ALBION DEVELOPMENT VCT PLC

Prospectus • Nov 17, 2014

SUMMARY

Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in Sections A to E. This summary contains all of the Elements required to be included in a summary for the type of shares being issued pursuant to the prospectus issued by the Companies on 17 November, 2014 ("Prospectus") containing an offer for subscription ("Offer") of ordinary shares of 1p (or 10p in the case of Crown Place VCT) each in the capital of each of the Companies ("Shares") and the Companies being closed-ended investment funds. Some of the Elements are not required to be addressed and, as a result, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in this summary, it is possible that no relevant information can be given regarding that Element. In these instances, a short description of the Element is included, together with an appropriate 'Not applicable' statement.

A		Introduction and Warnings
Al	Warning	This summary should be read as an introduction to the Prospectus. Any decision to invest in the securities of the Companies should be based on consideration of the Prospectus as a whole by the investor. Where a claim relating to the information contained in the Prospectus is brought before a Court, the plaintiff investor might, under the national legislation of the Member States, have to bear the costs of translating the Prospectus before the legal proceedings are initiated. Civil liability attaches only to those persons who have tabled this summary including any translation thereof, but only if this summary is misleading, inaccurate or inconsistent when read together with the other parts of the Prospectus or it does not provide, when read together with other parts of the Prospectus, key information in order to aid investors when considering whether to invest in such securities.
A2	Use of the Prospectus by financial intermediaries for subsequent resale or final placement	Each Company and their respective Directors consent to the use of the Prospectus, and accept responsibility for the content of the Prospectus, with respect to subsequent resale or final placement of securities by financial intermediaries from the date of the Prospectus until the close of the offers. The offers are expected to close on or before 30 September 2015, unless fully subscribed early or otherwise closed earlier or extended by the respective Board to a date not later than 16 November 2015. There are no conditions attaching to this consent. Financial intermediaries must give investors information on the terms and conditions of the offer at the time they introduce the offer to investors. Any financial intermediary using the Prospectus must state on its website that it is using the Prospectus in accordance with the consent set out in the above paragraph.
		Issuers
B1	Legal and	Albion Development VCT PLC	("Albion Development VCT ")
	commercial	Albion Enterprise VCT PLC	("Albion Enterprise VCT")
	Name	Albion Technology & General VCT PLC AlbionVentureCapitalTrustPLC	("Albion Technology & General VCT ") ("Albion Venture Capital Trust ")
		Crown Place VCT PLC	("Crown Place VCT ")
		Kings Arms Yard VCT PLC	("Kings Arms Yard VCT")
		(together "the Companies" and each a "Company").
B2	Domicile / Legal form Legislation / Country of Incorporation	with registered number 03654040.	Albion Development VCT was incorporated and registered in England and Wales on 21 October 1998 with limited liability as a public limited company under the Companies Act 1985 Albion Enterprise VCT was incorporated and registered in England and Wales on 7

		Albion Technology & General VCT was incorporated and registered in England and Wales on 21 November 2000 with limited liability as a public limited company under the Companies Act 1985 with registered number 04114310. Albion Venture Capital Trust was incorporated and registered in England and Wales on 22 December 1995 with limited liability as a public limited company under the Companies Act 1985 with registered number 03142609. Crown Place VCT was incorporated and registered in England and Wales on 14 January 1998 with limited liability as a public limited company under the Companies Act 1985 with registered number 03495287.
		Kings Arms Yard VCT December 1995 with limited liability as a public limited company under the Companies Act 1985 with registered number 03139019.	was incorporated	and	registered	in England and	Wales on 18
		The principal legislation under which each Company operates is the Companies Act 2006 (and regulations made thereunder) ("the Act").
B5	Group description	Crown Place VCT PLC has two subsidiaries, CP1 VCT PLC and CP2 VCT PLC. No other Company is part of a group.
B6	Material shareholders / Different voting rights / Control	As at 14 November 2014 (this being the latest practicable date prior to publication of this document), no Company is aware of any person who, directly or indirectly, has or will have an interest in its share capital or voting rights which is notifiable under UK law (under which, pursuant to the Act and the Listing Rules and Disclosure and Transparency Rules of the Financial Conduct Authority, a holding of 3 per cent. or more is required to be notified to it). All shareholders in each Company have the same voting rights in respect of the existing share capital of that Company. As at 14 November 2014 (this being the latest practicable date prior to publication of this document), no Company is aware of any person who directly or indirectly, jointly or severally, exercises or could exercise control over a Company.
B7	Selected financial	Certain selected historical information of each Company, which has been extracted without material adjustment from the audited and unaudited financial statements referenced in the
	information and statement	following tables, is set out below:
	of any	Albion		Financial year end to			Half-year to 30 June
	significant changes	Development VCT Ordinary Shares	2011	31 December (audited) 2012	2013	2013	(unaudited) 2014
		Profit / loss on ordinary	1,443	1,138	1,681	1,025	598
		activities before taxation (£'000)
		Earnings per Share (p)	4.70	3.50	5.10	3.10	1.69
		Dividends per Share (p)	5.00	5.00	5.00	2.50	2.50
		Net assets (£'000)	22,905	23,860	25,175	25,485	26,520
		NAV per Share (p)	75.50	74.00	74.10	74.60	73.30

