REG-Crown Place VCT PLC : Interim Management Statement <Origin Href="QuoteRef">CRPL.L</Origin>

Albion Crown VCTAnnouncement

08/11/2017 10:51

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Crown Place VCT PLC Interim Management Statement

LEI Code: 213800SYIQPA3L3T1Q68

Introduction

I am pleased to present Crown Place VCT PLC's interim management statement for
the period from 1 July 2017 to 30 September 2017.

Performance and dividends

The Group's unaudited net asset value (NAV) as at 30 September 2017 was
£46.59 million or 31.71 pence per share (excluding treasury shares), an
increase of 0.73 pence per share (2.4 per cent.) since 30 June 2017.

After accounting for a dividend of 1 penny per share, to be paid on 30
November 2017 to shareholders on the register on 3 November 2017, the NAV is
30.71 pence per share.

Albion VCTs Prospectus Top Up Offers 2017/2018
On 6 September 2017 the Company announced the publication of a prospectus in
relation to an offer for subscription for new Ordinary shares. The Company is
aiming to raise circa £6 million out of a target of £32 million in aggregate
that the Albion VCTs are seeking to raise. A Securities Note, which forms part
of the prospectus, has been sent to shareholders. All applications that are
received before 2:00pm on 17 November 2017 will be included in the first
allotment on that date.
Share buy-backs

During the period from 1 July 2017 to 30 September 2017, the Company purchased
184,000 shares for £52,000 at a price of 28.50 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.

Portfolio

The following investments have been made during the period from 1 July 2017 to
30 September 2017: 

 Further investments                    £000s  Activity                                                                    
 Oviva AG                                327   A technology enabled service business in medical nutritional therapy (MNT)  
 G.Network Communications Limited        186   Fibre optic broadband provider in central London                            
 Black Swan Data Limited                 128   Data analysis that supports corporate decision making                       
 Ryefield Court Care Limited             115   Owns and operates a 60 bed care home in Hillingdon, Middlesex               
 Egress Software Technologies Limited    107   Encrypted email and file transfer service provider                          
 Active Lives Care Limited               90    Owns and operates a 75 bed care home in Cumnor Hill, Oxfordshire            
 Convertr Media Limited                  80    Digital lead generation software                                            
 Abcodia Limited                         17    Validation and discovery of serum biomarkers                                
 Beddlestead Limited                      6    Developer and operator of a dedicated wedding venue in the UK               
 Aridhia Informatics Limited              5    Healthcare informatics and analysis provider                                
 Total further investments              1,061                                                                              

Disposals

The following disposals and loan stock repayments were made during the period
from 1 July 2017 to 30 September 2017: 

 Portfolio company               £000s                                                                               
 Hilson Moran Holdings Limited    663   Disposal of investment on a cost of £91,000, realising a gain of £572,000    
 Total proceeds                   663                                                                                

Furthermore, Relayware Limited (valued at £275,000) merged with Zift
Solutions Inc. to form Zift Channel Solutions Inc. in an all share
transaction. 

Top ten holdings as at 30 September 2017:

 Investment                               Carrying value  £000s  % of net asset value  Activity                                                                   
 Radnor House School (Holdings) Limited           6,169                  13.2          Independent schools for children aged 5-18                                 
 Shinfield Lodge Care Limited                     3,549                   7.6          Owns and operates a 66 bed care home in Shinfield, Berkshire               
 Chonais River Hydro Limited                      2,459                   5.3          Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands  
 Active Lives Care Limited                        2,323                   5.0          Owns and operates a 75 bed care home in Cumnor Hill, Oxfordshire           
 TCHH Limited                                     2,011                   4.3          Former owner and operator of The Crown Hotel, Harrogate to be liquidated   
 ELE Advanced Technologies Limited                1,964                   4.2          Manufacturer of precision engineering components                           
 Ryefield Court Care Limited                      1,912                   4.1          Owns and operates a 60 bed care home in Hillingdon, Middlesex              
 Gharagain River Hydro Limited                    1,387                   3.0          Owner and operator of a 1 MW hydroelectricity plant in Western Scotland    
 Earnside Energy Limited                          1,352                   2.9          Anaerobic digestion and composting plant located in Scotland               
 Proveca Limited                                  1,232                   2.6          Reformulation of paediatric medicines                                      

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/CRWN, by
following the 'Portfolio of Investments' link under the 'Fund reports'
section.

Material events and transactions after the period end

Portfolio

After the period end, the Company had the following material investment
transactions:
* Investment of £880,000 in an existing portfolio company, Beddlestead
Limited, which develops and operates a dedicated wedding venue in the UK; 
* Investment of £778,000 in a new portfolio company, Women's Health (London
West One) Limited, to develop a women's health centre of excellence focussing
on fertility; and 
* Investment of £208,000 in an existing portfolio company, G.Network
Communications Limited, which is a fibre optic broadband provider in central
London.
Patient capital review

The current consultation entitled "Financing growth in innovative firms" may
result in changes to VCT legislation in the next Budget, which may limit the
category of business in which the Company currently invests.

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/CRWN.

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/CRWN.



Richard Huntingford, Chairman

crownchair@albion.capital



8 November 2017

For further information please contact:

Patrick Reeve, Albion Capital Group LLP - Tel: 020 7601 1850 
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The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: Crown Place VCT PLC via Globenewswire