Albion Technology & General VCT PLC
Interim Management Statement
LEI code: 213800TKJUY376H3KN16
Introduction
I present Albion Technology & General VCT PLC’s (the “Company”) 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 £133.4 million or 75.05 pence per share (excluding treasury shares), a decrease of 0.97 pence per share (1.28%) since 30 June 2023.
A second dividend for the year ending 31 December 2023 of 1.90 pence per Ordinary share is to be paid on 29 December 2023 to shareholders on the register on 8 December 2023, resulting in total dividends of 3.72 pence per share for the year, a 5.1% yield on opening NAV.
Fundraising
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 | £’000 | Activity |
| Phasecraft | 514 | Software for Quantum Computers |
| Kennek Solutions | 210 | Vertical software for lenders |
| Total new investments | 724 |
| Further investments | £’000 | Activity |
| Gravitee | 637 | API management platform |
| uMedeor (T/A) uMed | 387 | A middleware technology platform that enables life science organisations to conduct medical research programmes |
| Accelex | 87 | Data extraction and analytics technology for private capital markets |
| Total further investments | 1,111 |
Top ten holdings as at 30 September 2023:
| Investment | Carrying value £’000 | % of net asset value | Activity |
| Quantexa | 28,341 | 21.2 | Network analytics platform to detect financial crime |
| Radnor House School (TopCo) | 6,169 | 4.6 | Independent school for children aged 2-18 |
| Proveca | 5,656 | 4.2 | Reformulation of medicines for children |
| Oviva | 4,581 | 3.4 | A technology enabled service business in medical nutritional therapy (MNT) |
| Chonais River Hydro | 3,881 | 2.9 | Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands |
| Cantab Research (T/A Speechmatics) | 3,411 | 2.6 | Provider of low footprint automated speech recognition which can be deployed in the cloud, on premise or on device |
| Egress Software Technologies | 2,915 | 2.2 | Encrypted email & file transfer service provider |
| The Evewell Group | 2,892 | 2.2 | Operator and developer of women’s health centres focusing on fertility |
| Runa Network | 2,829 | 2.1 | Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts |
| Gharagain River Hydro | 2,349 | 1.8 | Owner and operator of a 1 MW hydro-power scheme in the Scottish Highlands |
Share buy-backs
During the period from 1 July 2023 to 30 September 2023, the Company did not buy 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.
Board composition
Following changes to the Board earlier this year, Peter Moorhouse has been appointed chairman of the Remuneration Committee from 29 November 2023.
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 £3.4m; and
- As announced on 30 October 2023, following a formal tender process, Johnston Carmichael LLP were appointed as 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/AATG.
Clive Richardson, Chairman
29 November 2023
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
