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

Albion Technology & General VCTAnnouncement

16/11/2017 18:30

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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 2017 to 30 September 2017.

Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2017 was
£71.5 million or 73.7 pence per share (excluding treasury shares), an
increase of 2.2 pence per share or 3.1 per cent. since 30 June 2017 (71.5
pence per share) as a result of an increase in investment valuations.

A third dividend for the year ending 31 December 2017 of 2.0 pence per
Ordinary share is to be paid on 29 December 2017 to shareholders on the
register on 1 December 2017, resulting in total dividends of 4.0 pence per
share for the year.

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 £6 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
242,000 shares for £160,097 at an average price of 66.16 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 July 2017 to
30 September 2017:

 Follow-on investments                  £000's  Activity                                                                    
 Oviva AG                                500    A technology enabled service business in medical nutritional therapy (MNT)  
 G. Network Communications Limited       337    Fibre optic broadband provider in central London                            
 Egress Software Technologies Limited    266    Encrypted email and file transfer service provider                          
 Black Swan Data Limited                 233    Data analysis that supports corporate decision making                       
 Convertr Media Limited                  130    Digital lead generation software                                            
 Abcodia Limited                          30    Validation and discovery of serum biomarkers                                
 Aridhia Informatics Limited              11    Healthcare informatics and analysis provider                                
 Beddlestead Limited                      10    Developer and operator of a dedicated wedding venue in the UK               
 Total follow-on investments            1,517                                                                               

 New investments                         £000's                        
 SVS Albion OLIM UK Equity Income Fund   1,050   Liquidity management  
 Total new investments                   1,050                         

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

 Portfolio company               £000's                                                          
 Hilson Moran Holdings Limited   1,324   Disposal of multi-disciplinary engineering consultancy  
 Total proceeds                  1,324                                                           

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

Top ten holdings as at 30 September 2017:

 Investment                               Carrying value £000's  % of net asset value  Activity                                                                      
 Radnor House School (Holdings) Limited          10,334                  14.5%         Independent schools for children aged 5-18                                    
 Process Systems Enterprise Limited               4,657                  6.5%          Process modelling software and services                                       
 Chonais River Hydro Limited                      3,228                  4.5%          Owner and operator of a 2 MW hydro-power scheme in the Scottish Highland      
 Bravo Inns II Limited                            3,037                  4.2%          Owner and operator of freehold pubs                                           
 Earnside Energy Limited                          2,476                  3.5%          Anaerobic digestion and composting plant located in Scotland                  
 memsstar Limited                                 2,392                  3.3%          Refurbisher and manufacturer of MEMS and semiconductor fabrication equipment  
 Mirada Medical Limited                           2,048                  2.9%          Provider of medical imaging software                                          
 Bravo Inns Limited                               1,902                  2.7%          Owner and operator of freehold pubs                                           
 Gharagain River Hydro Limited                    1,861                  2.6%          Owner and operator of a 1 MW hydroelectricity plant in Western Scotland       
 MHS 1 Limited                                    1,562                  2.2%          Education                                                                     

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/AATG, 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 £1,039,000 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 £980,000 in an existing portfolio company, Beddlestead
Limited, which is a developer and operator of a dedicated wedding venue in the
UK;
* Investment of £376,000 in an existing portfolio company, G. Network
Communications Limited, a provider of fibre optic broadband to SMEs in central
London;
* Investment of £56,000 in an existing portfolio company, OmPrompt Holdings
Limited, a provider of process automation software;
* Investment of £47,000 in an existing portfolio company, Sandcroft Avenue
Limited, a provider of flexible access to gyms, trading as PayasUgym.
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
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/funds/AATG.

Dr. Neil Cross, Chairman
16 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: Albion Technology & General VCT PLC - Ordinary Shares via
Globenewswire