ALBION DEVELOPMENT VCT PLC

LEI Code 213800FDDMBD9QLHLB38
Interim Management Statement 

Introduction
I present Albion Development VCT PLC (the “Company”)’s interim management statement for the period from 1 January 2023 to 31 March 2023. 

Performance and dividends

The Company's unaudited net asset value (“NAV”) on 31 March 2023 was £129.33 million or 94.92 pence per share (excluding treasury shares), an increase of 6.27 pence per share (7.1%) since 31 December 2022. 

On 2 March 2023, a NAV update was announced following an external fundraising process at Quantexa at a significantly higher valuation. The NAV at 31 March 2023 has increased by 1.02 pence per share (1.1%) compared to the 2 March 2023 NAV update. This Series E fundraising round has now completed, raising $129 million, and was announced by Quantexa on 4 April 2023. 

After accounting for the dividend of 2.22 pence per share to be paid on 31 May 2023 to shareholders on the register on 5 May 2023, the NAV is 92.70 pence per share. 

Albion VCT’s Top Up Offers

A prospectus Top Up Offer of new Ordinary shares was launched on 10 October 2022. The Board announced on 4 January 2023 that it had elected to exercise its over-allotment facility, taking the total Offer to £13 million. The Offer was fully subscribed and closed to further applications on 9 March 2023.  

During the period from 1 January 2023 to 31 March 2023, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2022/23: 

DateNumber of shares issuedIssue price per shareNet consideration received £’000
31 March 20237,134,31996.40p6,706

Portfolio
The following investments have been made during the period from 1 January 2023 to 31 March 2023:

Further investments£000sActivity
Proveca415Reformulation of medicines for children
Seldon Technologies129Enabling enterprises to deploy Machine Learning models in production
Brytlyt20GPU database software provider
Symetrica13Designer and manufacturer of radiation detection equipment
Total further investments577 

  

Top ten holdings (on 31 March 2023)

Portfolio CompanyCarrying value

£000s
% of net asset valueActivity
Quantexa24,95819.3Network analytics platform to detect financial crime
Egress Software Technologies8,8436.8Encrypted email & file transfer service provider
Proveca8,2246.4Reformulation of medicines for children
Oviva3,9423.0Technology enabled service business in medical nutritional therapy (MNT)
Radnor House School (TopCo)3,4792.7Independent school for children aged 2-18
The Evewell Group3,1692.5Operator of women’s health centres focusing on fertility
Healios2,4991.9Provider of an online platform delivering family centric psychological care primarily to children and adolescents
Chonais River Hydro2,4401.9Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands
The Street by Street Solar Programme2,3061.8Owner and operator of photovoltaic systems on domestic properties in the UK
Convertr Media2,0741.6Digital lead generation software

 

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/AADV

Share buy-backs

During the period from 1 January 2023 to 31 March 2023, the Company did not buy back any shares. 

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% 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 2022/23:

DateNumber of shares issuedIssue price per share (including costs of issue)Net consideration received £’000
14 April 2023358,35995.40p to 96.40p337


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/AADV

 

Ben Larkin, Chairman

30 May 2023 

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: 020 7601 1850