	AlbionDevelopment VCTD Shares	Financial year end to 31 December (audited)		Half-year to 30 June (unaudited)
		2011	2012	2013	2013	2014
	Profit/loss on ordinary	163	550	947	404	172
	activities before
	taxation (£'000) Earnings per Share (p)	2.50	8.40	14.40	6.00	2.65
	Dividends per Share (p)	2.50	3.50	5.00	2.50	2.50
	Net assets (£'000)	5,909	6,245	6,827	6,433	6,852
	NAV per Share (p)	93.00	97.90	107.40	101.50	107.54
	Albion EnterpriseVCT		Financial year end to			Half-year to 30
			31 March (audited)			September
		2012	2013	2014	2012	(unaudited 2013 )
	Profit / loss on	253	3,469	2,965	274	1,641
	ordinary
	activities before taxation
	(£'000)
	Earnings per Share (p)	0.80	10.50	9.00	0.80	4.90
	Dividends per Share(p)	3.00	3.50	5.00	1.75	2.50
	Net assets (£'000)	27,963	29,599	32,056	27,345	31,086
	NAV per Share (p)	84.90	92.90	96.90	84.60	95.40
	Albion Technology &			Financial year to		Half-year to 30 June
	General VCT		31 December (audited)			(unaudited)
		2011	2012	2013	2013	2014
	Profit / loss on ordinary	875	1,522	3,632	1,267	(2)
	activities before
	taxation
	(£'000) Earnings per Share (p)
	Dividends per Share (p)	2.20 5.00	3.70 5.00	7.90 5.00	3.00 2.50	0.00 3.75
	Net assets (£'000)	33,547	34,459	64,831	36,237	64,144
	NAV per Share (p)	85.10	84.00	85.75	84.60	82.01
	Albion Venture Capital			Financial year to		Half-year to 30 September
	Trust		31 March (audited)			(unaudited)
		2012	2013	2014	2012	2013
	Profit / loss on ordinary activities before	815	984	1,144	580	753
	taxation
	(£'000)
	Earnings per Share (p)	2.10	2.00	2.00	1.60	1.20
	Dividends per Share (p)	5.00	5.00	5.00	2.50	2.50
	Net assets (£'000) NAV per Share (p)	28,386 78.00	41,681 74.20	42,658 71.30	42,680 76.00	42,607 73.00

		Crown Place VCT			Financial year to		Half-year to 31 December
					30 June (audited)		(unaudited)
			2012	2013	2014	2012	2013
		Profit / loss on ordinary activities before taxation	1,083	1,726	1,976	686	956
		(£'000)
		Earnings per Share (p)	1.41	2.14	2.28	0.86	1.14
		Dividends per Share (p)	2.50	2.50	2.50	1.25	1.25
		Net assets (£'000)	25,950	27,166	29,050	25,761	26,891
		NAV per Share (p)	32.60	32.26	32.04	32.24	32.16
		Kings Arms Yard VCT			Financial year to		Half-year to 30 June
				31 December (audited)			(unaudited)
			2011	2012	2013	2013	2014
		Profit / loss on ordinary	1,060	6,466	4,656	1,147	39
		activities before
		taxation
		(£'000)
		Earnings per Share (p)	0.80	3.10	2.35	0.60	0.02
		Dividends per Share (p)	0.67	1.00	1.00	0.50	0.50
		Net assets (£'000)	34,986	38,830	39,262	37,412	39,808
		NAV per Share (p)	16.70	18.90	20.45	19.10	19.98
		Not applicable. There	have been	no significant	changes	in the financial	condition and
		operating results of any of the Companies (and / or its group in the case of Crown Place VCT) during or subsequent to the period covered by the historical information set out above.
B8	Key pro forma	Not applicable. No pro forma financial information is included in the Prospectus.
	financial
	information
B9	Profit forecast	Not applicable. There are no profit forecasts in the Prospectus.
B10	Qualifications in the audit	Not applicable. There were no qualifications in the audit reports for Albion Development VCT, Albion Technology & General VCT and Kings Arms Yard VCT for the three years ended 31 December 2011, 2012 and 2013. There were no qualifications in the audit reports for
	reports	Albion Enterprise VCT and Albion Venture Capital Trust for the three years ended 31 March
		2012, 2013 and 2014. There were no qualifications in the audit reports for Crown Place
		VCT for the three years ended 30 June 2012, 2013 and 2014.
B11	Insufficient	Not applicable. Each Company is of the opinion that its working capital (and its group's
	working capital	working capital, in the case of Crown Place VCT) is sufficient for its present requirements, that is
		for at least the twelve month period from the date of the Prospectus.
B34	Investment	The existing investment policy for each of the Companies is set out below.
	objective and policy,	AlbionDevelopmentVCT
	including	Albion Development VCT's investment policy is intended to provide investors with a
	investment	regular and predictable source of dividend income combined with the prospects of long
	restrictions	term capital growth. This is achieved by establishing a diversified portfolio of holdings in
		smaller, unquoted companies whilst at the same time selecting and structuring investments in such a way as to reduce the risks normally associated with investment in such companies. It
		is intended that this will be achieved as follows:

