Summary 2023/2024
1 Introduction, containing warnings
- 1.1 This summary should be read as an introduction to the prospectus (constituted by this summary, the securities note and the registration document, each issued by Albion Development VCT PLC ("Albion Development VCT"), Albion Enterprise VCT PLC ("Albion Enterprise VCT"), Albion Technology & General VCT PLC ("Albion Technology & General VCT"), Crown Place VCT PLC ("Crown Place VCT") and Kings Arms Yard VCT PLC ("Kings Arms Yard VCT") (together the Companies and each a Company) on 15 December 2023 ("Prospectus")) and any decision to invest in their securities should be based on a consideration of the Prospectus as a whole by the investor. The investor could lose all or part of the invested capital. Civil liability attaches only to those persons who have tabled this summary but only where the summary is misleading, inaccurate or inconsistent, when read together with the other parts of the Prospectus, or where it does not provide, when read together with the other parts of the Prospectus, key information in order to aid investors when considering whether to invest in such securities.
- 1.2 The securities being offered pursuant to the Offers are:
- 1.2.1 Albion Development VCT ordinary shares of 1p each (ISIN: GB0004832472) (Albion Development VCT Share);
- 1.2.2 Albion Enterprise VCT ordinary shares of 1p each (ISIN: GB00B1G3LR35) (Albion Enterprise VCT Share);
- 1.2.3 Albion Technology & General VCT ordinary shares of 1p each (ISIN: GB0005581672) (Albion Technology & General VCT Share);
- 1.2.4 Crown Place VCT ordinary shares of 1p each (ISIN: GB0002577434) (Crown Place VCT Share);
- 1.2.5 Kings Arms Yard VCT ordinary shares of 1p each (ISIN: GB0007174294) (Kings Arms Yard VCT Share).
- 1.3 Albion Development VCT, Albion Enterprise VCT, Albion Technology & General VCT, Crown Place VCT and Kings Arms Yard VCT can each be contacted by writing to the Companies at 1 Benjamin Street, London EC1M 5QL.
- 1.4 The Legal Entity Identity number (LEI) for each Company is:
- 1.4.1 Albion Development VCT 213800FDDMBD9QLHLB38.
- 1.4.2 Albion Enterprise VCT 213800OVSRDHRJBMO720.
- 1.4.3 Albion Technology & General VCT 213800TKJUY376H3KN16.
- 1.4.4 Crown Place VCT 213800SYIQPA3L3T1Q68.
- 1.4.5 Kings Arms Yard VCT 213800DK8H27QY3J5R45.
- 1.5 The Prospectus was approved on 15 December 2023 by the Financial Conduct Authority of 12 Endeavour Square, London E20 1JN. Contact information relating to the Financial Conduct Authority can be found at https://www.fca.org.uk/contact.
2 Key information on the Issuers
- 2.1 Who are the issuers of securities? The Companies are each public companies with limited liability incorporated in England and Wales and domiciled in the United Kingdom. The Companies operate under the Companies Act 2006 (CA 2006) and regulations made thereunder. The business of the Companies is to invest in a portfolio of unquoted growth companies within the VCT rules set out in the Income Tax Act 2007 (as amended) (Tax Act).
- 2.2 The LEI for each Company is stated at 1.4 above.
- 2.3 The Companies do not have any major shareholders and none of the Companies are directly or indirectly controlled by any other party.
- 2.4 The directors of Albion Development VCT are Ben Larkin, Lyn Goleby, Lord O'Shaughnessy and Patrick Reeve (together the Albion Development VCT Directors).
- 2.5 The directors of Albion Enterprise VCT are Maxwell Packe, Christopher Burrows, Rhodri Whitlock, Philippa Latham and Patrick Reeve (together the Albion Enterprise VCT Directors).
- 2.6 The directors of Albion Technology & General VCT are Clive Richardson, Margaret Payn, David Benda, Peter Moorhouse and Patrick Reeve (together the Albion Technology & General VCT Directors).
- 2.7 The directors of Crown Place VCT are James Agnew, Pam Garside, Ian Spence and Tony Ellingham (together the Crown Place VCT Directors).
- 2.8 The directors of Kings Arms Yard VCT are Fiona Wollocombe, Thomas Chambers, Swarupa Pathakji and Simon Thorpe (together the Kings Arms Yard VCT Directors).
