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3 Jun 2025 14:15
Albion Crown VCT PLC: Interim Management StatementAlbion Crown VCT PLC Interim Management StatementLEI Code: 213800SYIQPA3L3T1Q68
IntroductionI present Albion Crown VCT PLC (the “Company”)’s interim management statement for the period from 1 January 2025 to 31 March 2025.
The Company completed the merger with Albion Venture Capital Trust PLC (AAVC) in December 2024 which created a new C share class (CRWC). The C share class (CRWC) will convert into ordinary shares (CRWN) on a relative Net Asset Value basis as at 30 June 2026, which is expected to complete in November 2026.
Performance and dividends
Ordinary sharesThe ordinary shares unaudited net asset value (NAV) as at 31 March 2025 was £113.7 million or 31.35 pence per ordinary share, an increase of 0.18 pence per ordinary share (0.58%) since 31 December 2024.
After accounting for the dividend of 0.78 pence per ordinary share, paid on 30 April 2025 to shareholders on the register on 11 April 2025, the NAV is 30.57 pence per ordinary share.
C SharesThe C shares unaudited NAV as at 31 March 2025 was £57.9 million or 43.15 pence per C share, a decrease of 0.12 pence per C share (0.27%) since 31 December 2024.
After accounting for the dividend of 1.08 pence per C share, paid on 30 April 2025 to shareholders on the register on 11 April 2025, the NAV is 42.07 pence per C share.
FundraisingA prospectus Top Up Offer of new ordinary shares opened to applications on 6 January 2025. On 31 March 2025, the Board announced that it had reached its £30 million limit (inclusive of a £10 million over-allotment facility which had been exercised) and therefore had closed to further applications.
During the period from 1 January 2025 to 31 March 2025, the Company issued the following ordinary shares under the Albion VCTs Top Up Offers:
| Date | Number of ordinary shares issued | Issue price per ordinary share | Net consideration received (£’000) |
| 21 March 2025 | 65,583,583 | 31.81 to 32.14 pence | 20,446 |
PortfolioAs noted in the Half-yearly Financial Report for the six months to 31 December 2024, after reviewing detailed cash flow forecasts, the Board agreed with the Manager that the current investment focus for the C share class will be on supporting existing portfolio companies and not to make further new investments. This is to ensure that the C share class has sufficient cash resources for follow-on investments, dividends and share buybacks.
The following investments have been made during the period from 1 January 2025 to 31 March 2025:
| New investments | Ordinary shares | C shares | Activity |
| £’000 | £’000 | ||
| Latent Technology Group | 621 | 70 | Reinforcement Learning based Animation |
| Scripta Therapeutics | 139 | - | AI-enabled drug discovery |
| Innerworks Technology | 109 | - | Adaptive security |
| OtoImmune | 88 | - | Detection and treatment of autoimmune diseases. |
| Pastel Health | 31 | 17 | Digital-first provider of multi-specialty care |
| Formicor Pharmaceuticals | 28 | - | Drug reformulation |
| Total new investments | 1,016 | 87 |
| Further investments | Ordinary shares | C shares | Activity |
| £’000 | £’000 | ||
| TransFICC | 794 | 114 | A provider of a connectivity solution, connecting financial institutions with trading venues via a single API |
| Mondra Global | 406 | 226 | Food supply chain emissions modelling |
| Runa Network | 77 | 10 | Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts |
| NuvoAir Holdings | 66 | 11 | Digital therapeutics and decentralised clinical trials for respiratory conditions |
| uMedeor (T/A uMed) | 30 | 56 | A middleware technology platform that enables life science organisations to conduct medical research programmes |
| Total further investments | 1,373 | 417 |
Combined top ten holdings as at 31 March 2025:
| Investment | Carrying value£’000 | % of combined net asset value | Activity | ||
| Ordinary shares | C shares | Combined | |||
| Quantexa | 20,877 | - | 20,877 | 12.2% | Network analytics platform to detect financial crime |
| Gravitee Topco (T/A Gravitee.io) | 4,176 | 5,342 | 9,518 | 5.5% | API management platform |
| Chonais River Hydro | 2,077 | 3,586 | 5,663 | 3.3% | Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands |
| The Evewell Group | 2,774 | 2,800 | 5,575 | 3.2% | Operator and developer of women’s health centres focusing on fertility |
| Runa Network | 2,817 | 2,475 | 5,292 | 3.1% | Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts |
| Radnor House School (TopCo) | 2,918 | 2,308 | 5,226 | 3.0% | Independent school for children aged 2-18 |
| Proveca | 5,193 | - | 5,193 | 3.0% | Reformulation of medicines for children |
| TransFICC | 2,691 | 2,044 | 4,735 | 2.8% | A provider of a connectivity solution, connecting financial institutions with trading venues via a single API |
| Elliptic Enterprises | 1,675 | 2,878 | 4,553 | 2.7% | Provider of Anti Money Laundering services to digital asset institutions |
| Healios | 2,135 | 2,049 | 4,184 | 2.4% | Provider of an online platform delivering family centric psychological care primarily to children and adolescents |
A full breakdown of the Company’s ordinary and C share portfolios can be found on the Company’s webpage on the Manager’s website at www.albion.capital/vct-funds/CRWN.
Share buy-backsDuring the period from 1 January 2025 to 31 March 2025, no shares were repurchased by the Company.
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 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 2024/25:
| Date | Number of ordinary shares issued | Issue price per ordinary share | Net consideration received (£’000) |
| 4 April 2025 | 27,830,556 | 32.14 pence | 8,676 |
After the period end, the Company also issued the following new ordinary and C shares under the dividend reinvestment scheme:
| Date | Number of ordinary shares issued | Issue price per ordinary share | Net invested (£’000) |
| 30 April 2025 | 1,504,893 | 30.39 pence | 443 |
| Date | Number of C shares issued | Issue price per C share | Net invested (£’000) |
| 30 April 2025 | 484,437 | 42.19 pence | 197 |
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/vct-funds/CRWN.
Richard Glover, Chairman3 June 2025
For further information please contact:Vikash HansraniOperations PartnerAlbion Capital Group LLP – Tel: 020 7601 1850
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