Albion Kay Vct Regulatory News (KAY)

12 Nov 2019 13:25

Kings Arms Yard VCT PLC: Interim Management Statement

Kings Arms Yard VCT PLC Interim Management StatementLEI Code 213800DK8H27QY3J5R45

IntroductionI am pleased to present Kings Arms Yard VCT PLC’s (the “Company”) interim management statement for the period from 1 July 2019 to 30 September 2019.

Performance and dividendsThe Company’s unaudited net asset value (NAV) as at 30 September 2019 was £75.64 million or 22.64 pence per share (excluding treasury shares), an increase of 0.11 pence per share (0.5 per cent.) since 30 June 2019.

After accounting for the dividend paid of 0.60 pence per share on 31 October 2019 to shareholders on the register on 4 October 2019, the NAV is 22.04 pence per share.

Albion VCTs Prospectus Top Up Offers 2019/20The Company announced on 22 October 2019 that it has launched a Prospectus Top Up Offer to raise up to £10 million before issue costs, with a further over-allotment facility of £2 million, of new Ordinary shares for subscription in the 2019/20 and 2020/21 tax years. Full details of the offer are contained in a Prospectus that was published on the same date on the Manager’s website at www.albion.capital/investor-center/current-offers.

Share buy-backsDuring the period from 1 July 2019 to 30 September 2019, the Company purchased 1,324,000 shares for £285,000 at an average price of 21.41 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 per cent. discount to net asset value, so far as market conditions and liquidity permit.

Portfolio

The following investments have been made during the period from 1 July 2019 to 30 September 2019:

New investments	£000s	Activity
Elliptic Enterprises Limited	488	Provider of Anti Money Laundering services to digital asset institutions
Total new investments	488

Follow on investments	£000s	Activity
Perpetuum Limited	500	Provider of vibration harvester powered wireless sensing systems for the rail and industrial sectors
Elateral Group Limited	150	Provider of digital marketing software
Koru Kids Limited	141	Online marketplace connecting parents and nannies
The Evewell (Harley Street) Limited	23	Developer and operator of a women’s health centre of excellence focussing on fertility
Convertr Media Limited	11	Digital lead generation software
Total follow on investments	825

Disposals

The following disposals and loan stock repayments were made during the period from 1 July 2019 to 30 September 2019:

G.Network Communications Limited repaid its loan stock of £431,000; andProceeds of £211,000 were received from the sale of The Wentworth Wooden Jigsaw Company Limited.

Top ten holdings as at 30 September 2019:

Portfolio company	Carrying value£000s	% of net asset value	Activity
Active Lives Care Limited	7,609	10.1	Owner and operator of a 75 bed care home in Cumnor Hill, Oxfordshire
Proveca Limited	5,600	7.4	Reformulation of medicines for paediatric use
Ryefield Court Care Limited	5,467	7.2	Owner and operator of a 60 bed care home in Hillingdon, Middlesex
Egress Software Technologies Limited	4,545	6.0	Encrypted email & file transfer service provider
Chonais River Hydro Limited	3,359	4.4	Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands
Perpetuum Limited	3,000	4.0	Provider of vibration harvester powered wireless sensing systems for the rail and industrial sectors
Antenova Limited	2,962	3.9	Supplier of integrated antennas and RF solutions
The Street by Street Solar Programme Limited	1,897	2.5	Owner and operator of photovoltaic systems on domestic properties in the UK
Quantexa Limited	1,816	2.4	Network analytics platform to detect financial crime
Regenerco Renewable Energy Limited	1,654	2.2	Generator of renewable energy from roof top solar installations

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/KAY, by following the ‘Portfolio of Investments’ link under the ‘Fund reports’ section.

Material events and transactions after the period end

 After the period end, the Company undertook the following investment transactions:

Investment of £460,000 in a new portfolio company, Cantab Research Limited (trading as Speechmatics), a provider of low footprint automated speech recognition which can be deployed in the cloud, on premise or on device across 29 languages;Investment of £136,000 in an existing portfolio company, Healios Limited, a provider of an online platform delivering family centric psychological care primarily to children and adolescents;Investment of £80,000 in an existing portfolio company, uMotif Limited, a provider of a patient engagement and data capture platform for use in real world observational research; andInvestment of £61,000 in an existing portfolio company, Oviva AG, a technology enabled service business in medical nutritional therapy.

There have been no further significant events or transactions that the Board is aware of which would have a material impact on the financial position of the Company between 1 October 2019 to 12 November 2019.

Further informationThe Company continues to offer a dividend reinvestment scheme to existing shareholders. Details of this scheme can be found at www.albion.capital/funds/KAY.

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 under www.albion.capital/funds/KAY.

Robin Field, Chairman12 November 2019

For further information please contact: Albion Capital Group LLP – Tel: 020 7601 1850