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Albion Development VCT PLC - Ordinary Shares : Interim Management Statement
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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 January 2016 to 18 May 2016.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2016 was £44.6 million or 71.1 pence per share (excluding treasury shares). The comparable NAV as at 31 December 2015 was 71.1 pence per share, resulting in no movement in NAV over the period.
A dividend of 2.5 pence per share is payable on 31 May 2016, to shareholders on the register as at 6 May 2016.
Share issues
During the period from 1 January 2016 to 18 May 2016, the Company issued a total of 8,170,039 new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2015/2016. The Offer closed on 23 March 2016 having been fully subscribed and raising net proceeds of £5.82 million, which is made up as follows:
| Date | Number of shares issued | Issue price per share (including costs of issue) | Net proceeds £'000 |
| 29 January 2016 | 2,807,295 | 72.8 | 2,003 |
| 29 January 2016 | 1,581,367 | 73.2 | 1,129 |
| 31 March 2016 | 3,604,114 | 73.3 | 2,562 |
| 6 April 2016 | 103,435 | 72.6 | 73 |
| 6 April 2016 | 61,274 | 73.3 | 44 |
| 6 April 2016 | 12,554 | 73.0 | 9 |
| Total | 8,170,039 | 5,820 |
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.
Share buybacks
During the period from 1 January 2016 to 18 May 2016, the Company purchased 512,000 Ordinary shares for £344,000 at an average price of 67.2p 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 January 2016 to 18 May 2016:
| New investments | £000's | Activity |
| InCrowd Sports Limited | 72 | Developer of mobile apps for professional sports clubs |
| Total new investments | 72 | |
| Further investments | £000's | Activity |
| Earnside Energy Limited | 148 | Owner and operator of an anaerobic digestion and composting plant near Perth, Scotland |
| Proveca Limited | 119 | Repositioning of paediatric medicines |
| DySIS Medical Limited | 92 | Medical devices for the detection of cervical cancer |
| Aridhia Informatics Limited | 69 | Healthcare informatics and analysis |
| The Weybridge Club Limited | 20 | Owner and operator of a freehold health and fitness club in Weybridge, Surrey |
| Total further investments | 448 |
Disposals
The following disposals and loan stock repayments were made during the period from 1 January 2016 to 18 May 2016:
| Portfolio company | £000's | |
| Silent Herdsman Holdings Limited | 348 | Disposal of investment |
| Relayware Limited | 256 | Part disposal of investment |
| Hilson Moran Holdings Limited | 28 | Loan stock and redemption premium repayment |
| Total proceeds | 632 |
Top ten holdings as at 31 March 2016:
| Investment | Value £000's | % of net asset value | Activity |
| Radnor House School (Holdings) Limited | 4,756 | 10.7% | Independent schools for children aged 5-18 |
| Chonais River Hydro Limited | 2,069 | 4.6% | Hydropower project in Scotland |
| Exco Intouch Limited | 1,917 | 4.3% | Provider of mobile patient data solutions |
| The Street by Street Solar Programme Limited | 1,834 | 4.1% | Builds, owns and operates photovoltaic systems on domestic properties in the UK |
| Regenerco Renewable Energy Limited | 1,545 | 3.5% | Generator of renewable energy from roof top solar installations |
| Alto Prodotto Wind Limited | 1,287 | 2.9% | Owns and operates community scale wind energy projects on brownfield sites in the UK |
| Relayware Limited | 1,156 | 2.6% | Business collaboration and communication solutions |
| Bravo Inns II Limited | 1,148 | 2.6% | Owner and operator of freehold pubs |
| Earnside Energy Limited | 1,129 | 2.5% | An anaerobic digestion plant |
| Mirada Medical Limited | 984 | 2.2% | Developer of medical imaging software |
A full breakdown of the Company's portfolio can be found on the Fund's webpage on the Manager's website at www.albion-ventures.co.uk/funds/AADV, by following the 'Portfolio of Investments' link under the 'Funds reports' 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 January 2016 to 18 May 2016.
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/funds/AADV.
Further information regarding historic and current financial performance and other useful shareholder information can be found on the Fund's webpage on the Manager's website under www.albion-ventures.co.uk/funds/AADV.
Geoffrey Vero, Chairman
18 May 2016
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Albion Development VCT PLC - Ordinary Shares via Globenewswire
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