REG-Albion Crown VCT PLC: Interim Management Statement

Albion Crown VCTAnnouncement

03/06/2025 14:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250603:nGNE84LwfJ&default-theme=true


Albion Crown VCT PLC 
Interim Management Statement
LEI Code: 213800SYIQPA3L3T1Q68

Introduction
I present Albion Crown VCT PLC (the “Company”)’s interim management
statement for the period from 1 January 2025 to 31 March 2025.

The Company completed the merger with Albion Venture Capital Trust PLC (AAVC)
in December 2024 which created a new C share class (CRWC). The C share class
(CRWC) will convert into ordinary shares (CRWN) on a relative Net Asset Value
basis as at 30 June 2026, which is expected to complete in November 2026.

Performance and dividends

Ordinary shares
The ordinary shares unaudited net asset value (NAV) as at 31 March 2025 was
£113.7 million or 31.35 pence per ordinary share, an increase of 0.18 pence
per ordinary share (0.58%) since 31 December 2024.

After accounting for the dividend of 0.78 pence per ordinary share, paid on 30
April 2025 to shareholders on the register on 11 April 2025, the NAV is 30.57
pence per ordinary share.

C Shares
The C shares unaudited NAV as at 31 March 2025 was £57.9 million or 43.15
pence per C share, a decrease of 0.12 pence per C share (0.27%) since 31
December 2024.

After accounting for the dividend of 1.08 pence per C share, paid on 30 April
2025 to shareholders on the register on 11 April 2025, the NAV is 42.07 pence
per C share.

Fundraising
A prospectus Top Up Offer of new ordinary shares opened to applications on 6
January 2025. On 31 March 2025, the Board announced that it had reached its
£30 million limit (inclusive of a £10 million over-allotment facility which
had been exercised) and therefore had closed to further applications.

During the period from 1 January 2025 to 31 March 2025, the Company issued the
following ordinary shares under the Albion VCTs Top Up Offers:

 Date           Number of ordinary shares issued  Issue price per ordinary share  Net consideration received (£’000)     
 21 March 2025  65,583,583                        31.81 to 32.14 pence            20,446                                 

Portfolio
As noted in the Half-yearly Financial Report for the six months to 31 December
2024, after reviewing detailed cash flow forecasts, the Board agreed with the
Manager that the current investment focus for the C share class will be on
supporting existing portfolio companies and not to make further new
investments. This is to ensure that the C share class has sufficient cash
resources for follow-on investments, dividends and share buybacks.

The following investments have been made during the period from 1 January 2025
to 31 March 2025:

 New investments           Ordinary shares  C shares  Activity                                         
                           £’000            £’000     
 Latent Technology Group   621              70        Reinforcement Learning based Animation           
 Scripta Therapeutics      139              -         AI-enabled drug discovery                        
 Innerworks Technology     109              -         Adaptive security                                
 OtoImmune                 88               -         Detection and treatment of autoimmune diseases.  
 Pastel Health             31               17        Digital-first provider of multi-specialty care   
 Formicor Pharmaceuticals  28               -         Drug reformulation                               
 Total new investments     1,016            87                                                         



 Further investments        Ordinary shares  C shares  Activity                                                                                                         
                            £’000            £’000     
 TransFICC                  794              114       A provider of a connectivity solution, connecting financial institutions with trading venues via a single API    
 Mondra Global              406              226       Food supply chain emissions modelling                                                                            
 Runa Network               77               10        Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts                
 NuvoAir Holdings           66               11        Digital therapeutics and decentralised clinical trials for respiratory conditions                                
 uMedeor (T/A uMed)         30               56        A middleware technology platform that enables life science organisations to conduct medical research programmes  
 Total further investments  1,373            417                                                                                                                        

Combined top ten holdings as at 31 March 2025:

 Investment                        Carrying value £’000                 % of combined net asset value  Activity                                                                                                           
                                   Ordinary shares  C shares  Combined  
 Quantexa                          20,877           -         20,877    12.2%                          Network analytics platform to detect financial crime                                                               
 Gravitee Topco (T/A Gravitee.io)  4,176            5,342     9,518     5.5%                           API management platform                                                                                            
 Chonais River Hydro               2,077            3,586     5,663     3.3%                           Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands                                          
 The Evewell Group                 2,774            2,800     5,575     3.2%                           Operator and developer of women’s health centres focusing on fertility                                             
 Runa Network                      2,817            2,475     5,292     3.1%                           Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts                  
 Radnor House School (TopCo)       2,918            2,308     5,226     3.0%                           Independent school for children aged 2-18                                                                          
 Proveca                           5,193            -         5,193     3.0%                           Reformulation of medicines for children                                                                            
 TransFICC                         2,691            2,044     4,735     2.8%                           A provider of a connectivity solution, connecting financial institutions with trading venues via a single API      
 Elliptic Enterprises              1,675            2,878     4,553     2.7%                           Provider of Anti Money Laundering services to digital asset institutions                                           
 Healios                           2,135            2,049     4,184     2.4%                           Provider of an online platform delivering family centric psychological care primarily to children and adolescents  

A full breakdown of the Company’s ordinary and C share portfolios can be
found on the Company’s webpage on the Manager’s website at
www.albion.capital/vct-funds/CRWN.

Share buy-backs
During the period from 1 January 2025 to 31 March 2025, no shares were
repurchased by the Company.

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% discount
to net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end
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
2024/25:

 Date          Number of ordinary shares issued  Issue price per ordinary share  Net consideration received (£’000)     
 4 April 2025  27,830,556                        32.14 pence                     8,676                                  

After the period end, the Company also issued the following new ordinary and C
shares under the dividend reinvestment scheme:

 Date           Number of ordinary shares issued  Issue price per ordinary share  Net invested (£’000)     
 30 April 2025  1,504,893                         30.39 pence                     443                      



 Date           Number of C shares issued  Issue price per C share  Net invested (£’000)     
 30 April 2025  484,437                    42.19 pence              197                      

There have been no other material events or transactions after the period end
to the date of this announcement.

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/vct-funds/CRWN.

Richard Glover, Chairman
3 June 2025

For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP – Tel: 020 7601 1850