- 2.9 Johnston Carmichael LLP has been appointed to act as auditor to the Companies. Prior to the appointment of Johnston Carmichael LLP, BDO LLP acted as auditor to the Companies. Johnston Carmichael LLP is registered to carry out audit work by the Institute of Chartered Accountants of Scotland. BDO LLP is registered to carry out audit work by the Institute of Chartered Accountants in England and Wales.
- 2.10 What is the key financial information regarding the issuers?
- 2.10.1 Selected historical financial information.
2.10.2 Certain selected historical information of Albion Development VCT is set out below:
|
Year ended
31 December 2022
(audited) |
Six month period ended
30 June 2023
(unaudited) |
| (Losses)/Gains on investments |
£(636,000) |
£7,675,000 |
| Investment income |
£1,194,000 |
£684,000 |
| (Loss)/Profit on ordinary activities before taxation |
£(2,252,000) |
£6,824,000 |
| (Loss)/Earnings per Albion Development VCT Share |
(1.87)p |
5.15p |
Dividends paid per Albion Development VCT Share
(in the period) |
4.71p |
2.22p |
Dividends paid per Albion Development VCT Share
(in respect of the period) |
4.71p |
2.22p |
| Total assets |
£115,180,000 |
£125,349,000 |
| NAV per Albion Development VCT Share |
88.65p |
91.75p |
2.10.3 As at 30 June 2023, the date to which the most recent unaudited half-year financial statements on Albion Development VCT were published, Albion Development VCT had unaudited net assets of £124.4 million.
2.10.4 Certain selected historical information of Albion Enterprise VCT is set out below:
|
Year ended
31 March 2023
(audited) |
Six month period ended
30 September 2023
(unaudited) |
| Gains/(Losses) on investments |
£4,535,000 |
£(2,122,000) |
| Investment income |
£1,206,000 |
£818,000 |
| Profit/(Loss) on ordinary activities before taxation |
£2,766,000 |
£(2,900,000) |
| Earnings per Albion Enterprise VCT Share |
3.03p |
(2.87)p |
Dividends paid per Albion Enterprise VCT Share
(in the period) |
6.49p |
3.22p |
Dividends paid per Albion Enterprise VCT Share
(in respect of the period) |
6.49p |
3.22p |
| Total assets |
£131,219,000 |
£124,820,000 |
| NAV per Albion Enterprise VCT Share |
128.60p |
122.53p |
2.10.5 As at 30 September 2023, the date to which the most recent unaudited half-year financial statements on Albion Enterprise VCT were published, Albion Enterprise VCT had unaudited net assets of £123.6 million
2.10.6 Certain selected historical information of Albion Technology & General VCT is set out below:
|
Year ended
31 December 2022
(audited) |
Six month period ended
30 June 2023
(unaudited) |
| (Losses)/Gains on investments |
£(4,480,000) |
£9,362,000 |
| Investment income |
£1,631,000 |
£713,000 |
| (Loss)/Profit on ordinary activities before taxation |
£(6,301,000) |
£8,159,000 |
| (Loss)/Earnings per Albion Technology & General VCT Share |
(4.05)p |
4.74p |
Dividends paid per Albion Technology & General VCT Share
(in the period) |
3.99p |
1.82p |
Dividends paid per Albion Technology & General VCT Share
(in respect of the period) |
3.99p |
1.82p |
| Total assets |
£122,351,000 |
£137,166,000 |
| NAV per Albion Technology & General VCT Share |
72.92p |
76.02p |
2.10.7 As at 30 June 2023, the date to which the most recent unaudited half-year financial statements on Albion Technology & General VCT were published, Albion Technology & General VCT had unaudited net assets of £135.2 million.
2.10.8 Certain selected historical information of Crown Place VCT is set out below:
Year ended 30 June 2023 (audited)
| Gains on investments |
£3,846,000 |
| Investment income |
£936,000 |
| Profit on ordinary activities before taxation |
£2,817,000 |
| Earnings per Crown Place VCT Share |
1.05p |
| Dividends paid per Crown Place VCT Share (in the period) |
1.63p |
| Dividends paid per Crown Place VCT Share (in respect of the period) |
1.63p |
| Total assets |
£94,690,000 |
| NAV per Crown Place VCT Share |
33.13p |
|
|
2.10.9 As at 30 June 2023, the date to which the most recent audited financial statements on Crown Place VCT were published, Crown Place VCT had audited net assets of £94.0 million.