• This is balanced by investment in more stable, often asset-backed investments that provide a strong income stream. These include freehold-based businesses in the leisure sector, such as pubs and health clubs, as well as stable and profitable businesses in other sectors including business services and healthcare. Such investments will constitute the majority of investments by cost.
• In neither category do portfolio companies normally have any external borrowings with a prior charge ranking ahead of the VCT.
• Up to two-thirds of qualifying investments by cost comprise loan stock secured with a first charge over the portfolio company's assets.

Funds held pending investment or for liquidity purposes will be held as cash on deposit or in floating rate notes or similar instruments with banks or other financial institutions with a Moody's* rating of A or above.

As defined by its Articles of Association, Albion Development VCT's maximum exposure in relation to gearing is restricted to 10 per cent. of the adjusted share capital and reserves. The Albion Development VCT Directors do not currently have any intention to utilise long term gearing.

Albion EnterpriseVCT

Albion Enterprise VCT's investment objective is to provide investors with a regular and predictable source of income combined with the prospect of longer term capital growth. The Company intends to achieve this by investing up to 50 per cent. of the net funds raised in an asset-based portfolio of more stable, ungeared businesses (the "Asset-based Portfolio"). The balance of the net funds raised, other than funds retained for liquidity purposes, are invested in a portfolio of higher growth businesses across a variety of sectors of the UK economy. These range from more stable, income producing businesses to higher risk technology companies (the "Growth Portfolio"). In neither category do portfolio companies normally have any external borrowing with a charge ranking ahead of the Company. Up to twothirds of qualifying investments by cost comprise loan stock secured with a first charge on the portfolio company's assets. Funds awaiting investment in Qualifying Investments or retained for liquidity purposes are held on deposit or invested in floating rate notes (in both cases with banks with a Moody's* credit rating of 'A' or above).

The Company's investment portfolio is structured to provide a balance between income and capital growth for the longer term. The Asset-based Portfolio is designed to provide stability and income whilst still maintaining the potential for capital growth. The Growth Portfolio is intended to provide diversified exposure through its portfolio of investments in unquoted UK companies. Stock specific risk will be reduced by the Company's policy of holding a diversified portfolio of Qualifying Investments.

As defined by its Articles of Association, Albion Enterprise VCT's maximum exposure in relation to gearing is restricted to 10 per cent. of the adjusted share capital and reserves. The Directors do not currently have any intention to utilise short term or long term gearing.

Albion Technology & General VCT

Albion Technology & General VCT's investment strategy is to provide investors with a regular and predictable source of dividend income combined with the prospect of longer term capital growth through allowing investors the opportunity to participate in a balanced portfolio of technology and non-technology businesses. It is intended that the Company's investment portfolio will be split approximately as follows:

• 40 per cent. in unquoted UK technology related companies; and
• 60 per cent. in unquoted UK non-technology companies.

This split is subject to the availability of good quality new investment opportunities arising within the UK technology and non-technology sectors.

The Company pursues a longer term investment approach, with a view to providing shareholders with a strong, predictable dividend flow, combined with the prospects of capital growth. This is achieved in two ways. First, controlling the Company's exposure to technology risk by ensuring that many of the companies in the non-technology portfolio have property as their major asset, with no external borrowings. Second, by balancing the investment portfolio by sector, so that those areas such as leisure and business services, which are susceptible to changes in consumer sentiment, are complemented by sectors with more predictable long term characteristics, such as healthcare and the environment.

As defined by its Articles of Association, Albion Technology & General's maximum exposure in relation to gearing is restricted to 10 per cent. of the adjusted share capital and reserves. The Albion Technology & General VCT Directors do not currently have any intention to utilise long term gearing.

