Albion EnterpriseVCT Albion Enterprise Vct Plc: Interim Management Statement
05 Febbraio 2020 - 02:20PM
UK Regulatory
TIDMAAEV
ALBION ENTERPRISE VCT PLC
LEI Code: 213800OVSRDHRJBMO720
Interim Management Statement
Introduction
I am pleased to present Albion Enterprise VCT PLC (the "Company")'s
interim management statement for the period from 1 October 2019 to 31
December 2019.
Performance and dividends
The Company's unaudited net asset value (NAV) on 31 December 2019 was
GBP75.48 million or 118.70 pence per share (excluding treasury shares),
a decrease of 0.72 pence per share (0.60 per cent.) since 30 September
2019.
After accounting for the dividend of 3.00 pence per share to be paid on
28 February 2020 to shareholders on the register on 7 February 2020, the
NAV will be 115.70 pence per share.
Albion VCTs Prospectus Top Up Offers 2019/20
The Company announced on 20 December 2019 that it had reached its GBP6
million under the Albion VCTs Prospectus Top Up Offers 2019/20 which was
fully subscribed and closed to further applications. In light of recent
disposals made, the Board decided to not exercise its over-allotment
facility of a further GBP2 million to take the amount up to its maximum
limit of GBP8 million, as provided for under the Offer.
Portfolio
The following investments have been made during the period from 1
October 2019 to 31 December 2019:
New investments GBP000s Activity
-------------------------- ------- ------------------------------------------------------
Provider of low footprint automated speech recognition
Cantab Research Limited which can be deployed in the cloud, on premise or
(trading as Speechmatics) 696 on device across 29 languages
-------------------------- ------- ------------------------------------------------------
Total new investments 696
-------------------------- -------
Further investments GBP000s Activity
---------------------- ------- ------------------------------------------------------------
InCrowd Sports Limited 268 Developer of mobile apps for professional sports clubs
---------------------- ------- ------------------------------------------------------------
A technology enabled service business in medical nutritional
Oviva AG 240 therapy (MNT)
---------------------- ------- ------------------------------------------------------------
Provider of an online platform delivering family centric
Healios Limited 170 psychological care primarily to children and adolescents
---------------------- ------- ------------------------------------------------------------
ePatient Limited Online community connecting people affected by rare
(trading as Raremark) 160 diseases
---------------------- ------- ------------------------------------------------------------
Panaseer Limited 142 Provider of cyber security services
---------------------- ------- ------------------------------------------------------------
A patient engagement and data capture platform for
uMotif Limited 105 use in real world and observational research
---------------------- ------- ------------------------------------------------------------
Sandcroft Avenue
Limited (trading as
Hussle) 96 A provider of flexible access to gyms
---------------------- ------- ------------------------------------------------------------
Forward Clinical A secure mobile communication and collaboration platform
Limited 29 in healthcare
---------------------- ------- ------------------------------------------------------------
The Evewell (Harley
Street) Limited 18 Operator of a women's health centre focusing on fertility
---------------------- ------- ------------------------------------------------------------
Total further
investments 1,228
---------------------- -------
Disposals
The following material disposals and loan stock repayments were made
during the period from 1 October 2019 to 31 December 2019:
Portfolio
Company GBP000s
----------- ------- --------------------------------------------------------
Radnor
House
School Reorganisation and part disposal of investment on
(TopCo) a cost of GBP1.3 million, representing a gain of GBP3.2
Limited 4,472 million
----------- ------- --------------------------------------------------------
Process
Systems
Enterprise Disposal of investment on a cost of GBP0.4 million
Limited 4,168 realising a gain of GBP3.8 million on cost
----------- ------- --------------------------------------------------------
Bravo Inns
Limited &
Bravo Inns Disposal of investments with a combined cost of GBP2.9
II Limited 3,852 million, realising a gain of GBP0.9 million on cost
----------- ------- --------------------------------------------------------
Total
proceeds 12,492
----------- -------
Top ten holdings (on 31 December 2019)
% of
net
Carrying value asset
Investment GBP000s value Activity
--------------- -------------- ----- ------------------------------------------------------
Egress Software
Technologies
Limited 9,301 12.3% Data security cloud services
--------------- -------------- ----- ------------------------------------------------------
Mirada Medical Developer of medical imaging software using Deep
Limited 3,787 5.0% Learning
--------------- -------------- ----- ------------------------------------------------------
Proveca Limited 3,715 4.9% Reformulation of paediatric medicines
--------------- -------------- ----- ------------------------------------------------------
Radnor House 3,018 4.0% Independent school for children aged 5-18
School (TopCo)
Limited
--------------- -------------- ----- ------------------------------------------------------
Quantexa 2,896 3.8% Network analytics platform to detect financial crime
Limited
--------------- -------------- ----- ------------------------------------------------------
Regenerco 2,129 2.8% Generator of renewable energy from roof top solar
Renewable installations
Energy
Limited
--------------- -------------- ----- ------------------------------------------------------
The Street by 1,635 2.2% Owns and operates photovoltaic systems on domestic
Street Solar properties in the UK
Programme
Limited
--------------- -------------- ----- ------------------------------------------------------
Alto Prodotto 1,524 2.0% Owns and operates community scale wind energy projects
Wind Limited on brownfield sites in the UK
--------------- -------------- ----- ------------------------------------------------------
G. Network 1,479 2.0% Ultra-fast fibre optic broadband provider in central
Communications London
Limited
--------------- -------------- ----- ------------------------------------------------------
Greenenerco 1,450 1.9% Owns and operates a 500kW wind project in the UK
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/AAEV, by following the 'Portfolio of
Investments' link under the 'Fund reports' section.
Share buy-backs
During the period from 1 October 2019 to 31 December 2019, the Company
purchased 223,000 Ordinary shares for GBP251,000 at an average price of
111.84p pence per Ordinary share. All 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.
Material events and transactions after the period end
Portfolio
After the period end, the Company issued the following new Ordinary
shares of nominal value 1 penny per share under the Albion VCTs
Prospectus Top Up Offers 2019/20:
Date Number of shares Issue price per share Net proceeds
issued (including costs of
issue)
--------------- ---------------------- --------------------- --------------
31 January 2020 4,707,845 1.213-1.225 GBP5.6 million
--------------- ---------------------- --------------------- --------------
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 2020 and 5 February 2020.
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 www.albion.capital/funds/AAEV.
Maxwell Packe, Chairman
5 February 2020
For further information please contact:
Albion Capital Group LLP, Company Secretary - Tel: 020 7601 1850
(END) Dow Jones Newswires
February 05, 2020 08:20 ET (13:20 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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