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  2010 to  4 February  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 31 December 2010 was £26.4
million  (31  March  2010: £26.8  million)  or  87.2 pence  per  share (31 March
2010: 88.3 pence  per share). The net asset  value for 31 December 2010 is after
accounting for the first dividend for the year to 31 March 2011 of 1.5 pence per
share (total cost: £454,000), paid 6 August 2010 to shareholders on the register
as at 9 July 2010.

The  Company will  pay a  second dividend  of 1.5 pence  per share  (total cost:
£454,000)  on  28 February  2011 to  shareholders  on the register at 28 January
2011.

The  net asset value remains broadly the same as the net asset value at 31 March
2010. Encouragingly,  revenue return has increased due  to the increased rate of
investment.

The  Board is not  aware of any  significant events or  transactions between 31
December 2010 and the date of this interim management statement which would have
a material impact on the net asset value of the Company.

Share buybacks and issue of shares under DRIS
During  the period from  1 April 2010 to 4 February  2011, the Company purchased
32,844 shares at an average price of 77 pence per share, to be held in treasury.
The current share price is 75.3 pence.

On  6 August 2010, the Company issued 31,470 Ordinary shares of 50 pence each at
a price of 86.75 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 Enterprise VCT PLC.

Portfolio
The  following investments have been made during the period from 1 April 2010 to
4 February 2011:

+-----------------------------------+------+-----------------------------------+
|Name                               |£000's|                                   |
+-----------------------------------+------+-----------------------------------+
|Masters Pharmaceuticals Limited    |980   |International specialist           |
|                                   |      |distribution of pharmaceuticals    |
+-----------------------------------+------+-----------------------------------+
|Radnor House School Limited (new   |1,000 |Independent school in Twickenham   |
|investment)                        |      |                                   |
+-----------------------------------+------+-----------------------------------+
|TEG Biogas (Perth) Limited (new    |953   |Anaerobic digestion plant in       |
|investment)                        |      |Scotland                           |
+-----------------------------------+------+-----------------------------------+
|The Street by Street Solar         |172   |Renewable energy plant             |
|Programme Limited                  |      |                                   |
|(new investment)                   |      |                                   |
+-----------------------------------+------+-----------------------------------+
|Mirada Medical Limited (further    |111   |Provider of medical imaging        |
|investment)                        |      |software                           |
+-----------------------------------+------+-----------------------------------+
|Bravo Inns II Limited (further     |340   |Freehold pub owner and operator    |
|investment)                        |      |                                   |
+-----------------------------------+------+-----------------------------------+

Disposals
During  the period  from 1 April  2010 to 4 February  2011, Geronimo Inns  VCT I
Limited  and Geronimo Inns VCT II Limited  were sold for combined total proceeds
of  £3,257,000, against an  original combined cost  of £2,800,000 and a carrying
value at 30 September 2010 of £3,216,000.

Also  the Company's £3,000,000  investment in BBVA  Senior Finance floating rate
note was sold for £3,050,000 generating a gain of £50,000.

Top ten holdings (as at 4 February 2011)

+---------------------------------------------------+--------+
| Investment                                        | Value  |
|                                                   | £000's |
+---------------------------------------------------+--------+
| UBS floating rate note: maturity date 20 May 2011 | 2,511  |
+---------------------------------------------------+--------+
| Bravo Inns II Limited                             | 1,714  |
+---------------------------------------------------+--------+
| Prime Care Holdings Limited                       | 1,015  |
+---------------------------------------------------+--------+
| Radnor House School Limited                       | 1,015  |
+---------------------------------------------------+--------+
| Taunton Nursing Home Limited                      | 1,004  |
+---------------------------------------------------+--------+
| Masters Pharmaceuticals Limited                   | 995    |
+---------------------------------------------------+--------+
| TEG Biogas (Perth) Limited                        | 956    |
+---------------------------------------------------+--------+
| Forth Photonics Limited                           | 820    |
+---------------------------------------------------+--------+
| Mirada Medical Limited                            | 685    |
+---------------------------------------------------+--------+
| Orchard Portman Limited                           | 668    |
+---------------------------------------------------+--------+

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 all of the  seven VCTs managed by  Albion Ventures LLP, of which
Albion  Enterprise VCT  PLC's share  will be  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.

On  7 January  2011, 713,617 new  Ordinary  shares  were  issued  as  the  first
allotment  under  the  Top  Up  Offer  at  an  issue price of 91.6 pence per New
Ordinary Share.

Other 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 April 2010 and 4 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 Enterprise VCT PLC.



Maxwell Packe, Chairman
4 February 2011

For further information please contact:

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







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Source: Albion Enterprise VCT PLC via Thomson Reuters ONE

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