2.10.10 Certain selected historical information of Kings Arms Yard VCT is set out below:
|
Year ended
31 December 2022
(audited) |
Six month period
ended 30 June 2023
(unaudited) |
| Gains on investments |
£2,237,000 |
£4,808,000 |
| Investment income |
£1,079,000 |
£673,000 |
| Profit on ordinary activities before taxation |
£726,000 |
£4,147,000 |
| Earnings per Kings Arms Yard VCT Share |
0.16p |
0.81p |
| Dividends paid per Kings Arms Yard VCT Share (in the period) |
2.30p* |
0.52p |
| Dividends paid per Kings Arms Yard VCT Share (in respect of the period) |
2.30p* |
0.52p |
| Total assets |
£104,658,000 |
£112,323,000 |
| NAV per Kings Arms Yard VCT Share |
20.95p |
21.28p |
*Dividends for the year ended 31 December 2022 included a special dividend of 1.14p per Share.
- 2.10.11 As at 30 June 2023, the date to which the most recent unaudited half year financial statements on Kings Arms Yard VCT were published, Kings Arms Yard VCT had unaudited net assets of £111.1 million
- 2.11 Qualifications to audit reports
There were no qualifications in the audit reports for any of the Companies.
3 What are the key risks that are specific to the issuers?
- 3.1 The UK is currently experiencing a high level of inflation, interest rates that are significantly higher than they have been in the recent past and political uncertainty, in addition to geo-political uncertainty over the future course of Russia's invasion of Ukraine, the situation in Israel and Palestine and China's growing global ambition. The potential, but unknown, scale of any further adverse impact that these events may have on existing portfolio companies, and those in which the Albion VCTs may invest in the medium and long term, is difficult to predict. Existing and future portfolio companies may lose value or fail as a result of the ongoing effects or aftermath of these events, resulting in a reduction in the net asset value of the Companies and the value of investors' shares.
- 3.2 It is anticipated that interest rates will continue to remain at or near their current levels over the near term, which may have an adverse effect on the investee companies of the Companies and, potentially, their value and have a negative impact on the net asset value of the Companies.
-
3.3 Investment in unquoted companies, by its nature, involves a higher degree of risk than investment in companies traded on the main market for listed securities of the London Stock Exchange. In particular, smaller companies often have limited product lines, markets or financial resources and may be dependent for their management on a smaller number of key individuals. In addition, the market for stock in smaller companies is often less liquid than that for stock in larger companies, bringing with it potential difficulties in acquiring, valuing and disposing of such stock which may have adverse consequences for the Companies' portfolios of investments. Full information for determining their value or the risks to which they are exposed may also not be available.
-
3.4 The successful implementation of each Company's investment policy is dependent on the expertise of the Manager and its ability to attract and retain suitable staff. Each Company's ability to achieve its investment objectives is largely dependent on the performance of the Manager in the acquisition and disposal of assets and the management of such assets. Poor performance by the Manager could directly impact the net asset value of the Companies and the value of investors' shares. Each Board has broad discretion to monitor the performance of the Manager and the power to appoint a replacement, but the Manager's performance or that of any replacement cannot be guaranteed.
- 3.5 Technology related risks are likely to be greater in early, rather than later, stage technology investments, including the risks of the technology not becoming generally accepted by the market or the obsolescence of the technology concerned, often due to greater financial resources being available to competing companies. In addition, in the current economic climate the valuations of technology companies are more volatile and, with the Companies' portfolios being weighted towards technology companies, a large drop in the value of such portfolio companies may adversely impact the value of the Companies.
- 3.6 Most of the Companies' investments are and will be in companies whose securities are not publicly traded or freely marketed and may, therefore, be difficult, and take time, to realise. There may also be constraints imposed on the realisation of investments in order to maintain the VCT tax status of the Companies.
- 3.7 Each Company intends to manage its affairs in respect of each accounting period so as to obtain and thereafter maintain approval as a VCT. However, there can be no guarantee that a Company will be able to maintain VCT status. Where a Company fails to maintain approval as a VCT before Qualifying Investors have held their New Shares in that Company for five years, the income tax relief obtained on the amount subscribed in that Company will have to be repaid by such investors. Dividends paid in an accounting period where VCT status is lost will become taxable and a Qualifying Investor will generally be liable to income tax on the dividend received.
4 Key information on the securities
- 4.1 What are the main features of the securities?
- 4.1.1 Description and class of securities
- 4.1.2 The securities being offered pursuant to the Offers are ordinary shares of 1p each (currency Sterling) with the ISIN numbers referred to in 1.2 above.
