UK markets close in 3 hours 48 minutes
  • FTSE 100

    7,150.21
    +16.15 (+0.23%)
     
  • FTSE 250

    22,785.16
    +51.03 (+0.22%)
     
  • AIM

    1,253.57
    +3.92 (+0.31%)
     
  • GBP/EUR

    1.1634
    -0.0014 (-0.12%)
     
  • GBP/USD

    1.4101
    -0.0016 (-0.11%)
     
  • BTC-GBP

    27,828.11
    +2,285.71 (+8.95%)
     
  • CMC Crypto 200

    976.73
    +34.92 (+3.71%)
     
  • S&P 500

    4,247.44
    +8.26 (+0.19%)
     
  • DOW

    34,479.60
    +13.40 (+0.04%)
     
  • CRUDE OIL

    71.25
    +0.34 (+0.48%)
     
  • GOLD FUTURES

    1,856.60
    -23.00 (-1.22%)
     
  • NIKKEI 225

    29,161.80
    +213.07 (+0.74%)
     
  • HANG SENG

    28,842.13
    +103.23 (+0.36%)
     
  • DAX

    15,706.75
    +13.48 (+0.09%)
     
  • CAC 40

    6,605.39
    +4.73 (+0.07%)
     

Albion Technology & General VCT PLC : Interim Management Statement

  • Oops!
    Something went wrong.
    Please try again later.
·4-min read
  • Oops!
    Something went wrong.
    Please try again later.

Albion Technology & General VCT PLC
Interim Management Statement
LEI code: 213800TKJUY376H3KN16

Introduction
I present Albion Technology & General VCT PLC’s (the “Company”)’s interim management statement for the period from 1 January 2021 to 31 March 2021.

Performance and dividends
The Company’s unaudited net asset value (NAV) as at 31 March 2021 was £93.98 million or 70.33 pence per share (excluding treasury shares), an increase of 0.98 pence per share or 1.41 per cent. since 31 December 2020.

Fundraising and share issuances
During the period from 1 January 2021 to 31 March 2021, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2020/21:

Date

Number of shares issued

Issue price per share (including costs of issue)

Net proceeds
£’000

26 February 2021

21,121,379

70.3p to 71.1p

14,641

Portfolio
The following investments have been made during the period from 1 January 2021 to 31 March 2021:

New investments

£’000

Activity

Threadneedle Software Limited (T/A Solidatus)

1,014

Provider of data lineage software to enterprise customers in regulated sectors, which allows them to rapidly discover, visualise, catalogue and understand how data flows through their systems

Total new investments

1,014


Further investments

£’000

Activity

Black Swan Data Limited

890

Predictive analytics for consumer brands

Healios Limited

418

Provider of an online platform delivering family centric psychological care primarily to children and adolescents

ePatient Network Limited (T/A Raremark)

46

Online community connecting people affected by rare diseases

Total further investments

1,354

The following disposals were made during the period from 1 January 2021 to 31 March 2021:

Portfolio Company

£’000

OmPrompt Holdings Limited

700

Disposal of investment on a cost of £306,000

SBD Automotive Limited

567

Disposal of investment on a cost of £273,000

Total proceeds

1,267

Top ten holdings as at 31 March 2021:

Investment

Carrying value
£’000

% of net asset value

Activity

Quantexa Limited

7,978

8.5

Network analytics platform to detect financial crime

Radnor House School (TopCo) Limited

4,671

5.0

Independent school for children aged 2-18

Proveca Limited

4,256

4.5

UK based pharma company specialising in medicines for children

Chonais River Hydro Limited

3,965

4.2

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

Oxsensis Limited

3,697

3.9

A developer and producer of industrial sensors for use in ultra-high temperature environments

Egress Software Technologies Limited

2,489

2.6

Encrypted email & file transfer service provider

Black Swan Data Limited

2,378

2.5

Predictive analytics for consumer brands

The Evewell (Harley Street) Limited

2,308

2.5

Operator of a women’s health centre focusing on fertility

Gharagain River Hydro Limited

2,219

2.4

Owner and operator of a 1 MW hydro-power scheme in the Scottish Highlands

Phrasee Limited

1,771

1.9

AI platform that generates optimised marketing campaigns

Share buy-backs
During the period from 1 January 2021 to 31 March 2021, 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.

Board Composition
I have had the privilege of being Chairman of your Company since its launch in 2000 and I am retiring today following the Annual General Meeting. Robin Archibald, who has been on the Board as Audit Committee Chairman since 2013, will succeed me as Chairman of the Board, and Margaret Payn will succeed Robin as chairman of the Audit Committee. Modwenna Rees Mogg will retire from the Board in September 2021 after serving for nine years as a non-executive director of the Company. Mary Anne Cordeiro and Patrick Reeve will continue as non-executive directors of the Company, with Patrick, given his role as chairman of the Manager, being regarded as non-independent. The continuing Board will further consider succession planning in due course but has adequate skills and experience to oversee the activities of the Company during such time.

Material events and transactions after the period end
After the period end, the Company had the following material investment transactions:

  • Investment of £490,000 in a new portfolio company, an open source API management platform that enables enterprises to manage their APIs through their lifecycle (from design to publishing to controlling access and security);

  • Investment of £370,000 in an existing portfolio company, Panaseer Limited, a provider of cyber security services; and

  • Investment of £181,000 in a new portfolio company, Accelex Technology Limited (T/A Accelex), a provider of data extraction and analytics technology for private capital markets

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
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
27 May 2021

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