Albion Enterprise VCT PLC: Interim Management Report
ALBION ENTERPRISE VCT PLC
LEI Code: 213800OVSRDHRJBMO720
Interim Management Statement
Introduction
I present Albion Enterprise VCT PLC (the “Company”)’s interim management statement for the period from 1 October 2021 to 31 December 2021.
Performance and dividends
As announced on 11 February 2022, the Company’s unaudited net asset value (NAV) on 31 December 2021 was £98.67 million or 132.89 pence per share (excluding treasury shares), an increase of 4.04 pence per share (3.1%) since 30 September 2021.
After accounting for the second interim dividend for the year ending 31 March 2022 of 3.22 pence per share paid on 28 February 2022 to shareholders on the register on 4 February 2022, the NAV is 129.67 pence per share.
Albion VCTs Prospectus Top Up Offers 2021/22
The Company launched a prospectus top up offer of new Ordinary shares on 6 January 2022. The first allotment under the Offer was on 25 February 2022.
The proceeds of the Offer will be used to provide further resources to our existing portfolio and to enable us to take advantage of new investment opportunities being seen.
Portfolio
The following material investments have been made during the period from 1 October 2021 to 31 December 2021:
| Further investments | £000s | Activity |
| Elliptic Enterprises Limited | 426 | Provider of Anti Money Laundering services to digital asset institutions. |
Disposals
The following material disposals were made during the period from 1 October 2021 to 31 December 2021:
| Portfolio Company | £000s | |
| MPP Global Solutions Limited | 1,261 | Disposal of investment on a cost of £950,000 |
| Innovation Broking Group Limited | 866 | Disposal of investment on a cost of £84,000 |
| Total proceeds | 2,127 |
Top ten holdings (on 31 December 2021)
| Investment | Carrying value £000s | % of net asset value | Activity |
| Quantexa Limited | 14,530 | 14.7% | Network analytics platform to detect financial crime |
| Egress Software Technologies Limited | 13,307 | 13.5% | Encrypted email & file transfer service provider |
| Proveca Limited | 6,355 | 6.4% | Reformulation of medicines for paediatrics |
| Oviva AG | 5,208 | 5.3% | A technology enabled service business in medical nutritional therapy (MNT) |
| Radnor House School (TopCo) Limited | 3,643 | 3.7% | Independent school for children aged 2-18 |
| The Evewell Group Limited | 2,852 | 2.9% | Operator and developer of women’s health centres focusing on fertility |
| Phrasee Limited | 2,441 | 2.5% | AI platform that generates optimised marketing campaigns |
| Regenerco Renewable Energy Limited | 2,038 | 2.1% | Generator of renewable energy from roof top solar installations |
| Credit Kudos Limited | 1,876 | 1.9% | Challenger credit bureau helping lenders to optimise and automate their affordability and risk assessments |
| Elliptic Enterprises Limited | 1,673 | 1.7% | Provider of Anti Money Laundering services to digital asset institutions |
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/AAEV.
Share buy-backs
During the period from 1 October 2021 to 31 December 2021, the Company purchased 295,175 Ordinary shares for £363,000 including stamp duty. All 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
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 2021/22:
| Date | Number of shares issued | Issue price per share (including costs of issue) | Net proceeds £’000 |
| 25 February 2022 | 9,097,709 | 131.70p to 133.00p | 11,799 |
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/AAEV.
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/AAEV.
Maxwell Packe, Chairman
1 March 2022
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
