Interim Management Statement

Albion KAY VCT

05/12/2023 12:49

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Kings Arms Yard VCT PLC 
Interim Management Statement
LEI Code 213800DK8H27QY3J5R45

Introduction
I present Kings Arms Yard VCT PLC (the “Company”)’s interim management
statement for the period from 1 July 2023 to 30 September 2023.

Performance and dividends
The Company’s unaudited net asset value (“NAV”) on 30 September 2023 was
£109.8 million or 21.03 pence per share (excluding treasury shares), a
decrease of 0.25 pence per share (1.17%) since 30 June 2023.

After accounting for the second dividend for the year ending 31 December 2023
of 0.53 pence per share paid on 31 October 2023 to shareholders on the
register on 6 October 2023, the NAV is 20.50 pence per share.

Fundraising
The Company announced on 12 October 2023 that, subject to obtaining the
requisite regulatory approval, it intended to launch a prospectus top up offer
of new ordinary shares. Full details of the Offer will be contained in a
prospectus that is expected to be published prior to launch in early January
2024.

Portfolio

The following investments have been made during the period from 1 July 2023 to
30 September 2023:

 New investments        £’000     Activity                        
 Phasecraft AI          378       Software for Quantum Computers  
 Kennek Solutions       155       Vertical software for lenders   
 Total new investments  533                                       



 Further investments               £’000     Activity                                                                                                         
 Gravitee Topco (T/A Gravitee.io)  717       API management platform                                                                                          
 uMedeor (T/A uMed)                408       A middleware technology platform that enables life science organisations to conduct medical research programmes  
 Accelex Technology                156       Data extraction and analytics technology for private capital markets                                             
 Total further investments         1,281                                                                                                                      

Top ten holdings as at 30 September 2023:

 Portfolio company                     Carrying value £’000     % of net asset value  Activity                                                                     
 Quantexa                              15,274                   13.9%                 Network analytics platform to detect financial crime                         
 Proveca                               11,606                   10.6%                 Reformulation of medicines for paediatrics                                   
 Egress Software Technologies          6,267                    5.7%                  Encrypted email and file transfer service provider                           
 Chonais River Hydro                   3,258                    3.0%                  Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands    
 Gravitee Topco (T/A Gravitee.io)      2,678                    2.4%                  API management platform                                                      
 Oviva                                 2,528                    2.3%                  A technology enabled service business in medical nutritional therapy (MNT)   
 The Evewell Group                     1,838                    1.7%                  Operator and developer of women’s health centres focusing on fertility       
 Academia                              1,782                    1.6%                  Social networking for the academic community                                 
 The Street by Street Solar Programme  1,772                    1.6%                  Owner and operator of photovoltaic systems on domestic properties in the UK  
 Toqio FinTech Holdings                1,498                    1.4%                  Provider of embedded FinTech solutions                                       

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/KAY.

Share buy-backs
During the period from 1 July 2023 to 30 September 2023, the Company did not
buy back any shares.

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% discount
to net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end
* As announced on 30 October 2023, following a formal tender process, Johnston
Carmichael LLP were appointed as the Company's Auditor.
There have been no other material events or transactions after the period end
to the date of this announcement.

Further information
The Company continues to offer a dividend reinvestment scheme to existing
shareholders. Details of this scheme can be found at
www.albion.capital/funds/KAY.

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/KAY.

Fiona Wollocombe, Chairman
5 December 2023

For further information please contact: 
Vikash Hansrani
Operations Partner
Albion Capital Group LLP – Tel: 020 7601 1850