REG-Albion Development VCT PLC - Ordinary Shares : Interim Management Statement

Albion Development VCTAnnouncement

29/05/2018 10:55

  
Albion Development VCT PLC 
 
Interim Management Statement as at 31 March 2018
 
LEI Code 213800FDDMBD9QLHLB38
 
Introduction
 
I am pleased to present Albion Development VCT PLC (the "Company")'s interim management statement for the period from 1 January 2018 to 31 March 2018.
 
Performance and dividends
 
The Company's unaudited net asset value (NAV) as at 31 March 2018 was £58.0 million or 78.2 pence per share (excluding treasury shares), an increase of 4.4 pence per share (6.0 per cent.) since 31 December 2017. 
 
A major contributor of the increase was the successful sale of Grapeshot Limited which completed after the period end. If the full escrow amount is received, we will have realised approximately 10 times our original investment.
 
After accounting for the first dividend for the year ending 31 December 2018 of 2.0 pence per share (2017: first dividend of 2.0 pence per share) to be paid on 31 May 2018 to shareholders on the register on 4 May 2018, the NAV is 76.2 pence per share.
 
Albion VCTs Prospectus Top Up Offers 2017/18
 
During the period from 1 January 2018 to 31 March 2018, the Company issued new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2017/18:
                  
 Date 
 Number of shares issued 
 Aggregate nominal value of shares £'000 
 Issue price per share (including costs of issue) 
 Net proceeds £'000 
 31 January 2018  
 1,903,510 
 19 
 74.0p 
 1,373  
 
The Board announced on 26 February 2018 that the Company had reached its £6 million limit under its offer pursuant to the Prospectus dated 6 September 2017, 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.
 
Share buybacks
 
During the period from 1 January 2018 to 31 March 2018, there were no share buybacks undertaken by the Company.
 
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 2018 to 31 March 2018: 
                   
 New qualifying investments 
 £'000 
 Activity 
 Koru Kids Limited 
 272 
 Online marketplace connecting parents and nannies 
 Total new qualifying investments 
 272 
   
 
                        
 Follow on investments into existing portfolio companies 
 £'000 
 Activity 
 Panaseer Limited 
 309 
 Provider of cyber security services 
 Convertr Media Limited 
 175 
 Digital lead generation software 
 Total further investments 
 484 
   
 
Top ten holdings as at 31 March 2018:
                                                                      
 Investment 
 Value

 £'000 
 % of net asset value 
 Activity 
 Grapeshot Limited 
  6,102  
 10.5 
 Provider of digital marketing software 
 Radnor House School (Holdings) Limited 
  5,930  
 10.2 
 Independent schools for children aged 3-18 
 Egress Software Technologies Limited 
  3,216  
 5.5 
 Encrypted email & file transfer service provider 
 Chonais River Hydro Limited 
  2,372  
 4.1 
 Owns and operates a 2 MW hydro-power scheme in the Scottish Highlands 
 Proveca Limited 
  2,354  
 4.1 
 Reformulation of paediatric medicines 
 The Street by Street Solar Programme Limited 
  2,115  
 3.6 
 Owns and operates photovoltaic systems on domestic properties in the UK 
 Regenerco Renewable Energy Limited 
  1,827  
 3.1 
 Generator of renewable energy from roof top solar installations 
 Alto Prodotto Wind Limited 
  1,397  
 2.4 
 Owns and operates community scale wind energy projects on brownfield sites in the UK 
 Mirada Medical Limited 
  1,382  
 2.4 
 Developer of medical imaging software  
 Bravo Inns II Limited 
  1,377  
 2.4 
 Owner and operator of freehold pubs 
 
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 'Funds reports' section.
 
Material events and transactions after the period end
 
Portfolio
 
After the period end, the Company undertook the following investment transactions:
 
 
As announced on 24 April 2018, contracts were exchanged for the sale of Grapeshot Limited, which subsequently completed on 15 May 2018. The valuation of the holding as at 31 March 2018 includes discounts to the total estimated consideration to reflect completion and other risks;
 
Investment of £899,000 in an existing portfolio company Sandcroft Avenue Limited, which provides flexible access to gyms trading as PayasUgym.com;
 
Investment of £239,000 in an existing portfolio company, Black Swan Data Limited, which provides data analysis that supports corporate decision making;
 
Investment of £180,000 in an existing portfolio company, InCrowd Sports Limited, which is a developer of mobile apps for professional sports clubs;
 
Investment of £160,000 in an existing portfolio company, Abcodia Limited, which focuses on the validation and discovery of serum biomarkers;
 
Investment of £100,000 into a new portfolio company, Healios Limited, which provides online delivery of mental health therapy services; and
 
Investment of £56,000 in an existing portfolio company, DySIS Medical Limited, which is a developer of medical devices for the detection of cervical cancer.
 
 
Albion VCTs prospectus Top Up Offers
 
The following new Ordinary shares of nominal value 1 penny per share were allotted under the Albion VCTs prospectus Top Up Offers 2017/18 after 31 March 2018: 
                         
 Date 
 Number of shares issued 
 Aggregate nominal value of shares £'000 
 Issue price per share (including costs of issue) 
 Net proceeds £'000 
 5 April 2018 
 964,862 
 10 
 75.7p 
 712 
 11 April 2018 
 214,652 
 2 
 75.0p to 75.7p 
 158             
 
There have been no further significant events or transactions between 1 April 2018 and 29 May 2018 that the Board is aware of which would have had a material impact on the financial position of the Company.
 
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 at www.albion.capital/funds/AADV.
 
 
 
Geoffrey Vero, Chairman
 
 
 
29 May 2018
 
For further information please contact:
 
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: Albion Development VCT PLC - Ordinary Shares via Globenewswire