Albion Venture Capital Trust

Albion Venture Capital Trust's investment strategy is to reduce the risk normally associated with investments in smaller, unquoted companies whilst maintaining an attractive yield, through allowing investors the opportunity to participate in a balanced portfolio of assetbacked businesses. The Company's investment portfolio will thus be structured to provide a balance between income and capital growth for the longer term. This is achieved as follows:

• Qualifying unquoted investments are predominantly in specially-formed companies which provide a high level of asset backing for the capital value of the investment;
• The Company invests alongside selected partners with proven experience in the sectors concerned;
• Investments are normally structured as a mixture of equity and loan stock. The loan stock represents the majority of the finance provided and is secured on the assets of the investee company. Funds managed or advised by Albion Ventures typically own 50 per cent. of the equity of the investee company; and
• Other than the loan stock issued to funds managed or advised by Albion Ventures, the Company's policy remains that its portfolio companies shouldnot normally have external borrowings, and for the Company to have first charge over portfolio companies' assets. However, on an exceptional basis, certain portfolio companies may take on external borrowings, where the board considers this will offer significant benefit to the Company.

As defined by its Articles of Association, Albion Venture Capital Trust's maximum exposure in relation to gearing is restricted to 10 per cent. of the adjusted share capital and reserves. The Albion Venture Capital Trust Directors do not currently have any intention to utilise long term gearing.

Crown Place VCT

Crown Place VCT's investment policy is to achieve long term capital and income growth principally through investment in smaller unquoted companies in the United Kingdom. In pursuing this policy, the Manager aims to build a portfolio which concentrates on two complementary investment areas. The first are more mature or asset-based investments that can provide a strong income stream combined with a degree of capital protection. These will be balanced by a lesser proportion of the portfolio being invested in higher risk companies with greater growth prospects.

As defined by its Articles of Association, Crown Place VCT's maximum exposure in relation to gearing is restricted to the amount of the adjusted capital and reserves of the latest published audited consolidated balance sheet. The Directors do not currently have any intention to utilise long term gearing.

Kings Arms Yard VCT

Kings Arms Yard VCT's investment policy is intended to produce a regular and predictable dividend stream with an appreciation in capital value as set out below.

The Company intends to achieve its strategy by adopting an investment policy for new investments which over time will rebalance the portfolio such that approximately 50 per cent. of the portfolio comprises an asset-backed portfolio of more stable, ungeared businesses, principally operating in the healthcare, environmental and leisure sectors (the "Asset-Backed Portfolio"). The balance of the portfolio, other than funds retained for liquidity purposes, will be invested in a portfolio of higher growth businesses across a variety of sectors of the UK economy. These will range from more stable, income producing businesses to a limited number of higher risk technology companies (the "Growth Portfolio").

In neither category would portfolio companies normally have any external borrowing with a charge ranking ahead of the Company. Up to two-thirds of qualifying investments by cost will comprise loan stock secured with a first charge on the portfolio company's assets.

The Company's investment portfolio will thus be structured to provide a balance between income and capital growth for the longer term. The Asset-Backed Portfolio is designed to provide stability and income whilst still maintaining the potential for capital growth. The Growth Portfolio is intended to provide highly diversified exposure through its portfolio of investments in unquoted UK companies.

Funds held pending investment or for liquidity purposes will be held as cash on deposit or in floating rate notes or similar instruments with banks or other financial institutions with a Moody's* rating of 'A' or above.

As defined by its Articles of Association, Kings Arms Yard's maximum exposure in relation to gearing is restricted to the amount equal to the Adjusted Capital and Reserves. Gearing will not normally be employed. The Directors do not currently have any intention to utilise long term gearing.

*Moody'sis a creditrating agency registered in the EuropeanUnion.

In addition to the investment policy described above, each Company's investment allocation and risk diversification policies are substantially driven by the relevant HMRC rules and, in order to maintain its status under Venture Capital Trust legislation, it is the intention of each Company to apply the following policies in this respect:

(1) The Company's income must be derived wholly or mainly from shares and securities;

