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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
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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