Interim Management Statement

Kings Arms Yard VCT PLC Interim Management Statement

Introduction
I  am pleased to present Kings Arms  Yard VCT PLC's interim management statement
for  the period  from 1 January  to 16 May  2011 as required  by the  UK Listing
Authority's Disclosure and Transparency Rule 4.3.

Performance and dividends
The  Company's unaudited net asset value (NAV), based on management accounts, as
at  31 March 2011 was £18.20 million (31 December 2010: £18.28 million) or 16.5
pence per share (31 December 2010: 16.6 pence per share).

The  current NAVs and  comparative figures are  calculated before accounting for
the  dividend of 0.67 pence per share (total  cost: £739,000) which will be paid
on  24 June 2011 to shareholders  on the register  as at 27 May 2011, subject to
agreement by the shareholders at the Annual General Meeting on 16 May 2011.

The  Company's  net  asset  value  has  fallen  by 0.1 pence per share since 31
December  2010 due to management fees and other expenses incurred, partly offset
by an increase in the valuation of the Company's quoted investments.

Portfolio
The  following investments have been made during the period from 1 January 2011
to 16 May 2011:

+-----------------------------------+------+-----------------------------------+
|Name                               |£000's|                                   |
+-----------------------------------+------+-----------------------------------+
|                                   |      |                                   |
+-----------------------------------+------+-----------------------------------+
|Vivacta Limited (further           | 181  |Medical diagnostics company        |
|investment)                        |      |                                   |
+-----------------------------------+------+-----------------------------------+
|Perpetuum Limited (further         | 161  |Provider of vibration energy       |
|investment)                        |      |harvesting                         |
+-----------------------------------+------+-----------------------------------+

Disposals
During  the  period  from  1 January  2011 to  16 May 2011, the following quoted
shares have been sold:

+------------------------+--------------+--------------------+-----------------+
|Name                    | Cost - £000's| Carrying value at  |Proceeds - £000's|
|                        |              | 31 December 2010 - |                 |
|                        |              |       £000's       |                 |
+------------------------+--------------+--------------------+-----------------+
|MediGene AG             |     316      |         83         |       88        |
+------------------------+--------------+--------------------+-----------------+
|Allergy Therapeutics PLC|     407      |         38         |       72        |
+------------------------+--------------+--------------------+-----------------+

Top ten holdings as at 31 March 2011:

+-----------------------------+----------------+
|         Investment          | Carrying value |
|                             |     £000's     |
+-----------------------------+----------------+
| Elateral Holdings Limited   |     2,064      |
+-----------------------------+----------------+
| UniServity Limited          |     1,640      |
+-----------------------------+----------------+
| Imagesound plc              |     1,632      |
+-----------------------------+----------------+
| Level Four Software Limited |     1,321      |
+-----------------------------+----------------+
| Cluster Seven Limited       |      965       |
+-----------------------------+----------------+
| Haemostatix Limited         |      870       |
+-----------------------------+----------------+
| Workshare Limited           |      618       |
+-----------------------------+----------------+
| Sift Limited                |      611       |
+-----------------------------+----------------+
| Vivacta Limited             |      596       |
+-----------------------------+----------------+
| Perpetuum Limited           |      544       |
+-----------------------------+----------------+

Material Events and Transactions
As  mentioned above, a dividend of 0.67 pence  per share will be paid on 24 June
2011 to  shareholders on the register as at 27 May 2011, subject to agreement by
the shareholders at the Annual General Meeting on 16 May 2011.

The  Company  has  re-introduced  a  Dividend  Reinvestment  Scheme  to existing
shareholders.   Details of this  Scheme can be  found in the  circular dated 18
April 2011 at www.albion-ventures.co.uk/Our Funds/ Kings_Arms_Yard.html.

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 16 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/Kings_Arms_Yard.html

Robin Field, Chairman
16 May 2011

For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: [phone]






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Source: Kings Arms Yard VCT PLC via Thomson Reuters ONE

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