		(2) At least 70 per cent. of the HMRC value* of its investments must have been
		represented throughout the year by shares or securities that are classified as
		'qualifying holdings';
		(3) At least 30 per cent. by HMRC value* of its total qualifying holdings must have been
		represented throughout the year by holdings of 'eligible shares'. For funds raised
		after 5 April 2011, the figure is 70 per cent.;
		(4) At no time in the year must the Company's holdings in any one company (other
		than another VCT) have exceeded 15 per cent. by HMRC value* of its investments;
		(5) The Company must not retain more than 15 per cent. of its income earned in the
		year from shares and securities;
		(6) Eligible shares must comprise at least 10 per cent. by HMRC value* of the total of
		the shares and securities that the Company holds in any one portfolio company;
		(7) The Company may not invest in any other company in an amount which will exceed
		the permitted investment limit of £5m in any twelve month period (the £5m limit has
		to take account of certain other publicly-funded investments);
		(8) For shares issued after 5 April 2014, the Company may not return the capital raised
		by that issue to its investors for a period of three years from the end of the
		accounting period in which the shares were issued; and
		(9) The Company's shares throughout the year must have been listed in the Official List
		of the London Stock Exchange.
		* In accordance with section 278 of the Income Taxes Act 2007, HMRC value is the original
		cost of the investment, adjusted to the value at the time of any addition or disposal of that
		investment.
B35	Borrowing	Albion Development VCT's maximum exposure in relation to gearing is restricted by its
	limits	Articles of Association to 10 per cent. of its adjusted share capital and reserves.
		Albion Enterprise VCT's maximum exposure in relation to gearing is restricted by its Articles
		of Association to 10 per cent. of its adjusted share capital and reserves.
		Albion Technology & General's maximum exposure in relation to gearing is restricted by its
		Articles of Association to 10 per cent. of its adjusted share capital and reserves.
		Albion Venture Capital Trust's maximum exposure in relation to gearing is restricted by its
		Articles of Association to 10 per cent. of its adjusted share capital and reserves.
		Crown Place VCT's maximum exposure in relation to gearing is restricted by its Articles of
		Association to the amount of the adjusted capital and reserves of the latest published
		audited consolidated balance sheet.
		Kings Arms Yard VCT's maximum exposure in relation to gearing is restricted by its Articles
		of Association to the amount of the adjusted share capital and reserves.
B36	Regulatory	Not applicable. The Companies are not regulated by the Financial Conduct Authority or
	status	any other regulatory body.
B37	Typical	The typical investor for whom investment in each Company is designed is an individual
	investor	retail investor aged 18 or over who is resident and a tax payer in the UK and who already
		has a portfolio of VCT and non-VCT investments (such as unit trusts, OEICs, investment
		trusts and direct shareholdings in listed and non-listed companies).
B38	Investments	Not applicable. No Company has any investments which represent more than 20 per cent. of
	of 20% or	its gross assets in a single company or group.
	more in a
	single
	company
B39	Investments of	Not applicable. No Company has any investments which represent more than 40 per cent. Of

	40% or more in a single	its gross assets in a single company or group.
	company
B 40	Service providers	Albion Ventures LLP ("Albion Ventures") is the investment manager and secretary of the Companies ("the Manager"). Albion Ventures is paid the following fees in respect of its appointment as manager, administrator and secretary of each of the Companies:
		AlbionDevelopmentVCT Albion Ventures is paid an annual management fee equal to 2.25 per cent. of Albion Development VCT's net assets which is paid quarterly in arrears. Albion Ventures is also entitled to a performance fee from Albion Development VCT. No performance fee is payable to the Manager until the total return exceeds 6.5 pence per Albion Development VCT Share per annum from a base on 1 January 2007 of 98.7 pence for the Albion Development VCT Ordinary Shares and 100 pence for the Albion Development VCT D Shares from 6 April 2010. To the extent that the total return exceeds the threshold over the relevant period, a performance fee will be paid to the Manager of an amount equal to 20 per cent. of the excess.
		Albion EnterpriseVCT Albion Ventures is paid an annual management fee equal to 2.5 per cent. of Albion Enterprise VCT's net assets which is paid quarterly in arrears. Albion Ventures is, in addition, entitled to a performance fee. No performance fee is payable to Albion Ventures until the total return exceeds base rate plus 2 per cent. per annum per Share from the original subscription price of £1. To the extent that the total return exceeds the threshold over the relevant period, a performance fee will be paid to Albion Ventures of an amount equal to 20 per cent. of the excess.
		Albion Technology & General VCT Albion Ventures is paid an annual management fee equal to 2.5 per cent of Albion Technology & General VCT's net assets which is paid quarterly in arrears. Albion Ventures is, in addition, entitled to a performance fee. No performance fee is payable to Albion Ventures until the total return exceeds RPI plus 2 per cent. per annum per Share from the date of first admission to the Official List of the Ordinary Shares, former C Shares and former Albion Income & Growth VCT Plc Shares. To the extent that the total return exceeds the threshold over the relevant period, a performance fee will be paid to Albion Ventures of an amount equal to 15 per cent. of the excess.
		Albion Venture Capital Trust Albion Ventures is paid an annual management fee equal to 1.9 per cent. of Albion Venture Capital Trust's net assets which is paid quarterly in arrears. Albion Ventures is, in addition, entitled to a performance fee. No performance fee is payable to Albion Ventures until the total return exceeds 5 per cent. per annum per Share from a base of 113.1 pence on 31 March 2004. To the extent that the total return exceeds the threshold over the relevant period, a performance fee will be paid to Albion Ventures of an amount equal to 8 per cent. of the excess. Albion Ventures is also paid an annual secretarial and administrative fee which amounted to £46,539 in the year to 31 March 2014 and is increased annually by RPI.
		Crown Place VCT Albion Ventures is paid an annual management fee equal to 1.75 per cent. of Crown Place VCT's net assets which is paid quarterly in arrears. Albion Ventures is, in addition, entitled to a performance fee in the event that the returns exceed minimum target levels per Crown Place VCT Share. The target level requires that the aggregate of the growth in the net asset

