Interim Management Statement

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 to  18 May 2011 as required  by the UK
Listing Authority's Disclosure and Transparency Rule 4.3.

Performance and dividends
The  Company's  Ordinary  shares'  unaudited  net  asset  value  (NAV), based on
management  accounts, as at 31 March 2011 was  £22.7 million (31 December 2010:
£21.2  million) or 73.7 pence per share (excluding treasury shares) (31 December
2010: 72.9 pence per share).

The  Company's D  shares' unaudited  net asset  value (NAV), based on management
accounts,  as at 31 March 2011 was £5.8 million (31 December 2010: £5.9 million)
or  91.5 pence per  share (excluding  treasury shares)  (31 December 2010: 91.8
pence per share).

The current NAVs and comparative figures are calculated after accounting for the
first  dividend for the year to 31 December 2011 of 2.5 pence per Ordinary share
(total  cost: £771,000)  and 1.25 pence  per D  share (total cost £79,000) which
will be paid on 31 May 2011 to shareholders on the register as at 3 May 2011.

On this basis,  the Company's Ordinary shares' net asset value has risen by 0.8
pence per share or 1 per cent. since 31 December 2010 as a result of an increase
in the Ordinary shares' investment valuations, and the D shares' net asset value
has reduced slightly as a result of the costs of the business.

Portfolio
The  following investments have been made during the period from 1 January 2011
to 18 May 2011:

+-----------------------------------+------+-----------------------------------+
|Name                               |£000's|                                   |
+-----------------------------------+------+-----------------------------------+
|                                   |      |                                   |
+-----------------------------------+------+-----------------------------------+
|The Street by Street Solar         | 417  |Photo-voltaic installations on     |
|Programme Limited (new investment) |      |domestic roofs in Maidenhead &     |
|                                   |      |Windsor                            |
+-----------------------------------+------+-----------------------------------+
|Nelson House Hospital Limited (new | 396  |Psychiatric hospital in Gosport,   |
|investment)                        |      |Hampshire.                         |
+-----------------------------------+------+-----------------------------------+
|Masters Pharmaceuticals Limited    | 148  |International specialist           |
|(further investment)               |      |distribution of pharmaceuticals    |
+-----------------------------------+------+-----------------------------------+
|Abcodia Limited (new investment)   | 135  |Biomarker licensing business       |
+-----------------------------------+------+-----------------------------------+
|Regenerco Renewable Energy Limited | 130  |Photo-voltaic installations on     |
|(new investment)                   |      |commercial buildings               |
+-----------------------------------+------+-----------------------------------+
|AVESI Limited (new investment)     | 104  |Photo-voltaic installations on     |
|                                   |      |small commercial buildings         |
+-----------------------------------+------+-----------------------------------+
|Prime Care Holdings Limited        |  43  |Domiciliary care services          |
|(further investment)               |      |                                   |
+-----------------------------------+------+-----------------------------------+
|Helveta Limited (further           |  30  |Timber and food tracing software   |
|investment)                        |      |                                   |
+-----------------------------------+------+-----------------------------------+
|Opta Sports Data Limited (further  |  25  |Leading sports data management     |
|investment)                        |      |company                            |
+-----------------------------------+------+-----------------------------------+
|Xceleron Limited (further          |  25  |Provider of a range of drug        |
|investment)                        |      |development services to the life   |
|                                   |      |science industry                   |
+-----------------------------------+------+-----------------------------------+


Disposals
During  the period from 1 January 2011 to  18 May 2011, the following loan stock
repayments were made:

+----------------------------+--------+
| Name                       | £000's |
+----------------------------+--------+
| Peakdale Molecular Limited |   28   |
+----------------------------+--------+
| CS (Greenwich) Limited     |   46   |
+----------------------------+--------+




Top ten qualifying holdings as at 31 March 2011:

+---------------------------------+----------------+
|           Investment            | Carrying value |
|                                 |     £000's     |
+---------------------------------+----------------+
| Evolutions Group Limited        |     2,383      |
+---------------------------------+----------------+
| Radnor House School Limited     |     1,565      |
+---------------------------------+----------------+
| Weybridge Health Club Limited   |     1,233      |
+---------------------------------+----------------+
| Blackbay Limited                |     1,155      |
+---------------------------------+----------------+
| C S (Greenwich) Limited         |      952       |
+---------------------------------+----------------+
| Dexela Limited                  |      870       |
+---------------------------------+----------------+
| Peakdale Molecular Limited      |      858       |
+---------------------------------+----------------+
| Kensington Health Clubs Limited |      774       |
+---------------------------------+----------------+
| Masters Pharmaceuticals Limited |      693       |
+---------------------------------+----------------+
| Taunton Hospital Limited        |      576       |
+---------------------------------+----------------+

Albion VCTs Linked Top Up Offer
On  6 April 2011, the Company announced that the Albion VCTs Linked Top Up Offer
would  be extended to 16 May 2011 for applications in respect of the tax year to
5 April 2012.  The Offer has now closed.

During  the  period  from  1 January  to  31 March  2011, the Company issued the
following Ordinary shares under the Albion VCTs Linked Top Up Offer:

+--------------+---------------------+----------------------+------------------+
|Date          | Number of Ordinary  |Issue price (per share|Net proceeds £'000|
|              |    shares issued    |including 5% costs of |                  |
|              |                     |        issue)        |                  |
+--------------+---------------------+----------------------+------------------+
|7 January 2011|       816,370       |         80.1         |       604        |
|              |                     |                      |                  |
+--------------+---------------------+----------------------+------------------+
|22 March 2011 |       811,163       |         80.1         |       614        |
|              |                     |                      |                  |
+--------------+---------------------+----------------------+------------------+

These  amounts have been  included in the  management accounts figures disclosed
above.

In addition, since 31 March 2011, the following shares were issued under the Top
Up Offer:

+------------+----------------------+-----------------------+------------------+
|Date        |  Number of Ordinary  |Issue price (per share |Net proceeds £'000|
|            |    shares issued     | including 5% costs of |                  |
|            |                      |        issue)         |                  |
+------------+----------------------+-----------------------+------------------+
|5 April 2011|       533,103        |         80.1          |       400        |
+------------+----------------------+-----------------------+------------------+
|16 May 2011 |        47,058        |         77.1          |        34        |
+------------+----------------------+-----------------------+------------------+

Material Events and Transactions
During  the period  from 1 January  2011 to 31 March  2011, the Company  did not
purchase  any of its own shares.  Since 31 March 2011, the Company has purchased
412,372 Ordinary  shares for cancellation at an  average price of 62.7 pence per
Ordinary share.

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/Albion Development 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 2011 and 18 May 2011.

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/Albion Development VCT PLC.

Geoffrey Vero, Chairman
19 May 2011
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: [phone]






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Source: Albion Development VCT PLC - Ordinary Shares via Thomson Reuters ONE

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