------------
Process
Systems
Enterprise
Limited* 14,039 14.8 Process modelling software and services
------------- -------------- ----- ---------------------------------------------------
Radnor House
School
(Holdings)
Limited* 11,564 12.2 Independent schools for children aged 5-18
------------- -------------- ----- ---------------------------------------------------
Chonais River
Hydro Owner and operator of a 2 MW hydro-power scheme in
Limited 4,125 4.3 the Scottish Highlands
------------- -------------- ----- ---------------------------------------------------
Bravo Inns II
Limited 3,796 4.0 Owner and operator of freehold pubs
------------- -------------- ----- ---------------------------------------------------
Mirada
Medical Developer of medical imaging software using Deep
Limited 3,428 3.6 Learning
------------- -------------- ----- ---------------------------------------------------
Quantexa Network analytics platform to detect financial
Limited 3,202 3.4 crime
------------- -------------- ----- ---------------------------------------------------
Proveca
Limited 2,739 2.9 Reformulation of medicines for paediatric use
------------- -------------- ----- ---------------------------------------------------
Gharagain
River Hydro Owner and operator of a 1 MW hydroelectricity plant
Limited 2,198 2.3 in the Scottish Highlands
------------- -------------- ----- ---------------------------------------------------
Egress
Software
Technologies
Limited 2,114 2.2 Encrypted email & file transfer service provider
------------- -------------- ----- ---------------------------------------------------
Bravo Inns
Limited 2,078 2.2 Owner and operator of freehold pubs
------------- -------------- ----- ---------------------------------------------------
*Refer to material events and transactions after the period end below
A full breakdown of the Company's portfolio can be found on the
Company's webpage on the Manager's website at
https://www.globenewswire.com/Tracker?data=0ifSVyUV2cDAQcqwCUT-UYNCW5l05yqWj8dpJH12NvZdlBdRS_QFr9_k6sOnjG3nLjeJ7XygerwHf6mNMxkuu-4RZazrO_1wkFtEDFF1wKcbCrs4BKJq2ERU_aGIkTSm
www.albion.capital/funds/AATG, by following the 'Portfolio of
Investments' link under the 'Fund reports' section.
Material events and transactions after the period end
After the period end, the Company undertook the following transactions:
-- Proceeds of GBP14.0 million received from the sale of Process Systems
Enterprise Limited;
-- Following a restructuring of Radnor House School (Holdings) Limited,
Radnor House Twickenham was sold generating proceeds of GBP6.5
million;Investment of GBP1,486,000 in a new portfolio company, Cantab
Research Limited (trading as Speechmatics), a provider of low footprint
automated speech recognition which can be deployed in the cloud, on
premise or on device across 29 languages;
-- Investment of GBP136,000 in an existing portfolio company, Healios
Limited, a provider of an online platform delivering family centric
psychological care primarily to children and adolescents;
-- Investment of GBP111,000 in an existing portfolio company, Oviva AG, a
technology enabled service business in medical nutritional therapy (MNT);
and
-- Investment of GBP85,000 in an existing portfolio company, uMotif Limited,
a patient engagement and data capture platform for use in real world and
observational research.
There have been no further significant events or transactions between 1
October 2019 and 11 November 2019 that the Board is aware of which would
have had a material impact on the financial position of the Company.
Further information
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
https://www.globenewswire.com/Tracker?data=0ifSVyUV2cDAQcqwCUT-UYNCW5l05yqWj8dpJH12NvYfnBkN0eMQnc0_O0q4S9bqEtEAuE1spTk0tG-55o2wI_DEEdUqnUlUIDt_3y-yrIXVO5AHzC83XQCN7S92trKk
www.albion.capital/funds/AATG.
Dr. Neil Cross, Chairman
11 November 2019
For further information please contact:
Albion Capital Group LLP -- tel: 020 7601 1850
(END) Dow Jones Newswires
November 11, 2019 11:20 ET (16:20 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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