ALBION ENTERPRISE VCT PLC Interim Management Statement Introduction I am pleased to present Albion Enterprise VCT PLC (the 'Company')'s interim management statement for the period from 1 April 2017 to 30 June 2017. Performance and dividends The Company's unaudited net asset value (NAV) as at 30 June 2017 was £52.23 million or 100.78 pence per share (excluding treasury shares), a decrease of 1.01 pence per share (1.00 per cent.) since 31 March 2017. After accounting for the dividend of 2.50 pence per share to be paid on 31 August 2017 to shareholders on the register on 4 August 2017, the NAV is 98.28 pence per share. Portfolio The following investments have been made during the period from 1 April 2017 to 30 June 2017:
+--------------------------------+-----+---------------------------------------+ |New investments |£000s|Activity | +--------------------------------+-----+---------------------------------------+ |MPP Global Solutions Limited | 950 |Offers a cloud billing platform for | | | |enterprise subscription businesses in | | | |the media, sport and retail sectors | +--------------------------------+-----+---------------------------------------+ |G.Network Communications Limited| 273 |Fibre optic broadband provider in | | | |central London | +--------------------------------+-----+---------------------------------------+ |Locum's Nest Limited | 100 |Operates a digital platform for NHS | | | |locum doctors | +--------------------------------+-----+---------------------------------------+ |Total new investments |1,323| +--------------------------------+-----+
+---------------------------+-----+--------------------------------------------+ |Further investments |£000s|Activity | +---------------------------+-----+--------------------------------------------+ |Grapeshot Limited | 167 |Provider of digital marketing software | +---------------------------+-----+--------------------------------------------+ |Panaseer Limited | 100 |Provides a cyber security service | +---------------------------+-----+--------------------------------------------+ |Mirada Medical Limited | 85 |Develops medical imaging software | +---------------------------+-----+--------------------------------------------+ |Aridhia Informatics Limited| 15 |Healthcare informatics and analysis provider| +---------------------------+-----+--------------------------------------------+ |Total further investments | 367 | +---------------------------+-----+
Top ten holdings (as at 30 June 2017) +-----------------------+--------------+---------------+-----------------------+ | |Carrying value|% of net asset| | |Investment | £000s |value |Activity | +-----------------------+--------------+---------------+-----------------------+ |Radnor House School | 5,927 | 11.3% |Independent schools for| |(Holdings) Limited | | |children aged 5-18. | +-----------------------+--------------+---------------+-----------------------+ |Egress Software | 3,468 | 6.6% |Encrypted email & file| |Technologies Limited | | |transfer service| | | | |provider | +-----------------------+--------------+---------------+-----------------------+ |Bravo Inns II Limited | 2,483 | 4.8% |Owner and operator of| | | | |freehold pubs | +-----------------------+--------------+---------------+-----------------------+ |Mirada Medical Limited | 2,288 | 4.4% |Developer of medical| | | | |imaging software | +-----------------------+--------------+---------------+-----------------------+ |Grapeshot Limited | 2,166 | 4.1% |Provider of digital| | | | |marketing software | +-----------------------+--------------+---------------+-----------------------+ |Proveca Limited | 1,910 | 3.7% |Repositioning of| | | | |paediatric medicines | +-----------------------+--------------+---------------+-----------------------+ |Regenerco Renewable | 1,752 | 3.4% |Generator of renewable| |Energy Limited | | |energy from roof top| | | | |solar installations | +-----------------------+--------------+---------------+-----------------------+ |Earnside Energy Limited| 1,667 | 3.2% |An anaerobic digestion| | | | |plant | +-----------------------+--------------+---------------+-----------------------+ |Alto Prodotto Wind | 1,530 | 2.9% |Owns and operates| |Limited | | |community scale wind| | | | |energy projects on| | | | |brownfield sites in the| | | | |UK | +-----------------------+--------------+---------------+-----------------------+ |Greenenerco Limited | 1,435 | 2.7% |Owns & operates a| | | | |500kW wind project in| | | | |the UK | +-----------------------+--------------+---------------+-----------------------+
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/AAEV. Share buy-backs During the period from 1 April 2017 to 30 June 2017, there were no share buy- backs undertaken by the Company. Fundraising and share issues During the period from 1 April 2017 to 7 April 2017, the Company issued the following shares under the Albion VCTs Prospectus Top Up Offers 2016/2017: +------------+------------------+---------------------+------------------------+ | | |Issue price per share| | | |Number of shares|(including costs of| Net consideration| |Date |issued |issue) | received £'000| +------------+------------------+---------------------+------------------------+ |7 April 2017| 294,610|99.4p to 100.5p | 287| +------------+------------------+---------------------+------------------------+
The Offer was fully subscribed and raised net proceeds of £5.82 million. The proceeds of the Offer are being used to provide further resources to the Company at a time when a number of attractive new investment opportunities are being seen. Material events and transactions after the period end
Portfolio After the period end, the Company had the following material investment transactions:
* Investment of £1,172,000 in Egress Software Technologies Limited, which provides an encrypted email & file transfer service; * Investment of £273,000 in G.Network Communications Limited, which provides fibre optic broadband in central London; * Investment of £211,100 in Black Swan Data Limited, which provides data analysis that supports corporate decision making; * Investment of £53,000 in Abcodia Limited, which delivers validation and discovery of serum biomarkers; * Investment of £15,000 in Aridhia Informatics Limited, which provides healthcare informatics and analysis; * Investment of £10,000 in Beddlestead Farm Limited, which is a seed investment to develop and operate dedicated wedding venues in the UK.
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 2017 to 22 August 2017.
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/AAEV.
Maxwell Packe, Chairman 22 August 2017
For further information please contact: Patrick Reeve, Albion Capital Group LLP - Tel: 020 7601 1850 LEI Code: 213800OVSRDHRJBMO720
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Source: Albion Enterprise VCT PLC via GlobeNewswire
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