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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