Crown Place VCT PLC : Interim Management Statement

Crown Place VCT PLC Interim Management Statement

Introduction
I am pleased to present Crown Place VCT PLC's interim management statement for the period from 1 January 2015 to 12 May 2015.

Performance and dividends
The Group's unaudited net asset value (NAV) as at 31 March 2015 was £29.7 million or 30.98 pence per share (excluding treasury shares) after accounting for a dividend of 1.25 pence per share which was paid on 31 March 2015 to shareholders on the register as at 6 March 2015.

The comparable ex-dividend NAV as at 31 December 2014 was 31.03 pence per share resulting in the Company's NAV being reduced by 0.05 pence per share or 0.2 per cent. since 31 December 2014 as a result of movements in investment valuations.

Share issues
During the period from 1 January 2015 to 12 May 2015, the Company issued a total of 13,739,765 new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2014/2015. These issues raised net proceeds of £4.27 million, which is made up as follows: 

Date	Number of shares issued	Issue price per share (including costs of issue)	Net proceeds £'000
30 January 2015	2,763,025	31.80 pence	861
30 January 2015	1,451,111	32.00 pence	453
2 April 2015	9,525,629	32.00 pence	2,957
Total	13,739,765		4,271

               
The proceeds of the Offers are being used to provide further resources to the Company at a time when a number of attractive new investment opportunities are being seen.

A Securities Note which forms part of the Prospectus can be found on the website www.albion-ventures.co.uk. The Offer will close on 30 September 2015 (unless fully subscribed earlier or extended by the Company).

In addition, the following shares were issued under the dividend reinvestment scheme on 31 March 2015:

Date	Number of shares issued	Issue price per share	Net proceeds £'000
31 March 2015	450,741	31.03 pence	138

Share buy-backs
During the period from 1 January 2015 to 12 May 2015, the Company purchased 484,000 shares for £142,000 at an average price of 29.3 pence per share. All of the shares are to be held in treasury.

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 net asset value, so far as market conditions and liquidity permit.

Portfolio
The following investments have been made during the period from 1 January 2015 to 12 May 2015:

New investments	£000's	Activity
Shinfield Lodge Care Limited	500	Develop and operate an elderly care home
Ryefield Court Care Limited	150	Develop and operate an elderly care home
Total new investments	650
Further investments
Radnor House School (Holdings) Limited	1,008	Independent schools for children aged 7 - 18
Chonais Holdings Limited	774	Hydropower project in Scotland
Green Highland Renewables (Ledgowan) Limited	744	Hydropower project in Scotland
Active Lives Care Limited	150	Develop and operate an elderly care home in Oxford
TEG Biogas (Perth) Limited	121	Anaerobic digestion
Abcodia Limited	115	Validation and discovery of serum biomarkers
Proveca Limited	56	Repositioning of paediatric medicines
Mi-Pay Group plc	47	Provider of mobile payment services
Cisiv Limited	37	Software and services for non-interventional clinical trials
Exco Intouch Limited	25	Provider of mobile patient data solutions
Rostima Holdings Limited	21	Provider of labour management software for the marine and aviation industries
Silent Herdsman Holdings Limited	20	Remote animal health monitoring
Regenerco Renewable Energy Limited	18	Generator of renewable energy from roof top solar installations
Oxsensis Limited	11	Developer and producer of high temperature sensors
AVESI Limited	6	Generator of renewable energy from roof top solar installations
Total further investments	3,153

Disposals and loan stock repayments
The following disposals and loan stock repayments were made during the period from 1 January 2015 to 12 May 2015:

Name	£000's
Orchard Portman Group	1,425	Disposal of investment
Infinite Ventures (Goathill Limited)	520	Loan stock repayment
Chichester Holdings Limited	116	Part disposal of investment
Uctal Limited	52	Disposal of investment
Radnor House School (Holdings) Limited	15	Loan stock and capitalised interest repayment
Hilson Moran Holdings Limited	4	Loan stock and redemption premium repayment
Total proceeds	2,132

Top ten holdings as at 31 March 2015:

Investment	Carrying value £000's	% of net asset value	Activity
Radnor House School (Holdings) Limited	3,903	13.2%	Independent schools for children aged 7-18
ELE Advanced Technologies Limited	2,122	7.2%	Manufacturer of precision engineering components
The Crown Hotel Harrogate Limited	1,886	6.4%	Owner and operator of The Crown Hotel, Harrogate
Lowcosttravelgroup Limited	1,700	5.7%	Online travel business
Chonais Holdings Limited	1,642	5.5%	Hydropower project in Scotland
Green Highland Renewables (Ledgowan) Limited	1,197	4.0%	Hydropower project in Scotland
Kensington Health Club Limited	1,079	3.6%	Owner and operator of a health and fitness club in West London
Blackbay Limited	867	2.9%	Provider of mobile data solutions
Kew Green (Stansted) VCT Limited	821	2.8%	Owner and operator of the Holiday Inn Express at Stansted Airport
The Charnwood Pub Company Limited	668	2.3%	Owner and operator of freehold pubs

A full breakdown of the Company's portfolio can be found on the funds website at www.albion-ventures.co.uk/ourfunds/CRWN.htm, by following the 'Portfolio of Investments' link under the 'Investor Centre' section.

Material events and transactions
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 January 2015 to 12 May 2015.

Further information
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/ourfunds/CRWN.htm.

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/ourfunds/CRWN.htm.

Richard Huntingford, Chairman
[e-mail]

12 May 2015
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: [phone]

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Crown Place VCT PLC via Globenewswire

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