- 4.1.3 As at the date of this document:
- 4.1.3.1 135,036,010 Albion Development VCT Shares are in issue (all fully paid up) excluding 19,142,732 shares held in treasury. The maximum number of Albion Development VCT Shares to be issued pursuant to its Offer, based on the latest announced NAV per Share, is 15.9 million.
- 4.1.3.2 100,876,337 Albion Enterprise VCT Shares are in issue (all fully paid up) excluding 15,395,005 shares held in treasury. The maximum number of Albion Enterprise VCT Shares to be issued pursuant to its Offer, based on the latest announced NAV per Share, is 12.8 million.
- 4.1.3.3 176,727,754 Albion Technology & General VCT Shares are in issue (all fully paid up) excluding 27,422,010 shares held in treasury. The maximum number of Albion Technology & General VCT Shares to be issued pursuant to its Offer, based on the latest announced NAV per Share, is 15.6 million.
- 4.1.3.4 281,373,388 Crown Place VCT Shares are in issue (all fully paid up) excluding 45,787,992 shares held in treasury. The maximum number of Crown Place VCT Shares to be issued pursuant to its Offer, based on the latest announced NAV per Share, is 23.0 million.
- 4.1.3.5 520,162,953 Kings Arms Yard VCT Shares are in issue (all fully paid up) excluding 87,982,092 shares held in treasury. The maximum number of Kings Arms Yard VCT Shares to be issued pursuant to its Offer, based on the latest announced NAV per Share, is 50.0 million.
4.2 Rights attaching to the securities
The Ordinary Shares being offered ("the New Shares") by each of the Companies shall rank equally and pari passu with the existing Ordinary Shares issued by that Company and shall have the following rights in relation to the Company which has issued them:
- 4.2.1 holders of the New Shares shall be entitled to receive all dividends and other distributions made, paid or declared by the relevant Company pari passu and equally with each other and with the existing Ordinary Shares of that Company save in respect of any dividends for which the record date has already passed;
- 4.2.2 each New Share carries the right to receive notice of and to attend or vote at any general meeting of the relevant Company;
- 4.2.3 on a winding-up, the holders of the New Shares are entitled to receive back their nominal value and will participate in the distribution of any surplus assets of the relevant Company pro rata with all other Ordinary Shares in the capital of that Company;
- 4.2.4 there are no restrictions on the transferability of the New Shares.
4.3 Dividend Policy
The current dividend target of each of the Companies is to pay 2.5 per cent. of the most recently announced net asset value per share when the dividend is announced twice a year, thereby targeting an annual dividend of around 5 per cent. No target can be guaranteed.
4.4 Where will the securities be traded?
Applications have been made to the FCA for the securities to be listed on the premium segment of the Official List and will be made to the London Stock Exchange for such shares to be admitted to trading on its main market for listed securities. It is anticipated that dealings in the Offer Shares will commence within three business days following allotment.
- 4.5 What are the key risks that are specific to the securities?
- 4.5.1 The UK is currently experiencing a high level of inflation, interest rates that are significantly higher than they have been in the recent past and political uncertainty, in addition to geo-political uncertainty over the future course of Russia's invasion of Ukraine, the situation in Israel and Palestine and China's growing global ambition. The potential but unknown scale of any further adverse impact that these events may have on existing portfolio companies, and those in which the Albion VCTs may invest in the medium and long term, is difficult to predict. Existing and future portfolio companies may lose value or fail as a result of the ongoing effects or aftermath of these events, resulting in a reduction in the value of investors' shares.
- 4.5.2 Three portfolio companies currently account for approximately 29.5 per cent. of the Companies' unaudited net asset value. A material diminution in the value of one or more of these companies could result in a reduction in the value of investors' shares. In addition, the valuations of technology companies can be volatile and, given their significant weighting in the Companies' portfolios, this could lead to volatility in the value of investors' shares.
- 4.5.3 It is anticipated that interest rates will continue to remain at or near their current levels over the near term, which may have an adverse effect on the investee companies of the Companies and, potentially, their value and have a negative impact on the net asset values of the Companies and consequently a reduction in the value of investors' shares.
- 4.5.4 Investors should be aware of the changes introduced in the Finance Act 2018, focusing investment in innovative growth companies. This is leading to a reduction in asset-based businesses and may lead to increased volatility in the value of the Companies' Shares. The reduction in asset-based businesses is also leading to an increasing reliance on capital profits to pay dividends.
