Interim Management Statement
20/06/2024 11:33
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240620:nGNE5ckszV&default-theme=true ALBION DEVELOPMENT VCT PLC LEI Code 213800FDDMBD9QLHLB38 Interim Management Statement Introduction I present Albion Development VCT PLC (the “Company”)’s interim management statement for the period from 1 January 2024 to 31 March 2024. Performance and dividends The Company's unaudited net asset value (“NAV”) on 31 March 2024 was £136.74 million or 91.24 pence per share (excluding treasury shares), an increase of 2.54 pence per share (2.86%) since 31 December 2023. After accounting for the dividend of 2.22 pence per share paid on 31 May 2024 to shareholders on the register on 3 May 2024, the NAV is 89.02 pence per share. On 12 March 2024, a NAV update was announced following terms being agreed to sell a company within its portfolio. On 24 April 2024, it was announced that KnowBe4 had entered into a definitive agreement to acquire Egress Software Technologies, subject to customary closing conditions and regulatory approvals. Albion VCT’s Top Up Offers A prospectus Top Up Offer of new Ordinary shares was launched on 15 December 2023 and launched to applications on 2 January 2024. The Board announced on 20 March 2024 that is had reached its £14.5 million limit under its offer for subscription and therefore had closed to further applications. During the period from 1 January 2024 to 31 March 2024, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2023/24: Date Number of shares issued Issue price per share Net invested £’000 22 March 2024 14,995,269 93.41p – 94.38p 13,729 Portfolio The following investments have been made during the period from 1 January 2024 to 31 March 2024: New investments £’000s Activity Treefera 1,272 Data platform for forestry and nature-based assets Total new investments 1,272 Further investments £’000s Activity Tem Energy 313 Energy trading platform NuvoAir Holdings 308 Digital therapeutics and decentralised clinical trials for respiratory conditions GX Molecular (T/A CS Genetics) 202 Develop single-cell sequencing solutions InCrowd Sports 120 Developer of mobile apps for professional sports clubs Total further investments 943 Top ten holdings (on 31 March 2024) Portfolio Company Carrying value £000s % of net asset value Activity Quantexa 22,283 16.3 Network analytics platform to detect financial crime Egress Software Technologies 14,415 10.5 Encrypted email & file transfer service provider Proveca 9,907 7.2 Reformulation of medicines for children Oviva 4,178 3.1 A technology enabled service business in medical nutritional therapy (MNT) Radnor House School (TopCo) 3,338 2.4 Independent school for children aged 2-18 Panaseer 3,258 2.4 Provider of cyber security services The Evewell Group 2,637 1.9 Operator and developer of women’s health centres focusing on fertility Healios 2,361 1.7 Provider of an online platform delivering family centric psychological care primarily to children and adolescents Gravitee TopCo 2,284 1.7 API management platform The Street by Street Solar Programme 2,219 1.6 Owner and operator of photovoltaic systems on domestic 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/AADV. Share buy-backs During the period from 1 January 2024 to 31 March 2024, the Company did not buy back any shares as the Company was in a closed period to 19 April 2024. 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 2023/24: Date Number of shares issued Issue price per share Net invested £’000 16 April 2024 390,036 93.41p – 94.38p 357 The Company also issued the following shares under the dividend reinvestment scheme: Date Number of shares issued Issue price per share Net invested £’000 31 May 2024 591,582 89.32p 507 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/funds/AADV. Ben Larkin, Chairman 20 June 2024 For further information please contact: Vikash Hansrani Operations Partner Albion Capital Group LLP Telephone: 020 7601 1850