Albion Venture Regulatory News (AAVC)

ALBION VENTURE CAPITAL TRUST PLC
Interim Management Statement

Introduction
I am pleased to present Albion Venture Capital Trust PLC (the "Company")'s
interim management statement for the period from 1 October 2011 to 15 February
2012 as required by the UK Listing Authority's Disclosure and Transparency Rule
4.3.

Performance and dividends
The Company's unaudited net asset value (NAV), based on management accounts, as
at 31 December 2011 was £28.2 million (30 September 2011: £28.5 million) or
79.2 pence per share (excluding treasury shares) (30 September 2011: 79.5 pence
per share before the deduction of the 2.5 pence per share dividend declared).

The current NAV is calculated after accounting for the second dividend for the
year to 31 March 2012 of 2.5 pence per share (total cost: £887,000), paid on 30
December 2011 to shareholders on the register as at 2 December 2011.

After adding back the second dividend for the financial year, the net asset
value has risen by 2.2 pence per share or 2.8% since September 2011.

As at 31 December 2011, total cash on deposit, or short term money market, and
other liquid instruments amounted to approximately £2.6 million (30 September
2011: £3.9 million).

Portfolio
The following investments have been made during the period from 1 October 2011
to 15 February 2012:

+-----------------------------------+------+-----------------------------------+
|Name |£000's|  |
+-----------------------------------+------+-----------------------------------+
|Oakland Care Centre Limited | 316 |Specialist dementia care facility |
| (further investment) | | |
+-----------------------------------+------+-----------------------------------+
|The Stanwell Hotel Limited | 74 |Owner of The Stanwell Hotel in|
|(further investment) | |Stanwell, near Heathrow Airport |
+-----------------------------------+------+-----------------------------------+
|Nelson House Hospital Limited | 190 |Psychiatric hospital based in|
|(further investment) | |Hampshire |
+-----------------------------------+------+-----------------------------------+
|TEG Biogas (Perth) Limited (further| 7 |Provider of anaerobic digestion|
|investment) | |facilities |
+-----------------------------------+------+-----------------------------------+
|Orchard Portman Hospital Limited | 8 |62 bed hospital offering long-term|
|(further investment) | |care to NHS patients in the|
| | |Somerset area. |
+-----------------------------------+------+-----------------------------------+

Disposals
During the period from 1 October 2011 to 15 February 2012, Kew Green VCT
(Stansted) Limited, GB Pub Company VCT Limited and Tower Bridge Health Clubs
Limited repaid £62,000, £26,000 and £3,000 of loan stock respectively.

Top ten holdings (as at 31 December 2011)

+----------------------------------------+----------------------+
| Investment | Carrying/ fair value |
| | £000's |
+----------------------------------------+----------------------+
| Kew Green VCT (Stansted) Limited | 6,245 |
+----------------------------------------+----------------------+
| The Stanwell Hotel Limited | 2,439 |
+----------------------------------------+----------------------+
| The Crown Hotel Harrogate Limited | 2,268 |
+----------------------------------------+----------------------+
| City Screen (Cambridge) Limited | 2,221 |
+----------------------------------------+----------------------+
| Oakland Care Centre Limited | 1,905 |
+----------------------------------------+----------------------+
| The Bear Hungerford Limited | 1,341 |
+----------------------------------------+----------------------+
| The Charnwood Pub Company Limited | 1,285 |
+----------------------------------------+----------------------+
| CS (Greenwich) Limited | 1,203 |
+----------------------------------------+----------------------+
| The Weybridge Club Limited | 1,114 |
+----------------------------------------+----------------------+
| Radnor House School (Holdings) Limited | 836 |
+----------------------------------------+----------------------+

Material Events and Transactions
A dividend of 2.5 pence per share was paid on 30 December 2011 to shareholders
on the register as at 2 December 2011.

Dividend Reinvestment Scheme
The Company continues to offer a Dividend Reinvestment Scheme to existing
shareholders.  Details of this Scheme can be found atwww.albion-
ventures.co.uk/Our Funds/Albion Venture Capital Trust PLC in the Circular issued
to shareholders on 10 July 2008.

During the period from 1 October 2011 to 15 February 2012 the Company allotted
the following Ordinary shares under the terms of the Dividend Reinvestment
Scheme:

+----------------+---------------------+--------------------+------------------+
| Date | Number of shares | Issue price per |Net proceeds £'000|
| | issued | share | |
+----------------+---------------------+--------------------+------------------+
|30 December 2011| 66,479 | 77 pence | 51 |
+----------------+---------------------+--------------------+------------------+

Share buy-backs
During the period from 1 October 2011 to 15 February 2012, the Company purchased
329,600 shares at an average of 66 pence per share.  These shares will be held
in treasury.

Share issues
During the period from 1 October 2011 to 15 February 2012, the Company issued
the following shares under the Albion VCTs Linked Top Up Offer 2011/2012 (which
are not included in the net asset value figures for 31 December 2011 above):

+---------------+--------------------+----------------------+------------------+
| Date | Number of shares |Issue price per share |Net proceeds £'000|
| | issued |(including 5.5% costs | |
| | | of issue) | |
+---------------+--------------------+----------------------+------------------+
|10 January 2012| 489,770 | 81.5 pence | 378 |
+---------------+--------------------+----------------------+------------------+

Share price
The closing mid market price for the shares on 15 February 2012 was 66.5 pence
per share, resulting in a 16 per cent. discount to the net asset value of 79.2
pence per share.

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 2011 and 15 February 2012.

Further information regarding historic and current financial performance and
other useful shareholder information can be found on the Fund's website under
www.albion-ventures.co.uk/Our Funds/Albion Venture Capital Trust PLC

David Watkins, Chairman
15 February 2012

For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850



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Source: Albion Venture Capital Trust PLC via Thomson Reuters ONE

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