UK Markets closed
  • FTSE 100

    7,208.81
    +188.36 (+2.68%)
     
  • FTSE 250

    19,123.71
    +430.73 (+2.30%)
     
  • AIM

    896.27
    +10.41 (+1.18%)
     
  • GBP/EUR

    1.1618
    -0.0028 (-0.24%)
     
  • GBP/USD

    1.2270
    +0.0009 (+0.0736%)
     
  • BTC-GBP

    17,435.40
    +30.35 (+0.17%)
     
  • CMC Crypto 200

    462.12
    +8.22 (+1.81%)
     
  • S&P 500

    3,911.74
    +116.01 (+3.06%)
     
  • DOW

    31,500.68
    +823.32 (+2.68%)
     
  • CRUDE OIL

    107.06
    +2.79 (+2.68%)
     
  • GOLD FUTURES

    1,828.10
    -1.70 (-0.09%)
     
  • NIKKEI 225

    26,491.97
    +320.72 (+1.23%)
     
  • HANG SENG

    21,719.06
    +445.19 (+2.09%)
     
  • DAX

    13,118.13
    +205.54 (+1.59%)
     
  • CAC 40

    6,073.35
    +190.02 (+3.23%)
     

Albion Technology & General VCT PLC : Interim Management Statement

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·4-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • 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 2022 to 31 March 2022.

Performance and dividends
The Company’s unaudited net asset value (NAV) as at 31 March 2022 was £131.89 million or 82.05 pence per share (excluding treasury shares), an increase of 1.40 pence per share or 1.74 per cent. since 31 December 2021.

Fundraising and share issuances
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

13,924,598

81.90p - 82.80p

11,241

31 March 2022

14,154,989

82.80p

11,428

Total

28,079,587

 

22,669

On 29 March 2022, the Company announced that applications under the Prospectus offer had reached its £24 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

£’000

Activity

PerchPeek Limited

546

Digital relocation platform

Regulatory Genome Development Limited

107

Provider of machine readable structured regulatory content

Total new investments

653

 


Further investments

£’000

Activity

Black Swan Data Limited

953

Predictive analytics for consumer brands

TransFICC Limited

878

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

Cantab Research Limited (T/A Speechmatics)

849

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

Seldon Technologies Limited

411

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

Locum's Nest Limited

138

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

NuvoAir Holdings Inc

121

Digital therapeutics and decentralised clinical trials for respiratory conditions

Koru Kids Limited

85

Online marketplace connecting parents and nannies

Total further investments

3,435

 

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

Portfolio Company

Proceeds
£’000

 

Credit Kudos Limited

5,065

Disposal of investment on a cost of £1.0 million realising a gain of £4.1 million on cost

Phrasee Limited

2,195

Disposal of investment on a cost of £0.7 million realising a gain of £1.5 million on cost

MyMeds&Me Limited

1,476

Disposal of investment on a cost of £0.4 million realising a gain of £1.0 million on cost

Total proceeds

8,736

 

Top ten holdings as at 31 March 2022:

Investment

Carrying value
£’000

% of net asset value

Activity

Quantexa Limited

16,933

12.8

Network analytics platform to detect financial crime

Oviva AG

5,548

4.2

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

Radnor House School (TopCo) Limited

5,354

4.1

Independent school for children aged 2-18

Proveca Limited

4,727

3.6

Reformulation of medicines for children

Chonais River Hydro Limited

4,147

3.1

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

Black Swan Data Limited

3,845

2.9

Predictive analytics for consumer brands

Cantab Research Limited (T/A Speechmatics)

3,668

2.8

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

The Evewell Group Limited

3,087

2.3

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

Egress Software Technologies Limited

3,024

2.3

Encrypted email & file transfer service provider

Oxsensis Limited

2,982

2.3

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

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
After the period end, the Company had the following material investment transaction:

  • Investment of £566,000 in an existing portfolio company, Cantab Research Limited (T/A Speechmatics), (business activity as described above); and

  • Investment of £492,000 in a new portfolio company which uses machine learning to create a new standard for how organisations manage customer debt - ethically and technologically.

The following new Ordinary shares of nominal value 1 penny each were allotted under the Albion VCTs Prospectus Top Up Offers 2021/22 to shareholders who elected for the 2022/23 tax year:

Date

Number of shares issued

Issue price per share (including costs of issue)

Net proceeds
£’000

11 April 2022

922,386

81.90p - 82.80p

745

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/AATG.

Robin Archibald, Chairman
26 May 2022

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


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting