Interim Management Statement

ALBION ENTERPRISE VCT PLC
                          Interim Management Statement

Introduction
I  am  pleased  to  present  the  Company's 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.

Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 June 2011 was £27.6
million (31 March 2011: £27.0 million) or 86.0 pence per share, after deducting
the dividend of 1.5 pence payable on 31 August 2011 (31 March 2011: before the
deduction of the dividend, 87.1 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  £8.9 million (31 March 2011: £9.5
million).

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

+-----------------------------------+------+-----------------------------------+
|Name                               |£000's|                                   |
+-----------------------------------+------+-----------------------------------+
|Nelson House Hospital Limited      |613   |Psychiatric hospital based in      |
|(further investment)               |      |Hampshire                          |
+-----------------------------------+------+-----------------------------------+
|Mi-Pay Limited (further investment)|72    |Provider of an outsourced payment  |
|                                   |      |processing service to mobile       |
|                                   |      |network operators and related      |
|                                   |      |customers                          |
+-----------------------------------+------+-----------------------------------+
|Radnor House School (Holdings)     |700   |Independent school in Twickenham   |
|Limited (further investment)       |      |                                   |
+-----------------------------------+------+-----------------------------------+
|Abcodia Limited (new investment)   |225   |Specialist company engaged in the  |
|                                   |      |validation and discovery of        |
|                                   |      |molecular biomarkers linked to age |
|                                   |      |related diseases                   |
+-----------------------------------+------+-----------------------------------+

The  Company  also  invested  £1  million  in  a  liquidity  bond  with  Skandia
International, a member of the Old Mutual Group.

Disposals
During  the period  from 1 April  2011 to 10 August  2011, the Company  sold its
investment  in Dexela Limited for proceeds  of £763,000 against an original cost
of £430,000. The Company is expecting further sums as deferred consideration.

Top ten holdings (as at 30 June 2011)

+--------------------------------------+----------------------+
|              Investment              | Carrying/ fair value |
|                                      |        £000's        |
+--------------------------------------+----------------------+
| Radnor House School Limited          |        1,741         |
+--------------------------------------+----------------------+
| Bravo Inns II Limited                |        1,708         |
+--------------------------------------+----------------------+
| Nelson House Hospital Limited        |        1,650         |
+--------------------------------------+----------------------+
| Masters Pharmaceuticals Limited      |        1,226         |
+--------------------------------------+----------------------+
| Taunton Nursing Home Limited         |        1,003         |
+--------------------------------------+----------------------+
| Alto Prodotto Limited                |        1,000         |
+--------------------------------------+----------------------+
| Greenenerco Limited                  |        1,000         |
+--------------------------------------+----------------------+
| Skandia International liquidity bond |        1,000         |
+--------------------------------------+----------------------+
| Regenerco Renewable Energy Limited   |         999          |
+--------------------------------------+----------------------+
| TEG (Biogas) Perth Limited           |         958          |
+--------------------------------------+----------------------+

Material Events and Transactions

Dividends
As mentioned above, a dividend of 1.5 pence per Ordinary share is payable on 31
August 2011 to shareholders on the register as at 5 August 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 Enterprise VCT PLC in the circular issued to
shareholders on 26 November 2009.

Share buy-backs
During the period from 1 April 2011 to 10 August 2011, the Company purchased
82,000 at an average of 77 pence per share. These shares will be held in
treasury.

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|       470,928       |      90.70 pence       |       404        |
+------------+---------------------+------------------------+------------------+
|16 May 2011 |       39,309        |      92.30 pence       |        34        |
+------------+---------------------+------------------------+------------------+

Share price
The closing mid market price for the shares on 10 August 2011 was 76 pence per
share, resulting in a 12 per cent. discount to the ex-dividend net asset value
of 86.0 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 Enterprise VCT PLC.



Maxwell Packe, Chairman
10 August 2011

For further information please contact:

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






This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Albion Enterprise VCT PLC via Thomson Reuters ONE

[HUG#1537613]