Albion Development VCT PLC - Ordinary Shares : Interim Management Statement
Albion Development VCT PLC Interim Management Statement
Introduction
I am pleased to present Albion Development VCT PLC (the "Company")'s interim management statement for the period from 1 January 2014 to 16 May 2014 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
Performance and dividends
The Company's Ordinary shares' unaudited net asset value, based on management accounts, as at 31 March 2014 was £25.3 million (31 December 2013: £24.3 million) or 72.2 pence per share (excluding treasury shares) (31 December 2013: 71.6 pence per share) after accounting for the dividend of 2.5 pence per share to be paid on 30 May 2014 to shareholders on the register as at 9 May 2014.
The Company's D shares' unaudited net asset value, based on management accounts, as at 31 March 2014 was £6.8 million (31 December 2013: £6.7 million) or 107.1 pence per share (excluding treasury shares) (31 December 2013: 104.9 pence per share) after accounting for the dividend of 2.5 pence per share to be paid on 30 May 2014 to shareholders on the register as at 9 May 2014.
Adjusting for the payment of the dividend, the Company's Ordinary shares' net asset value has risen by 0.6 pence per share or 0.8 per cent. since 31 December 2013, and the D shares' net asset value has risen by 2.2 pence per share or 2.1 per cent. both as a result of an increase in investment valuations.
Share issues and buybacks
During the period from 1 January 2014 to 16 May 2014, the Company issued a total of 2,783,424 new Ordinary shares from both the Albion VCTs Top Up Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014. These issues raised net proceeds of £2.05 million, which is made up as follows:
i. Shares issued under the Albion VCTs Top Up Offers 2013/2014
Date
Number of shares issued
Issue price per share (including costs of issue)*
Net proceeds £'000
31 January 2014
549,339
74.40 pence
401
31 January 2014
543,338
74.80 pence
396
31 January 2014
20,352
73.70 pence
15
Total 31 January 2014
1,113,029
812
Date
Number of shares issued
Issue price per share (including costs of issue)*
Net proceeds £'000
5 April 2014
585,294
76.40 pence
438
5 April 2014
218,784
76.00 pence
161
5 April 2014
62,024
75.70 pence
43
Total 5 April 2014
866,102
642
* The difference in the issue price per share reflects the "early bird" incentives as explained in the Albion VCT Top Up Offers 2013/2014 investor guide.
ii. Shares issued under the Albion VCTs Prospectus Top Up Offers 2013/2014
On 19 March 2014 the Company announced the launch of a prospectus offer of new ordinary shares for subscription in the 2013/2014 and 2014/2015 tax years (the "Offer(s)"), and issued the following new ordinary shares:
Date
Number of shares issued
Issue price per share (including costs of issue)
Net proceeds £'000
5 April 2014
804,293
76.40 pence
596
Number of shares issued
Net proceeds £'000
Total shares issued under the Albion VCTs Top Up Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014 for the period 1 January 2014 to 16 May 2014
2,783,424
2,050
The next share allotment under the prospectus offer is expected to be in July 2014.
The proceeds of the Offers are being used to provide further resources to the Company at a time when a number of attractive new investment opportunities are being seen.
An Investor Guide and Offers document have been sent to the shareholders and these, as well as a prospectus, can be obtained from www.albion-ventures.co.uk.
The Offer will close no later than 30 September 2014 (unless fully subscribed by an earlier date or previously closed).
During the period from 1 January to 16 May 2014, the Company purchased 653,000 Ordinary shares for £454,000 at an average price of 69.6 pence per Ordinary share. Of these, 272,000 were cancelled and 381,000 Ordinary 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 January 2014 to 16 May 2014:
Name
£000's
Activity
New investments
Egress Software Technologies Limited
610
Provider of cloud-based email and file encryption software
Grapeshot Limited
400
Provider of digital marketing software
Sandcroft Avenue Limited
75
Provider of online gym passes, trading as PayasUgym.com
Total new investments
1,085
Further investments
Taunton Hospital Limited
212
Owner and operator of a psychiatric hospital
Mirada Medical Limited
106
Developer of medical imaging software
The Street by Street Solar Programme Limited
50
Builds, owns and operates photovoltaic systems on domestic properties in the UK
MyMeds&Me Limited
47
Software for managing pharmaceutical adverse events
Rostima Holdings Limited
19
Provider of labour management software for the marine and aviation industries
Abcodia Limited
18
Validation and discovery of molecular biomarkers linked to age related diseases
Mi-Pay Limited
14
Provider of mobile payment services
Total further investments
466
Loan stock repayments
The following loan stock repayments were made by portfolio companies during the period from 1 January 2014 to 16 May 2014:
Name
£000's
Tower Bridge Health Club Limited
44
Loan stock repayment
Masters Pharmaceuticals Limited
27
Loan stock repayment
Bravo Inns Limited
3
Loan stock repayment
Total proceeds
74
Top ten holdings as at 31 March 2014 (Ordinary and D shares in aggregate):
Investment
Carrying value £000's
% of net asset value £000's
Radnor House School (Holdings) Limited
2,751
8.3
Blackbay Limited
1,618
4.9
The Street by Street Solar Programme Limited
1,608
4.8
Regenerco Renewable Energy Limited
1,238
3.7
Peakdale Molecular Limited
1,204
3.6
Alto Prodotto Wind Limited
1,139
3.4
The Weybridge Club Limited
976
2.9
Hilson Moran Holdings Limited
951
2.9
Mirada Medical Limited
920
2.8
Chonais Holdings Limited
920
2.8
A full breakdown of the Company's portfolio can be found on the funds website under 'Portfolio of Investments' at www.albion-ventures.co.uk/ourfunds/AADV.htm
Material Events and Transactions
On 29 April 2014 Mi-Pay Limited merged its business with a company quoted on the Alternative Investment Market (AiM) on the London Stock Exchange. The combined business is now called Mi-Pay Group Plc and is quoted on AiM.
Aside from the aforementioned, there have been no further significant events or transactions that the Board is aware of which would have a material impact on the financial position of the Company between 1 January 2014 and 16 May 2014.
Further information regarding historic and current financial performance and other useful shareholder information can be found on the Fund's website under www.albion-ventures.co.uk/ourfunds/AADV.htm.
Geoffrey Vero, Chairman
16 May 2014
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: 020 7601 1850
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Albion Development VCT PLC - Ordinary Shares via Globenewswire
HUG#1786514
