Kings Arms Yard VCT PLC : Interim Management St...

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 2014 to 15 May 2014 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 2014 was £39.7 million (31 December 2013: £38.2 million) or 20.20 pence per share (excluding treasury shares) (31 December 2013: 19.95 pence per share) after accounting for the dividend of 0.5 pence per share paid on 30 April 2014 to shareholders on the register as at 11 April 2014.

After taking account of the dividend, the Company's NAV has risen by 0.25 pence per share or 1.27 per cent. since 31 December 2013 mainly as a result of an increase in investment valuations. 

Share issues and buybacks
During the period from 1 January 2014 to 15 May 2014, the Company issued a total of 12,454,566 new Ordinary shares from both the Albion VCTs Top Up Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014. These issues raised net proceeds of £2.48 million, which is made up as follows: 

(i) Shares issued under the Albion VCTs Top Up Offers 2013/2014

Date	Number of shares issued	Issue price per share (including costs of issue)*	Net proceeds £'000
31 January 2014	78,946	19.00 pence	15
31 January 2014	2,179,282	19.20 pence	411
31 January 2014	2,409,885	19.30 pence	452
Total 31 January 2014	4,668,113		878

Date	Number of shares issued	Issue price per share (including costs of issue)*	Net proceeds £'000
5 April 2014	59,305	21.00 pence	13
5 April 2014	64,249	21.10 pence	13
5 April 2014	2,072,451	21.20 pence	426
Total 5 April 2014	2,196,005		452

*The difference in the issue price per share reflects the "early bird" incentives as explained in the Albion VCT Top Up Offers 2013/2014 investor guide.

(ii) Shares issued under the Albion VCTs Prospectus Top Up Offers 2013/2014

On 19 March 2014 the Company announced the launch of a prospectus offer of new ordinary shares for subscription in the 2013/2014 and 2014/2015 tax years (the "Offer(s)"), and issued the following new ordinary shares:

Date	Number of shares issued	Issue price per share (including costs of issue)	Net proceeds £'000
5 April 2014	5,590,448	21.20 pence	1,150

	Number of shares issued	Net proceeds £'000
Total shares issued under the Albion VCTs Top Up Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014 for the period 1 January 2014 to 15 May 2014	12,454,566	2,480

The next share allotment under the prospectus offer is expected to be in July 2014.

The proceeds of the Offers are being used to provide further resources to the Company at a time when a number of attractive new investment opportunities are being seen.

An Investor Guide and Offers document have been sent to the shareholders and these, as well as a prospectus, can be obtained from www.albion-ventures.co.uk.

The Offer will close no later than 30 September 2014 (unless fully subscribed by an earlier date or previously closed).

In addition, the following shares were issued under the dividend reinvestment scheme on 30 April 2014:

Date	Number of shares issued	Issue price per share	Net proceeds £'000
30 April 2014	218,728	19.95 pence	42

During the period from 1 January 2014 to 15May 2014, the Company purchased 4,145,000 shares for £765,000 at an average price of 18.45 pence per share. All of the shares are to be held in treasury.

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 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 2014 to 15 May 2014:

Name	£000's	Activity
New investments
Egress Software Technologies Limited	430	Provider of cloud-based email and file encryption software
Grapeshot Limited	280	Provider of digital marketing software
Taunton Hospital Limited	109	Owner and operator of a psychiatric hospital
Mirada Medical Limited	94	Developer of medical imaging software
Sandcroft Avenue Limited	60	Provider of online gym passes, trading as PayasUgym.com
Total new investments	973
Further investments
Perpetuum Limited	279	Provider of vibration harvester powered wireless sensing systems for the rail and industrial sectors
Elateral Group Holdings Limited	150	Provider of digital marketing software
Green Highland Renewables (Ledgowan) Limited	150	Hydropower project in Scotland
Haemostatix  Limited	100	Develops haemostatic therapies for applications during surgery
MyMeds&Me Limited	73	Software for managing pharmaceutical adverse events
The Street by Street Solar Programme Limited	40	Builds, owns and operates photovoltaic systems on domestic properties in the UK
Abcodia Limited	31	Validation and discovery of molecular biomarkers linked to age related diseases
Total further investments	823

Top ten holdings as at 31 March 2014:

Investment	Carrying value £000's	% of net asset value	Activity
Elateral Group Holdings Limited	4,944	12.1%	Provider of digital marketing software
Oxford Immunotec Global PLC	4,699	11.5%	A global, commercial-stage diagnostic company in the field of immunology
Atego Group Limited	2,929	7.2%	Provider of engineering software
Sift Limited	2,639	6.5%	Web based provision of online business and community management solutions
Cluster Seven Ltd	2,263	5.6%	Design and development of spreadsheet management software for risk control and compliance
Alto Prodotto Wind Limited	1,353	3.3%	Owns and operates community scale wind energy projects on brownfield sites in the UK
Chonais Holdings Limited	1,310	3.2%	Hydropower project in Scotland
The Street by Street Solar Programme Limited	1,295	3.2%	Builds, owns and operates photovoltaic systems on domestic properties in the UK
Lab M Holdings Limited	1,280	3.1%	Microbiological testing products
Hilson Moran Holdings Limited	1,241	3.0%	Multi-disciplinary engineering consultancy

A full breakdown of the Company's portfolio can be found on the funds website under current portfolio at www.albion-ventures.co.uk/ourfunds/KAY.htm.

Material events and transactions
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 2014 and 15 May 2014. 

Further information
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/ourfunds/KAY.htm.

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/ourfunds/KAY.htm.

Robin Field, Chairman
15 May 2014
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: [phone]

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kings Arms Yard VCT PLC via Globenewswire

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