Crown Place VCT PLC : Interim Management Statement

Crown Place VCT PLC Interim Management Statement

Introduction
I am pleased to present Crown Place VCT PLC's interim management statement for the period from 1 January 2016 to 18 May 2016.

Performance and dividends
The Group's unaudited net asset value (NAV) as at 31 March 2016 was £37.5 million or 29.08 pence per share (excluding treasury shares) after accounting for a dividend of 1.25 pence per share which was paid on 31 March 2016 to shareholders on the register as at 4 March 2016.

After taking account of the total 2.50 pence per share of dividends paid on 30 November 2015 (1.25 pence) and 31 March 2016 (1.25 pence), the comparable ex-dividend NAV as at 30  June 2015 was 28.47 pence per share. Therefore, the NAV has risen by 0.61 pence per share or 2.1 per cent. since 30 June 2015.

Share issues
During the period from 1 January 2016 to 18 May 2016, the Company issued the following Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2015/2016:

Dates	Number of shares issued	Issue price per share (including costs of issue)	Net proceeds £'000
29 January 2016 to 6 April 2016	19,842,040	29.7p to 31.1p	5,891

               
The Offer closed on 23 March 2016 having been fully subscribed and raising net proceeds of £5.89 million. The proceeds of the Offers are being used to provide further resources to the Company at a time when a number of attractive new investment opportunities are being seen.

In addition, the following shares were issued under the dividend reinvestment scheme on 31 March 2016:

Date	Number of shares issued	Issue price per share	Net proceeds £'000
31 March 2016	791,479	29.01	228

Share buy-backs
During the period from 1 January 2016 to 18 May 2016, the Company purchased 261,000 shares for £75,000 at an average price of 28.55 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 January 2016 to 18 May 2016:

New investments	£000's	Activity
InCrowd Sports Limited	42	Developer of mobile apps for professional sports clubs
Total new investments	42

Further investments	£000's	Activity
Shinfield Lodge Care Limited	830	Owner and operator of a care home for the elderly in Berkshire
Earnside Energy Limited	562	Owner and operator of an anaerobic digestion and composting plant near Perth, Scotland
Ryefield Court Care Limited	250	Owner and operator of a care home for the elderly in Hillingdon
Active Lives Care Limited	220	Owner and operator of a care home for the elderly in Oxford
DySIS Medical Limited	92	Medical devices for the detection of cervical cancer
Proveca Limited	56	Repositioning of paediatric medicines
Aridhia Informatics Limited	27	Healthcare informatics and analysis
The Weybridge Club Limited	3	Owner and operator of a freehold health and fitness club in Weybridge, Surrey
Total further investments	2,040

Disposals
The following disposals and loan stock repayments were made during the period from 1 January 2016 to 18 May 2016:

Portfolio company	£000's
Silent Herdsman Holdings Limited	137	Disposal of investment
Relayware Limited	93	Part disposal of investment
Hilson Moran Holdings Limited	11	Loan stock and redemption premium repayment
Total proceeds	241

Top ten holdings as at 31 March 2016:

Investment	Carrying value £000's	% of net asset value	Activity
Radnor House School (Holdings) Limited	4,932	13.2%	Independent schools for children aged 5-18
Shinfield Lodge Care Limited	2,167	5.8%	Owner and operator of a care home for the elderly in Berkshire
ELE Advanced Technologies Limited	2,090	5.6%	Manufacturer of precision engineering components
The Crown Hotel Harrogate Limited	1,843	4.9%	Owner and operator of The Crown Hotel, Harrogate
Chonais River Hydro Limited	1,715	4.6%	Hydropower project in Scotland
Gharagain River Hydro Limited	1,264	3.4%	Hydropower project in Scotland
Active Lives Care Limited	1,172	3.1%	Owner and operator of a care home for the elderly in Oxford
Ryefield Court Care Limited	793	2.1%	Owner and operator of a care home for the elderly in Hillingdon
Kew Green VCT (Stansted) Limited	791	2.1%	Owner and operator of the Holiday Inn Express at Stansted Airport
The Stanwell Hotel Limited	694	1.9%	Owner and operator of the Stanwell Hotel near Heathrow Airport

A full breakdown of the Company's portfolio can be found on the funds webpage on the Manager's website at www.albion-ventures.co.uk/funds/CRWN, by following the 'Portfolio of Investments' link under the 'Funds reports' section.

Material events and transactions
There have been no 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 January 2016 to 18 May 2016.

Further information
The Company continues to offer a Dividend Reinvestment Scheme to existing shareholders. Details of this Scheme can be found at www.albion-ventures.co.uk/funds/CRWN.

Further information regarding historic and current financial performance and other useful shareholder information can be found on the Fund's webpage on the Manager's website at www.albion-ventures.co.uk/funds/CRWN.

Richard Huntingford, Chairman
[e-mail]

18 May 2016
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: [phone]

---

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Crown Place VCT PLC via Globenewswire

HUG#2013572