Albion Development VCT PLC: Interim Management Statement
30 Maio 2023 - 7:49AM
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 January 2023 to 31 March 2023.
Performance and dividends
The Company's unaudited net asset value (“NAV”)
on 31 March 2023 was £129.33 million or 94.92 pence per share
(excluding treasury shares), an increase of 6.27 pence per share
(7.1%) since 31 December 2022.
On 2 March 2023, a NAV update was announced
following an external fundraising process at Quantexa at a
significantly higher valuation. The NAV at 31 March 2023 has
increased by 1.02 pence per share (1.1%) compared to the 2 March
2023 NAV update. This Series E fundraising round has now completed,
raising $129 million, and was announced by Quantexa on 4 April
2023.
After accounting for the dividend of 2.22 pence
per share to be paid on 31 May 2023 to shareholders on the register
on 5 May 2023, the NAV is 92.70 pence per share.
Albion VCT’s Top Up Offers
A prospectus Top Up Offer of new Ordinary shares
was launched on 10 October 2022. The Board announced on 4 January
2023 that it had elected to exercise its over-allotment facility,
taking the total Offer to £13 million. The Offer was fully
subscribed and closed to further applications on 9 March
2023.
During the period from 1 January 2023 to 31
March 2023, 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:
|
Date |
Number of shares issued |
Issue price per share |
Net consideration received £’000 |
|
31 March 2023 |
7,134,319 |
96.40p |
6,706 |
Portfolio The following
investments have been made during the period from 1 January 2023 to
31 March 2023:
|
Further investments |
£000s |
Activity |
|
Proveca |
415 |
Reformulation of medicines for children |
|
Seldon Technologies |
129 |
Enabling enterprises to deploy Machine Learning models in
production |
|
Brytlyt |
20 |
GPU database software provider |
|
Symetrica |
13 |
Designer and manufacturer of radiation detection equipment |
|
Total further investments |
577 |
|
Top ten holdings (on 31 March
2023)
|
Portfolio Company |
Carrying value £000s |
% of net asset value |
Activity |
|
Quantexa |
24,958 |
19.3 |
Network analytics platform to detect financial crime |
|
Egress Software Technologies |
8,843 |
6.8 |
Encrypted email & file transfer service provider |
|
Proveca |
8,224 |
6.4 |
Reformulation of medicines for children |
|
Oviva |
3,942 |
3.0 |
Technology enabled service business in medical nutritional therapy
(MNT) |
|
Radnor House School (TopCo) |
3,479 |
2.7 |
Independent school for children aged 2-18 |
|
The Evewell Group |
3,169 |
2.5 |
Operator of women’s health centres focusing on fertility |
|
Healios |
2,499 |
1.9 |
Provider of an online platform delivering family centric
psychological care primarily to children and adolescents |
|
Chonais River Hydro |
2,440 |
1.9 |
Owner and operator of a 2 MW hydro-power scheme in the Scottish
Highlands |
|
The Street by Street Solar Programme |
2,306 |
1.8 |
Owner and operator of photovoltaic systems on domestic properties
in the UK |
|
Convertr Media |
2,074 |
1.6 |
Digital lead generation software |
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 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 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:
|
Date |
Number of shares issued |
Issue price per share (including costs of
issue) |
Net consideration received £’000 |
|
14 April 2023 |
358,359 |
95.40p to 96.40p |
337 |
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
30 May 2023
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
Albion Development Vct (LSE:AADV)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Albion Development Vct (LSE:AADV)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024
