REG-Albion Technology & General VCT PLC: Interim Management Statement

Albion Technology & General VCTAnnouncement

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Albion Technology & General VCT PLC 
Interim Management Statement
LEI code: 213800TKJUY376H3KN16

Introduction
I present Albion Technology & General VCT PLC (the “Company”)’s interim
management statement for the period from 1 January 2025 to 31 March 2025.

Performance
The Company’s unaudited net asset value (“NAV”) as at 31 March 2025 was
£274.8 million or 73.51 pence per share (excluding treasury shares), an
increase of 0.47 pence per share (0.6%) since 31 December 2024.

Fundraising
A prospectus Top Up Offer of new ordinary shares opened to applications on 6
January 2025. The Board announced on 31 March 2025 that it had reached its
£30 million limit (inclusive of the Company’s £10 million over-allotment
facility) under its offer for subscription.

During the period, the Company issued the following shares under the Albion
VCTs Top Up Offers 2024/2025:

 Date           Number of shares issued  Issue price per share  Net consideration received £’000     
 21 March 2025  29,774,402               74.54 to 75.30 pence   21,748                               

Portfolio
The following investments have been made during the period:

 New investments           £’000     Activity                                        
 Latent Technology Group   1,722     Reinforcement Learning based Animation          
 Innerworks Technology     350       Adaptive security                               
 Scripta Therapeutics      274       AI-enabled drug discovery                       
 OtoImmune                 172       Detection and treatment of autoimmune diseases  
 Pastel Health             97        Digital-first provider of multi-specialty care  
 Formicor Pharmaceuticals  55        Drug reformulation                              
 Total new investments     2,670                                                     



 Further investments        £’000     Activity                                                                                                                                                 
 Mondra Global              1,273     Food supply chain emissions modelling                                                                                                                    
 TransFICC                  1,097     A provider of a connectivity solution, connecting financial institutions with trading venues via a single Application Programming Interface (“API”)      
 Runa Network               90        Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts                                                        
 NuvoAir Holdings           71        Digital therapeutics and decentralised clinical trials for respiratory conditions                                                                        
 uMedeor (T/A uMed)         59        A middleware technology platform that enables life science organisations to conduct medical research programmes                                          
 Total further investments  2,590                                                                                                                                                              

Top ten holdings as at 31 March 2025:

 Investment                        Carrying value £’000     % of net asset value  Activity                                                                                                       
 Quantexa                          51,401                   18.7%                 Network analytics platform to detect financial crime                                                           
 Proveca                           18,414                   6.7%                  Reformulation of medicines for children                                                                        
 Gravitee Topco (T/A Gravitee.io)  9,259                    3.4%                  API management platform                                                                                        
 Oviva                             8,814                    3.2%                  A technology enabled service business in medical nutritional therapy (“MNT”)                                   
 Convertr Media                    5,966                    2.2%                  Digital lead generation software                                                                               
 The Evewell Group                 5,815                    2.1%                  Operator and developer of women’s health centres focusing on fertility                                         
 TransFICC                         5,719                    2.1%                  A provider of a connectivity solution, connecting financial institutions with trading venues via a single API  
 Chonais River Hydro               5,606                    2.0%                  Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands                                      
 Runa Network                      5,420                    2.0%                  Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts              
 Radnor House School (TopCo)       4,968                    1.8%                  Independent school for children aged 2-18                                                                      

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/AATG.

Share buy-backs
During the period, the Company did not buy back any shares as the Company was
in a close period until 23 April 2025.

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.

Material events and transactions after the period end
After the period end, the Company issued the following new Ordinary shares of
nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers
2024/2025:

 Date          Number of shares issued  Issue price per share  Net consideration received £’000     
 4 April 2025  10,100,775               75.30 pence            7,378                                

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/AATG.

Clive Richardson, Chairman
17 June 2025

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