Interim Management Statement

Albion Development VCT PLC Interim Management Statement

Introduction
I am pleased  to present the  Company's interim management  statement
for the period from 1 January 2009 to 18 May 2009 as required by  the
UK Listing Authority's Disclosure and Transparency Rule 4.3.

Financial Position and Performance
The Ordinary shares' approximate unaudited  net asset value (NAV)  as
at 31 March 2009 was 82.0 pence.

Shareholders are reminded  that the  Company paid a  dividend of  4.0
pence per share on 30 December 2008 which replaced the first dividend
for the year ending 31 December 2009.

Portfolio
In the period from 1 January  2009 to 18 May 2009 Albion  Development
VCT PLC has made material new investments as follows:

Investment portfolio


+-------------------------------------------------------------------+
|         Investment          |   Existing/New investee    | £'000s |
|                             |          company           |        |
|-----------------------------+----------------------------+--------|
| Forth Photonics Limited     |            New             |  210   |
|-----------------------------+----------------------------+--------|
| Prime Care Holdings Limited |          Existing          |  116   |
|-----------------------------+----------------------------+--------|
| Xceleron Limited            |          Existing          |   17   |
|-----------------------------+----------------------------+--------|
| Vibrant Energy Surveys      |          Existing          |   24   |
| Limited                     |                            |        |
|-----------------------------+----------------------------+--------|
| Dunedin Pub Company VCT     |          Existing          |   7    |
| Limited                     |                            |        |
|-----------------------------+----------------------------+--------|
| GB Pub Company Limited      |          Existing          |   5    |
+-------------------------------------------------------------------+



Top Ten Qualifying Holdings (merged portfolios) as at 31 March 2009

+---------------------------------------------------------+
|             Holding             | Carrying Value £'000s |
|---------------------------------+-----------------------|
| Evolutions Television Limited   |         3,246         |
|---------------------------------+-----------------------|
| The Weybridge Club Limited      |         1,348         |
|---------------------------------+-----------------------|
| Mears Group plc                 |          970          |
|---------------------------------+-----------------------|
| Peakdale Molecular Limited      |          883          |
|---------------------------------+-----------------------|
| Blackbay Limited                |          840          |
|---------------------------------+-----------------------|
| CS (Greenwich) Limited          |          705          |
|---------------------------------+-----------------------|
| Droxford Hospital Limited       |          673          |
|---------------------------------+-----------------------|
| Kensington Health Clubs Limited |          653          |
|---------------------------------+-----------------------|
| Chichester Holdings Limited     |          600          |
|---------------------------------+-----------------------|
| Consolidated PR Limited         |          570          |
+---------------------------------------------------------+


Material Events and Transactions
The business of  Close Ventures Limited,  the Company's manager,  was
acquired by  Albion  Ventures  LLP  ("Albion  Ventures")  from  Close
Brothers Group plc ("Close") on 23 January 2009.

The  Company's  management  contract  has  been  novated  from  Close
Ventures to  Albion Ventures  unchanged. The  investment approach  of
Albion Ventures and  the investment  policy of the  Company are  also
unchanged,  with  a  continued  objective  on  building  up  a  broad
portfolio of investments in companies with no cash borrowing. This is
intended to allow the Company to maintain a strong dividend yield.

A General Meeting was held to approve a change to the Company's  name
from Close Brothers Development VCT PLC to Albion Development VCT PLC
on 24  March  2009.  The  Company Secretary  has  changed  to  Albion
Ventures LLP.

A Floating Rate Note with a nominal value of £3,050,000 matured on 26
March 2009 and was repaid to the Company.

Movements in Share Capital
In the  period from  1 January  2009  to 18  May 2009,  your  Company
re-purchased 111,084  shares at  a price  of 70.5  pence per  share.
These shares will be held  in treasury.  All buybacks are  transacted
through Winterfloods Securities Limited.

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 the 1  January 2009 to  18
May 2009.

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/Albion  Development
VCT PLC.

18 May 2009
For further information, please contact:
Patrick Reeve
Albion Ventures LLP
Tel: [phone]

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