Albion Ven Cap Trust Albion Venture Capital Trust Plc: Interim Management Statement
06 Febbraio 2020 - 10:25AM
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
2019 to 31 December 2019.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 December 2019 was
GBP74.0 million or 78.20 pence per share (excluding treasury shares), an
increase of 0.24 pence per share (0.3 per cent.) since 30 September
2019.
After accounting for the dividend paid of 2.50 pence per share on 31
January 2020 to shareholders on the register on 3 January 2020, the NAV
is 75.70 pence per share.
Albion VCTs Prospectus Top Up Offers 2019/20
The Company was pleased to announce on 11 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 investments and 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 GBP000's Activity
------------------ -------- ----------------------------------------------------------------------------------------------------------------------------
Cantab Research 1,144 Provider of low footprint automated speech recognition which can be deployed in the cloud, on premise or on device across 29
Limited (T/A languages.
Speechmatics)
------------------ -------- ----------------------------------------------------------------------------------------------------------------------------
Further investments GBP000's Activity
---------------------------------- -------- --------------------------------
Online community connecting
ePatient Network Limited (T/A people affected by rare
Raremark) 110 diseases.
---------------------------------- -------- --------------------------------
Provider of an online platform
delivering family centric
psychological care primarily to
Healios Limited 110 children and adolescents.
---------------------------------- -------- --------------------------------
A patient engagement and data
capture platform for use in real
world and observational
uMotif Limited 60 research.
---------------------------------- -------- --------------------------------
A secure mobile communication
and collaboration platform in
Forward Clinical Limited 20 healthcare.
---------------------------------- -------- --------------------------------
The Evewell (Harley Street) Operator of a women's health
Limited 15 centre focusing on fertility.
---------------------------------- -------- --------------------------------
Total further investments 315
---------------------------------- -------- --------------------------------
Disposals
The following material disposals were made during the period from 1
October 2019 to 31 December 2019:
Portfolio company GBP000's
---------------------------------- -------- --------------------------------
Disposal of investment with a
cost of GBP1.0 million,
Radnor House School (TopCo) representing a gain of GBP2.2
Limited 3,258 million.
---------------------------------- -------- --------------------------------
Disposal of investments with a
combined cost of GBP1.8 million,
Bravo Inns Limited & Bravo Inns II realising a gain of GBP0.5
Limited 2,291 million on cost.
---------------------------------- -------- --------------------------------
Total proceeds 5,549
---------------------------------- -------- --------------------------------
Top ten holdings (as at 31 December 2019)
Investment Carrying value % of Activity
GBP000's net
asset
value
---------------------------------- -------------- ----- -------------------------------------------------------
Shinfield Lodge Care Limited 12,855 17.4% Owner and operator of a 66 bed care home in Shinfield,
Berkshire.
---------------------------------- -------------- ----- -------------------------------------------------------
Active Lives Care Limited 8,255 11.2% Owner and operator of a 75 bed care home in Cumnor
Hill, Oxfordshire.
---------------------------------- -------------- ----- -------------------------------------------------------
Ryefield Court Care Limited 6,899 9.3% Owner and operator of a 60 bed care home in Hillingdon,
Middlesex.
---------------------------------- -------------- ----- -------------------------------------------------------
Chonais River Hydro Limited 4,363 5.9% Owner and operator of a 2 MW hydro-power scheme in
the Scottish Highlands.
---------------------------------- -------------- ----- -------------------------------------------------------
Kew Green VCT (Stansted) Limited 2,729 3.7% Operator of a Holiday Inn Express hotel at London
Stansted Airport.
---------------------------------- -------------- ----- -------------------------------------------------------
Radnor House School (TopCo) 2,197 3.0% Independent school for children aged 5-18.
Limited
---------------------------------- -------------- ----- -------------------------------------------------------
Gharagain River Hydro Limited 1,790 2.4% Owner and operator of a 1 MW hydro-power scheme in
the Scottish Highlands.
---------------------------------- -------------- ----- -------------------------------------------------------
Elliptic Enterprises Limited 1,244 1.7% Provider of Anti Money Laundering services to digital
asset institutions.
---------------------------------- -------------- ----- -------------------------------------------------------
1,236 1.7% Ultra-fast fibre optic broadband provider in central
G. Network Communications Limited London.
---------------------------------- -------------- ----- -------------------------------------------------------
The Street by Street Solar 1,234 1.7% Owner and operator of photovoltaic systems on domestic
Programme Limited properties in the UK.
---------------------------------- -------------- ----- -------------------------------------------------------
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 2019 to 31 December 2019, the Company
purchased 374,000 shares for GBP274,000 at an average price of 72.84
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.
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:
Number of
shares Issue price per share (including Net proceeds
Date issued costs of issue) GBP'000
--------------- ------------- -------------------------------- ------------
31 January 2020 6,881,627 76.7p to 77.4p 5,200
--------------- ------------- -------------------------------- ------------
As stated in the Half Yearly Financial Report to 30 September 2019, the
Board has now concluded on the consultation process undertaken with
regards to the new management performance incentive and an update will
be made following this announcement.
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 31 December 2019 and 5 February 2020.
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
6 February 2020
For further information please contact:
Albion Capital Group LLP, Company Secretary - Tel: 020 7601 1850
(END) Dow Jones Newswires
February 06, 2020 04:25 ET (09:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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