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 to 16 May 2012 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Performance and dividends
The Group's unaudited net asset value per share  (NAV), based on management accounts, as at 31 March 2012 was £25.3 million or 32.6 pence per share (excluding treasury shares), after accounting for a dividend of 1.25 pence per share which was paid on 30 March  2012 to shareholders on the register on 9 March 2012. 

The NAV as at 31 December 2011 was 31.6p (after accounting for the dividend of 1.25 pence per share).

After taking account of the dividend, the Company's NAV has risen by 1 pence per share or 3.2 per cent. since 31 December 2011 as a result of an increase in investment valuations. 

Share issues and buybacks
During the period from 1 January to 16 May 2012, the Company issued the following shares under the Albion VCTs Linked Top Up Offer 2011/2012 (and are included in the NAV figures for 31 March 2012 above);

Date	Number of shares issued	Issue price per share (including 5.5% costs of issue)	Net proceeds £'000
10 January 2012	1,191,601	33.50 pence	378
20 March 2012	1,297,117	33.40 pence	410

On 5 April 2012, the following shares were issued under the Albion VCTs Linked Top Up Offer;

Date	Number of shares issued	Issue price per share (including 5.5% costs of issue)	Net proceeds £'000
5 April 2012	1,987,138	33.40 pence	627

In addition, the following shares were issued under the dividend reinvestment scheme on 31 March 2012 (and are included in the net asset value figures for 31 March 2012 above);

Date	Number of shares issued	Issue price (pence per share)	Net proceeds £'000
31 March 2012	159,298	31.61 pence	50

During the period from 1 January to 16 May 2012, the Company purchased 587,500 shares for treasury at an average price of 27.8 pence per share.  

In addition, the Company cancelled 71,000 shares from 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 investee companies and the continued payment of dividends to shareholders.  

It is the Company's intention that, subject to the sufficiency of cash resources and any market constraints, the price at which shares are bought back should be in the region of a 10 to 15 per cent. discount to net asset value.

Portfolio
The following investments have been made during the period from 1 January 2012 to 15 May 2012:

Name	£000's	Activity
Albion Small Company Growth Limited (new investment)	350	Renewable energy business
Greenenerco Limited (new investment)	66	Installs and operates commercial scale wind installations
Alto Prodotto Wind Limited (further investment)	230	Installs and operates commercial scale wind installations
AMS Sciences Limited (formerly Xceleron Limited)	78	Provider of metabolism data in clinical and pre-clinical development.
AVESI Limited (further investment)	100	Installs and operates commercial scale wind installations
Helveta Limited (further investment)	45	Timber and food tracing software
Mi-Pay Limited (further investment)	43	Outsourced payment processing service to mobile network operators focusing on top ups and money transfer.
Nelson House Hospital Limited (further investment)	168	Developer of a psychiatric hospital in Gosport, Hampshire
Orchard Portman Hospital Limited (further investment)	13	Owner and operator of a psychiatric hospital in Taunton, Somerset
Oxsensis Limited (further investment)	21	Development and production of industrial sensors for use in super-high temperature environments
Process Systems Enterprise Limited (further investment)	24	Process modelling software and services
Regenerco Renewable Energy Limited (further investment)	85	Photo-voltaic installations
Rostima Holdings Limited (further investment)	21	Provider of labour management software for the marine and aviation industries
The Street by Street Solar Programme Limited (further investment)	235	Photo-voltaic installations

Disposals
The following were realisations, comprising loan stock repayments by portfolio companies during the period from 1 January 2012 to 16 May 2012:

Name	£000's	Activity
Evolutions Television Limited	1	Provider of television post production services
GB Pub Company VCT Limited	43	Owner and operator of freehold pubs
Hilson Moran Holdings Limited	14	Multi-disciplinary engineering consultancy
The Charnwood Pub Company Limited	111	Owner and operator of freehold pubs
The Dunedin Pub Company Limited	2	Owner and operator of freehold pubs
Tower Bridge Health Clubs Limited	24	Owner and operator of a health and fitness club in central London
Uctal Limited	28	Media selling business and TV production company

Top ten holdings as at 31 March 2012:

Investment	Carrying value £000's	Activity
ELE Advanced Technologies Limited	2,302	Manufacturer of precision engineering components
The Crown Hotel Harrogate Limited	2,026	Owner and operator of the Crown Hotel, Harrogate
Radnor House School (Holdings) Limited	2,024	Owner and operator of an Independent school
Oakland Care Centre Limited	1,999	Owner and operator of a care home
Kensington Health Club Limited	1,218	Owner and operator of a health and fitness club in West London
Lowcosttravelgroup Limited	964	Online travel business
Kew Green (Stansted) VCT Limited	937	Owner and operator of the 'Express by Holiday Inn' at Stansted Airport
The Charnwood Pub Company Limited	905	Owner and operator of freehold pubs
The Stanwell Hotel Limited	766	Owner and operator of the Stanwell Hotel at Heathrow Airport
Orchard Portman Hospital Limited	746	Owner and operator of a psychiatric hospital in Taunton, Somerset

Albion VCTs Linked Top Up Offer 2011/2012
On 1 November 2011 the Company announced the launch of the Albion VCTs Linked Top Up Offer 2011/2012.  In aggregate, the Albion VCTs have, to date, raised £10 million, of which Crown Place VCT PLC's Ordinary shares' proportion is approximately £1.5 million.

The proceeds of the Offer will be used to provide further resources to the Albion VCTs at a time when a number of attractive new investment opportunities are being seen.

An Investor Guide and Offer Document has been sent to shareholders and can also be found on the website www.albion-ventures.co.uk.

The Offer will close on 31 May 2012 (unless extended by the Company).

Material Events and Transactions

On 15 May 2012 the Company announced changes to the Board and a full text of the announcement can be found on the London Stock exchange website.

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/Our Funds/Crown Place VCT PLC.

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 January 2012 and 16 May 2012. 

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
16 May 2012
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: [phone]

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Source: Crown Place VCT PLC via Thomson Reuters ONE

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