Interim Management Statement

Interim Management Statement

Introduction
I present forthwith  the Company's interim  management statement  for
the period  from 1  January to  13 May  2009 as  required by  the  UK
Listing Authority's Disclosure and Transparency Rule 4.3.

Performance and dividends
The Company's approximate unaudited  net asset value  (NAV) as at  31
March 2009  was £24.5  million  or 33.8  pence per  share  (excluding
treasury shares). This  is after accounting  for the second  dividend
for the year to 30 June 2009 of 1.25 pence per share (0.25 pence  out
of revenue profits  and 1.00  pence out of  realised capital  gains),
paid on 17  April 2009 to  shareholders on the  register on 20  March
2009.

The net asset value has decreased compared to the net asset value  at
31 December  2008 of  £26.4 million  or 36.3  pence per  share, as  a
result of the payment of the dividend  of 1.25 pence per share and  a
reduction  in  the  unquoted  investment  valuations  reflecting  the
current economic climate. Of  the net asset  value of £24.5  million,
42% is  represented  by cash  and  liquid instruments  available  for
investment.

Share buybacks
During the period  from 1 January  2009 to 13  May 2009, the  Company
purchased 383,650  shares at  an  average price  of 24.3  pence,  for
cancellation.

Dividend Reinvestment Scheme
Further to the Dividend Reinvestment Scheme introduced by the Company
(details of which were set out in the Circular issued to shareholders
on 26 February  2009), 183  shareholders responded,  and the  Company
allotted 84,090  Ordinary  shares  of 10p  each  (the  "New  Ordinary
Shares") in  the  capital of  the  Company on 17  April  2009,  which
represents 3.2%  of  the   dividends  paid on   17  April   2009.  In
accordance with the Circular, the New Ordinary Shares were issued  at
a price of 35.04p.

Portfolio
The following investments  have been  made during the  period from  1
January 2009 to 13 May 2009:


+-------------------------------------------------------------------+
| Name                    | £000's |                                |
|-------------------------+--------+--------------------------------|
| Forth Photonics Limited | 210    | Medical imaging provider       |
| (new investment)        |        |                                |
|-------------------------+--------+--------------------------------|
| Prime Care Holdings     | 107    | Domiciliary care provider      |
| Limited (follow-on      |        |                                |
| investment)             |        |                                |
|-------------------------+--------+--------------------------------|
| Vibrant Energy Surveys  | 27     | Surveyor of energy performance |
| Limited (follow-on      |        | in buildings                   |
| investment)             |        |                                |
|-------------------------+--------+--------------------------------|
| Xceleron Limited        | 15     | Provider of a range of drug    |
| (follow-on investment)  |        | development services to the    |
|                         |        | life-science industries        |
|-------------------------+--------+--------------------------------|
| The Dunedin Pub Company | 8      | Freehold pub owner and         |
| VCT Limited (follow-on  |        | operator                       |
| investment)             |        |                                |
|-------------------------+--------+--------------------------------|
| GB Pub Company Limited  | 5      | Freehold pub owner and         |
| (follow-on investment)  |        | operator                       |
+-------------------------------------------------------------------+


Disposals
During the  period from  1  January 2009  to  13 May  2009,  Blackbay
Limited repaid £27,470  of loan  stock principal,  together with  the
£7,000 redemption premium.

Top ten holdings (as at 31 March 2009)


+-------------------------------------------------------------------+
| Investee Company/Security                   | Carrying/fair value |
|                                             | £000's              |
|---------------------------------------------+---------------------|
| Lloyds TSB Bank European Commercial Paper:  | 3,949               |
| maturity date 30/06/2009                    |                     |
|---------------------------------------------+---------------------|
| Nationwide Building Society Floating Rate   | 2,704               |
| Note: maturity date 07/07/2009              |                     |
|---------------------------------------------+---------------------|
| The Crown Hotel Harrogate Limited           | 2,052               |
|---------------------------------------------+---------------------|
| Sky Hotel Heathrow Limited                  | 1,134               |
|---------------------------------------------+---------------------|
| Kensington Health Clubs Limited             | 1,040               |
|---------------------------------------------+---------------------|
| ELE Advanced Technologies Limited           | 969                 |
|---------------------------------------------+---------------------|
| Kew Green VCT (Stansted) Limited            | 963                 |
|---------------------------------------------+---------------------|
| House of Dorchester Limited                 | 829                 |
|---------------------------------------------+---------------------|
| Chichester Holdings Limited                 | 695                 |
|---------------------------------------------+---------------------|
| The Charnwood Pub Company (Hotels) Limited  | 522                 |
+-------------------------------------------------------------------+


There have been  no further significant  events or transactions  that
the Board are  aware of  which would have  a material  impact on  the
financial position of the  Company between 1 January 2009  and 13 May
2009.

Further  information   regarding  historic   and  current   financial
performance and other useful shareholder information can be found  on
the Fund's  website under  www.albion-ventures.co.uk/Our  Funds/Crown
Place VCT PLC.


Patrick Crosthwaite, Chairman
13 May 2009


For further information please contact:

Patrick Reeve, Albion Ventures Limited - tel: [phone]

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