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 October  to  8 February  2010 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) per  share as at 31
December  2009 was  79.8 pence  per  share  (30  September  2009: 81.9 pence per
share).  The NAV at  31 December 2009 is stated  after accounting for the second
dividend  for the year to 31 March 2010 of  2.5 pence per share that was paid on
6 January 2010 to shareholders on the register on 4 December 2009.

The  unaudited net  asset value  at 31 December  2009, after accounting  for the
dividend  referred to above, was  approximately £27,870,000 (30 September 2009:
£28,637,000).  Total  cash  on  deposit,  or  short term money market, and other
liquid  instruments amounted  to approximately  £2,113,000 (30  September 2009:
£4,302,000).

Portfolio
The  following investments have been made during the period from 1 October 2009
to 8 February 2010:

+---------------------------------+-------------------------------+--------+
| Investee Company                | Existing/New investee company | £000's |
+---------------------------------+-------------------------------+--------+
| The Stanwell Hotel Limited      |           Existing            | 1,000  |
+---------------------------------+-------------------------------+--------+
| CS (Greenwich) Limited          |           Existing            |   93   |
+---------------------------------+-------------------------------+--------+
| City Screen (Liverpool) Limited |           Existing            |   42   |
+---------------------------------+-------------------------------+--------+
| CS (Brixton) Limited            |           Existing            |   24   |
+---------------------------------+-------------------------------+--------+
| CS (Exeter) Limited             |           Existing            |   8    |
+---------------------------------+-------------------------------+--------+

Disposals
During   the  period  from  1 October  2009 to  8 February  2010, the  following
disposals were made:

+-------------------------------------+----------------------+--------+
| Investee Company                    |                      | £000's |
+-------------------------------------+----------------------+--------+
| Nationwide FRN 07/06/2010           | Disposal of FRN      | 1,497  |
+-------------------------------------+----------------------+--------+
| The Dunedin Pub Company VCT Limited | Loan stock repayment |   66   |
+-------------------------------------+----------------------+--------+
| City Screen (Cambridge) Limited     | Loan stock repayment |   50   |
+-------------------------------------+----------------------+--------+

Top ten holdings (as at 31 December 2009)

+------------------------------------+---------------------+
| Investee Company                   | Carrying/fair value |
|                                    |       £000's        |
+------------------------------------+---------------------+
| Kew Green VCT (Stansted) Limited   |        6,612        |
+------------------------------------+---------------------+
| The Stanwell Hotel Limited         |        2,370        |
+------------------------------------+---------------------+
| The Crown Hotel Harrogate Limited  |        2,209        |
+------------------------------------+---------------------+
| G&K Smart Developments VCT Limited |        2,143        |
+------------------------------------+---------------------+
| City Screen (Cambridge) Limited    |        1,528        |
+------------------------------------+---------------------+
| The Bear Hungerford Limited        |        1,517        |
+------------------------------------+---------------------+
| Charnwood Pub Co Limited           |        1,442        |
+------------------------------------+---------------------+
| The Place Sandwich VCT Limited     |        1,430        |
+------------------------------------+---------------------+
| The Weybridge Club Limited         |        1,197        |
+------------------------------------+---------------------+
| CS (Greenwich) Limited             |         930         |
+------------------------------------+---------------------+




Dividends
As  mentioned above, a dividend  of 2.5 pence per Ordinary  share was paid on 6
January 2010 to shareholders on the register on 4 December 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), 48,182 Ordinary  shares of  50p each in  the capital  of the Company were
allotted   on   6 January  2010 at  an  issue  price  of  79.4 pence  per  share
representing approximately 4.4 per cent of the dividends paid.

Share buybacks
During  the period from 1 October 2009 to 8 February 2010, the Company purchased
26,310 shares  at an  average price  of 62.8 pence  per share, for treasury. The
Board  allocated a total of £150,000 for  share buybacks for the 6 months to 31
March  2010. Following  the  buybacks  mentioned  above,  the  Company  now  has
approximately £133,000 allocated for buybacks until 31 March 2010, at which time
the Board will review the policy on buybacks again.

Share price
The Company's share price as at 8 February 2010 is 67.5 pence and the shares are
currently trading at a 14% discount to net asset value.

Investment policy
The  Company  continues  to  invest  in  asset-backed  companies  and  it is the
intention  going  forward  to  concentrate  particularly  on  the healthcare and
environmental sectors.

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 October 2009 to 8 February 2010.

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  <

http://www.albion-ventures.co.uk/>/Our  Funds/Albion
Venture Capital Trust PLC.

David Watkins, Chairman
8 February 2010

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


[HUG#1381637]