ALBION TECHNOLOGY & GENERAL VCT PLC

Management Reports • Jun 5, 2024

National Storage Mechanism | Additional information

Albion Technology & General VCT PLC

Interim Management Statement

LEI code: 213800TKJUY376H3KN16

Introduction

I present Albion Technology & General VCT PLC (the “Company”)’s interim management statement for the period from 1 January 2024 to 31 March 2024.

Performance

The Company’s unaudited net asset value (NAV) as at 31 March 2024 was £139.1 million or 72.44 pence per share (excluding treasury shares), an increase of 0.45 pence per share (0.6%) since 31 December 2023.

On 12 March 2024, a NAV update was announced following terms being agreed to sell a company within its portfolio. On 24 April 2024, it was announced that KnowBe4 had entered into a definitive agreement to acquire Egress Software Technologies, subject to customary closing conditions and regulatory approvals.

Albion VCTs’ Top Up Offers

A prospectus Top Up Offer of new Ordinary shares was published on 15 December 2023 and launched to applications on 2 January 2024. The Board announced on 19 March 2024 that it had reached its £11.75 million limit under its offer for subscription and therefore had closed to further applications.

During the period from 1 January 2024 to 31 March 2024, the Company issued the following shares under the Albion VCTs’ Top Up Offers:

Date	Number of shares issued	Issue price per share	Net consideration received £’000
22 March 2024	15,171,744	74.19 to 74.95 pence	11,031

Portfolio

The following investments have been made during the period from 1 January 2024 to 31 March 2024:

New investments	£’000	Activity
Treefera	1,475	Data platform for forestry and nature-based assets

Further investments	£’000	Activity
Tem-Energy	355	Energy trading platform
NuvoAir	304	Digital therapeutics and decentralised clinical trials for respiratory conditions
GX Molecular (T/A CS Genetics)	231	Develop single-cell sequencing solutions
InCrowd Sports	140	Developer of mobile apps for professional sports clubs
Total further investments	1,030

Top ten holdings as at 31 March 2024:

Investment	Carrying value £’000	% of net asset value	Activity
Quantexa	24,918	17.9	Network analytics platform to detect financial crime
Proveca	6,308	4.5	Reformulation of medicines for children
Radnor House School (TopCo)	5,799	4.2	Independent school for children aged 2-18
Egress Software Technologies	4,726	3.4	Encrypted email & file transfer service provider
Oviva	4,326	3.1	A technology enabled service business in medical nutritional therapy (MNT)
Runa Network (previously WeGift)	3,476	2.5	Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts
Panaseer	3,258	2.3	Provider of cyber security services
Cantab Research (T/A Speechmatics)	3,221	2.3	Provider of low footprint automated speech recognition which can be deployed in the cloud, on premise or on device
Chonais River Hydro	3,164	2.3	Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands
Gravitee Topco (T/A Gravitee.io)	2,370	1.7	API management platform

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/AATG.

Share buy-backs

During the period from 1 January 2024 to 31 March 2024, the Company did not buy back any shares as the Company was in a closed period to 19 April 2024.

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 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 issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs’ Prospectus Top Up Offers 2023/24:

Date	Number of shares issued	Issue price per share	Net consideration received £’000
16 April 2024	527,793	74.19 to 74.95 pence	384

There have been no other material events or transactions after the period end 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/AATG.

Clive Richardson, Chairman

5 June 2024

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: 020 7601 1850