Albion Development VCT PLC Interim Management Statement

Introduction
I am pleased to present Albion Development VCT PLC (the "Company")'s interim management statement for the period from 1 July 2015 to 5 November 2015.

Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2015 was £39.3 million or 71.3 pence per share (excluding treasury shares) (30 June 2015: 71.2 pence per share) after accounting for the dividend of 2.50 pence per share paid on 30 September 2015 to shareholders on the register as at 11 September 2015.

Adjusting for the payment of the dividend, the net asset value has risen marginally by 0.1 pence per share since 30 June 2015, as a result of an increase in investment valuations.

Share issues
During the period from 1 July 2015 to 30 September 2015, the Company issued the following Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2014/2015:

                               
The Albion VCT Prospectus Top Up Offers 2014/2015 closed on 30 September 2015 having raised £5.8 million in total for the Company.

Further Top Up Offers are being considered for later this year and if appropriate details are expected to be sent to shareholders in November 2015.

The proceeds of the Offers are being used to provide further resources to the Company at a time when a number of attractive new investment opportunities are being seen.

In addition, the following shares were issued under the dividend reinvestment scheme (and are included in the net asset value figures for 30 September 2015 above):

Share buybacks
During the period from 1 July 2015 to 5 November 2015, the Company purchased 216,000 Ordinary shares for £147,000 at an average price of 68.2p pence per Ordinary 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 per cent. discount to net asset value, so far as market conditions and liquidity permit.

Portfolio
The following investments have been made during the period from 1 July 2015 to 5 November 2015:

Disposals and loan stock repayment
The following amounts were received from portfolio companies during the period from 1 July 2015 to 5 November:

Rostima (Holdings) Limited was sold to ComOps Limited, a competitor listed on the Australian Stock Exchange (COM:ASX), via a pre-packaged administration on 26 August 2015.

Top ten holdings as at 30 September 2015:

A full breakdown of the Company's portfolio can be found on the funds website at www.albion-ventures.co.uk/ourfunds/AADV.htm, by following the 'Portfolio of Investments' link under the 'Investor Centre' section.

Material events and transactions
There have been no further 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 July 2015 to 5 November 2015.

Further information
The Company continues to offer a Dividend Reinvestment Scheme to existing shareholders. Details of this Scheme can be found at www.albion-ventures.co.uk/ourfunds/AADV.htm.

Further information regarding historic and current financial performance and other useful shareholder information can be found on the Fund's website under www.albion-ventures.co.uk/ourfunds/AADV.htm.

Geoffrey Vero, Chairman

5 November 2015
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850