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

Albion Development VCTAnnouncement

06/11/2017 16:51

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Albion Development VCT PLC Interim Management Statement

LEI Code 213800FDDMBD9QLHLB38

Introduction

I am pleased to present Albion Development VCT PLC (the "Company")'s interim
management statement for the period from 1 July 2017 to 30 September 2017.

Performance and dividends

The Company's unaudited net asset value (NAV) as at 30 September 2017 was
£48.7 million or 72.1 pence per share (excluding treasury shares), after
accounting for the dividend of 2.0 pence per share paid on 29 September 2017
to shareholders on the register on 8 September 2017.

Share issues

During the period from 1 July 2017 to 30 September 2017, the Company issued
the following shares under the dividend reinvestment scheme (and are included
in the net asset value figures for 30 September 2017 above): 

 Date               Number of shares issued  Issue price per share   Net invested £'000  
 29 September 2017          311,615                69.3 pence               214          

Share buybacks

During the period from 1 July 2017 to 30 September 2017, the Company purchased
445,000 Ordinary shares for £301,000 at an average price of 67.67p 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 July 2017 to
30 September 2017: 

 Further investments                    £000s  Activity                                                                    
 Egress Software Technologies Limited    812   Encrypted email & file transfer service provider                            
 Oviva AG                                483   A technology enabled service business in medical nutritional therapy (MNT)  
 G.Network Communications Limited        273   Fibre optic broadband provider in central London                            
 Black Swan Data Limited                 239   Data analysis that supports corporate decision making                       
 Convertr Media Limited                  117   Digital lead generation software                                            
 Abcodia Limited                         45    Validation and discovery of serum biomarkers                                
 Aridhia Informatics Limited             14    Healthcare informatics and analysis provider                                
 Beddlestead Limited                     10    Developer and operator of a dedicated wedding venue in the UK               
 Total further investments              1,993                                                                              

Disposals

The following material 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   1,691  Disposal of investment on a cost of £231k, realising a gain of £1.46 million    
 Total proceeds                  1,691                                                                                  

Furthermore, Relayware Limited merged with Zift Solutions Inc. to form Zift
Channel Solutions Inc..

Top ten holdings as at 30 September 2017:

 Investment                                     Value  £000s  % of net asset value  Activity                                                                              
 Radnor House School (Holdings) Limited            5,950              12.2%         Independent schools for children aged 5-18                                            
 Egress Software Technologies Limited              3,216              6.6%          Encrypted email & file transfer service provider                                      
 Grapeshot Limited                                 2,451              5.0%          Provider of digital marketing software                                                
 Proveca Limited                                   2,351              4.8%          Reformulation of paediatric medicines                                                 
 Chonais River Hydro Limited                       2,098              4.3%          Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands             
 The Street by Street Solar Programme Limited      2,053              4.2%          Owns and operates photovoltaic systems on domestic properties in the UK               
 Regenerco Renewable Energy Limited                1,789              3.7%          Generator of renewable energy from roof top solar installations                       
 Earnside Energy Limited                           1,380              2.8%          Anaerobic digestion and composting plant located in Scotland                          
 Mirada Medical Limited                            1,315              2.7%          Developer of medical imaging software                                                 
 Alto Prodotto Wind Limited                        1,289              2.6%          Owns and operates community scale wind energy projects on brownfield sites 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, 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 made the following material investment
transactions:
* Investment of £933k in a new portfolio company, Women's Health (London West
One) Limited, to develop a women's health centre of excellence focussing on
fertility;
* Investment of £830k in an existing portfolio company, Beddlestead Limited,
which develops and operates a dedicated wedding venue in the UK; and
* Investment of £305k in an existing portfolio company, G.Network
Communications Limited, which is a fibre optic broadband provider in Central
London.
Further information

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

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 under www.albion.capital/funds/AADV.



 

Geoffrey Vero, Chairman

6 November 2017

For further information please contact:

Patrick Reeve, Albion Capital Group LLP - Tel: 020 7601 1850
This announcement is distributed by Nasdaq Corporate Solutions on behalf of
Nasdaq 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