Albion Development VCT PLC - Ordinary Shares : ...

Albion Development VCT PLC Interim Management Statement

Introduction

I am pleased to present Albion Development VCT PLC (the "Company")'s interim management statement for the period from 1 January 2017 to 31 March 2017.

Performance and dividends

The Company's unaudited net asset value (NAV) as at 31 March 2017 was £50.1 million or 74.0 pence per share (excluding treasury shares), an increase of 3.3 pence per share (4.7 per cent.) since 31 December 2016.

After accounting for the dividend of 2.0 pence per share to be paid on 31 May 2017 to shareholders on the register on 5 May 2017, the NAV is 72.0 pence per share. 

Share issues

During the period from 1 January 2017 to 31 March 2017, the Company issued new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2016/2017:

Date	Number of shares issued	Issue price per share (including costs of issue)	Net proceeds £'000
31 January 2017	5,374,871	70.4p to 71.1p	3,707

Share buybacks

During the period from 1 January 2017 to 31 March 2017, the Company purchased 84,000 Ordinary shares for £56,000 at an average price of 66.7p pence per Ordinary share. All of the shares are to be held in treasury.

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 2017 to 31 March 2017: 

New investments	£000s	Activity
Quantexa Limited	315	Predictive analytics platform to protect and detect complex financial crime
Beddlestead Farm Limited	10	Seed investment to develop and operate dedicated wedding venues in the UK
Total new investments	325

Further investments	£000s	Activity
Black Swan Data Limited	155	Data analysis that supports corporate decision making
Dysis Medical Limited	147	Medical devices for the detection of cervical cancer
Total further investments	302

Disposals

The following disposals and loan stock repayments were made during the period from 1 January 2017 to 31 March 2017:

Portfolio company	£000s
Masters Pharmaceuticals Limited	524	Disposal of investment
AMS Sciences Limited	169	Disposal of investment
Radnor House School (Holdings) Limited	88	Loan stock repayment
Alto Prodotto Wind Limited	12	Loan stock and redemption premium repayment
Total proceeds	793

Top ten holdings as at 31 March 2017:

Investment	Value £000s	% of net asset value	Activity
Radnor House School (Holdings) Limited	5,348	10.7%	Independent schools for children aged 5-18
Egress Software Technologies Limited	2,737	5.5%	Encrypted email & file transfer service provider
Proveca Limited	2,323	4.6%	Repositioning of paediatric medicines
Chonais River Hydro Limited	2,099	4.2%	Hydropower project in Scotland
The Street by Street Solar Programme Limited	1,972	3.9%	Owns and operates photovoltaic systems on domestic properties in the UK
Regenerco Renewable Energy Limited	1,683	3.4%	Generator of renewable energy from roof top solar installations
Grapeshot Limited	1,553	3.1%	Provider of digital marketing software
Alto Prodotto Wind Limited	1,286	2.6%	Owns and operates community scale wind energy projects on brownfield sites in the UK
Earnside Energy Limited	1,284	2.6%	An anaerobic digestion plant
Mirada Medical Limited	1,264	2.5%	Developer of medical imaging software

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

Material events and transactions after the period end

Share issues

After the period end, the Company issued the following new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2016/2017:

Date	Number of shares issued	Issue price per share (including costs of issue)	Net proceeds £'000
7 April 2017	247,632	72.2p to 72.9p	175

The Board announced on 30 January 2017 that the Company had reached its £4 million limit under its offer pursuant to the Prospectus dated 29 November 2016, and so was closed. The proceeds of the Offer are being used to provide further resources to the Company at a time when a number of attractive new investment opportunities are being seen.

Portfolio

After the period end, the Company had the following material investment transactions:

• Disposal of Blackbay Limited for £1,154k of which £52k is deferred and held in escrow;
• Investment of £1,000k in a new company, MPP Global Solutions Limited, which offers a cloud billing platform for enterprise subscription businesses in the media, sport and retail sectors;
• Investment of £138k in an existing investee company, Panaseer Limited, which provides a cyber security service;
• Investment of £130k in an existing investee company, Grapeshot Limited, which develops digital marketing software;
• Investment of £53k in an existing investee company, Mirada Medical Limited, which develops medical imaging software.

Further information

The Company continues to offer a Dividend Reinvestment Scheme to existing shareholders. Details of this Scheme can be found on the Fund's webpage on the Manager's website at www.albion-ventures.co.uk/funds/AADV.

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 under www.albion-ventures.co.uk/funds/AADV.

Geoffrey Vero, Chairman

25 May 2017

For further information please contact:

Patrick Reeve, Albion Ventures LLP - Tel: [phone]

LEI Code 213800FDDMBD9QLHLB38

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Source: Albion Development VCT PLC - Ordinary Shares via Globenewswire