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Pin to quick picksAlbion. Dev Vct Regulatory News (AADV)

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Albion Development VCT is an Investment Trust

To provide investors with regular dividend income combined with long-term capital growth by investing in a broad portfolio of higher growth businesses with a stronger focus on technology companies across a variety of sectors in UK.

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Albion Development VCT PLC: Interim Management Statement

30 May 2023 11:49

Albion Development VCT PLC: Interim Management Statement

ALBION DEVELOPMENT VCT PLC

LEI Code 213800FDDMBD9QLHLB38 Interim Management Statement 

Introduction I present Albion Development VCT PLC (the “Company”)’s interim management statement for the period from 1 January 2023 to 31 March 2023. 

Performance and dividends

The Company's unaudited net asset value (“NAV”) on 31 March 2023 was £129.33 million or 94.92 pence per share (excluding treasury shares), an increase of 6.27 pence per share (7.1%) since 31 December 2022. 

On 2 March 2023, a NAV update was announced following an external fundraising process at Quantexa at a significantly higher valuation. The NAV at 31 March 2023 has increased by 1.02 pence per share (1.1%) compared to the 2 March 2023 NAV update. This Series E fundraising round has now completed, raising $129 million, and was announced by Quantexa on 4 April 2023. 

After accounting for the dividend of 2.22 pence per share to be paid on 31 May 2023 to shareholders on the register on 5 May 2023, the NAV is 92.70 pence per share. 

Albion VCT’s Top Up Offers

A prospectus Top Up Offer of new Ordinary shares was launched on 10 October 2022. The Board announced on 4 January 2023 that it had elected to exercise its over-allotment facility, taking the total Offer to £13 million. The Offer was fully subscribed and closed to further applications on 9 March 2023.

During the period from 1 January 2023 to 31 March 2023, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2022/23: 

DateNumber of shares issuedIssue price per shareNet consideration received £’000
31 March 20237,134,31996.40p6,706

Portfolio The following investments have been made during the period from 1 January 2023 to 31 March 2023:

Further investments£000sActivity
Proveca415Reformulation of medicines for children
Seldon Technologies129Enabling enterprises to deploy Machine Learning models in production
Brytlyt20GPU database software provider
Symetrica13Designer and manufacturer of radiation detection equipment
Total further investments577 

Top ten holdings (on 31 March 2023)

Portfolio CompanyCarrying value £000s% of net asset valueActivity
Quantexa24,95819.3Network analytics platform to detect financial crime
Egress Software Technologies8,8436.8Encrypted email & file transfer service provider
Proveca8,2246.4Reformulation of medicines for children
Oviva3,9423.0Technology enabled service business in medical nutritional therapy (MNT)
Radnor House School (TopCo)3,4792.7Independent school for children aged 2-18
The Evewell Group3,1692.5Operator of women’s health centres focusing on fertility
Healios2,4991.9Provider of an online platform delivering family centric psychological care primarily to children and adolescents
Chonais River Hydro2,4401.9Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands
The Street by Street Solar Programme2,3061.8Owner and operator of photovoltaic systems on domestic properties in the UK
Convertr Media2,0741.6Digital lead generation software

 

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/AADV

Share buy-backs

During the period from 1 January 2023 to 31 March 2023, 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 issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2022/23:

DateNumber of shares issuedIssue price per share (including costs of issue)Net consideration received £’000
14 April 2023358,35995.40p to 96.40p337

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/AADV

 

Ben Larkin, Chairman

30 May 2023 

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: 020 7601 1850

 

Date   Source Headline
25th Mar 20193:37 pmGNWPublication of a Circular
25th Mar 20191:34 pmGNWAlbion Development VCT PLC - Ordinary Shares : Annual Financial Report
13th Mar 201911:44 amGNWOffer Update
28th Feb 201910:21 amGNWTotal voting rights and Capital
31st Jan 20198:49 amGNWTotal voting rights and Capital
7th Jan 20195:55 pmGNWPublication of Prospectus
31st Dec 20187:00 amGNWTotal voting rights and Capital
6th Dec 201812:36 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
30th Nov 201811:35 amGNWTotal voting rights and Capital
19th Nov 20183:16 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
9th Nov 201811:53 amGNWTransaction in Own Shares and Total Voting Rights and Capital
6th Nov 20184:24 pmGNWAlbion Development VCT PLC - Ordinary Shares : Interim Management Statement
6th Nov 20187:00 amGNWStatement regarding the proposed issue of a prospectus
31st Oct 201812:51 pmGNWTotal voting rights and Capital
31st Oct 201812:26 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
12th Oct 201812:27 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
9th Oct 20182:35 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
28th Sep 201812:35 pmGNWDirector/PDMR Shareholding
28th Sep 201812:32 pmGNWDirector/PDMR Shareholding
28th Sep 201812:24 pmGNWTotal voting rights and Capital
26th Sep 201812:43 pmGNWTransaction in Own Shares
31st Aug 201810:10 amGNWTotal Voting Rights and Capital
31st Jul 201810:51 amGNWTransaction in Own Shares and Capital
29th Jun 20183:00 pmGNWTransaction in own shares and Total Voting Rights and Capital
29th Jun 201811:45 amGNWTotal Voting Rights and Capital
14th Jun 20183:49 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
7th Aug 20094:53 pmRNSDirector/PDMR Shareholding
7th Aug 20092:57 pmPRNNet Asset Value(s)
7th Aug 20092:51 pmRNSClosing of offer for shares of HRG
31st Mar 20095:09 pmRNSTotal Voting Rights
25th Mar 20093:25 pmRNSChange of Name
18th Mar 200911:11 amRNSFSA viewing facility
27th Feb 20092:51 pmRNSTotal Voting Rights
30th Jan 20094:08 pmRNSTotal Voting Rights
23rd Jan 200911:55 amRNSChange of Inv Manager and Proposed Change o
9th Jan 20095:38 pmRNSDirector/PDMR Shareholding
31st Dec 200811:03 amRNSTotal Voting Rights
30th Dec 200810:30 amRNSIssue of Equity
10th Dec 20083:38 pmRNSTransaction in Own Shares
9th Dec 20084:47 pmRNSDoc re. Dividend
4th Dec 200810:16 amRNSDividend Declaration
28th Nov 20085:46 pmRNSTotal Voting Rights
12th Nov 20085:46 pmRNSInterim Management Statement
31st Oct 20084:35 pmRNSTotal Voting Rights
14th Oct 20084:14 pmRNSTransaction in Own Shares
13th Oct 20084:39 pmRNSTransaction in Own Shares
7th Oct 20084:44 pmRNSDirector/PDMR Shareholding
3rd Oct 20083:07 pmRNSIssue of Equity
30th Sep 20085:05 pmRNSTotal Voting Rights
25th Sep 20082:43 pmRNSTransaction in Own Shares

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