REG-Albion Technology & General VCT PLC - Ordinary Shares : Interim Management Statement <Origin Href="QuoteRef">AATG.L</Origin>

Albion Technology & General VCTAnnouncement

07/06/2017 10:20

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Albion Technology & General VCT PLC Interim Management Statement

Introduction
I present Albion Technology & General VCT PLC (the "Company")'s interim
management statement for the period ended 31 March 2017.

Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2017 was £70.7
million or 72.1 pence per share (excluding treasury shares), an increase of
1.5 pence per share or 2.1 per cent. since 31 December 2016 after accounting
for the first dividend of 1.0 penny per share which was paid on 31 January
2017 to shareholders on the register on 13 January 2017.

Share issues 
During the period from 1 January 2017 to 31 March 2017, the Company issued the
following new Ordinary shares under the Albion VCTs Prospectus Top Up Offers
2016/2017: 

 Dates                             Number of shares issued  Issue price per share (including costs of issue)   Net proceeds £'000  
 31 January 2017 to 31 March 2017         8,098,181                          70.2p to 72.8p                          5,622         

In addition, the following shares were issued under the Dividend Reinvestment
Scheme:

 Date             Number of shares issued  Issue price per share   Net invested £'000  
 31 January 2017          193,189               68.75 pence               131          

Share buy-backs
During the period from 1 January 2017 to 31 March 2017, the Company purchased
215,000 shares for £138,000 at an average price of 64.1 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 the most recently announced net asset value, so far as
market conditions and liquidity permit.

Portfolio
The following investments have been made during the period from 1 January 2017
to 31 March 2017:

 New investments            £000's  Activity                                                                     
 Quantexa Limited            335    Predictive analytics platform to protect and detect complex financial crime  
 Beddlestead Farm Limited     10    Seed investment to develop and operate dedicated wedding venues in the UK    
 Total new investments       345                                                                                 

 Further investments         £000's  Activity                                               
 DySIS Medical Limited        367    Medical devices for detection of cervical cancer       
 Black Swan Data Limited      152    Data analysis that supports corporate decision making  
 Total further investments    519                                                           

Disposals and loan stock repayments
The following disposals and loan stock repayments were made during the period
from 1 January 2017 to 31 March 2017:

 Portfolio company                        £000's                          
 AMS Sciences Limited                     1,546   Disposal of investment  
 Masters Pharmaceuticals Limited           687    Disposal of investment  
 Radnor House School (Holdings) Limited    153    Loan stock repayment    
 Alto Prodotto Wind Limited                 10    Loan stock repayment    
 Total proceeds                           2,396                           

Top ten holdings as at 31 March 2017:

 Investment                               Carrying value £000's  % of net asset value  Activity                                                                      
 Radnor House School (Holdings) Limited           9,288                  13.1%         Independent schools for children aged 5-18                                    
 Process Systems Enterprise Limited               4,628                  6.5%          Process modelling software and services                                       
 Blackbay Limited                                 3,654                  5.2%          Provider of mobile data solutions                                             
 Chonais River Hydro Limited                      3,232                  4.6%          Hydropower project in Scotland                                                
 Bravo Inns II Limited                            2,933                  4.1%          Owner and operator of freehold pubs                                           
 Earnside Energy Limited                          2,297                  3.2%          An anaerobic digestion plant in Scotland                                      
 memsstar Limited                                 2,132                  3.0%          Refurbisher and manufacturer of MEMS and semiconductor fabrication equipment  
 Mirada Medical Limited                           2,005                  2.8%          Provider of medical imaging software                                          
 Bravo Inns Limited                               1,805                  2.6%          Owner and operator of freehold pubs                                           
 Gharagain River Hydro Limited                    1,786                  2.5%          Hydropower project in Scotland                                                

A full breakdown of the Company's portfolio can be found on the Company's
webpage on the Manager's website under current portfolio at
www.albion-ventures.co.uk/funds/AATG.

Material events and transactions after the period end

Share issues 
After the period end, the Company issued the following new Ordinary shares
under the Albion VCTs Prospectus Top Up Offers 2016/2017:

 Date          Number of shares issued  Issue price per share (including costs of issue)   Net proceeds £'000  
 7 April 2017          276,585                           72.1p to 72.8p                           195          

The Offer closed on 22 February 2017 having been fully subscribed and raising
net proceeds of £5.82 million. The proceeds of the Offer are being used to
provide further resources to the Company at a time when a number of attractive
new investment opportunities are being seen.

Portfolio
After the period end, the Company had the following material investment
transactions:
* Disposal of Blackbay Limited for £3,665,000 of which £166,000 is deferred
and held in escrow; 
* Investment of £950,000 in a new company, MPP Global Solutions Limited,
which offers a cloud billing platform for enterprise subscription businesses
in the media, sport and retail sectors; 
* Investment of £337,000 in a new company, G.Network Limited, a provider of
fibre optic broadband to SMEs in central London; 
* Investment of £138,000 in an existing investee company, Panaseer Limited,
which provides a cyber security service; 
* Investment of £61,000 in an existing investee company, Grapeshot Limited,
which develops digital marketing software; 
* Investment of £60,000 in an existing investee company, Mirada Medical
Limited, which develops medical imaging software.
Further information
The Company continues to offer a Dividend Reinvestment Scheme to existing
shareholders.  Details of this Scheme can be found at
www.albion-ventures.co.uk/funds/AATG.

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-ventures.co.uk/funds/AATG.

Dr. Neil Cross, Chairman
7 June 2017
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: 020 7601 1850

LEI number: 213800TKJUY376H3KN16
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: Albion Technology & General VCT PLC - Ordinary Shares via
Globenewswire