Interim Management Statement

Albion Venture Capital Trust PLC
                    Interim Management Statement

Introduction
I am pleased  to present the  Company's interim management  statement
for the period from 1 April to  10 August 2009 as required by the  UK
Listing Authority's Disclosure and Transparency Rule 4.3.

Financial position and performance
The Company's approximate unaudited  net asset value  (NAV) as at  30
June 2009 was  82.8 pence per  share (31 March  2009: 85.3 pence  per
share). The NAV at  30 June 2009 is  stated after accounting for  the
first dividend for the year to 31  March 2010 of 2.5 pence per  share
that was paid on 31  July 2009 to shareholders  on the register on  3
July 2009.

The unaudited net asset value at 30 June 2009, before accounting  for
the dividend  referred to  above, was  approximately £29,881,000  (31
March  2009:  £29,870,000)  with  net  revenue  offsetting  a   small
reduction in the valuation of investments. Total cash on deposit,  or
short term money  market, and  other liquid  instruments amounted  to
approximately £4,937,000 (31 March 2009: £3,961,000).

Portfolio
The following investments  have been  made during the  period from  1
April 2009 to 10 August 2009:


+-------------------------------------------------------------------+
| Name                             | Existing/New investee | £000's |
|                                  |        company        |        |
|----------------------------------+-----------------------+--------|
| Geronimo Inns VCT I Limited      |          New          |  270   |
|----------------------------------+-----------------------+--------|
| Geronimo Inns VCT II Limited     |          New          |  270   |
|----------------------------------+-----------------------+--------|
| Bravo Inns II Limited            |       Existing        |  115   |
|----------------------------------+-----------------------+--------|
| Welland Inns VCT Limited         |       Existing        |   26   |
|----------------------------------+-----------------------+--------|
| Welland Inns VCT (Hotels)        |       Existing        |   25   |
| Limited                          |                       |        |
+-------------------------------------------------------------------+


Disposals
During the period from 1 April 2009 to 10 August 2009, the  following
disposals were made:


+------------------------------------------------------------------+
| Name                             |                      | £000's |
|----------------------------------+----------------------+--------|
| Prime VCT Limited                | Loan stock repayment |  550   |
|----------------------------------+----------------------+--------|
| Youngs VCT Limited               | Return of equity     |  540   |
|----------------------------------+----------------------+--------|
| Kew Green VCT (Stansted) Limited | Loan stock repayment |  154   |
|----------------------------------+----------------------+--------|
| City Screen (Cambridge) Limited  | Loan stock repayment |  100   |
|----------------------------------+----------------------+--------|
| GB Pub Company VCT Limited       | Loan stock repayment |   30   |
+------------------------------------------------------------------+


Top ten holdings (as at 30 June 2009)


+----------------------------------------------------------+
| Investee Company/Security          | Carrying/fair value |
|                                    |       £000's        |
|------------------------------------+---------------------|
| Kew Green VCT (Stansted) Limited   |        7,033        |
|------------------------------------+---------------------|
| G&K Smart Developments VCT Limited |        2,314        |
|------------------------------------+---------------------|
| The Crown Hotel Harrogate Limited  |        2,172        |
|------------------------------------+---------------------|
| City Screen (Cambridge) Limited    |        1,537        |
|------------------------------------+---------------------|
| The Bear Hungerford Limited        |        1,525        |
|------------------------------------+---------------------|
| Nationwide FRN 07/06/2010          |        1,474        |
|------------------------------------+---------------------|
| The Stanwell Hotel Limited         |        1,398        |
|------------------------------------+---------------------|
| The Place Sandwich VCT Limited     |        1,381        |
|------------------------------------+---------------------|
| The Weybridge Club Limited         |        1,201        |
|------------------------------------+---------------------|
| CS (Greenwich) Limited             |         824         |
+----------------------------------------------------------+



Dividends
As mentioned above, a  dividend of 2.5 pence  per Ordinary share  was
paid on 31 July 2009 to shareholders on the register on 3 July 2009.

Dividend Reinvestment Scheme
Further to the Dividend Reinvestment Scheme introduced by the Company
(details of which were set out in the Circular issued to shareholders
on 10 July 2008), 47,215 Ordinary  shares of 50p each in the  capital
of the Company were  allotted on 31  July 2009 at  an issue price  of
82.8 pence per share representing approximately 4.7 per cent. of  the
dividends paid.

Share buybacks
During the period from  1 April 2009 to  10 August 2009, the  Company
purchased 47,765  shares  at a  price  of  53 pence  per  share,  for
treasury. The Board allocated a total of £150,000 for share  buybacks
for the  6  months  to  30 September  2009.  Following  the  buybacks
mentioned above, the  Company now has  just under £125,000  allocated
for buybacks until 30  September 2009, at which  time the Board  will
review the policy on buybacks again.

Material events and transactions
There have been  no further significant  events or transactions  that
the Board are  aware of  which would have  a material  impact on  the
financial position of the Company between 1 April 2009 and 10  August
2009.

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/Albion
Venture Capital Trust PLC.

David Watkins, Chairman
10 August 2009

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

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