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 2016 to 18 May 2016.

Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2016 was £50.06 million or 19.96 pence per share (excluding treasury shares), a decrease of 0.15 pence per share (0.7 per cent.) since 31 December 2015.

After accounting for the dividend paid of 0.50 pence per share on 29 April 2016 to shareholders on the register as at 15 April 2016, the NAV is 19.46 pence per share.

Share issues
During the period from 1 January 2016 to 18 May 2016, the Company issued a total of 29,404,208 new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2015/2016. The Offer closed on 23 March 2016 having been fully subscribed and raising net proceeds of £5.88 million, which is made up as follows: 

Date	Number of shares issued	Issue price per share (including costs of issue)	Net proceeds £'000
29 January 2016	8,861,834	20.20 pence	1,754
29 January 2016	4,851,404	20.30 pence	961
31 March 2016	15,306,074	20.80 pence	3,088
6 April 2016	175,236	20.60 pence	35
6 April 2016	44,280	20.70 pence	9
6 April 2016	165,380	20.80 pence	34
Total	29,404,208		5,881

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

The Board announced on 23 March 2016 that the Company had reached its £6 million limit under its offer pursuant to the Prospectus dated 17 November 2015, and so was closed.

In addition, the following shares were issued under the dividend reinvestment scheme on 29 April 2016:

Date	Number of shares issued	Issue price per share	Net proceeds £'000
29 April 2016	636,545	19.61 pence	123

Share buy-backs
During the period from 1 January 2016 to 18 May 2016, the Company purchased 2,252,000 shares for £409,000 at an average price of 18.18 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. As mentioned in the Chairman's statement of the latest Annual Report, the Company intends to limit the sum available for share buy-backs for the six month period ending 30 June 2016 to £750,000.

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 2016 to 18 May 2016:

New investments	£000's	Activity
Earnside Energy Limited	835	An anaerobic digestion plant
InCrowd Sports Limited	36	Develops mobile apps for professional sports clubs
Total new investments	871

Further investments	£000's	Activity
Ryefield Court Care Limited	635	Develop and operate a care home in Hillingdon, Middlesex
Active Lives Care Limited	635	Develop and operate a care home in Oxford
Perpetuum Limited	301	Provider of vibration harvester powered wireless sensing systems for the rail and industrial sectors
Shinfield Lodge Care Limited	205	Develop and operate a care home in Shinfield, Berkshire
Proveca Limited	179	Repositioning of pediatric medicines
Aridhia Informatics Limited	25	Healthcare informatics and analytics
Total further investments	1,980

Disposals
The following disposals were made during the period from 1 January 2016 to 18 May 2016:

Portfolio company	£000's
Silent Herdsman Holdings Limited	137	Disposal of investment
Relayware Limited	93	Part disposal of investment
Total proceeds	230

Top ten holdings as at 31 March 2016:

Investment	Carrying value £000's	% of net asset value	Activity
Elateral Group Holdings Limited	5,721	11.4	Provider of digital marketing software
Active Lives Care Limited	3,226	6.4	Develop and operate a care home in Oxford
Chonais River Hydro Limited	2,946	5.9	Hydropower project in Scotland
Sift Limited	2,741	5.5	Web based provision of online business and community management solutions
Oxford Immunotec Global PLC	1,974	3.9	A global, commercial-stage diagnostic company in the field of immunology
Ryefield Court Care Limited	1,919	3.8	Develop and operate a care home in Hillingdon, Middlesex
Haemostatix Limited	1,647	3.3	Develops haemostatic therapies for applications during surgery
Alto Prodotto Wind Limited	1,529	3.1	Owns and operates community scale wind energy projects on brownfield sites in the UK
The Street by Street Solar Programme Limited	1,474	2.9	Builds, owns and operates photovoltaic systems on domestic properties in the UK
Perpetuum Limited	1,417	2.8	Provider of vibration harvester powered wireless sensing systems for the rail and industrial sectors

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

Material events and transactions
Following the period end, as announced by Ergomed plc, it was agreed that Haemostatix Limited would be acquired by Ergomed plc for initial consideration equivalent to its current holding value at 31 March 2016.

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/funds/KAY.

Further information regarding historic and current financial performance and other useful shareholder information can be found on the Fund's web page under www.albion-ventures.co.uk/funds/KAY.

Robin Field, Chairman
18 May 2016

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

---

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

HUG#2013556