Interim Management Statement

Albion Venture Capital Trust PLC
                          Interim Management Statement

Introduction
I  am  pleased  to  present  Albion  Venture Capital Trust PLC's (the "Company")
interim management statement for the period from 1 April 2011 to 10 August 2011
as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Financial position and dividends
The unaudited net asset value (NAV), based on management accounts, as at 30 June
2011 was  £28.2 million (31  March 2011: £27.9 million)  or 78.4 pence per share
(excluding  treasury shares), after deducting  the 2.5p dividend paid on 29 July
2011 (31  March  2011: before  the  deduction  of  the  dividend, 80.5 pence per
share).

After adding back the first dividend for the financial year, the net asset value
has risen by 0.4 pence per share or 0.5 per cent. since 31 March 2011.

As at 30 June 2011, total cash on deposit, or short term money market, and other
liquid  instruments amounted to approximately  £3.4 million (31 March 2011: £3.0
million).

Portfolio
The  following investments have been made during the period from 1 April 2011 to
10 August 2011:

+------------------------------------+------+----------------------------------+
|Name                                |£000's|                                  |
+------------------------------------+------+----------------------------------+
|Oakland Care Centre Limited (further|422   |Specialist dementia care facility |
|investment)                         |      |                                  |
+------------------------------------+------+----------------------------------+
|Orchard Portman Hospital Limited    |19    |Hospital offering long-term care  |
|(further investment)                |      |to NHS patients in the Somerset   |
|                                    |      |area                              |
+------------------------------------+------+----------------------------------+
|The Stanwell Hotel Limited (further |98    |Owner of The Stanwell Hotel in    |
|investment)                         |      |Stanwell, near Heathrow Airport   |
+------------------------------------+------+----------------------------------+

Disposals
During  the period from 1 April 2011 to 10 August 2011 the Company received loan
stock  repayments from G&K Smart Developments  VCT Limited (£200,000), Kew Green
VCT  (Stansted) Limited (£174,000), Tower Bridge Health Clubs Limited (£14,000),
The  Dunedin Pub Company  VCT Limited (£3,000)  and return of  equity from Chase
Midland VCT Limited (£15,000).

Top ten holdings as at 30 June 2011:

+-----------------------------------+---------------------+
|         Investee Company          | Carrying/fair value |
|                                   |       £000's        |
+-----------------------------------+---------------------+
| Kew Green VCT (Stansted) Limited  |        6,374        |
+-----------------------------------+---------------------+
| The Stanwell Hotel Limited        |        2,407        |
+-----------------------------------+---------------------+
| The Crown Hotel Harrogate Limited |        2,270        |
+-----------------------------------+---------------------+
| City Screen (Cambridge) Limited   |        1,858        |
+-----------------------------------+---------------------+
| The Place Sandwich VCT Limited    |        1,501        |
+-----------------------------------+---------------------+
| The Bear Hungerford Limited       |        1,322        |
+-----------------------------------+---------------------+
| The Charnwood Pub Company Limited |        1,298        |
+-----------------------------------+---------------------+
| Oakland Care Centre Limited       |        1,211        |
+-----------------------------------+---------------------+
| CS (Greenwich) Limited            |        1,128        |
+-----------------------------------+---------------------+
| The Weybridge Club Limited        |        1,098        |
+-----------------------------------+---------------------+

Material Events and Transactions

Dividends
A  dividend  of  2.5 pence  per  Ordinary  share  was  paid  on  29 July 2011 to
shareholders on the register as at 1 July 2011.

Dividend Reinvestment Scheme
The  Company  continues  to  offer  a  Dividend  Reinvestment Scheme to existing
shareholders.    Details   of   this   Scheme   can   be   found   atwww.albion-
ventures.co.uk/Our Funds/Albion Venture Capital Trust PLC in the Circular issued
to  shareholders on 10 July 2008.  During  the period, 64,021 Ordinary shares of
50p each in the capital of the Company were allotted on 29 July 2011 at an issue
price of 78 pence per share representing 5.5 per cent. of the dividends paid.

Share buy-backs
As  disclosed by the Chairman in the  Annual Report and Financial Statements for
the  year ended  31 March 2011, the  Company has  limited the cash available for
share buy-backs to £350,000 for the six months to 30 September 2011.

During  the period  from 1 April  2011 to 10 August  2011, the Company purchased
469,000 shares  at an average price of 61 pence per share.  These shares will be
held  in treasury.  Following the buybacks  mentioned above, the Company now has
just  under  £64,000  allocated  for  buybacks until 30 September 2011, when the
Company enters a 'close" period.

Albion VCTs Linked Top Up Offer
The  Albion VCTs Linked Top  Up Offer closed on  16 May 2011. In aggregate, your
Company raised a total of £1.65 million.

During  the  period  from  1 April  2011 to  16 May 2011, the Company issued the
following  shares under the Albion VCTs Linked Top Up Offer (and are included in
the net asset value figures for 30 June 2011 above):

+------------+---------------------+------------------------+------------------+
|Date        |  Number of shares   | Issue price per share  |Net proceeds £'000|
|            |       issued        |(including 5.5% costs of|                  |
|            |                     |         issue)         |                  |
+------------+---------------------+------------------------+------------------+
|5 April 2011|       514,084       |      83.10 pence       |       403        |
+------------+---------------------+------------------------+------------------+
|16 May 2011 |       43,662        |      83.10 pence       |        34        |
+------------+---------------------+------------------------+------------------+

Share price
The closing mid market price for the shares on 10 August 2011 was 65.0 pence per
share, resulting in an 17 per cent discount to the ex-dividend net asset value
of 78.4 pence per share.

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 April 2011 and 10 August 2011.

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 2011

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






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Source: Albion Venture Capital Trust PLC via Thomson Reuters ONE

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