9

value per Crown Place VCT Share and dividends paid by Crown Place VCT or declared by the

		Kings Arms extent that the fee will be paid	secretarial fee of £50,000 per annum. Yard VCT				Albion Ventures is also paid an administration and secretarial fee of £50,000 per annum.	Board and approved by the shareholders during the relevant period (both revenue and capital), compared with the previous accounting date, exceeds the average base rate of the Royal Bank of Scotland plc plus 2.0 per cent. If the target return is not achieved in a period, the cumulative shortfall is carried forward to the next accounting period and has to be made up before an incentive fee becomes payable. Albion Ventures is also paid an administration and Albion Ventures is paid an annual management fee equal to 2 per cent. of Kings Arms Yard VCT's net assets which is paid quarterly in arrears. Albion Ventures is, in addition, entitled to a performance fee. No performance fee is payable to Albion Ventures until the total return exceeds RPI plus 2 per cent. per annum per Share from 31 December 2013. To the total return exceeds the threshold over the relevant period, a performance to the Albion Ventures of an amount equal to 15 per cent. of the excess.
B41	Regulatory status of the manager / custodian		Albion Ventures acts as investment manager and custodian of each Company and is authorised and regulated by the Financial Conduct Authority as a Small Authorised UK AIFM as required under the EU AIFM Directive that came into force in July 2013.
B42	Calculation of net asset value		shareholders will be notified in a similar manner.				an appropriate regulatory information service. If for any reason valuations are suspended,	Each Company's net asset value is calculated by Albion Ventures quarterly and published on
B43	Umbrella collective investment scheme						Not applicable. No Company is part of an umbrella collective investment scheme.
B44	Absence of financial statements	statements.					Not applicable. Each Company has commenced operations and published financial
B45	Investment portfolio		Each Company invests in a diversified portfolio of UK growth businesses, which are principally unquoted. An unaudited summary of each Company's portfolio (representing at least 50 per cent. of its respective gross assets ("GAV" ) as at the date of this document (the values of GAV being as at 30 June 2014 for Albion Enterprise VCT and Albion Venture Capital Trust and as at 30 September 2014 for Albion Development VCT, Albion Technology & General VCT, Crown Place VCT and Kings Arms Yard VCT)) is set out below:
			Albion Development VCT			Albion Enterprise VCT
			Book Value	Cost	% of GAV	Book Value	Cost	% of GAV
			£'000	£'000		£'000	£'000
		Unquoted	13,072	17,545	51.56	12,799	17,676	51.90
			Albion Technology & General VCT				Albion Venture Capital Trust
			Book Value	Cost	% of GAV	Book Value	Cost	% of GAV
			£'000	£'000		£'000	£'000
		Unquoted	33,561	34,462	53.15	25,316	24,819	54.78
		Crown Place VCT				Kings Arms Yard VCT
			Book Value	Cost	% of GAV	Book Value	Cost	% of GAV
		Unquoted	£'000 12,118	£'000 15,428	51.54	£'000 17,207	£'000 21,145	51.92

B46	Most recent	As at the latest date in respect of which each Company has published its NAV per Share, the
	net asset value	unaudited NAV per Share in each Company was:
	per Share	Albion Development VCT	71.36p (as at 30 September 2014) *
		Albion Enterprise VCT	97.23p (as at 30 June 2014)**
		Albion Technology & General VCT	82.19p (as at 30 September 2014)***
		Albion Venture Capital Trust	71.81p (as at 30 June 2014)****
		Crown Place VCT	32.40p (as at 30 September 2014)*
		Kings Arms Yard VCT	19.92p (as at 30 September 2014)**
		*per Ordinary Share
			**Albion Enterprise VCT subsequently paid a dividend of 2.5p per Share on 29 August 2014.
			***Albion Technology & General VCT subsequently paid a dividend of 1.25p per Share on 31
		October 2014.
			****Albion Venture Capital Trust subsequently paid a dividend of 2.5 p per Share on 31 July
		2014
			*Crown Place VCT will pay a dividend of 1.25p per Share on 28 November 2014.
			**Kings Arms Yard VCT subsequently paid a dividend of 0.5p per Share on 31 October
		2014.
C		Securities
	Description		The securities being offered pursuant to each Offer are ordinary shares of 1p each in the
C1
	and class of		case of all the Companies other than Crown Place VCT which is offering ordinary shares of
	securities	10p each (together, the "Shares") with the following ISIN codes:
		Albion Development VCT	GB0004832472
		Albion Enterprise VCT	GB00B1G3LR35
		Albion Technology & General VCT	GB0005581672
		Albion Venture Capital Trust	GB0002039625
		Crown Place VCT	GB0002577434
		Kings Arms Yard VCT	GB0007174294
C2	Currency	The issue is in pounds sterling
C3	Shares in issue		The issued share capital of Albion Development VCT as at the date of this document is
			37,581,505 Ordinary Shares and 6,388,197 D Shares (excluding 4,252,700 Ordinary Shares
			and 25,625 D Shares held in treasury. The D Shares will merge into the Ordinary Shares in
			early 2015 based on the respective net asset values per share at 31 December 2014.
			The issued share capital of Albion Enterprise VCT as at the date of this document is
		35,274,306 Shares (excluding 4,179,000 Shares held in treasury).
			The issued share capital of Albion Technology & General VCT as at the date of this document
		is 78,318,236 Shares (excluding 5,665,070 Shares held in treasury).
			The issued share capital of Albion Venture Capital Trust as at the date of this document is
		63,585,283 Shares (excluding 5,240,440 Shares held in treasury).
		Shares (excluding 9,915,410 Shares held in treasury).	The issued share capital of Crown Place VCT as at the date of this document is 91,232,558
		202,128,705 Shares (excluding 24,735,000 Shares held in treasury).	The issued share capital of Kings Arms Yard VCT as at the date of this document is
			All of the Shares have a nominal value of 1p each (other than the Crown Place VCT Shares
			which have a nominal value of 10p each) and all of the Shares are fully paid up.

