The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAlbion. Tch Vct Regulatory News (AATG)

Share Price Information for Albion. Tch Vct (AATG)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 69.00
Bid: 67.50
Ask: 70.50
Change: 0.00 (0.00%)
Spread: 3.00 (4.444%)
Open: 69.00
High: 69.00
Low: 69.00
Prev. Close: 69.00
AATG Live PriceLast checked at -
Albion Technology & General VCT is an Investment Trust

To provide investors with a regular dividend income, combined with the prospect of long-term capital growth, through a balanced portfolio of unquoted growth and technology businesses in a qualifying VCT.

Find out More

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Albion Technology & General VCT PLC : Interim Management Statement

6 Jun 2023 11:34

Albion Technology & General VCT PLC : Interim Management Statement

Albion Technology & General VCT PLC Interim Management StatementLEI code: 213800TKJUY376H3KN16

IntroductionI present Albion Technology & General VCT PLC (the “Company”)’s interim management statement for the period from 1 January 2023 to 31 March 2023.

PerformanceThe Company’s unaudited net asset value (NAV) as at 31 March 2023 was £140.4 million or 78.59 pence per share (excluding treasury shares), an increase of 5.67 pence per share (7.8%) since 31 December 2022.

On 2 March 2023, a NAV update was announced, following Quantexa undergoing an external fundraising process at a significantly higher valuation than was included in the Company’s NAV. This external fundraising round has now completed and was announced by Quantexa on 4 April 2023, raising $129 million. The NAV at 31 March 2023 has increased by 1.04 pence per share (1.34%) compared to the 2 March 2023 NAV update.

Albion VCTs’ Top Up Offers A prospectus Top Up Offer of new Ordinary shares was launched on 10 October 2022. The Board announced on 18 January 2023 that, following strong demand for the Company’s shares, it had elected to exercise its over-allotment facility, taking the total Offer to £15.5 million. The Offer was fully subscribed and closed to further applications on 22 March 2023.

During the period from 1 January 2023 to 31 March 2023, the Company issued the following shares under the Albion VCTs’ Top Up Offers:

DateNumber of shares issuedIssue price per shareNet consideration received £’000
31 March 202312,395,70479.60 pence9,621

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

Further investments£’000Activity
Proveca254Reformulation of medicines for children
Seldon Technologies103Enabling enterprises to deploy Machine Learning models in production
Brytlyt19A GPU database software provider
Symetrica12A designer and manufacturer of radiation detection equipment
Total further investments799 

Top ten holdings as at 31 March 2023:

InvestmentCarrying value£’000% of net asset valueActivity
Quantexa28,34120.6Network analytics platform to detect financial crime
Radnor House School (TopCo)6,0434.4Independent school for children aged 2-18
Proveca5,0993.7Reformulation of medicines for children
Chonais River Hydro4,4033.2Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands
Oviva4,0823.0A technology enabled service business in medical nutritional therapy (MNT)
The Evewell Group3,4982.5Operator of women’s health centres focusing on fertility
Cantab Research (T/A Speechmatics)3,4112.5Provider of low footprint automated speech recognition which can be deployed in the cloud, on premise or on device
Egress Software Technologies2,8992.1Encrypted email & file transfer service provider
Runa Network (previously WeGift)2,6922.0Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts
Gharagain River Hydro2,5701.9Owner and operator of a 1 MW hydro-power scheme in the Scottish Highlands

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/AATG.

Share buy-backsDuring 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 buy-backs to be at around a 5% discount to net asset value, so far as market conditions and liquidity permit.

Board compositionI am retiring from the Board today following the Annual General Meeting, having served as a Director of the Company for nine years, with my first seven years as Chairman of the Audit & Risk Committee and the last two years as Chairman of the Company. Clive Richardson, who has been on the Board since 1 June 2022, will succeed me as Chairman of the Board.

I would like to take this opportunity to thank all my existing and former board colleagues and our Manager, Albion Capital, for their contributions to the Company towards the progress made in the last nine years by the Company.

The Board continues to have a well experienced complement of Directors and is well advanced in succession planning. I wish the Company, and those associated with it, well in the future.

