Albion Technology & General VCT PLC Interim Management Statement
LEI code: 213800TKJUY376H3KN16
Introduction
I am pleased to present Albion Technology & General VCT PLC (the "Company")'s interim management statement for the period ended 31 March 2018.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2018 was £76.8 million or 74.7 pence per share (excluding treasury shares), an increase of 2.8 pence per share or 3.9 per cent. since 31 December 2017.
A major contributor of the increase was the successful sale of Grapeshot Limited which completed after the period end. If the full escrow amount is received, we will have realised approximately 10 times our original investment.
Albion VCTs prospectus Top Up Offers
During the period from 1 January 2018 to 31 March 2018, the Company issued the following new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2017/18:
Date | Number of shares issued | Aggregate nominal value of shares £'000 | Issue price per share (including costs of issue) | Net proceeds £'000 |
31 January 2018 | 1,185,597 | 12 | 73.6p | 1,303 |
The Board announced on 28 February 2018 that the Company had reached its £6 million limit under its offer pursuant to the Prospectus dated 6 September 2017, and so was closed.
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.
Share buy-backs
During the period from 1 January 2018 to 31 March 2018, there were no share buybacks undertaken by the Company.
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 the most recently announced net asset value, so far as market conditions and liquidity permit.
Portfolio
The following investments have been made during the period from 1 January 2018 to 31 March 2018:
New investments | £'000 | Activity |
Koru Kids Limited | 204 | Online marketplace connecting parents and nannies |
Total new investments | 204 |
Further investments | £'000 | Activity |
SVS Albion OLIM UK Equity Income Fund | 900 | Liquidity management |
Panaseer Limited | 309 | Provider of cyber security services |
Convertr Media Limited | 195 | Digital lead generation software |
Total further investments | 1,404 |
Top ten holdings as at 31 March 2018:
Investment | Carrying value £'000 | % of net asset value | Activity |
Radnor House School (Holdings) Limited | 10,298 | 13.4% | Independent schools for children aged 3-18 |
Process Systems Enterprise Limited | 4,341 | 5.7% | Process modelling software and services |
Chonais River Hydro Limited | 4,168 | 5.4% | Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands |
Bravo Inns II Limited | 3,255 | 4.2% | Owner and operator of freehold pubs |
Grapeshot Limited | 2,865 | 3.7% | Provider of digital marketing software |
memsstar Limited | 2,266 | 3.0% | Refurbisher and manufacturer of MEMS and semiconductor fabrication equipment |
Earnside Energy Limited | 2,265 | 2.9% | Anaerobic digestion and composting plant located in Scotland |
Gharagain River Hydro Limited | 2,213 | 2.9% | Owner and operator of a 1 MW hydroelectricity plant in Western Scotland |
Mirada Medical Limited | 2,193 | 2.9% | Developer of medical imaging software |
Bravo Inns Limited | 1,762 | 2.3% | Owner and operator of freehold pubs |
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/AATG, by following the 'Portfolio of Investments' link under the 'Fund reports' section.
Material events and transactions after the period end
Portfolio
After the period end, the Company undertook the following investment transactions:
Albion VCTs prospectus Top Up Offers
After the period end, the Company issued the following new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2017/18:
Date | Number of shares issued | Aggregate nominal value of shares £'000 | Issue price per share (including costs of issue) | Net proceeds £'000 |
5 April 2018 | 1,541,406 | 15 | 73.8p | 1,109 |
11 April 2018 | 269,030 | 3 | 73.0p to 73.8p | 194 |
Material events and transactions
There have been no further significant events or transactions between 1 April 2018 and 6 June 2018 that the Board is aware of which would have had a material impact on the financial position of the Company.
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/AATG.
Dr. Neil Cross, Chairman
6 June 2018
For further information please contact:
Albion Capital Group LLP - tel: 020 7601 1850