Albion Venture Capital Trust PLC: Interim Management Statement
ALBION VENTURE CAPITAL TRUST PLC
LEI Code: 213800JKELS32V2OK421
Interim Management StatementIntroduction
I am pleased to present Albion Venture Capital Trust PLC (the “Company”)’s interim management statement for the period from 1 October 2020 to 31 December 2020.Performance and dividends
The Company’s unaudited net asset value (NAV) as at 31 December 2020 was £73.7 million or 73.48 pence per share (excluding treasury shares), an increase of 3.89 pence per share (5.6 per cent.) since 30 September 2020. The uplift in NAV is predominantly a result of the sale of the Company’s care home investments after the period end, which are reflected in the 31 December 2020 NAV, and further information on the disposal can be found below.After accounting for the dividend paid of 1.74 pence per share on 29 January 2021 to shareholders on the register on 8 January 2021, the NAV is 71.74 pence per share.Portfolio
The following investments have been made during the period from 1 October 2020 to 31 December 2020:
Disposals
The following material disposals were made during the period from 1 October 2020 to 31 December 2020:Top ten holdings (as at 31 December 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/AAVC.Share buy-backs
During the period from 1 October 2020 to 31 December 2020, the Company purchased 389,868 Ordinary shares at a cost of £259,000 including stamp duty. All 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 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 transaction:Investment of £1,262,000 in a new portfolio company, Threadneedle Software Holdings Limited (T/A Solidatus), a provider of data lineage software to enterprise customers in regulated sectors, which allows them to rapidly discover, visualise, catalogue and understand how data flows through their systems;Investment of £503,000 in an existing portfolio company, Healios Limited, provider of an online platform delivering family centric psychological care primarily to children and adolescents; andInvestment of £44,000 in an existing portfolio company, ePatient Network Limited (T/A Raremark), provider of an online community connecting people affected by rare diseases.Care home portfolio disposal
The Board is pleased to announce that, following the period end, the Company completed the sale of its three care homes for the elderly; Active Lives Care Limited, Ryefield Court Care Limited, and Shinfield Lodge Care Limited. The purpose built residential care homes situated across the South of England, offer luxury living with all-inclusive service and an excellent level of care. The homes were trading at mature occupancy levels.The first investments in the homes were made over 5 years ago and the sale will generate a 2.4x return on cost (including interest received), an excellent result for the Company.Following the sale, which results in the Company holding significant cash, the Board intends to consider the options available to the Company, including the potential payment of a special dividend, and will provide an update to shareholders in the Annual Report and Financial Statements for the year ended 31 March 2021.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 1 January 2021 and 4 March 2021.Further informationThe Company continues to offer a dividend reinvestment scheme to existing shareholders. Details of this Scheme can be found at www.albion.capital/funds/AAVC.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/AAVC.Richard Glover, Chairman
4 March 2021For further information please contact:
Albion Capital Group LLP, Company Secretary – Tel: 020 7601 1850
LEI Code: 213800JKELS32V2OK421
Interim Management StatementIntroduction
I am pleased to present Albion Venture Capital Trust PLC (the “Company”)’s interim management statement for the period from 1 October 2020 to 31 December 2020.Performance and dividends
The Company’s unaudited net asset value (NAV) as at 31 December 2020 was £73.7 million or 73.48 pence per share (excluding treasury shares), an increase of 3.89 pence per share (5.6 per cent.) since 30 September 2020. The uplift in NAV is predominantly a result of the sale of the Company’s care home investments after the period end, which are reflected in the 31 December 2020 NAV, and further information on the disposal can be found below.After accounting for the dividend paid of 1.74 pence per share on 29 January 2021 to shareholders on the register on 8 January 2021, the NAV is 71.74 pence per share.Portfolio
The following investments have been made during the period from 1 October 2020 to 31 December 2020:
Disposals
The following material disposals were made during the period from 1 October 2020 to 31 December 2020:Top ten holdings (as at 31 December 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/AAVC.Share buy-backs
During the period from 1 October 2020 to 31 December 2020, the Company purchased 389,868 Ordinary shares at a cost of £259,000 including stamp duty. All 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 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 transaction:Investment of £1,262,000 in a new portfolio company, Threadneedle Software Holdings Limited (T/A Solidatus), a provider of data lineage software to enterprise customers in regulated sectors, which allows them to rapidly discover, visualise, catalogue and understand how data flows through their systems;Investment of £503,000 in an existing portfolio company, Healios Limited, provider of an online platform delivering family centric psychological care primarily to children and adolescents; andInvestment of £44,000 in an existing portfolio company, ePatient Network Limited (T/A Raremark), provider of an online community connecting people affected by rare diseases.Care home portfolio disposal
The Board is pleased to announce that, following the period end, the Company completed the sale of its three care homes for the elderly; Active Lives Care Limited, Ryefield Court Care Limited, and Shinfield Lodge Care Limited. The purpose built residential care homes situated across the South of England, offer luxury living with all-inclusive service and an excellent level of care. The homes were trading at mature occupancy levels.The first investments in the homes were made over 5 years ago and the sale will generate a 2.4x return on cost (including interest received), an excellent result for the Company.Following the sale, which results in the Company holding significant cash, the Board intends to consider the options available to the Company, including the potential payment of a special dividend, and will provide an update to shareholders in the Annual Report and Financial Statements for the year ended 31 March 2021.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 1 January 2021 and 4 March 2021.Further informationThe Company continues to offer a dividend reinvestment scheme to existing shareholders. Details of this Scheme can be found at www.albion.capital/funds/AAVC.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/AAVC.Richard Glover, Chairman
4 March 2021For further information please contact:
Albion Capital Group LLP, Company Secretary – Tel: 020 7601 1850