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

Albion Technology & General VCTAnnouncement

06/06/2018 10:50

  
Albion Technology & General VCT PLC Interim Management Statement
LEI code: 213800TKJUY376H3KN16
   
Introduction
I am pleased to present Albion Technology & General VCT PLC (the "Company")'s interim management statement for the period ended 31 March 2018.
   
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2018 was £76.8 million or 74.7 pence per share (excluding treasury shares), an increase of 2.8 pence per share or 3.9 per cent. since 31 December 2017.
   
A major contributor of the increase was the successful sale of Grapeshot Limited which completed after the period end. If the full escrow amount is received, we will have realised approximately 10 times our original investment.
  
Albion VCTs prospectus Top Up Offers
During the period from 1 January 2018 to 31 March 2018, the Company issued the following new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2017/18: 
                    
 Date 
 Number of shares issued 
 Aggregate nominal value of shares
£'000  
 Issue price per share (including costs of issue) 
 Net proceeds £'000 
 31 January 2018 
 1,185,597 
 12 
 73.6p 
 1,303 
  
The Board announced on 28 February 2018 that the Company had reached its £6 million limit under its offer pursuant to the Prospectus dated 6 September 2017, and so was closed.
  
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.
  
Share buy-backs
During the period from 1 January 2018 to 31 March 2018, there were no share buybacks undertaken by the Company.
   
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 2018 to 31 March 2018:
                    
 New investments 
 £'000 
 Activity 
 Koru Kids Limited 
 204 
 Online marketplace connecting parents and nannies 
 Total new investments 
 204 
   
 
                             
 Further investments 
 £'000 
 Activity 
 SVS Albion OLIM UK Equity Income Fund 
 900 
 Liquidity management 
 Panaseer Limited 
 309 
 Provider of cyber security services 
 Convertr Media Limited 
 195 
 Digital lead generation software 
 Total further investments 
 1,404 
   
   
Top ten holdings as at 31 March 2018:
                                                                      
 Investment 
 Carrying value
£'000  
 % of net asset value 
 Activity 
 Radnor House School (Holdings) Limited 
 10,298  
 13.4% 
 Independent schools for children aged 3-18 
 Process Systems Enterprise Limited 
 4,341 
 5.7% 
 Process modelling software and services 
 Chonais River Hydro Limited 
 4,168 
 5.4% 
 Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands 
 Bravo Inns II Limited 
 3,255 
 4.2% 
 Owner and operator of freehold pubs 
 Grapeshot Limited 
 2,865 
 3.7% 
 Provider of digital marketing software 
 memsstar Limited 
 2,266 
 3.0% 
 Refurbisher and manufacturer of MEMS and semiconductor fabrication equipment 
 Earnside Energy Limited  
 2,265 
 2.9% 
 Anaerobic digestion and composting plant located in Scotland 
 Gharagain River Hydro Limited 
 2,213 
 2.9% 
 Owner and operator of a 1 MW hydroelectricity plant in Western Scotland 
 Mirada Medical Limited 
 2,193 
 2.9% 
 Developer of medical imaging software 
 Bravo Inns Limited 
 1,762 
 2.3% 
 Owner and operator of freehold pubs 
  
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 undertook the following investment transactions:
 
 
As announced on 24 April 2018, contracts were exchanged for the sale of Grapeshot Limited which subsequently completed on 15 May 2018. The valuation of the holding as at 31 March 2018 includes discounts to the total estimated consideration to reflect completion and other risks;
 
Investment of £300,000 in an existing portfolio company Sandcroft Avenue Limited (PayAsUGym.com), which is a provider of flexible access to gyms trading as PayasUgym.com;
 
Investment of £233,000 in an existing portfolio company, Black Swan Data Limited, which provides data analysis that supports corporate decision making;
 
Investment of £210,000 in an existing portfolio company, InCrowd Sports Limited, which is a developer of mobile apps for professional sports clubs;
 
Investment of £140,000 in an existing portfolio company DySIS Medical Limited, which provides medical devices for the detection of cervical cancer;
 
Investment of £110,000 in an existing portfolio company MyMeds&Me Limited, which provides a  platform for collecting data from pharmaceutical adverse events;
 
Investment of £109,000 in an existing portfolio company Abcodia Limited, which focuses on the validation and discovery of serum biomarkers; and
 
Investment of £80,000 in a new portfolio company Healios Limited, which is a provider of online delivery of mental health therapy services.
 
 
Albion VCTs prospectus Top Up Offers
After the period end, the Company issued the following new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2017/18:
                           
 Date 
 Number of shares issued 
 Aggregate nominal value of shares
£'000  
 Issue price per share (including costs of issue) 
 Net proceeds £'000 
 5 April 2018 
 1,541,406 
 15 
 73.8p 
 1,109 
 11 April 2018 
 269,030 
 3 
 73.0p  to 73.8p  
 194 
  
Material events and transactions
There have been no further significant events or transactions between 1 April 2018 and 6 June 2018 that the Board is aware of which would have had a material impact on the financial position of the Company. 
   
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
6 June 2018
For further information please contact:
Albion Capital Group LLP - tel: 020 7601 1850 
     


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Source: Albion Technology & General VCT PLC - Ordinary Shares via Globenewswire