Albion Technology & General VCT PLC - Ordinary ...
Albion Technology & General VCT PLC Interim Management Statement
Introduction
I present Albion Technology & General VCT PLC (the "Company")'s third quarter interim management statement for the period from 1 July 2014 to 11 November 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), as at 30 September 2014 was £64.26 million or 82.19 pence per share (excluding treasury shares), an increase of 0.18 pence per share or 0.22 per cent. since 30 June 2014.
After accounting for the dividend of 1.25 pence per share which was paid on 31 October 2014 to shareholders on the register as at 3 October 2014, the NAV is 80.94 pence per share.
Share issues and buybacks
During the period from 1 July 2014 to 30 September 2014, the Company issued the following shares under the Albion VCTs Top Up Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014:
| Date | Number of shares issued | Issue price per share (including costs of issue)* | Net proceeds £'000 |
| 4 July 2014 | 21,032 | 82.80 pence | 17 |
| 4 July 2014 | 4,806 | 83.20 pence | 4 |
| 4 July 2014 | 26,825 | 83.70 pence | 22 |
| 4 July 2014 (Prospectus) | 339,509 | 83.70 pence | 276 |
| 30 September 2014 (Prospectus) | 849,081 | 84.60 pence | 697 |
| Total | 1,241,253 | 1,016 |
*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.
The Albion VCT Prospectus Top Up Offers 2013/2014 closed on 30 September 2014.
In total, 4,251,954 shares were issued under the Albion VCTs Top Up Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014, raising net proceeds of £3.56 million.
| Total shares issued under the Albion VCTs Top Up Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014 | Number of shares issued | Net proceeds £'000 |
| 31 January 2014 | 1,118,814 | 923 |
| 5 April 2014 | 1,891,887 | 1,624 |
| 4 July 2014 | 392,172 | 319 |
| 30 September 2014 | 849,081 | 697 |
| Total | 4,251,954 | 3,563 |
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.
In addition, the following shares were issued under the dividend reinvestment scheme:
| Date | Number of shares issued | Issue price per share | Net proceeds £'000 |
| 31 October 2014 | 131,207 | 80.76 pence | 103 |
During the period from 1 July 2014 to 11 November 2014, the Company purchased 1,274,000 shares for £983,000 at an average price of 77.15 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 July 2014 to 11 November 2014:
| New investments | £000's | Activity |
| Infinite Ventures (Goathill) Limited | 1,000 | Wind turbine project in Scotland |
| Omprompt Limited | 200 | Business to business integration software |
| Total new investments | 1,200 | |
| Further investments | £000's | Activity |
| Chonais Holdings Limited | 645 | Hydropower project in Scotland |
| Rostima Holdings Limited | 525 | Provider of labour management software for the marine and aviation industries |
| Green Highland Renewables (Ledgowan) Limited | 329 | Hydropower project in Scotland |
| Relayware Limited | 254 | Provider of business collaboration and communication solutions |
| Cisiv Limited | 98 | Software and services for non-interventional clinical trials |
| MyMeds&Me Limited | 66 | Software for managing pharmaceutical adverse events |
| AMS Sciences Limited | 63 | Provider of metabolism data in clinical and pre-clinical development |
| Taunton Hospital Limited | 60 | Owner and operator of a psychiatric hospital |
| Proveca Limited | 56 | Repositioning of pediatric medicines |
| Blackbay Limited | 54 | Provider of mobile data solutions |
| Abcodia Limited | 25 | Validation and discovery of serum biomarkers |
| DySIS Medical Limited | 13 | Development, manufacture and sale of medical devices for detection of cervical cancer |
| Mirada Medical Limited | 11 | Developer of medical imaging software |
| Total further investments | 2,199 |
Disposals and loan stock repayments
The following disposals and loan stock repayments were made during the period from 1 July 2014 to 11 November 2014:
| Name | £000's | |
| Tower Bridge Health Club Limited | 1,975 | Disposal of investment |
| Peakdale Molecular Limited | 975 | Disposal of investment |
| Chichester Holdings Limited | 938 | Loan stock repayment |
| Dexela Limited | 241 | Payment of year 3 earn out |
| The Dunedin Pub Company VCT Limited | 230 | Final proceeds on disposal |
| The Charnwood Pub Company Limited | 226 | Loan stock repayment |
| Consolidated PR Limited | 188 | Disposal of investment |
| Radnor House School (Holdings) Limited | 178 | Loan stock and capitalised interest repayment |
| Hilson Moran Holdings Limited | 48 | Loan stock and redemption premium repayment |
| Total proceeds | 4,999 |
Helveta Limited went into administration on 18 September 2014. The assets of Helveta Limited were purchased by Elements Software Limited, and the Company received 3.25 per cent. of the ordinary share capital in the new entity.
Top ten holdings as at 30 September 2014:
| Investment | Carrying value £000's | % of net asset value | Activity |
| Blackbay Limited | 5,182 | 8.1% | Provider of mobile data solutions |
| Radnor House School (Holdings) Limited | 4,970 | 7.7% | Independent school for children ages 7-18 |
| Kensington Health Clubs Limited | 3,780 | 5.9% | Owner and operator of a health and fitness club in West London |
| Taunton Hospital Limited | 3,721 | 5.8% | Owner and operator of a psychiatric hospital |
| Lowcosttravelgroup Limited | 3,412 | 5.3% | Online travel business |
| Process Systems Enterprise Limited | 3,190 | 5.0% | Process modelling software and services |
| Mi-Pay Group PLC | 2,819 | 4.4% | Provider of mobile payment services |
| Bravo Inns II Limited | 2,656 | 4.1% | Owner and operator of freehold pubs |
| The Weybridge Club Limited | 2,479 | 3.9% | Owner and operator of a health and fitness club in Weybridge, Surrey |
| The Charnwood Pub Company Limited | 2,254 | 3.5% | Owner and operator of freehold pubs |
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/AATG.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 July 2014 to 11 November 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/AATG.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/AATG.htm.
Dr. Neil Cross, Chairman
11 November 2014
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: 020 7601 1850
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Albion Technology & General VCT PLC - Ordinary Shares via Globenewswire
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