Material events and transactions after the period endAfter 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 shareNet consideration received £’000
14 April 2023558,08678.80 to 79.60 pence433

There have been no other material events or transactions after the period end to the date of this announcement.

Further informationFurther 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, Chairman6 June 2023

For further information please contact:Vikash HansraniOperations PartnerAlbion Capital Group LLPTelephone: 020 7601 1850

Date   Source Headline
30th Apr 202011:10 amGNWTotal voting rights and Capital
28th Apr 20202:38 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
22nd Apr 20205:30 pmGNWAlbion Technology & General VCT PLC : Interim Management Statement
31st Mar 20204:00 pmGNWTotal voting rights and Capital
20th Mar 20205:11 pmGNWAlbion Technology & General VCT PLC : Annual Financial Report
18th Mar 20206:00 pmGNWShare Buybacks
28th Feb 20204:00 pmGNWTotal voting rights and Capital
31st Jan 20203:49 pmGNWTotal voting rights and Capital
31st Dec 20198:00 amGNWDirector/PDMR Shareholding
31st Dec 20198:00 amGNWIssue of Equity and Total Voting Rights
31st Dec 20198:00 amGNWDirector/PDMR Shareholding
19th Dec 20193:54 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
13th Dec 20199:18 amGNWTransaction in Own Shares and Total Voting Rights and Capital
29th Nov 20194:00 pmGNWTotal voting rights and Capital
15th Nov 20192:00 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
11th Nov 20194:20 pmGNWAlbion Technology & General VCT PLC : Interim Management Statement
31st Oct 20194:30 pmGNWTotal voting rights and Capital
16th Oct 201911:16 amGNWDirector/PDMR Shareholding
10th Oct 20192:29 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
2nd Oct 20192:13 pmGNWTransaction in Own Shares and Totyal Voting Rights and Capital
30th Sep 20193:39 pmGNWTotal voting rights and Capital
30th Sep 201912:46 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
17th Sep 201910:50 amGNWTransaction in Own Shares and Total Voting Rights and Capital
16th Sep 20192:41 pmGNWAlbion Technology & General VCT PLC: Half-yearly Financial Report
30th Aug 20196:35 pmGNWTotal voting rights and Capital
31st Jul 201910:35 amGNWTotal voting rights and Capital
28th Jun 20191:40 pmGNWDirector/PDMR Shareholding
28th Jun 20191:16 pmGNWDirector/PDMR Shareholding
28th Jun 20191:11 pmGNWDirector/PDMR Shareholding
28th Jun 20191:06 pmGNWDirector/PDMR Shareholding
28th Jun 201912:59 pmGNWIssue of Equity and Total Voting Rights
13th Jun 20191:05 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
4th Jun 20195:14 pmGNWAGM Statement
4th Jun 201910:29 amGNWAlbion Technology & General VCT PLC - Ordinary Shares : Interim Management Statement
31st May 201911:23 amGNWTotal voting rights and Capital
8th May 20191:57 pmGNWTransaction in Own Shares and Total Voting Rights and Ca[ital
30th Apr 20199:57 amGNWTotal Voting Rights and Capital
12th Apr 20197:47 amGNWIssue of Equity and Total Voting Rights
10th Apr 20191:23 pmGNWTransaction in Own Shares and Total Voting Rights and Capital
5th Apr 20194:16 pmGNWIssue of Equity and Total Voting Rights
5th Apr 20192:05 pmGNWClosure of the Company's Offer under the Albion VCTs Prospectus Top Up Offers 2018/19
2nd Apr 201911:47 amGNWIssue of Equity and Total Voting Rights
29th Mar 201910:13 amGNWTotal voting rights
28th Mar 20193:55 pmGNWPublication of a Supplementary Prospectus
26th Mar 201912:18 pmGNWTransaction in Own Shares
22nd Mar 20194:17 pmGNWAlbion Technology & General VCT PLC : Annual Financial Report
28th Feb 201910:24 amGNWTotal voting rights and Capital
31st Jan 20198:46 amGNWTotal voting rights and Capital
7th Jan 20195:53 pmGNWPublication of Prospectus
31st Dec 20187:00 amGNWIssue of Equity and Total Voting Rights

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.