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Albion Enterprise VCT PLC: Interim Management Report

·3-min read

ALBION ENTERPRISE VCT PLC
LEI Code: 213800OVSRDHRJBMO720
Interim Management Statement

Introduction
I present Albion Enterprise VCT PLC (the “Company”)’s interim management statement for the period from 1 April 2022 to 30 June 2022.

Performance and dividends
The Company's unaudited net asset value (NAV) on 30 June 2022 was £117.39 million or 130.20 pence per share (excluding treasury shares), a decrease of 2.08 pence per share (1.6%) since 31 March 2022.

After accounting for the first interim dividend for the year ending 31 March 2023 of 3.31 pence per share to be paid on 31 August 2022 to shareholders on the register on 5 August 2022, the NAV is 126.89 pence per share.

Fundraising and share issues
During the period from 1 April 2022 to 30 June 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

11 April 2022

644,529

131.7p – 133.0p

836

Portfolio
The following investments have been made during the period from 1 April 2022 to 30 June 2022:

New investments

£000s

Activity

PeakData

862

Provides insights and analytics to pharmaceutical companies about therapeutic areas.

Ophelos

526

Provider of an autonomous debt resolution platform.

Total new investments

1,388

 


Further investments

£000s

Activity

Gravitee Topco (t/a Gravitee.io)

668

Provider of an API management platform.

Cantab Research (t/a Speechmatics)

265

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

Accelex Technology

252

Provides data extraction and analytics technology for private capital markets.

Concirrus

75

A software provider bringing real-time behavioural data analytics to the marine and transport insurance industries.

Total further investments

1,260

 

Top ten holdings (on 30 June 2022)

Investment

Carrying value
£000s

% of net asset value

Activity

Quantexa

14,530

12.4%

Network analytics platform to detect financial crime.

Egress Software Technologies

12,121

10.3%

Encrypted email & file transfer service provider.

Proveca

6,100

5.2%

Reformulation of medicines for paediatrics.

Oviva

4,912

4.2%

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

Radnor House School (TopCo)

3,400

2.9%

Independent school for children aged 2-18.

The Evewell Group

2,866

2.4%

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

Cantab Research (t/a Speechmatics)

2,165

1.8%

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

Black Swan Data

2,107

1.8%

Predictive analytics for consumer brands.

Regenerco Renewable Energy

2,056

1.8%

Generator of renewable energy from roof top solar installations.

Gravitee TopCo (t/a Gravitee.io)

1,798

1.5%

API management platform.

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.

Share buy-backs
During the period from 1 April 2022 to 30 June 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
Other than as described above, there have been no material events or transactions during the quarter and to the date of this announcement.

Further information
The Company continues to offer a dividend reinvestment scheme to existing shareholders. Details of this Scheme can be found at www.albion.capital/funds/AAEV.

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
30 August 2022

For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850