C4	Description of the 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:
		• 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;
		• each New Share carries the right to receive notice of and to attend or vote at any general meeting of the relevant Company;
		• 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;
		• statutory pre-emption rights on any issue of new Shares or the sale of any existing Shares from treasury for cash unless disapplied in accordance with the Act; and
		• New Shares are not redeemable at the option of the relevant Company or the Shareholder.
C5	Restrictions on transfer	Not applicable. There are no restrictions on the free transferability of the New Shares.
C6	Admission	Applications have been made to the UK Listing Authority for the New 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 New Shares will commence within three business days following allotment.
C7	Dividend
	policy	AlbionDevelopmentVCT The current annual dividend target of Albion Development VCT is 5p per Albion Development VCT Ordinary Share and 5p per D Share, but this cannot be guaranteed. Albion EnterpriseVCT The current annual dividend target of Albion Enterprise VCT is 5p per Albion Enterprise VCT Share, but this cannot be guaranteed. Albion Technology & General VCT The current annual dividend target of Albion Technology & General VCT is 5p per Albion Technology & General VCT Share, but this cannot be guaranteed. Albion Venture Capital Trust The current annual dividend target of Albion Venture Capital Trust is 5p per Albion Venture Capital Trust Share but this cannot be guaranteed. Crown Place VCT The current annual dividend target of Crown Place VCT is 2.5p per Crown Place VCT Share, but this cannot be guaranteed Kings Arms Yard VCT The current annual dividend target of Kings Arms Yard VCT is 1p per Kings Arms Yard VCT Share, but this cannot be guaranteed.
D		Risks

D1	Key information on the key risks specific to the Companies	• There can be no guarantee that the respective investment objectives of the Companies will be achieved or that suitable investment opportunities will be available. The success of each Company will depend on the Manager's ability to identify, acquire and realise investments in accordance with each Company's investment policy and there can be no assurance that the Manager will be able to do so. • Investment in unquoted companies involves a higher degree of risk than investment in companies traded on the main market of the London Stock Exchange. 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. Full information for determining their value or the risks to which they are
		exposed may also not be available. • Changes in legislation concerning VCTs may limit the number of qualifying investment opportunities, reduce the level of returns which would otherwise have been achievable or result in a Company not being able to meet its investment objective. • The value of an investment in a Company, and the dividend stream, may go down as well as up. Shareholders may get back less than the amount originally invested in a Company, even taking into account the available tax reliefs.
D3	Key information on the risks specific to the securities	• The value of Shares in a Company depends on the performance of its underlying assets. • The market price of the New Shares may not fully reflect their underlying net asset value. • Trading in VCT shares is not active, so shares tend to be valued at a discount to their net asset value and may be difficult to realise. As a result, Shareholders may be offered a price which is less than the full value of a Company's underlying assets. • It is likely that there will not be a liquid market in the New Shares (which may be partly due to up front tax relief not being available for VCT shares bought in the market and as VCT shares generally trade at a discount to net asset value) and Shareholders may have difficulty in selling their Shares as a result. Shareholders may not be able to realise their investment at Net Asset Value or at all.
E		Offers
El	Offers net proceeds and expenses	The total net proceeds and total expenses of each Offer (assuming each Offer is fully subscribed, but ignoring the over allotment facility and the Manager meets all permissible annual trail commission payments) are set out below:
		Total Net Proceeds (£)		Total Costs (£)
		Albion Development VCT	4,122,500	127,500
		Albion Enterprise VCT	4,122,500	127,500
		Albion Technology & General VCT	4,122,500	127,500
		Albion Venture Capital Trust	4,122,500	127,500
		Crown Place VCT Kings Arms Yard VCT	4,122,500 4,122,500	127,500 127,500
		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 3.0 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.