- 4.5.5 The disposal of New Shares within five years of their issue will result in some or all of the 30 per cent. income tax relief available upon investment becoming repayable. On this basis, investing in New Shares should be considered a long-term investment. The availability of income tax relief on a subscription for shares in a VCT issued after 5 April 2014 is restricted where it is 'linked' to a sale of shares in the same VCT or in another VCT which is known to be merging with the VCT. For these purposes, linked means (i) the sale of the shares in the VCT was conditional on the subscription for shares in the same VCT (or vice versa) or (ii) the subscription for shares in the VCT and the sale of shares in the same VCT were within six months of each other (irrespective of which comes first). If the subscription is 'linked', the amount on which VCT income tax relief can be claimed will be reduced by the amount of the consideration of any linked sales.
- 4.5.6 The ongoing consequences of the UK's withdrawal from the EU continue to unfold and may still have an impact on the business models, business operations and financial results of, or sales demand, material and labour costs, availability and cost of finance for, the businesses in which the Companies invest, resulting in a reduction in the value of investors' shares.
- 4.5.7 The Companies, their existing and future portfolio companies, and their service providers are susceptible to operational and information security and related risks of cyber security incidents. Cyber security incidents affecting any of the Companies, their portfolio companies, Directors, the Manager, and/or other service providers such as financial intermediaries have the ability to cause disruption and impact business operations, potentially resulting in financial losses, including by interference with a Company's ability to calculate its net asset value, impediments to trading by portfolio companies, the inability of Shareholders to transact business with an affected Company, violations of applicable privacy, data security or other laws, regulatory fines and penalties, reputational damage, reimbursement or other compensation or remediation costs, legal fees; or additional compliance costs. Similar adverse consequences could result in cyber security incidents affecting counterparties with which the Companies or any of their portfolio companies engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions and other parties. Any such breaches of cybersecurity could have a material adverse effect on an affected Company's operations and performance and on returns to Shareholders.
5 Key information on the offer of securities to the public and/or the admission to trading on a regulated market
5.1 Under which conditions and timetable can I invest in the securities? 5.1.1 Terms and Conditions 5.1.2 The maximum amount to be raised by each Company under its Offer, is: Albion Development VCT £14.50 million Albion Enterprise VCT £15.75 million Albion Technology & General VCT £11.75 million Crown Place VCT £ 7.50 million Kings Arms Yard VCT £10.50 million
- 5.1.3 Each Offer will open on 2 January 2024 and will close at 2p.m. on 30 September 2024. Each Board may close its Company's Offer earlier than this date. Subscribers must subscribe a minimum in aggregate of £5,000, with a minimum per elected Offer of £1,000 and thereafter in multiples of £1,000 per elected Offer. The first allotments of Shares under the Offers are expected to occur on 22 March 2024.
- 5.1.4 In relation to each allotment, the Offer Price at which the relevant New Shares will be allotted will be calculated by using the pricing formula set out below and will be announced to the London Stock Exchange through a Regulatory Information Service on the date of allotment. The number of New Shares to be allotted under each Offer will be determined by dividing the Subscription amount for that Offer by a subscription price calculated on the basis of the following formula ("the Pricing Formula") applied to the relevant Company ("Offer Price"):
Latest published NAV of an existing Share at the time of allotment (adjusted, as necessary, for dividends subsequently paid or in respect of which the record date has passed) divided by 0.97 (to allow for issue costs of 3 per cent.) and rounded up to the nearest 0.01p per Share.
- 5.1.5 Investors who apply for the first £10 million will be eligible for an Early Bird Discount as follows:
- 5.1.5.1 Existing Shareholders in any of the Albion VCTs will benefit from a 1 per cent. discount, such that the issue price of their shares will be calculated by reference to the latest net asset value per share divided by 0.98.
- 5.1.5.2 New investors who are not existing Shareholders in any Albion VCTs will benefit from a 0.5 per cent. discount, such that the issue price of their shares will be calculated by reference to the latest net asset value per share divided by 0.975.
5.2 Expected Timetable
| Offers open |
2 January 2024 |
| First allotment |
22 March 2024 |
| Final allotment |
30 September 2024 |
| Offers close |
30 September 2024 |
Effective date for the listing of
Offer Shares and commencement of dealings |
Within 3 business days following allotment |
Share certificates and tax certificates
to be dispatched |
Within approximately 30 business days following allotment |
Note: Each Company's offer may close earlier than the date stated above if it is fully subscribed by an earlier date or at its discretion.
