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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

12 Dec 2022 13:46

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 July 2022 to 30 September 2022.

Performance and dividends

The Company's unaudited net asset value (NAV) on 30 September 2022 was £112.97 million or 91.32 pence per share (excluding treasury shares). After accounting for the dividend of 2.34 pence per share paid on 30 September 2022 to shareholders on the register on 9 September 2022, this is an increase of 0.11 pence per share (0.12%) since 30 June 2022.

Fundraising and share issues

During the period from 1 July 2022 to 30 September 2022, the Company issued the following shares under the dividend reinvestment scheme (and are included in the net asset value figures for 30 September 2022 above):

DateNumber of shares issuedIssue price per shareNet invested £’000
30 September 2022559,25091.21p491

A prospectus Top Up Offer of new Ordinary shares was launched on 10 October 2022. The Company's Offer is £8.0 millionm with an over-allotment facility if £5.0 million. Any election to make use of the over-allotment facility will be subject to the decision of the Board at the relevant time.

The first allotment of shares under the Offer took place on 2 December 2022 and more information can be found in the transactions after the period end section below. Full details of the Offer are in a prospectus that is available on the Albion Capital website (www.albion.capital).

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

New investments£000sActivity
Toqio FinTech Holdings1,369Provider of embedded FinTech solutions
GX Molecular (T/A CS Genetics)741Developer of single-cell sequencing solutions
OutThink610SaaS platform to measure and manage human risk for enterprises
Neurofenix523Neurorehabilitation platform
Total new investments3,243 

Further investments£000sActivity
The Voucher Market (T/A WeGift)767A cloud platform that enables corporates to purchase digital gift cards and to distribute them to employees and customers
InCrowd Sports97Developer of mobile apps for professional sports clubs
uMedeor (T/A uMed)64A middleware technology platform that enables life science organisations to conduct medical research programmes
Brytlyt33 A GPU database software provider
Total further investments961 

Top ten holdings (on 30 September 2022)

InvestmentCarrying value £000s% of net asset valueActivity
Quantexa14,91113.2Network analytics platform to detect financial crime
Egress Software Technologies8,7087.7Encrypted email & file transfer service provider
Proveca7,7186.8Reformulation of medicines for children
Oviva5,3174.7A technology enabled service business in medical nutritional therapy (MNT)
Radnor House School (TopCo)3,0402.7Independent school for children aged 2-18
The Evewell Group2,8132.5Operator and developer of women’s health centres focusing on fertility
Chonais River Hydro2,3212.1Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands
The Street by Street Solar Programme2,3002.0Owner and operator of photovoltaic systems on domestic properties in the UK
Threadneedle Software Holdings (T/A Solidatus)2,2382.0Provider of data lineage software to enterprise customers in regulated sectors
Cantab Research (T/A Speechmatics)2,1301.9Provider of low footprint automated speech recognition which can be deployed in the cloud, on premise or on device

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 July 2022 to 30 September 2022, the Company purchased 414,104 shares for £361,000 (including stamp duty) at an average price of 86.65 pence per share. All of the shares are to be held in treasury.

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 proceeds £’000
2 December 20226,172,63992.80p to 93.70p5,640

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

12 December 2022

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: 020 7601 1850

 

Date   Source Headline
19th Dec 20226:10 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
12th Dec 20221:46 pmGNWAlbion Development VCT PLC: Interim Management Statement
5th Dec 20223:45 pmGNWDirector/PDMR Shareholding
5th Dec 202212:15 pmGNWIssue of Equity and Total Voting Rights and Capital
30th Nov 20222:00 pmGNWTotal Voting Rights and Capital
28th Nov 202211:45 amGNWNAV Announcement
10th Oct 20221:15 pmGNWPublication of Prospectus
30th Sep 202210:58 amGNWDirector/PDMR Shareholding
30th Sep 202210:57 amGNWIssue of Equity and Total Voting Rights and Capital
29th Sep 20226:19 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
21st Sep 20229:40 amGNWStatement regarding the proposed issue of a prospectus
7th Sep 20225:12 pmGNWAlbion Development VCT PLC: Half-yearly Financial Report
31st Aug 20222:03 pmGNWDividend Declaration
31st Aug 202210:15 amGNWTotal voting rights and Capital
29th Jul 20222:00 pmGNWTotal voting rights and Capital
30th Jun 20222:00 pmGNWTotal voting rights and Capital
29th Jun 20225:42 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
31st May 202210:07 amGNWDirector/PDMR Shareholding
31st May 202210:06 amGNWIssue of Equity and Total Voting Rights
20th May 20225:54 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
11th May 20228:44 amGNWAGM Statement
10th May 202211:44 amGNWAlbion Development VCT PLC: Interim Management Statement
29th Apr 20222:00 pmGNWTotal voting rights and Capital
11th Apr 20222:00 pmGNWIssue of Equity and Total Voting Rights and Capital
8th Apr 20229:40 amGNWTransaction in Own Shares and Total Voting Rights and Capital
1st Apr 202210:45 amGNWIssue of Equity and Total Voting Rights and Capital
28th Mar 20224:08 pmGNWPublication of a supplementary prospectus
24th Mar 20224:52 pmGNWAlbion Development VCT PLC: Annual Financial Report
23rd Mar 202212:00 pmGNWClosure of the Company's Offer
3rd Mar 20225:18 pmGNWOffer Update
28th Feb 20224:00 pmGNWTotal Voting Rights and Capital
28th Feb 202212:00 pmGNWDirector/PDMR Shareholding
28th Feb 202211:30 amGNWIssue of Equity and Total Voting Rights and Capital
11th Feb 202212:00 pmGNWNAV Announcement
31st Jan 202211:35 amGNWTotal voting rights and Capital
6th Jan 20221:45 pmGNWPublication of Prospectus
31st Dec 20219:47 amGNWTotal Voting Rights and Capital
17th Dec 20211:28 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
7th Dec 202111:50 amGNWStatement regarding the proposed issue of a prospectus
30th Nov 20212:00 pmGNWTotal voting rights and Capital
17th Nov 20211:30 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
8th Nov 202112:57 pmGNWAlbion Development VCT PLC: Interim Management Statement
29th Oct 20212:19 pmGNWTotal voting rights and Capital
18th Oct 20214:10 pmGNWStatement regarding the proposed issue of a prospectus
8th Sep 20213:09 pmGNWAlbion Development VCT PLC: Half-yearly Financial Report
1st Sep 202111:57 amGNWDividend Declaration
31st Aug 20213:06 pmGNWTotal voting rights and Capital
3rd Aug 202112:00 pmGNWNAV Update
30th Jul 20211:45 pmGNWTotal voting rights and Capital
30th Jun 20212:13 pmGNWTotal voting rights and Capital

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