ALBION DEVELOPMENT VCT PLC LEI Code 213800FDDMBD9QLHLB38
Interim Management Statement
Introduction
I am pleased to present
Performance and dividends
The Company's unaudited net asset value (NAV) on
After accounting for the dividend of
Fundraising and share issues
During the period from
| Date | Number of shares issued | Issue price per share (including costs of issue) | Net proceeds £’000 |
| 11,313,942 | 83.3p – 84.2p | 9,288 |
Portfolio
The following investments have been made during the period from
| New investments | £000s | Activity |
| 1,209 | Provider of data lineage software to enterprise customers in regulated sectors, which allows them to rapidly discover, visualise, catalogue and understand how data flows through their systems | |
| Total new investments | 1,209 |
| Further investments | £000s | Activity |
| 603 | Predictive analytics for consumer brands | |
| 577 | Provider of an online platform delivering family centric psychological care primarily to children and adolescents | |
| ePatient Limited (T/A Raremark) | 54 | Online community connecting people affected by rare diseases |
| Total further investments | 1,234 |
Disposals
The following disposals were made during the period from
| £000s | ||
| 2,276 | Disposal of investment on a cost of £1.0 million realising a gain of £1.3 million on cost | |
| 458 | Disposal of investment on a cost of £220,000 realising a gain of £238,000 on cost | |
| Total proceeds | 2,734 |
Top ten holdings (on
| Investment | Carrying value £000s | % of net asset value | Activity |
| 7,593 | 8.7% | Encrypted email & file transfer service provider | |
| 7,026 | 8.1% | Network analytics platform to detect financial crime | |
| 6,866 | 7.9% | ||
| 2,689 | 3.1% | Independent school for children aged 2-18 | |
| 2,313 | 2.7% | Owner and operator of a 2 MW hydro-power scheme in the | |
| The Street by | 2,256 | 2.6% | Owner and operator of photovoltaic systems on domestic properties in the |
| The Evewell ( | 2,073 | 2.4% | Operator of a women’s health centre focusing on fertility |
| 1,942 | 2.2% | Generator of renewable energy from roof top solar installations | |
| 1,853 | 2.1% | AI platform that generates optimised marketing campaigns | |
| 1,799 | 2.1% | Predictive analytics for consumer brands |
A full breakdown of the Company’s portfolio can be found on the Company’s webpage on the Manager’s website at www.albion.capital/funds/AADV.
Share buy-backs
During the period from
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% discount to net asset value, so far as market conditions and liquidity permit.
Material events and transactions after the period end
After the period end, the Company had the following material investment transactions:
- Investment of £492,000 in a new portfolio company, an open sources API management platform that enables enterprises to manage their APIs through their lifecycle (from design to publishing to controlling access and security); and
- Investment of £370,000 in an existing portfolio company,
Panaseer Limited , a provider of cyber security services.
Other than as described above, there have been no material events or transactions during the quarter and to the date of this announcement.
Further information
Further information regarding historic and current financial performance and other useful shareholder information can be found on the Company’s webpage on the Manager’s website at www.albion.capital/funds/AADV.
For further information please contact:
Vikash Hansrani
Operations Partner
Telephone: 020 7601 1850
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