Interim Management Statement

Interim Management Statement

Introduction
I am pleased  to present the  Company's interim management  statement
for the period from 1 April to  11 August 2009 as required by the  UK
Listing Authority's Disclosure and Transparency Rule 4.3.

Performance and dividends
The Company's approximate unaudited  net asset value  (NAV) as at  30
June 2009 was £26.4  million (31 March 2009:  £26.9 million) or  87.1
pence per share (excluding treasury shares)(31 March 2009: 88.8 pence
per share). This is after  accounting for the first revenue  dividend
for the year  to 31  March 2010  of 1  penny per  share (total  cost:
£303,176), paid on 7 August 2009  to shareholders on the register  as
at 10 July 2009.

The net asset value has decreased compared to the net asset value  at
31 March 2009 as a result  of a reduction in the unquoted  investment
valuations reflecting  the current  economic climate,  and a  revenue
return which continues to be subdued  in the face of lower yields  on
cash deposits and liquid instruments.

The three month period  from 31 March 2009  has been a difficult  one
for the UK economy as a whole, and the Company's investment portfolio
has not been immune, although your  Company's high level of cash  has
provided a strong degree of protection from the worst effects.

The Board  is not  aware of  any significant  events or  transactions
between 30  June  2009  and  the  date  of  this  interim  management
statement which would have a material  impact on the net asset  value
of the Company.

Share buybacks
During the period from  1 April 2009 to  11 August 2009, the  Company
purchased 8,333 shares at an average price of 70 pence per share,  to
be held in treasury.

Portfolio
The following investments  have been  made during the  period from  1
April 2009 to 11 August 2009:


+-------------------------------------------------------------------+
| Name                      | £000's |                              |
|---------------------------+--------+------------------------------|
| UBS floating rate note 20 | 3,500  | Floating interest rate note  |
| May 2011 (new investment) |        | held with UBS                |
|---------------------------+--------+------------------------------|
| Bravo Inns II Limited     | 125    | Freehold pub owner and       |
| (follow-on investment)    |        | operator                     |
|---------------------------+--------+------------------------------|
| Mi-Pay Limited (follow-on | 94     | Outsourcer of payment        |
| investment)               |        | processing service to mobile |
|                           |        | network operators            |
|---------------------------+--------+------------------------------|
| Welland Inns VCT Limited  | 12     | Freehold pub owner and       |
| (follow-on investment)    |        | operator                     |
|---------------------------+--------+------------------------------|
| Vibrant Energy Assessors  | 56     | Energy performance           |
| Limited                   |        | certificate provider         |
|---------------------------+--------+------------------------------|
| Geronimo Inns VCT I       | 1,400  | Freehold pub owner and       |
| Limited                   |        | operator                     |
|---------------------------+--------+------------------------------|
| Geronimo Inns VCT II      | 1,400  | Freehold pub owner and       |
| Limited                   |        | operator                     |
+-------------------------------------------------------------------+


Disposals
During the period from  1 April 2009 to  11 August 2009, Lloyds  Euro
Commercial paper  matured  on  30  June 2009  and  paid  proceeds  of
£4,000,000  principal.  In  addition,  £1,000,000  was  received   in
relation to the  part disposal  of the  UBS floating  rate note  with
maturity date 20 May 2011.

Top ten holdings (as at 30 June 2009)

+-------------------------------------------------------------------+
| Investment                                  | Carrying/fair value |
|                                             | £000's              |
|---------------------------------------------+---------------------|
| UBS floating rate note: maturity date 20    | 2,500               |
| May 2011                                    |                     |
|---------------------------------------------+---------------------|
| Nationwide Building Society Floating Rate   | 1,474               |
| Note: maturity date 07/06/2010              |                     |
|---------------------------------------------+---------------------|
| Bravo Inns II Limited                       | 1,026               |
|---------------------------------------------+---------------------|
| Droxford Hospital Limited                   | 998                 |
|---------------------------------------------+---------------------|
| Forth Photonics Limited                     | 555                 |
|---------------------------------------------+---------------------|
| Prime Care Holdings Limited                 | 471                 |
|---------------------------------------------+---------------------|
| Mi-Pay Limited                              | 458                 |
|---------------------------------------------+---------------------|
| Dexela limited                              | 430                 |
|---------------------------------------------+---------------------|
| Bravo inns Limited                          | 402                 |
|---------------------------------------------+---------------------|
| Opta Sports Data limited                    | 323                 |
+-------------------------------------------------------------------+


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 April 2009  and 11 August
2009.

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
Enterprise VCT PLC.


Patrick Reeve, Director
11 August 2009


For further information please contact:

Patrick Reeve, Albion Ventures LLP - tel: [phone]

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