5.3 Details of Admission
Applications have been made to the FCA for the Offer Shares to be listed on the premium segment of the Official List and will be made to the London Stock Exchange for such shares to be admitted to trading on its main market for listed securities. It is anticipated that dealings in the Offer Shares will commence within three business days following allotment.
5.4 Distribution
The Offer Shares will be available to be issued in either registered form (i.e. certificated) or electronic form (i.e. via CREST). Where applicable, share certificates are expected to be dispatched by post within approximately 30 business days of allotment.
- 5.5 Dilution
- 5.5.1 Assuming full subscription under its Offer and an issue price of 91.32p, 15,878,230 Shares would be issued by Albion Development VCT. If 15,878,230 Shares were to be issued by Albion Development VCT, the existing 135,036,010 Shares (ignoring those held in treasury) would represent 89.5 per cent. of the enlarged issued share capital of Albion Development VCT.
- 5.5.2 Assuming full subscription under its Offer and an issue price of 123.17p, 12,787,204 Shares would be issued by Albion Enterprise VCT. If 12,787,204 Shares were to be issued by Albion Enterprise VCT, the existing 100,876,337 Shares (ignoring those held in treasury) would represent 88.7 per cent. of the enlarged issued share capital of Albion Enterprise VCT.
- 5.5.3 Assuming full subscription under its Offer and an issue price of 75.42p, 15,579,421 Shares would be issued by Albion Technology & General VCT. If 15,579,421 Shares were to be issued by Albion Technology & General VCT, the existing 176,727,754 Shares (ignoring those held in treasury) would represent 91.9 per cent. of the enlarged issued share capital of Albion Technology & General VCT.
- 5.5.4 Assuming full subscription under its Offer and an issue price of price of 32.62p, 22,992,029 Shares would be issued by Crown Place VCT. If 22,992,029 Shares were to be issued by Crown Place VCT, the existing 281,373,388 Shares (ignoring those held in treasury) would represent 92.4 per cent. of the enlarged issued share capital of Crown Place VCT.
-
5.5.5 Assuming full subscription under its Offer and an issue price of price of 21.14p, 49,668,874 Shares would be issued by Kings Arms Yard VCT. If 49,668,874 Shares were to be issued by Kings Arms Yard VCT, the existing 520,162,953 Shares (ignoring those held in treasury) would represent 91.3 per cent. of the enlarged issued share capital of Kings Arms Yard VCT.
-
5.6 Expenses of the Offers
- 5.6.1 Offers' expenses
All expenses of the Offers will be paid by the Manager out of the gross proceeds of the Offers. To the extent that the expenses of an Offer exceed 3 per cent. of the total proceeds of that Offer, Albion Capital will bear the excess. To the extent that the expenses of an Offer are less than 3 per cent. of the total proceeds of that Offer, Albion Capital will retain the balance.
5.6.2 For financial intermediaries who act on an "execution only" basis, i.e. do not provide financial advice to their clients, permissible trail commission can be paid which will be borne by Albion Capital.
5.6.3 Expenses charged to the investor Investors will indirectly bear the costs of the Offers in which they participate through the application of the pricing formula which determines the offer price to be paid for the New Shares and includes an allowance for issue costs of 3 per cent. (or 2.0 per cent. for existing Shareholders who qualify for the Early Bird Discount or 2.5 per cent. for new investors who qualify for the Early Bird Discount). The costs of each Offer will be paid by the Manager out of its fee of 3 per cent. of the gross proceeds of the Offer.
5.7 Albion Capital has also agreed to meet any permissible annual trail commission payments of each Company, whilst it is appointed as the investment manager to that Company, for a period of 5 years.
6 Why is this prospectus being produced?
- 6.1 Reasons for the Offers
- 6.1.1 The funds raised by each Company pursuant to its Offer will supplement its funds to invest in new and existing portfolio companies in accordance with each Company's investment policies.
- 6.1.2 The estimated net amount of proceeds:
| Albion Development VCT |
£14,065,000 |
| Albion Enterprise VCT |
£15,277,500 |
| Albion Technology & General VCT |
£11,397,500 |
| Crown Place VCT |
£ 7,275,000 |
| Kings Arms Yard VCT |
£10,185,000 |
- 6.2 The Offers are not being underwritten.
- 6.3 Conflicts of interest No conflict of interest is material to the Offers.
15 December 2023