Albion Development VCT PLC - Ordinary Shares : ...
Albion Development VCT PLC Interim Management Statement
Introduction
I am pleased to present Albion Development VCT PLC's interim management
statement for the period from 1 July to 10 November 2011 as required by the UK
Listing Authority's Disclosure and Transparency Rule 4.3.
Performance and dividends
The Company's Ordinary shares' unaudited net asset value (NAV), based on
management accounts, as at 30 September 2011 was £22.6 million (30 June 2011:
£22.4 million) or 73.5 pence per share (excluding treasury shares) (30 June
2011: 72.3 pence per share).
The Company's D shares' unaudited net asset value (NAV), based on management
accounts, as at 30 September 2011 was £5.7 million (30 June 2011: £5.7 million)
or 90.1 pence per share (excluding treasury shares) (30 June 2011: 90.4 pence
per share).
The current NAVs and comparative figures are calculated after accounting for the
second dividend for the year to 31 December 2011 of 2.5 pence per Ordinary share
(total cost: £775,000) and 1.25 pence per D share (total cost £79,000) which was
paid on 30 September 2011 to shareholders on the register as at 2 September
2011.
The Company's Ordinary shares' net asset value has risen by 1.2 pence per share
or 1.6 per cent. since 30 June 2011 as a result of an increase in the Ordinary
shares' investment valuations, and the D shares' net asset value has fallen by
0.3 pence per share or 0.3 per cent. as a result of the costs of the business.
Portfolio
The following investments have been made during the period from 1 July 2011 to
10 November 2011:
+----------------------------------+------+------------------------------------+
|Name |£000's|  |
+----------------------------------+------+------------------------------------+
|Â | Â |Â |
+----------------------------------+------+------------------------------------+
|Regenerco Renewable Energy Limited| 595 |Photo-voltaic installations on |
|(further investment) | |commercial buildings |
+----------------------------------+------+------------------------------------+
|Alto Prodotto Wind Limited (new | 294 |Installs and operates commercial |
|investment) | |scale wind installations |
+----------------------------------+------+------------------------------------+
|DySIS Medical Limited (further | 73 |Development, manufacture and sale of|
|investment) | |medical devices for detection of |
| | |epithelial cancers |
+----------------------------------+------+------------------------------------+
|Helveta Limited (further | 43 |Timber and food tracing software |
|investment) | | |
+----------------------------------+------+------------------------------------+
|Mi-Pay Limited (further | 24 |Provider of an outsourced payment |
|investment) | |processing service to mobile network|
| | |operators and related customers, |
| | |focusing on top ups and money |
| | |transfer |
+----------------------------------+------+------------------------------------+
|Rostima Holdings Limited (further | 24 |Provider of labour management |
|investment) | |software for the marine and aviation|
| | |industries |
+----------------------------------+------+------------------------------------+
Disposals
During the period from 1 July 2011 to 10 November 2011, the Company's investment
in Evolutions Television Limited was sold for £315,000 of cash and £165,000 of
loan notes. The loan notes are expected to be repaid in full by 31 March 2012.
In addition, during the quarter, there has been an uplift of £356,000 in the
valuation of Evolutions Group Limited following the exchange of contracts for
the sale of its London property in early October 2011 (please see below *).
In aggregate, including interest received and following the sale of the
property, the Evolutions investment will have made a small profit of 1.15 times
its cost.
The following loan stock repayments were made by portfolio companies during the
period from 1 July 2011 to 10 November 2011:
+----------------------------------------------+--------+
| Name | £000's |
+----------------------------------------------+--------+
| Green Energy Property Services Group Limited | 32 |
+----------------------------------------------+--------+
| Peakdale Molecular Limited | 28 |
+----------------------------------------------+--------+
| CS (Greenwich) Limited | 23 |
+----------------------------------------------+--------+
| Tower Bridge Health Clubs Limited | 16 |
+----------------------------------------------+--------+
| Radnor House School Holdings Limited | 12 |
+----------------------------------------------+--------+
Top ten holdings as at 30 September 2011:
+--------------------------------------+----------------+
| Investment | Carrying value |
| | £000's |
+--------------------------------------+----------------+
| Evolutions Group Limited | 2,739* |
+--------------------------------------+----------------+
| Radnor House School Holdings Limited | 1,570 |
+--------------------------------------+----------------+
| The Weybridge Club Limited | 1,230 |
+--------------------------------------+----------------+
| Blackbay Limited | 1,095 |
+--------------------------------------+----------------+
| C S (Greenwich) Limited | 940 |
+--------------------------------------+----------------+
| Peakdale Molecular Limited | 867 |
+--------------------------------------+----------------+
| Kensington Health Clubs Limited | 780 |
+--------------------------------------+----------------+
| Regenerco Renewable Energy Limited | 725 |
+--------------------------------------+----------------+
| Bravo Inns II Limited | 703 |
+--------------------------------------+----------------+
| Masters Pharmaceuticals Limited | 632 |
+--------------------------------------+----------------+
Albion VCTs Linked Top Up Offer 2011/2012
On 1 November 2011 the Company announced the launch of the Albion VCTs Linked
Top Up Offer 2011/2012. In aggregate, the Albion VCTs will be aiming to raise
up to £15 million across seven of the VCTs managed by Albion Ventures LLP, of
which Albion Development VCT PLC's Ordinary shares' proportion will be
approximately £2.25 million. The maximum amount raised by each of the Albion
VCTs will be 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 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 has been sent to shareholders and can also
be found on the website www.albion-ventures.co.uk .
Material Events and Transactions
During the period from 1 July 2011 to 10 November 2011, the Company has
purchased 497,700 Ordinary shares to be held in treasury at an average price of
63.8 pence per Ordinary share. In addition, 500,000 Ordinary shares were
cancelled out of treasury.
On 30 September 2011, the Company issued 79,631 Ordinary shares (at an issue
price of 72.3 pence per share), and 8,946 D shares (at an issue price of 90.45
pence per share) under the 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 Development VCT PLC.
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 July 2011 and 10 November 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 Development VCT PLC.
Geoffrey Vero, Chairman
10 November 2011
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: 020 7601 1850
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Source: Albion Development VCT PLC - Ordinary Shares via Thomson Reuters ONE
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