Albion Development VCT PLC: Interim management statement

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ALBION DEVELOPMENT VCT PLC

LEI code 213800FDDMBD9QLHLB38
Management interim report

introduction
I am pleased to present the Interim Management Statement of Albion Development VCT PLC (the “Company”) for the period from January 1, 2022 to March 31, 2022.

performance and dividends

The company’s unaudited net asset value (NAV) at 31 March 2022 was £119.94 million or 97.15 pence per share (excluding treasury shares), up 2.17 pence per share (2.28%) from 31 March 2022 December 2021.

After accounting for the dividend of 2.37p per share payable on 31st May 2022 to shareholders on register on 6th May 2022 the NAV is 94.78p per share.

fundraising and stock issues

During the period from January 1, 2022 to March 31, 2022, the Company issued the following new common shares with a par value of one cent per share pursuant to the 2021/22 Albion VCT Prospectus up-opening offerings:

date Number of shares issued Issue price per share (incl. issue costs) net proceeds
£’000
February 25, 2022 12.901.184 96.5p – 97.5p 12,265
March 31, 2022 7,756,832 97.5p 7,374

On 23 March 2022, the Company announced that applications under the prospectus offering had reached its gross limit of £21m and were therefore fully subscribed and closed to further applications.

portfolio
The following investments were made in the period from January 1, 2022 to March 31, 2022:

New investments 000 pounds activity
Perch Peak Limited 517 Digital moving platform
Regulatory genome development limited 112 Providers of machine-readable structured regulatory content
Total new investments 629
More investments 000 pounds activity
Black Swan Data Limited 721 Predictive analytics for consumer brands
TransFICC Limited 684 A connectivity solution provider that connects financial institutions to trading venues via a single API
Seldon Technologies Limited 517 Software company that enables companies to deploy machine learning models in production
Cantab Research Limited (T/A Speechmatics) 391 Provider of automated speech recognition in a small footprint that can be deployed in the cloud, on-premises or on-device in 31+ languages
NuvoAir Holdings Inc 122 Digital therapeutics and decentralized clinical trials for respiratory diseases
Koru Kids Limited 113 Online marketplace that connects parents and nannies
Locums Nest Limited 112 Provides a technology solution for managing on-site doctors for the NHS
Total further investment 2,660

disposals

The following disposals were made in the period from January 1, 2022 to March 31, 2022:

portfolio company 000 pounds
MyMeds&Me Limited 3.152 Divestment of an investment at a cost of £0.9m, generating a cost gain of £2.2m
Phrasee Limited 2,297 Sale of an investment at a cost of £0.7m realizing a cost gain of £1.6m
Credit Kudos Limited 1,776 Divestment of an investment at a cost of £0.3m, generating a cost gain of £1.4m
total proceeds 7,225

Top Ten Holdings (as of March 31, 2022)

investment book value

000 pounds

% of Net Asset Value activity
Quantexa Limited 14,911 12.4 Network analysis platform for detecting financial crimes
Egress Software Technologies Limited 9,224 7.7 Provider of encrypted email and file transfer services
Proveca Limited 7,621 6.4 Reformulation of medicines for children
Oviva AG 5.357 4.5 A technology-enabled service company in medical nutritional therapy (MNT)
Radnor House School (TopCo) Limited 3,083 2.6 Independent school for children aged 2-18
Black Swan Data Limited 2,909 2.4 Predictive analytics for consumer brands
The Evewell Group Limited 2,795 2.3 Operator and developer of women’s health centers with a focus on fertility
Chonais River Hydro Limited 2,366 2.0 Owner and operator of a 2MW hydroelectric power station in the Scottish Highlands
The Street-by-Street Solar Program Limited 2,343 2.0 Owners and operators of photovoltaic systems on private property in Great Britain
Regenerco Renewable Energy Limited 1,954 1.6 Generator of renewable energy from solar panels on the roof

A full breakdown of the Company’s portfolio can be found on the Company’s website on the Manager’s website at www.albion.capital/fands/AADV.

share buybacks

During the period from January 1, 2022 to March 31, 2022, the Company did not repurchase any shares.

It remains the policy of the Board of Directors to repurchase shares in the market subject to the general caveat that such purchases are in the interests of the Company, including maintaining adequate resources to invest in existing and new portfolio companies and the continued payment of dividends to shareholders.

The Directors intend to undertake such repurchases at a discount of approximately 5% to the Net Asset Value, market conditions and liquidity permitting.

Significant events and transactions after the period end

The following new common shares of par value of 1p each were allotted pursuant to Albion VCT’s 2021/22 prospectus top-up offerings after March 31, 2022:

date Number of shares issued Issue price per share (incl. issue costs) net proceeds

£’000

April 11, 2022 896,583 96.5p – 97.5p 852

There have been no other significant events or transactions after the period ended as of the date of this announcement.

additional Information

For more information on past and current financial results and other useful information for Shareholders, please visit the Company’s website on the Manager’s website at www.albion.capital/funds/AADV.

Ben Larkin, Chairman

May 10, 2022

For more information please contact:

Vikash Hansrani

operating partner

Albion Capital Group LLP

Telephone: 020 7601 1850

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