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Albion Development VCT PLC: Interim Management Statement

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ALBION DEVELOPMENT VCT PLC

LEI Code 213800FDDMBD9QLHLB38
Interim Management Statement

Introduction
I am pleased to present Albion Development VCT PLC (the “Company”)’s interim management statement for the period from 1 January 2022 to 31 March 2022.

Performance and dividends

The Company's unaudited net asset value (NAV) on 31 March 2022 was £119.94 million or 97.15 pence per share (excluding treasury shares), an increase of 2.17 pence per share (2.28%) since 31 December 2021.

After accounting for the dividend of 2.37 pence per share to be paid on 31 May 2022 to shareholders on the register on 6 May 2022, the NAV is 94.78 pence per share.

Fundraising and share issues

During the period from 1 January 2022 to 31 March 2022, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2021/22:

Date

Number of shares issued

Issue price per share (including costs of issue)

Net proceeds
£’000

25 February 2022

12,901,184

96.5p – 97.5p

12,265

31 March 2022

7,756,832

97.5p

7,374

On 23 March 2022, the Company announced that applications under the Prospectus offer had reached its £21 million gross limit and was therefore fully subscribed and closed to further applications.

Portfolio
The following investments have been made during the period from 1 January 2022 to 31 March 2022:

New investments

£000s

Activity

PerchPeek Limited

517

Digital relocation platform

Regulatory Genome Development Limited

112

Provider of machine readable structured regulatory content

Total new investments

629


Further investments

£000s

Activity

Black Swan Data Limited

721

Predictive analytics for consumer brands

TransFICC Limited

684

A provider of a connectivity solution, connecting financial institutions with trading venues via a single API

Seldon Technologies Limited

517

Software company that enables enterprises to deploy Machine Learning models in production

Cantab Research Limited (T/A Speechmatics)

391

Provider of low footprint automated speech recognition which can be deployed in the cloud, on premise or on device across over 31 languages

NuvoAir Holdings Inc

122

Digital therapeutics and decentralised clinical trials for respiratory conditions

Koru Kids Limited

113

Online marketplace connecting parents and nannies

Locum's Nest Limited

112

Provides a technology solution for the management of locum doctors for the NHS

Total further investments

2,660

Disposals

The following disposals were made during the period from 1 January 2022 to 31 March 2022:

Portfolio Company

£000s

MyMeds&Me Limited

3,152

Disposal of investment on a cost of £0.9 million realising a gain of £2.2 million on cost

Phrasee Limited

2,297

Disposal of investment on a cost of £0.7 million realising a gain of £1.6 million on cost

Credit Kudos Limited

1,776

Disposal of investment on a cost of £0.3 million realising a gain of £1.4 million on cost

Total proceeds

7,225

Top ten holdings (on 31 March 2022)

Investment

Carrying value

£000s

% of net asset value

Activity

Quantexa Limited

14,911

12.4

Network analytics platform to detect financial crime

Egress Software Technologies Limited

9,224

7.7

Encrypted email & file transfer service provider

Proveca Limited

7,621

6.4

Reformulation of medicines for children

Oviva AG

5,357

4.5

A technology enabled service business in medical nutritional therapy (MNT)

Radnor House School (TopCo) Limited

3,083

2.6

Independent school for children aged 2-18

Black Swan Data Limited

2,909

2.4

Predictive analytics for consumer brands

The Evewell Group Limited

2,795

2.3

Operator and developer of women’s health centres focusing on fertility

Chonais River Hydro Limited

2,366

2.0

Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands

The Street by Street Solar Programme Limited

2,343

2.0

Owner and operator of photovoltaic systems on domestic properties in the UK

Regenerco Renewable Energy Limited

1,954

1.6

Generator of renewable energy from roof top solar installations

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/AADV.

Share buy-backs

During the period from 1 January 2022 to 31 March 2022, the Company did not buy back any shares.

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% discount to net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end

The following new Ordinary shares of nominal value 1 penny each were allotted under the Albion VCTs Prospectus Top Up Offers 2021/22 after 31 March 2022:

Date

Number of shares issued

Issue price per share (including costs of issue)

Net proceeds

£’000

11 April 2022

896,583

96.5p – 97.5p

852

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

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/AADV.

Ben Larkin, Chairman

10 May 2022


For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: 020 7601 1850


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