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