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 October 2010 to 7 February
2011 as  required by the UK Listing Authority's Disclosure and Transparency Rule
4.3.

Financial position and dividends

The  Company's unaudited net asset value (NAV), based on management accounts, as
at  31 December  2010 was  £26.9  million  (30 September 2010: £27.9 million) or
78.43 pence  per share  (excluding treasury  shares) (30  September 2010: 80.80
pence per share).

The  current NAV is calculated after accounting  for both the first dividend for
the year to 31 March 2011 of 2.5 pence per share (total cost: £867,000), paid on
25 June  2010 to shareholders on the register  as at 28 May 2010, and the second
dividend  for  the  year  to  31 March  2011 of 2.5 pence per share (total cost:
£864,000),  paid on  31 December 2010 to  shareholders on  the register as at 3
December  2010. The  figures  for  30 September  2010 only  included  the  first
dividend for the year.

As  at 31 January 2011, total cash  on deposit, or short  term money market, and
other  liquid instruments amounted  to approximately £1.8  million (30 September
2010: £2.3 million).

Portfolio

The  following investments have been made during the period from 1 October 2010
to 7 February 2011:

+----------------------------------+------+------------------------------------+
|Name                              |£000's|                                    |
+----------------------------------+------+------------------------------------+
|Oakland Care Centre Limited (new  |843   |Specialist dementia care facility   |
|investment)                       |      |                                    |
+----------------------------------+------+------------------------------------+
|TEG Biogas (Perth) Limited        |143   |Anaerobic digestion plant in        |
|(further investment)              |      |Scotland                            |
+----------------------------------+------+------------------------------------+
|Bravo Inns II Limited             |70    |Owns and operates public houses     |
|                                  |      |based in the North of England       |
|(further investment)              |      |                                    |
+----------------------------------+------+------------------------------------+
|The Street by Street Solar        |20    |Photovoltaic installations on       |
|Programme Limited                 |      |domestic roofs in Maidenhead &      |
|                                  |      |Windsor                             |
|(new investment)                  |      |                                    |
|                                  |      |                                    |
+----------------------------------+------+------------------------------------+

Disposals

During  the period from  1 October 2010 to 7 February  2011, Geronimo Inns VCT I
Limited  and Geronimo Inns VCT II Limited  were sold for combined total proceeds
of  £628,000, against an original combined cost of £540,000 and a carrying value
at 30 September 2010 of £620,000.

In  the same period  the Company received  loan stock repayments  from G&K Smart
Developments  VCT Limited (£580,000), City Screen (Cambridge) Limited (£75,000),
Kew  Green  VCT  (Stansted)  Limited  (£55,000)  and The Dunedin Pub Company VCT
Limited (£4,000).

Top ten holdings as at 31 December 2010:

+------------------------------------+---------------------+
|          Investee Company          | Carrying/fair value |
|                                    |                     |
|                                    |       £000's        |
+------------------------------------+---------------------+
| Kew Green VCT (Stansted) Limited   |        6,535        |
+------------------------------------+---------------------+
| The Stanwell Hotel Limited         |        2,747        |
+------------------------------------+---------------------+
| The Crown Hotel Harrogate Limited  |        2,224        |
+------------------------------------+---------------------+
| City Screen (Cambridge) Limited    |        1,557        |
+------------------------------------+---------------------+
| The Place Sandwich VCT Limited     |        1,464        |
+------------------------------------+---------------------+
| The Bear Hungerford Limited        |        1,425        |
+------------------------------------+---------------------+
| G&K Smart Developments VCT Limited |        1,256*       |
+------------------------------------+---------------------+
| The Charnwood Pub Co Limited       |        1,211        |
+------------------------------------+---------------------+
| The Weybridge Club Limited         |        1,169        |
+------------------------------------+---------------------+
| CS (Greenwich) Limited             |        1,025        |
+------------------------------------+---------------------+

* £380,000 of loan stock has been repaid since 31 December 2010

Material Events and Transactions

Dividends

As  mentioned above, a dividend of 2.5 pence  per Ordinary share was paid on 31
December 2010 to shareholders on the register as at 3 December 2010.

Dividend Reinvestment Scheme

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/Our Funds/Albion Venture Capital Trust PLC in the Circular issued
to  shareholders on 10 July 2008.  During  the period, 51,690 Ordinary shares of
50p each  in the capital of the Company  were allotted on 31 December 2010 at an
issue  price of 78.3 pence per share representing 4.7 per cent. of the dividends
paid.

Share buy-backs

During  the period from 1 October 2010 to 7 February 2011, the Company purchased
460,995 shares  at an average of 65 pence per  share.  These shares will be held
in  treasury.  This utilises the  amount of £300,000 allocated  by the Board for
share  buybacks  for  the  6 months  to  31 March  2011. The Board will consider
allocating  a further sum for buybacks  following publication of the results for
the year to 31 March 2011.

Albion VCTs Linked Top Up Offer

On  1 November 2010 the Company  announced the launch  of the Albion VCTs Linked
Top  Up Offer.  In aggregate, the Albion VCTs  will be aiming to raise up to £15
million  across  seven  VCTs  managed  by  Albion  Ventures LLP, of which Albion
Venture  Capital Trust PLC's  share will be  up to approximately £2.25 million.
The  maximum amount raised by each of the Albion VCTs will be the lower of Euros
2.5 million, and 10 per cent. of its issued share capital (over any one 12 month
period,  and including any  shares issued under  Dividend Reinvestment Schemes),
being  the amount  that they  may issue  under the  Prospectus Rules without the
publication  of a full prospectus. The number of new shares available may change
depending on the £: euro exchange rate at the date of allotment.
The  proceeds of  the Offer  will be  used to  provide further  resources to the
Albion  VCTs at a time when a  number of attractive new investment opportunities
are being seen.
An Investor Guide and Offer Document have been sent to shareholders and can also
be  found  on  the  website  www.albion-ventures.co.uk,  under  the  'Our Funds'
section.

The  first allotment of New Ordinary Shares  of nominal value 50 pence per share
in the Company under the Albion VCTs Linked Top Up Offer took place on 7 January
2011 at an issue price of 82.9 pence per New Ordinary Share.

Applications  for 789,262 New Ordinary Shares in  the Company were received. The
net proceeds of the Offer to date to the Company are approximately £604,000.

Share price
The closing mid market price for the shares on 7 February 2011 was 65.0 pence
per share, resulting in a 17 per cent discount to the net asset value of 78.43
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 October 2010 and 7 February 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

7 February 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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