REG-Albion Development VCT PLC - Ordinary Shares : Interim Management Statement <Origin Href="QuoteRef">AADV.L</Origin>

Albion Development VCTAnnouncement

25/05/2017 12:00

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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 2017 to 31 March 2017.

Performance and dividends

The Company's unaudited net asset value (NAV) as at 31 March 2017 was £50.1
million or 74.0 pence per share (excluding treasury shares), an increase of
3.3 pence per share (4.7 per cent.) since 31 December 2016.

After accounting for the dividend of 2.0 pence per share to be paid on 31 May
2017 to shareholders on the register on 5 May 2017, the NAV is 72.0 pence per
share. 

Share issues

During the period from 1 January 2017 to 31 March 2017, the Company issued new
Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2016/2017:

 Date             Number of shares issued  Issue price per share (including costs of issue)   Net proceeds £'000  
 31 January 2017                 5,374,871                  70.4p to 71.1p                                  3,707 

Share buybacks

During the period from 1 January 2017 to 31 March 2017, the Company purchased
84,000 Ordinary shares for £56,000 at an average price of 66.7p pence per
Ordinary share. All of the shares are to be held in treasury.

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 2017
to 31 March 2017: 

 New investments            £000s  Activity                                                                     
 Quantexa Limited            315   Predictive analytics platform to protect and detect complex financial crime  
 Beddlestead Farm Limited    10    Seed investment to develop and operate dedicated wedding venues in the UK    
 Total new investments       325                                                                                

 Further investments         £000s  Activity                                               
 Black Swan Data Limited      155   Data analysis that supports corporate decision making  
 Dysis Medical Limited        147   Medical devices for the detection of cervical cancer   
 Total further investments    302                                                          

Disposals

The following disposals and loan stock repayments were made during the period
from 1 January 2017 to 31 March 2017:

 Portfolio company                        £000s                                               
 Masters Pharmaceuticals Limited           524   Disposal of investment                       
 AMS Sciences Limited                      169   Disposal of investment                       
 Radnor House School (Holdings) Limited    88    Loan stock repayment                         
 Alto Prodotto Wind Limited                12    Loan stock and redemption premium repayment  
 Total proceeds                            793                                                

Top ten holdings as at 31 March 2017:

 Investment                                     Value  £000s  % of net asset value  Activity                                                                              
 Radnor House School (Holdings) Limited            5,348              10.7%         Independent schools for children aged 5-18                                            
 Egress Software Technologies Limited              2,737              5.5%          Encrypted email & file transfer service provider                                      
 Proveca Limited                                   2,323              4.6%          Repositioning of paediatric medicines                                                 
 Chonais River Hydro Limited                       2,099              4.2%          Hydropower project in Scotland                                                        
 The Street by Street Solar Programme Limited      1,972              3.9%          Owns and operates photovoltaic systems on domestic properties in the UK               
 Regenerco Renewable Energy Limited                1,683              3.4%          Generator of renewable energy from roof top solar installations                       
 Grapeshot Limited                                 1,553              3.1%          Provider of digital marketing software                                                
 Alto Prodotto Wind Limited                        1,286              2.6%          Owns and operates community scale wind energy projects on brownfield sites in the UK  
 Earnside Energy Limited                           1,284              2.6%          An anaerobic digestion plant                                                          
 Mirada Medical Limited                            1,264              2.5%          Developer of medical imaging software                                                 

A full breakdown of the Company's portfolio can be found on the Fund's webpage
on the Manager's website at www.albion-ventures.co.uk/funds/AADV, by following
the 'Portfolio of Investments' link under the 'Funds reports' section.

Material events and transactions after the period end

Share issues

After the period end, the Company issued the following new Ordinary shares
under the Albion VCTs Prospectus Top Up Offers 2016/2017:

 Date          Number of shares issued  Issue price per share (including costs of issue)   Net proceeds £'000  
 7 April 2017                   247,632                                    72.2p to 72.9p                  175 

The Board announced on 30 January 2017 that the Company had reached its £4
million limit under its offer pursuant to the Prospectus dated 29 November
2016, and so was closed. The proceeds of the Offer are being used to provide
further resources to the Company at a time when a number of attractive new
investment opportunities are being seen.

Portfolio

After the period end, the Company had the following material investment
transactions:
* Disposal of Blackbay Limited for £1,154k of which £52k is deferred and
held in escrow; 
* Investment of £1,000k in a new company, MPP Global Solutions Limited, which
offers a cloud billing platform for enterprise subscription businesses in the
media, sport and retail sectors; 
* Investment of £138k in an existing investee company, Panaseer Limited,
which provides a cyber security service; 
* Investment of £130k in an existing investee company, Grapeshot Limited,
which develops digital marketing software; 
* Investment of £53k in an existing investee company, Mirada Medical Limited,
which develops medical imaging software.
Further information

The Company continues to offer a Dividend Reinvestment Scheme to existing
shareholders. Details of this Scheme can be found on the Fund's webpage on the
Manager's website at www.albion-ventures.co.uk/funds/AADV.

Further information regarding historic and current financial performance and
other useful shareholder information can be found on the Fund's webpage on the
Manager's website under www.albion-ventures.co.uk/funds/AADV.

 

Geoffrey Vero, Chairman



25 May 2017

For further information please contact:

Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850

 

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Source: Albion Development VCT PLC - Ordinary Shares via Globenewswire