Albion Enterprise VCT PLC: Interim Management Statement
ALBION ENTERPRISE VCT PLC
LEI Code: 213800OVSRDHRJBMO720
Interim Management StatementIntroduction
I am pleased to present Albion Enterprise VCT PLC (the “Company”)’s interim management statement for the period from 1 April 2020 to 30 June 2020.Performance and dividends
The Company’s unaudited net asset value (NAV) as at 30 June 2020 was £75.08 million or 110.43 pence per share (excluding treasury shares), an increase of 3.89 pence per share (3.65 per cent.) since 31 March 2020.After accounting for the dividend paid of 2.70 pence per share on 28 August 2020 to shareholders on the register on 7 August 2020, the NAV is 107.73 pence per share.Fundraising and share issues
During the period from 1 April 2020 to 30 June 2020, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2019/20:PortfolioThe following investments have been made during the period from 1 April 2020 to 30 June 2020:
Top ten holdings (as at 30 June 2020)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 April 2020 to 30 June 2020, the Company purchased 301,448 Ordinary shares for £307,000 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. Given the current stability of the portfolio and the Company’s current cash position, the Board have decided that there will be no limit on the level of share buybacks.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.Material events and transactions after the period endPortfolioAfter the period end, the Company had the following material investment transactions:Investment of £1,410,000 in an existing portfolio company, Quantexa Limited, a network analytics platform to detect financial crime;Investment of £564,000 in a new portfolio company, which provides a cloud platform that enables corporates to purchase digital gift cards and to distribute them to employees and customers;Investment of £348,000 in an existing portfolio company, Phrasee Limited, provider of an AI platform that generates optimised marketing campaigns;Investment of £294,000 in an existing portfolio company, Oxsensis Limited, a developer and producer of industrial sensors for use in ultra-high temperature environments; andInvestment of £263,000 in an existing portfolio company, uMotif Limited, provider of a patient engagement and data capture platform for use in real world and observational research.There have been no other significant events or transactions that the Board is aware of which would have a material impact on the financial position of the Company between 30 June 2020 and 3 September 2020.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/AAEV. Maxwell Packe, Chairman
3 September 2020For further information please contact:
Albion Capital Group LLP, Company Secretary – Tel: 020 7601 1850
LEI Code: 213800OVSRDHRJBMO720
Interim Management StatementIntroduction
I am pleased to present Albion Enterprise VCT PLC (the “Company”)’s interim management statement for the period from 1 April 2020 to 30 June 2020.Performance and dividends
The Company’s unaudited net asset value (NAV) as at 30 June 2020 was £75.08 million or 110.43 pence per share (excluding treasury shares), an increase of 3.89 pence per share (3.65 per cent.) since 31 March 2020.After accounting for the dividend paid of 2.70 pence per share on 28 August 2020 to shareholders on the register on 7 August 2020, the NAV is 107.73 pence per share.Fundraising and share issues
During the period from 1 April 2020 to 30 June 2020, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2019/20:PortfolioThe following investments have been made during the period from 1 April 2020 to 30 June 2020:
Top ten holdings (as at 30 June 2020)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 April 2020 to 30 June 2020, the Company purchased 301,448 Ordinary shares for £307,000 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. Given the current stability of the portfolio and the Company’s current cash position, the Board have decided that there will be no limit on the level of share buybacks.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.Material events and transactions after the period endPortfolioAfter the period end, the Company had the following material investment transactions:Investment of £1,410,000 in an existing portfolio company, Quantexa Limited, a network analytics platform to detect financial crime;Investment of £564,000 in a new portfolio company, which provides a cloud platform that enables corporates to purchase digital gift cards and to distribute them to employees and customers;Investment of £348,000 in an existing portfolio company, Phrasee Limited, provider of an AI platform that generates optimised marketing campaigns;Investment of £294,000 in an existing portfolio company, Oxsensis Limited, a developer and producer of industrial sensors for use in ultra-high temperature environments; andInvestment of £263,000 in an existing portfolio company, uMotif Limited, provider of a patient engagement and data capture platform for use in real world and observational research.There have been no other significant events or transactions that the Board is aware of which would have a material impact on the financial position of the Company between 30 June 2020 and 3 September 2020.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/AAEV. Maxwell Packe, Chairman
3 September 2020For further information please contact:
Albion Capital Group LLP, Company Secretary – Tel: 020 7601 1850
