Albion Development VCT PLC : Interim Management...

Albion Development VCT PLC Interim Management Statement

Introduction
I am pleased to present Albion Development VCT PLC's interim management statement for the period from 1 January 2015 to 19 May 2015.

Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2015 was £36.4 million or 74.25 pence per share (excluding treasury shares), an increase of 1.13 pence per share (1.5 per cent.) since 31 December 2014.  This is mainly as a result of an increase in investment valuations.

A dividend of 2.5 pence per share is payable on 29 May 2015, to shareholders on the register as at 1 May 2015.

Share issues
During the period from 1 January 2015 to 19 May 2015, the Company issued a total of 6,304,200 new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2014/2015. These issues raised net proceeds of £4.58 million, which is made up as follows: 

Date	Number of shares issued	Issue price per share (including costs of issue)	Net proceeds £'000
30 January 2015	1,287,521	72.9 pence	920
30 January 2015	693,078	73.2 pence	495
2 April 2015	4,323,601	75.4 pence	3,162
Total	6,304,200		4,577

               
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.

A Securities Note which forms part of the Prospectus can be found on the website www.albion-ventures.co.uk. The Offer will close on 30 September 2015 (unless fully subscribed earlier).

Conversion of 'D' shares to Ordinary shares
In accordance with the Articles of Association, 9,566,325 new Ordinary shares were issued as a result of the conversion of 'D' shares to Ordinary shares on 31 March 2015. Each former 'D' shareholder received 1.4975 Ordinary shares for each 'D' share previously held. All former 'D' shareholders will have received new Ordinary share certificates accordingly.

Share buy-backs
During the period from 1 January 2015 to 19 May 2015, the Company purchased 341,000 shares for £231,000 at an average price of 67.7 pence per share. The shares are to be held in treasury. The Company also cancelled 25,625 former 'D' 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 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 2015 to 19 May 2015:

Further investments	£000's	Activity
Radnor House School (Holdings) Limited	988	Independent schools for children aged 7 - 18
Abcodia Limited	262	Validation and discovery of molecular biomarkers linked to age related diseases
TEG Biogas (Perth) Limited	203	Anaerobic digestion plant
Proveca Limited	119	Repositioning of pediatric medicines
Cisiv Limited	96	Software and services for non-interventional clinical trials
Exco Intouch Limited	88	Provider of mobile patient data solutions
Regenerco Renewable Energy Limited	64	Generator of renewable energy from roof top solar installations
Silent Herdsman Holdings Limited	52	Remote animal health monitoring
Mi-Pay Group PLC	51	Provider of mobile payment services
Rostima Holdings Limited	18	Provider of labour management software for the marine and aviation industries
AVESI Limited	17	Generator of renewable energy from roof top solar installations
Oxsensis Limited	11	Developer and producer of high temperature sensors
Total further investments	1,969

Disposals and loan stock repayments
The following disposals and loan stock repayments were made during the period from 1 January 2015 to 19 May 2015:

Name	£000's
Orchard Portman Group	1,325	Disposal of investment
Radnor House School (Holdings) Limited	15	Loan stock and capitalised interest repayment
Hilson Moran Holdings Limited	9	Loan stock and redemption premium repayment
Total proceeds	1,349

Top ten holdings as at 31 March 2015:

Investment	Carrying value £000's	% of net asset value	Activity
Radnor House School (Holdings) Limited	3,832	10.5%	Independent schools for children aged 7-18
Chonais Holdings Limited	1,910	5.2%	Hydropower project in Scotland
The Street by Street Solar Programme Limited	1,771	4.9%	Generator of renewable energy from roof top solar installations
Blackbay Limited	1,571	4.3%	Provider of mobile data solutions
Lowcosttravelgroup Limited	1,529	4.2%	Online travel business
Regenerco Renewable Energy Limited	1,497	4.1%	Generator of renewable energy from roof top solar installations
Alto Prodotto Wind Limited	1,231	3.4%	Owns and operates community scale wind energy projects on brownfield sites in the UK
Bravo Inns II Limited	1,106	3.0%	Owner and operator of freehold pubs
TEG Biogas (Perth) Limited	983	2.7%	Anaerobic digestion plant
Exco Intouch Limited	970	2.7%	Provider of mobile patient data solutions

A full breakdown of the Company's portfolio can be found on the funds website at www.albion-ventures.co.uk/ourfunds/AADV.htm, by following the 'Portfolio of Investments' link under the 'Investor Centre' section.

Material events and transactions
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 2015 to 19 May 2015.

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/ourfunds/AADV.htm.

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/ourfunds/AADV.htm.

Geoffrey Vero, Chairman

19 May 2015
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: [phone]

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Albion Development VCT PLC - Ordinary Shares via Globenewswire

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