REG-Kings Arms Yard VCT PLC : Interim Management Statement <Origin Href="QuoteRef">KAY.L</Origin>

Albion KAY VCTAnnouncement

09/11/2017 14:30

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Kings Arms Yard VCT PLC Interim Management Statement

LEI Code 213800DK8H27QY3J5R45

Introduction

I am pleased to present Kings Arms Yard 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
£59.32 million or 21.76 pence per share (excluding treasury shares), a
decrease of 0.05 pence per share (0.2 per cent.) since 30 June 2017.

After accounting for the dividend paid of 0.50 pence per share on 31 October
2017 to shareholders on the register on 6 October 2017, the NAV is 21.26 pence
per share.

Albion VCTs Prospectus Top Up Offers 2017/2018

On 6 September 2017 the Company announced the publication of a prospectus in
relation to an offer for subscription for new Ordinary shares. The Company is
aiming to raise circa £8 million out of a target of £32 million in aggregate
that the Albion VCTs are seeking to raise. A Securities Note, which forms part
of the prospectus, has been sent to shareholders. All applications that are
received before 2:00pm on 17 November 2017 will be included in the first
allotment on that date.

Share buy-backs

During the period from 1 July 2017 to 30 September 2017, the Company purchased
344,000 shares for £70,000 at an average price of 20.45 pence per share. All
of the shares are to be held in treasury.

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 July 2017 to
30 September 2017:

 Follow on investments into existing investee companies   £000s  Activity                                                                    
 Egress Software Technologies Limited                      573   Encrypted email and file transfer service provider                          
 Oviva AG                                                  276   A technology enabled service business in medical nutritional therapy (MNT)  
 Ryefield Court Care Limited                               270   Owns and operates a 60 bed care home in Hillingdon, Middlesex               
 Active Lives Care Limited                                 255   Owns and operates a 75 bed care home in Cumnor Hill, Oxfordshire            
 G.Network Communications Limited                          204   Fibre optic broadband provider in central London                            
 Black Swan Data Limited                                   189   Data analysis that supports corporate decision making                       
 Convertr Media Limited                                    56    Digital lead generation software                                            
 Abcodia Limited                                           41    Validation and discovery of serum biomarkers                                
 Beddlestead Limited                                        6    Developer and operator of a dedicated wedding venue in the UK               
 Aridhia Informatics Limited                                5    Healthcare informatics and analysis provider                                
 Total follow on investments                              1,875                                                                              

Disposals

The following disposals were made during the period from 1 July 2017 to 30
September 2017:

 Portfolio company               £000s                                                              
 Hilson Moran Holdings Limited   2,205  Full disposal for a realised gain on cost of £1.9 million   
 Oxford Immunotec PLC             846   Partial disposal of shares                                  
 ErgoMed PLC                      202   Partial disposal of shares                                  
 Total proceeds                  3,253                                                              

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

Top ten holdings as at 30 September 2017:

 Portfolio company                              Carrying value  £000s  % of net asset value  Activity                                                                 
 Active Lives Care Limited                              6,347                  10.7          Owns and operates a 75 bed care home in Cumnor Hill, Oxfordshire         
 Ryefield Court Care Limited                            4,641                   7.8          Owns and operates a 60 bed care home in Hillingdon, Middlesex            
 Chonais River Hydro Limited                            2,987                   5.0          Owns and operates a 2 MW hydro-power scheme in the Scottish Highlands    
 Proveca Limited                                        2,985                   5.0          Reformulation of paediatric medicines                                    
 Antenova Limited                                       2,857                   4.8          Supplier of integrated antennas and RF solutions                         
 Elateral Group Limited                                 2,666                   4.5          Provider of digital marketing software                                   
 Egress Software Technologies Limited                   2,267                   3.8          Encrypted email and file transfer service provider                       
 Anthropics Technology Limited                          1,739                   2.9          Provider of digital picture enhancement software                         
 The Street by Street Solar Programme Limited           1,693                   2.9          Owns and operates photovoltaic systems on domestic properties in the UK  
 Grapeshot Limited                                      1,589                   2.7          Provider of digital marketing software                                   

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, 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 the following material investment
transactions:
* Investment of £583,000 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 £490,000 in an existing portfolio company, Beddlestead
Limited, which is a developer and operator of a dedicated wedding venue in the
UK; 
* Investment of £228,000 in an existing portfolio company, G.Network
Communications Limited, which is a fibre optic broadband provider in central
London; and 
* Investment of £150,000 in an existing portfolio company, Elateral Group
Limited, which is a provider of digital marketing software.
Patient capital review

The current consultation entitled "Financing growth in innovative firms" may
result in changes to VCT legislation in the next Budget, which may limit the
category of business in which the Company currently invests.

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.



Robin Field, Chairman

9 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: Kings Arms Yard VCT PLC via Globenewswire