Albion Technology & General VCT PLC : Interim Management Statement
06 Junho 2023 - 7:34AM
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:
Date |
Number of shares issued |
Issue price per share |
Net consideration received £’000 |
31 March 2023 |
12,395,704 |
79.60 pence |
9,621 |
PortfolioThe following
investments have been made during the period from 1 January 2023 to
31 March 2023:
Further investments |
£’000 |
Activity |
Proveca |
254 |
Reformulation of medicines for children |
Seldon Technologies |
103 |
Enabling enterprises to deploy Machine Learning models in
production |
Brytlyt |
19 |
A GPU database software provider |
Symetrica |
12 |
A designer and manufacturer of radiation detection equipment |
Total further
investments |
799 |
|
Top ten holdings as at
31 March
2023:
Investment |
Carrying value£’000 |
% of net asset value |
Activity |
Quantexa |
28,341 |
20.6 |
Network analytics platform to detect financial crime |
Radnor House School (TopCo) |
6,043 |
4.4 |
Independent school for children aged 2-18 |
Proveca |
5,099 |
3.7 |
Reformulation of medicines for children |
Chonais River Hydro |
4,403 |
3.2 |
Owner and operator of a 2 MW hydro-power scheme in the Scottish
Highlands |
Oviva |
4,082 |
3.0 |
A technology enabled service business in medical nutritional
therapy (MNT) |
The Evewell Group |
3,498 |
2.5 |
Operator of women’s health centres focusing on fertility |
Cantab Research (T/A Speechmatics) |
3,411 |
2.5 |
Provider of low footprint automated speech recognition which can be
deployed in the cloud, on premise or on device |
Egress Software Technologies |
2,899 |
2.1 |
Encrypted email & file transfer service provider |
Runa Network (previously WeGift) |
2,692 |
2.0 |
Cloud platform and infrastructure that enables corporates to issue
digital incentives and payouts |
Gharagain River Hydro |
2,570 |
1.9 |
Owner 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:
Date |
Number of shares issued |
Issue price per share |
Net consideration received
£’000 |
14 April 2023 |
558,086 |
78.80 to 79.60 pence |
433 |
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
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