REG-Albion Venture Capital Trust PLC : Interim Management Statement <Origin Href="QuoteRef">AAVC.L</Origin>

Albion Venture Capital TrustAnnouncement

18/02/2016 15:40

ALBION VENTURE CAPITAL TRUST PLC 
 Interim Management Statement 
 
 Introduction 
 I am pleased to present Albion Venture Capital Trust PLC (the "Company")'s
interim management statement for the period from 1 October 2015 to 18 February
2016. 
 
 Performance and dividends 
 The Company's unaudited net asset value (NAV), as at 31 December 2015 was
£50.40 million or 70.56 pence per share (excluding treasury shares) (30
September  2015: 72.65 pence per share) after accounting for a dividend of
2.50 pence per share which was paid on 31 December 2015 to shareholders on the
register as at 11 December 2015. 
 
 Before taking account of the dividend, the Company's NAV rose by 0.41 pence
per share or 0.56 per cent. over the 3 months since 30 September 2015. 
 
 Disposals and loan stock repayments 
 During the period from 1 October 2015 to 18 February 2016, the Company
disposed of Kensington Health Clubs Limited for £2.2 million, realising a
gain on cost of £314,000. The Company also received loan stock repayments
from Kew Green VCT (Stansted) Limited of £81,000. 
 
 Portfolio 
 The following investments have been made during the period from 1 October
2015 to 18 February 2016: 
 
  Name                                                                                    £'000     Activity                                                                 
  Shinfield Lodge Care Limited (existing investment)                                      1,825     Develop and operate a care home in Shinfield, Berkshire.                   
  Active Lives Care Limited (existing investment)                                         550       Develop and operate a 72 bed care home in Cumnor Hill, Oxfordshire.      
  Ryefield Court Care Limited ( existing investment)                                      500       Develop and operate a 60 bed care home in Hillingdon, Middlesex.           
  The Stanwell Hotel Limited ( existing investment)                                       392       Boutique hotel located near Heathrow terminal 5.                           
  The Weybridge Club Limited ( existing investment )                                      64        Health and Fitness Club located in Weybridge.                              
  Earnside Energy Limited (formerly TEG Biogas (Perth) Limited) ( existing investment)    61        Anaerobic digestion and composting plant located in Scotland.              
 Top ten holdings (as at 31 December 2015) 
 
  Investment                                Carrying value £000's    % of net asset value    Activity                                                                                 
  Kew Green VCT (Stansted) Limited          7,461                     14.8%                   Operator of a Holiday Inn Express hotel located at Stansted Airport.                     
  Radnor House School (Holdings) Limited    3,841                     7.6%                    Independent schools for children ages 5-18.                                              
  Chonais River Hydro Limited               3,703                     7.3%                    Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands.               
  Shinfield Lodge Care Limited              3,666                     7.3%                    Develop and operate a care home in Shinfield, Berkshire.                                 
  Active Lives Care Limited                 3,163                     6.3%                    Develop and operate a 72 bed care home in Cumnor Hill, Oxfordshire.                    
  The Crown Hotel Harrogate Limited         3,009                     6.0%                    Owner and operator of a 114 bedroom hotel located in Harrogate, Yorkshire.               
  The Stanwell Hotel Limited                2,832                     5.6%                    Boutique hotel located near Heathrow terminal 5.                                         
  Gharagain River Hydro Limited             1,897                     3.8%                    Owner and operator of a 1 MW hydroelectricity plant near Ledgowan in Western Scotland.   
  Ryefield Court Care Limited               1,922                     3.8%                    Develop and operate a 60 bed care home in Hillingdon, Middlesex.                         
  The Weybridge Club Limited                1,339                     2.7%                    Health and Fitness Club located in Weybridge.                                            
 A full breakdown of the Company's portfolio can be found on the funds website
at www.albion-ventures.co.uk/ourfunds/AAVC.htm , by following the 'Portfolio
of Investments' link under the 'Investor Centre' section. 
 
 Dividend Reinvestment Scheme 
 The Company continues to offer a Dividend Reinvestment Scheme to existing
shareholders. Details of this scheme can be found at
http://www.albion-ventures.co.uk/ourfunds/AAVC.htm . 
 
 Share buy-backs 
 During the period from 1 October 2015 to 18 February 2016, the Company
purchased 155,000 shares at an average price of 66.16 pence per share.  These
shares will be held in treasury. 
 
 Fundraising and share issues 
 During the period from 1 October 2015 to 18 February 2016, the Company issued
the following shares under the Albion VCTs Prospectus Top Up Offers 2015/2016:

 
  Date               Number of shares issued    Issue price per share (including costs of issue)    Net proceeds £'000   
  29 January 2016    3,531,675                  71.60 pence                                         2,478                 
  29 January 2016    1,614,056                  72.00 pence                                         1,133                 
  Total              5,145,731                                                                     3,611                 
 In the light of strong demand for the Company's shares under the Albion VCTs
Prospectus Top Up Offers 2015/2016, which were launched on 17 November 2015,
the board of directors of Albion Venture Capital Trust PLC is pleased to
announce that it has elected to exercise the over-allotment facility referred
to in the prospectus. Accordingly, the maximum amount that may be raised by
the Company is increased from £4.25m to £6m. 
 
 The Company has, to date, received valid applications for approximately
£4.2m. The Offers are expected to close no later than 30 September 2016. 
 
 Share price 
 The closing mid market price for the shares on 17 February 2016 was 66.50
pence per share, a 5.8 per cent. discount to the net asset value at 31
December 2015 of 70.56 pence per share. 
 
 Material events and transactions 
 There have been no further significant events or transactions that the Board
is aware of which would have a material impact on the financial position of
the Company between 1 October 2015 to 18 February 2016. 
 
 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 http://www.albion-ventures.co.uk/ourfunds/AAVC.htm
. 
 
 David Watkins, Chairman 
 18 February 2016 
 
 For further information please contact: 
 Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850 
 

 This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX 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 Venture Capital Trust PLC via Globenewswire 
 HUG#1987391