KINGS ARMS YARD VCT PLC

Quarterly Report • Nov 14, 2018

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

Kings Arms Yard VCT PLC Interim Management Statement

LEI Code 213800DK8H27QY3J5R45

Introduction

I am pleased to present Kings Arms Yard VCT PLC (the “Company”)’s interim management statement for the period from 1 July 2018 to 30 September 2018.

Performance and dividends

The Company’s unaudited net asset value (NAV) as at 30 September 2018 was £69.59 million or 22.81 pence per share (excluding treasury shares), an increase of 0.07 pence per share (0.31 per cent.) since 30 June 2018.

After accounting for the dividend paid of 0.60 pence per share on 31 October 2018 to shareholders on the register on 5 October 2018, the NAV is 22.21 pence per share.

Albion VCTs Prospectus Top Up Offers 2018/19

The Company announced on 6 November 2018 that, subject to obtaining the requisite regulatory approval, it is the Company’s intention to launch a prospectus top up offer to raise up to £6 million before issue costs, with a further over-allotment facility of £2 million, of new Ordinary shares for subscription in the 2018/19 and 2019/20 tax years. Full details of the offer will be contained in a prospectus that is expected to be published in early January 2019.

Share buy-backs

During the period from 1 July 2018 to 30 September 2018, the Company purchased 522,000 shares for £108,000 at an average price of 20.6 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 net asset value, so far as market conditions and liquidity permit.

Portfolio

The following investments have been made during the period from 1 July 2018 to 30 September 2018:

New investments	£000s	Activity
Phrasee Limited	374	AI platform that generates optimised marketing campaigns
Arecor Limited	176	Development of biopharmaceuticals through the application of a formulation technology platform
Forward Clinical Limited	160	A secure mobile communication and collaboration platform in healthcare
ePatient Network Limited (T/A Raremark)	115	Online community connecting people affected by rare diseases with up-to-date scientific information, community insights and medical research
Total new investments	825

Follow on investments	£000s	Activity
Locum’s Nest Limited	300	Provides a technology solution for the management of locum doctors for the NHS
Quantexa Limited	248	Network analytics platform to detect financial crime
Elateral Group Limited	200	Provider of digital marketing software
Total follow on investments	748

Top ten holdings as at 30 September 2018:

Portfolio company	Carrying value £000s	% of net asset value	Activity
Active Lives Care Limited	7,248	10.4	Owner and operator of a 75 bed care home in Cumnor Hill, Oxfordshire
Ryefield Court Care Limited	5,162	7.4	Owner and operator of a 60 bed care home in Hillingdon, Middlesex
Chonais River Hydro Limited	3,378	4.9	Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands
Proveca Limited	2,930	4.2	Reformulation of paediatric medicines
Elateral Group Limited	2,835	4.1	Provider of digital marketing software
Antenova Limited	2,621	3.8	Supplier of integrated antennas and RF solutions
Egress Software Technologies Limited	2,267	3.3	Encrypted email & file transfer service provider
Anthropics Technology Limited	1,952	2.8	Provider of digital picture enhancement software
The Street by Street Solar Programme Limited	1,816	2.6	Owns and operates photovoltaic systems on domestic properties in the UK
Quantexa Limited	1,816	2.6	Network analytics platform to detect financial crime

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/KAY, by following the ‘Portfolio of Investments’ link under the ‘Fund reports’ section.

Material events and transactions after the period end

After the period end, the Company had no material transactions.

Further information

The Company continues to offer a dividend reinvestment scheme to existing shareholders.  Details of this Scheme can be found at www.albion.capital/funds/KAY.

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.capital/funds/KAY.

Robin Field, Chairman

14 November 2018

For further information please contact:

Patrick Reeve, Albion Capital Group LLP – Tel: 020 7601 1850