Albion Enterprise VCT PLC: Interim Management S...

ALBION ENTERPRISE VCT PLC

LEI Code: 213800OVSRDHRJBMO720
Interim Management Statement

Introduction
I present Albion Enterprise VCT PLC (the “Company”)’s interim management statement for the period from 1 April 2021 to 30 June 2021.

Performance and dividends

The Company's unaudited net asset value (NAV) on 30 June 2021 was £95.82 million or 127.93 pence per share (excluding treasury shares), an increase of 13.33 pence per share (11.6%) since 31 March 2021.

It was announced on 21 June 2021 that two companies within the portfolio were undergoing external fundraising processes. These fundraisings were both at significantly higher valuations to their original 31 March 2021 valuations. There have also been uplifts in several of our technology and healthcare investments due to strong trading performances which have also contributed to the excellent return for the period.

After accounting for the dividend of 2.87 pence per share to be paid on 31 August 2021 to shareholders on the register on 6 August 2021, the NAV is 125.06 pence per share.

Fundraising and share issues

During the period from 1 April 2021 to 30 June 2021, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2020/21:

Date	Number of shares issued	Issue price per share (including costs of issue)	Net proceeds £’000
9 April 2021	383,354	114.0p – 115.2p	431

Portfolio
The following investments have been made during the period from 1 April 2021 to 30 June 2021:

New investments	£000s	Activity
Gravitee TopCo Limited (T/A gravitee.io)	763	API management platform
NuvoAir AB	649	Digital therapeutics and decentralised clinical trials for respiratory conditions
Brytlyt Limited	310	A GPU database provider
Accelex Technology Limited (T/A Accelex)	265	Data extraction and analytics technology for private capital markets
Total new investments	1,987

Further investments	£000s	Activity
uMotif Limited	531	A patient engagement and data capture platform for use in real world and observational research
Panaseer Limited	269	Provider of cyber security services
Abcodia Limited	34	Validation and discovery of serum biomarkers
Total further investments	834

Top ten holdings (on 30 June 2021)

Investment	Carrying value £000	% of net asset value	Activity
Quantexa Limited	14,489	15.1%	Network analytics platform to detect financial crime
Egress Software Technologies Limited	11,702	12.2%	Encrypted email & file transfer service provider
Proveca Limited	6,133	6.4%	Reformulation of paediatric medicines
Oviva AG	3,630	3.8%	A technology enabled service business in medical nutritional therapy (MNT)
Radnor House School (TopCo) Limited	3,006	3.1%	Independent school for children aged 3-18
Phrasee Limited	2,142	2.2%	AI platform that generates optimised marketing campaigns
The Evewell Group Limited	2,043	2.1%	Operator and developer of women’s health centres focusing on fertility.
Regenerco Renewable Energy Limited	2,007	2.1%	Generator of renewable energy from roof top solar installations
Black Swan Data Limited	1,791	1.9%	Predictive analytics for consumer brands
Healios Limited	1,656	1.7%	Provider of an online platform delivering family centric psychological care primarily to children and adolescents

A full breakdown of the Company’s portfolio can be found on the Company’s webpage on the Manager’s website at www.albion.capital/funds/AAEV.

Share buy-backs

During the period from 1 April 2021 to 30 June 2021, the Company did not buy back any shares.

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% discount to net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end

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

• Investment of £423,000 in an existing portfolio company, The Evewell Group Limited, an operator and developer of women’s health centres focusing on fertility.

Other than as described above, there have been no material events or transactions during the quarter and to the date of this announcement.

Further information

Further information regarding historic and current financial performance and other useful shareholder information can be found on the Company’s webpage on the Manager’s website at www.albion.capital/funds/AAEV.

Maxwell Packe, Chairman

11 August 2021

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: [phone]