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 July 2023 to 30 September 2023.
Performance and dividends
The Company's unaudited net asset value (“NAV”) on 30 September 2023 was £120.13 million or 88.58 pence per share (excluding treasury shares). After accounting for the dividend of 2.29 pence per share paid on 29 September 2023 to shareholders on the register on 8 September 2023, this is a decrease of 0.88 pence per share (0.98%) since 30 June 2023.
Fundraising and share issues
During the period from 1 July 2023 to 30 September 2023, the Company issued the following shares under the dividend reinvestment scheme (and are included in the net asset value figures for 30 September 2023 above):
| Date | Number of shares issued | Issue price per share | Net invested £’000 |
| 29 September 2023 | 567,025 | 89.46p | 488 |
The Company announced on 12 October 2023 that, subject to obtaining the requisite regulatory approval, it intended to launch a prospectus top up offer of new ordinary shares. Full details of the Offer will be contained in a prospectus that is expected to be published prior to launch in early January 2024.
Portfolio
The following investments have been made during the period from 1 July 2023 to 30 September 2023:
| New investments | £000s | Activity |
| Phasecraft | 418 | Software for Quantum Computers |
| Kennek | 171 | Vertical software for lenders |
| Total new investments | 589 |
| Further investments | £000s | Activity |
| Gravitee | 568 | API management platform |
| uMed | 391 | A middleware technology platform that enables life science organisations to conduct medical research programmes |
| Accelex | 89 | Data extraction and analytics technology for private capital markets |
| Total further investments | 1,048 |
Top ten holdings (on 30 September 2023)
| Portfolio Company | Carrying value £000s | % of net asset value | Activity |
| Quantexa | 24,958 | 20.8 | Network analytics platform to detect financial crime |
| Proveca | 9,131 | 7.6 | Reformulation of medicines for children |
| Egress Software Technologies | 8,890 | 7.4 | Encrypted email & file transfer service provider |
| Oviva | 4,424 | 3.7 | A technology enabled service business in medical nutritional therapy (MNT) |
| Radnor House School (TopCo) | 3,552 | 3.0 | Independent school for children aged 2-18 |
| The Evewell Group | 2,618 | 2.2 | Operator and developer of women’s health centres focusing on fertility |
| Chonais River Hydro | 2,288 | 1.9 | Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands |
| The Street by Street Solar Programme | 2,199 | 1.8 | Owner and operator of photovoltaic systems on domestic properties in the UK |
| Convertr Media | 1,872 | 1.6 | Digital lead generation software |
| Regenerco Renewable Energy | 1,804 | 1.5 | Generator of renewable energy from roof top solar installations |
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 July 2023 to 30 September 2023, the Company purchased 533,338 shares for £456,000 (including stamp duty) at a price of 84.99 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% discount to net asset value, so far as market conditions and liquidity permit.
Material events and transactions after the period end
- As announced on 6 October 2023, the Company sold a proportion of its holding in Quantexa at its current holding value returning proceeds of £2.7m; and
- As announced on 30 October 2023, following a formal tender process, Johnston Carmichael LLP were appointed the Company's Auditor.
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
20 November 2023
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
