Yahoo Finance Albion Enterprise VCT PLC : Interim Management Statement
ALBION ENTERPRISE VCT PLC
LEI Code: 213800OVSRDHRJBMO720
Interim Management Statement
Introduction
I am pleased to present Albion Enterprise VCT PLC (the "Company")`s interim management statement for the period from 1 October 2017 to 31 December 2017.
Performance and dividends
The Company`s unaudited net asset value (NAV) as at 31 December 2017 was £57.46 million or 103.88 pence per share (excluding treasury shares), an increase of 2.26 pence per share (2.22 per cent.) since 30 September 2017.
After accounting for the dividend of 2.50 pence per share to be paid on 28 February 2018 to shareholders on the register on 9 February 2018, the NAV is 101.38 pence per share.
Share buy-backs
During the period from 1 October 2017 to 31 December 2017, the Company purchased 130,000 Ordinary shares for £123,000 at an average price of 94.18p pence per Ordinary 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 net asset value, so far as market conditions and liquidity permit.
Portfolio
The following investments have been made during the period from 1 October 2017 to 31 December 2017:
New qualifying investments | £000s | Activity |
Women`s Health (London West One) Limited | 917 | Developer of a women`s health centre of excellence focussing on fertility. |
Total new qualifying investments | 917 |
Follow on investments into existing portfolio companies | £000s | Activity |
Beddlestead Limited | 780 | Developer and operator of a dedicated wedding venue in the UK. |
G.Network Communications Limited | 305 | Ultra-fast fibre optic broadband provider in central London. |
OmPrompt Holdings Limited | 182 | A provider of process automation software for global manufacturing companies. |
PayAsUGym.com | 152 | A provider of flexible access to health and fitness clubs. |
Aridhia Informatics Limited | 120 | Provider of healthcare informatics and analysis. |
Total follow on investments | 1,539 |
Top ten holdings (as at 31 December 2017)
Investment | Carrying value | % of net asset value | Activity |
Radnor House School (Holdings) Limited | 6,596 | 11.5% | Independent schools for children aged 5-18. |
Grapeshot Limited | 4,923 | 8.6% | Provider of digital marketing software. |
Egress Software Technologies Limited | 4,640 | 8.1% | Encrypted email and file transfer service provider. |
Bravo Inns II Limited | 2,605 | 4.5% | Owner and operator of freehold pubs. |
Mirada Medical Limited | 2,232 | 3.9% | Developer of medical imaging software. |
Proveca Limited | 1,982 | 3.4% | Reformulation of paediatric medicines. |
Regenerco Renewable Energy Limited | 1,898 | 3.3% | Generator of renewable energy from roof top solar installations. |
Earnside Energy Limited | 1,670 | 2.9% | Anaerobic digestion and composting plant located in Scotland. |
Alto Prodotto Wind Limited | 1,540 | 2.7% | Owns and operates community scale wind energy projects on brownfield sites in the UK. |
The Street by Street Solar Programme Limited | 1,466 | 2.6% | Owns & operates a 500kW wind project in the UK. |
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/AAEV, by following the `Portfolio of Investments` link under the `Fund reports` section.
Fundraising and share issues
During the period from 1 October 2017 to 31 December 2017, the Company issued the following new Ordinary shares of nominal value 1 penny per share 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 consideration received £`000 |
17 November 2017 | 3,737,042 | 37 | 99.8p to 100.8p | 3,673 |
Material events and transactions after the period end
Albion VCTs prospectus Top Up Offers
The following new Ordinary shares of nominal value 1 penny per share were allotted under the Albion VCTs prospectus Top Up Offers 2017/18 after 31 December 2017:
Date | Number of shares issued | Aggregate nominal value of shares £`000 | Issue price per share (including costs of issue) | Net consideration received £`000 |
31 January 2018 | 1,374,981 | 14 | 104.3p | 1,398 |
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 2017 to 16 February 2018.
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/AAEV.
Maxwell Packe, Chairman
16 February 2018
For further information please contact:
Albion Capital Group LLP, Company Secretary - 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 Enterprise VCT PLC via GlobeNewswire
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