Management Reports • Jun 7, 2017
Management Reports
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Albion Technology & General VCT PLC Interim Management Statement
Introduction
I present Albion Technology & General VCT PLC (the "Company")'s interim management statement for the period ended 31 March 2017.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2017 was £70.7 million or 72.1 pence per share (excluding treasury shares), an increase of 1.5 pence per share or 2.1 per cent. since 31 December 2016 after accounting for the first dividend of 1.0 penny per share which was paid on 31 January 2017 to shareholders on the register on 13 January 2017.
Share issues
During the period from 1 January 2017 to 31 March 2017, the Company issued the following new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2016/2017:
| Dates | Number of shares issued | Issue price per share (including costs of issue) | Net proceeds £'000 |
| 31 January 2017 to 31 March 2017 | 8,098,181 | 70.2p to 72.8p | 5,622 |
In addition, the following shares were issued under the Dividend Reinvestment Scheme:
| Date | Number of shares issued | Issue price per share | Net invested £'000 |
| 31 January 2017 | 193,189 | 68.75 pence | 131 |
Share buy-backs
During the period from 1 January 2017 to 31 March 2017, the Company purchased 215,000 shares for £138,000 at an average price of 64.1 pence per share. All of the shares are to be held in treasury.
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 such buy-backs to be at around a 5 per cent. discount to the most recently announced net asset value, so far as market conditions and liquidity permit.
Portfolio
The following investments have been made during the period from 1 January 2017 to 31 March 2017:
| New investments | £000's | Activity |
| Quantexa Limited | 335 | Predictive analytics platform to protect and detect complex financial crime |
| Beddlestead Farm Limited | 10 | Seed investment to develop and operate dedicated wedding venues in the UK |
| Total new investments | 345 |
| Further investments | £000's | Activity |
| DySIS Medical Limited | 367 | Medical devices for detection of cervical cancer |
| Black Swan Data Limited | 152 | Data analysis that supports corporate decision making |
| Total further investments | 519 |
Disposals and loan stock repayments
The following disposals and loan stock repayments were made during the period from 1 January 2017 to 31 March 2017:
| Portfolio company | £000's | |
| AMS Sciences Limited | 1,546 | Disposal of investment |
| Masters Pharmaceuticals Limited | 687 | Disposal of investment |
| Radnor House School (Holdings) Limited | 153 | Loan stock repayment |
| Alto Prodotto Wind Limited | 10 | Loan stock repayment |
| Total proceeds | 2,396 |
Top ten holdings as at 31 March 2017:
| Investment | Carrying value £000's |
% of net asset value | Activity |
| Radnor House School (Holdings) Limited | 9,288 | 13.1% | Independent schools for children aged 5-18 |
| Process Systems Enterprise Limited | 4,628 | 6.5% | Process modelling software and services |
| Blackbay Limited | 3,654 | 5.2% | Provider of mobile data solutions |
| Chonais River Hydro Limited | 3,232 | 4.6% | Hydropower project in Scotland |
| Bravo Inns II Limited | 2,933 | 4.1% | Owner and operator of freehold pubs |
| Earnside Energy Limited | 2,297 | 3.2% | An anaerobic digestion plant in Scotland |
| memsstar Limited | 2,132 | 3.0% | Refurbisher and manufacturer of MEMS and semiconductor fabrication equipment |
| Mirada Medical Limited | 2,005 | 2.8% | Provider of medical imaging software |
| Bravo Inns Limited | 1,805 | 2.6% | Owner and operator of freehold pubs |
| Gharagain River Hydro Limited | 1,786 | 2.5% | Hydropower project in Scotland |
A full breakdown of the Company's portfolio can be found on the Company's webpage on the Manager's website under current portfolio at www.albion-ventures.co.uk/funds/AATG.
Material events and transactions after the period end
Share issues
After the period end, the Company issued the following new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2016/2017:
| Date | Number of shares issued | Issue price per share (including costs of issue) | Net proceeds £'000 |
| 7 April 2017 | 276,585 | 72.1p to 72.8p | 195 |
The Offer closed on 22 February 2017 having been fully subscribed and raising net proceeds of £5.82 million. The proceeds of the Offer are being used to provide further resources to the Company at a time when a number of attractive new investment opportunities are being seen.
**Portfolio
**After the period end, the Company had the following material investment transactions:
Disposal of Blackbay Limited for £3,665,000 of which £166,000 is deferred and held in escrow;
Investment of £950,000 in a new company, MPP Global Solutions Limited, which offers a cloud billing platform for enterprise subscription businesses in the media, sport and retail sectors;
Investment of £337,000 in a new company, G.Network Limited, a provider of fibre optic broadband to SMEs in central London;
Investment of £138,000 in an existing investee company, Panaseer Limited, which provides a cyber security service;
Investment of £61,000 in an existing investee company, Grapeshot Limited, which develops digital marketing software;
Investment of £60,000 in an existing investee company, Mirada Medical Limited, which develops medical imaging software.
Further information
The Company continues to offer a Dividend Reinvestment Scheme to existing shareholders. Details of this Scheme can be found at www.albion-ventures.co.uk/funds/AATG.
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 under www.albion-ventures.co.uk/funds/AATG.
Dr. Neil Cross, Chairman
7 June 2017
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: 020 7601 1850
LEI number: 213800TKJUY376H3KN16
*This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Albion Technology & General VCT PLC - Ordinary Shares via Globenewswire*
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