E2a	Reasons for the Offers and	The funds raised by each Company pursuant to its Offer will supplement its capacity to continue to invest across the business cycle in new and existing portfolio companies in
	use of the	accordance with the respective Companies' investment policies.
	proceeds
E3	Terms and conditions of	The maximum amount to be raised by each Company under its Offer is :
	the Offers	Albion Development VCT	£4.25 million
		Albion Enterprise VCT	£4.25 million
		Albion Technology & General VCT	£4.25 million
		Albion Venture Capital Trust	£4.25 million
		Crown Place VCT	£4.25 million
		Kings Arms Yard VCT	£4.25 million
			*Each Company may raise a further £1.75 million pursuant to an over allotment facility.
		Each Offer will open on 17 November 2014 and will close at 2p.m. on 30 September 2015. Each Board may close its Company's Offer earlier than this date or may extend its Company's Offer to a date up to and including 16 November 2015. Applications under each Offer will be accepted on a first come, first served basis, subject always to the discretion of the relevant Board. Subscribers must subscribe a minimum in aggregate of £6,000, 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 30 January 2015.
		allotment.	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
			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 3.0 per cent.) and rounded up to the nearest 0.1p per Share. The number of New Shares to be issued under each Offer will be rounded down to the nearest whole number and fractions of New Shares will not be allotted. If there is a surplus of funds from an investor's subscription amount, the balance will be returned (without interest) in the form of a cheque or by bank transfer, save where the surplus amount per Offer is less than £1, in which case such surplus will be retained by the relevant Company.
		Early Bird Discount
		follows:	Investors who apply by 2p.m. on 30 January 2015 will be eligible for an Early Bird Discount as
		 asset value per share dividend by 0.98.  reference to the latest net asset value per share dividend by 0.975.	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 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
E4	Description of	Not applicable. There are no interests that are material to the issue.
	any interest
	that is material
	to the issue

E5	Name of	Not applicable. No person or entity is selling securities in the Companies under the Offers.
	persons selling
E6	securities Amount and percentage of dilution	Assuming full subscription under its Offer (ignoring the over allotment facility) and an issue price of 73.6p, 5,774,456 Shares would be issued by Albion Development VCT. If 5,774,456 Shares were to be issued by Albion Development VCT, the existing 43,969,702 Ordinary and D Shares (ignoring those held in treasury) would represent 88.4 per cent. of the enlarged issued share capital of Albion Development VCT.
		Assuming full subscription under its Offer (ignoring the over allotment facility) and an issue price of 97.7p, 4,350,051 Shares would be issued by Albion Enterprise VCT. If 4,350,051 Shares were to be issued by Albion Enterprise VCT, the existing 35,274,306 Shares (ignoring those held in treasury) would represent 89.0 per cent. of the enlarged issued share capital of Albion Enterprise VCT.
		Assuming full subscription under its Offer (ignoring the over allotment facility) and an issue price of 83.5p, 5,089,820 Shares would be issued by Albion Technology & General VCT. If 5,089,820 Shares were to be issued by Albion Technology & General VCT, the existing 78,318,236 Shares (ignoring those held in treasury) would represent 93.9 per cent. of the enlarged issued share capital of Albion Technology & General VCT.
		Assuming full subscription under its Offer (ignoring the over allotment facility) and an issue price of 71.5p, 5,944,055 Shares would be issued by Albion Venture Capital Trust. If 5,944,055 Shares were to be issued by Albion Venture Capital Trust, the existing 63,585,283 Shares (ignoring those held in treasury) would represent 91.5 per cent. of the enlarged issued share capital of Albion Venture Capital Trust.
		Assuming full subscription under its Offer (ignoring the over allotment facility) and an issue price of 32.2p, 13,198,757 Shares would be issued by Crown Place VCT. If 13,198,757 Shares were to be issued by Crown Place VCT, the existing 91,232,558 Shares (ignoring those held in treasury) would represent 87.4 per cent. of the enlarged issued share capital of Crown Place VCT.
		Assuming full subscription under its Offer (ignoring the over allotment facility) and an issue price of 20.1p, 21,144,278 Shares would be issued by Kings Arms Yard VCT. If 21,144,278 Shares were to be issued by Kings Arms Yard VCT, the existing 202,128,705 Shares (ignoring those held in treasury) would represent 90.5 per cent. of the enlarged issued share capital of Kings Arms Yard VCT.
E7	Expenses charged to investors	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 3.0 per cent. of the total proceeds of that Offer, Albion Ventures will bear the excess. However, 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 for which an investor subscribes and includes an allowance for issue costs of 3.0 per cent. (or 2.0 or 2.5 per cent. in respect of applications which qualify for the Early Bird Discount).
		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 Ventures.