REG-Albion Enterprise VCT PLC: Interim Management Report

Albion Enterprise VCTAnnouncement

10/09/2025 12:00

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Albion Enterprise VCT PLC 
Interim Management Statement 
LEI Code: 213800OVSRDHRJBMO720

Introduction 
I present Albion Enterprise VCT PLC (the “Company”)’s interim management
statement for the period from 1 April 2025 to 30 June 2025.

Performance and dividends 
The Company's unaudited net asset value (“NAV”) on 30 June 2025 was
£277.3 million or 115.72 pence per share (excluding treasury shares), a
decrease of 0.50 pence per share (0.4%) since 31 March 2025.

After accounting for the first dividend for the year ending 31 March 2026 of
2.91 pence per share paid on 29 August 2025 to shareholders on the register on
1 August 2025, the NAV is 112.81 pence per share.

Portfolio 
The following investments have been made during the period:

 New investments                  £’000     Activity                                                           
 Total Access Health (T/A Evaro)  3,385     Platform for streamlining access to care for minor health issues.  
 Labrys Group Holdings            2,003     Communications platform for defence.                               
 Revgentic                        267       Infrastructure for pipeline conversion.                            
 Total new investments            5,655                                                                        



 Further investments               £’000     Activity                                                                                            
 Get Least (T/A Kato)              1,242     Platform that digitises workflows of Commercial Real Estate.                                        
 Gravitee TopCo (T/A Gravitee.io)  1,214     Application Programming Interface (“API”) management platform.                                      
 Phasecraft                        1,012     Software for Quantum Computers.                                                                     
 Treefera                          962       Data platform for forestry and nature-based assets.                                                 
 Open Trade Technology             349       Embedded finance to allow fintechs to provide yield products backed by Stablecoins.                 
 Runa Network                      146       Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts.  
 Kohort Software                   119       Software platform automating revenue and customer forecasting.                                      
 Elliptic Enterprises              27        Provider of Anti Money Laundering services to digital asset institutions.                           
 Total further investments         5,071                                                                                                         

Top ten holdings (as at 30 June 2025)

 Investment                        Carrying value  £000s   % of net asset value  Activity                                                                                                                                           
 Quantexa                          54,065                  19.5%                 Decision intelligence platform to help solve challenges across customer intelligence, KYC, financial crime, risk management, fraud, and security.  
 Oviva                             17,239                  6.2%                  A technology enabled service business in medical nutritional therapy (“MNT”).                                                                      
 Proveca                           14,837                  5.3%                  Reformulation of medicines for children.                                                                                                           
 Gravitee TopCo (T/A Gravitee.io)  10,483                  3.8%                  API management platform.                                                                                                                           
 Convertr Media                    8,349                   3.0%                  A customer acquisition platform which tracks advertising leads all the way to sale.                                                                
 The Evewell Group                 6,488                   2.3%                  Operator and developer of women’s health centres focusing on fertility.                                                                            
 Healios                           5,864                   2.1%                  Provider of an online platform delivering family centric psychological care primarily to children and adolescents.                                 
 Treefera                          4,660                   1.7%                  Data platform for forestry and nature-based assets.                                                                                                
 Runa Network                      4,581                   1.7%                  Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts.                                                 
 Panaseer                          4,345                   1.6%                  Provider of cyber security services.                                                                                                               

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/vct-funds/AAEV.

Share buy-backs 
During the period, the Company did not buy back any shares as it was in a
close period.

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 buy-backs to be at around a 5% discount to
net asset value, so far as market conditions and liquidity permit.

Cancellation of share premium account 
The Company obtained authority to cancel the amount standing to the credit of
its share premium account at the General Meeting on 11 December 2024. The
purpose of the proposal was to increase the distributable reserves available
to the Company for the payment of dividends, the buy-back of shares, and for
other corporate purposes.

The proposal received the consent of the Court on 13 May 2025, and the changes
have been registered at Companies House on 20 May 2025. Over time, this will
create additional distributable reserves of £195.5 million.

Material events and transactions after the period end 
The Company paid a dividend of 2.91 pence per Ordinary share on 29 August 2025
to shareholders on the register on 1 August 2025. The Company issued the
following Ordinary shares of nominal value 1 penny per share under the
dividend reinvestment scheme:

 Date of allotment  Number of shares allotted  Issue price  (pence per share)  Net invested  £’000     
 29 August 2025     979,850                    113.31                          1,110                   

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/vct-funds/AAEV.

Ben Larkin, Chairman 
10 September 2025

For further information please contact: 
Vikash Hansrani 
Operations Partner

Albion Capital Group LLP - Tel: 020 7601 1850