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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