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

Albion Technology & General VCTAnnouncement

02/12/2025 18:00

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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 July 2025 to 30 September 2025.

Performance
The Company’s unaudited net asset value (“NAV”) as at 30 September 2025
was £269.0 million or 70.77 pence per share (excluding treasury shares), an
increase of 0.07 pence per share (0.1%) since 30 June 2025.

After accounting for the second dividend for the year ending 31 December 2025
of 1.77 pence per share paid on 31 October 2025 to shareholders on the
register on 3 October 2025, the NAV is 69.00 pence per share.

Fundraising
On 23 October 2025 the Company announced the publication of its prospectus for
the Albion VCTs Top Up Offers 2025/26 of new Ordinary shares seeking to raise
up to £20 million, with an overallotment facility of up to an additional £10
million, before issue costs. The Offers opened for applications on 3 November
2025. Further details can be found at www.albion.capital/offers.  

Portfolio
The following investments have been made during the period:

 New investments        £’000     Activity                                                                                                                    
 Agio Ratings           1,215     Credit ratings agency for the digital assets market                                                                         
 Fit Collective Labs    297       AI-powered platform to enable better understanding of Stock Keeping Unit (“SKU”) level economics for fashion retailers      
 Total new investments  1,512                                                                                                                                 



 Further investments        £’000     Activity                     
 Tem-Energy                 367       Energy trading platform      
 PerchPeek                  216       Digital Relocation Platform  
 Total further investments  583                                    

Top ten holdings as at 30 September 2025:

 Investment            Carrying value £’000     % of net asset value  Activity                                                                                                                                          
 Quantexa              51,401                   19.1%                 Decision intelligence platform to help solve challenges across customer intelligence, KYC, financial crime, risk management, fraud, and security  
 Proveca               16,599                   6.2%                  Reformulation of medicines for children                                                                                                           
 Oviva                 16,302                   6.1%                  A technology enabled service business in medical nutritional therapy (“MNT”)                                                                      
 Gravitee              10,776                   4.0%                  Application Programming Interface (“API”) management platform                                                                                     
 Convertr Media        5,898                    2.2%                  A customer acquisition platform which tracks advertising leads all the way to sale                                                                
 TransFICC             5,719                    2.1%                  A provider of a connectivity solution, connecting financial institutions with trading venues via a single API                                     
 The Evewell Group     5,617                    2.1%                  Operator of women’s health centres focusing on fertility                                                                                          
 Runa Network          5,609                    2.1%                  Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts                                                 
 Chonais River Hydro   5,536                    2.1%                  Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands                                                                         
 Elliptic Enterprises  4,741                    1.8%                  Provider of Anti Money Laundering services to digital asset institutions                                                                          

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
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
The Company paid a dividend of 1.77 pence per Ordinary share on 31 October
2025 to shareholders on the register on 3 October 2025. The Company issued the
following Ordinary shares of nominal value 1 penny per share under the
dividend reinvestment scheme:

 Date             Number of shares issued  Issue price per share  Net consideration received £’000     
 31 October 2025  1,376,604                68.93 pence            949                                  

On 23 October 2025, the Company announced the publication of its prospectus
for the Albion VCTs Top Up Offers 2025/26 as detailed in the Fundraising
section above.

In November 2025, the Company disposed of its holding in The Evewell Group for
initial proceeds of £5.4 million, representing a 2.8x return on cash invested
(including interest and dividends received) with the potential to return 3.2x
through an earnout.

There have been no other material events or transactions after the period end
to the date of this announcement.

Autumn Budget & VCT Legislation
Following the Chancellor’s Autumn Budget announcement on 26 November 2025,
the Government will modernise the VCT scheme by doubling the asset and
investment limits for VCTs. We welcome this change; a move Albion Capital has
long campaigned for. This amendment reflects the reality of scaling a business
in 2025 and will allow us to back our most successful portfolio companies for
longer, potentially driving greater capital value growth within the portfolio.

Simultaneously, the Government has also announced that from 6 April 2026,
upfront income tax relief on new VCT investments will be reduced from 30% to
20%. We recognise that the reduction in tax relief is disappointing, and we
will therefore contribute to the Government’s call for evidence making the
case that this change should be reversed.

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
2 December 2025

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