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Albion Venture Capital Trust PLC : Interim Management Statement

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By GlobeNewswire

ALBION VENTURE CAPITAL TRUST PLC
Interim Management Statement

Introduction
I am pleased to present Albion Venture Capital Trust PLC (the "Company")'s interim management statement for the period from 1 October 2016 to 13 March 2017.

Performance and dividends
The Company's unaudited net asset value (NAV), as at 31 December 2016 was £57.96 million or 73.0 pence per share (excluding treasury shares) (30 September 2016: 72.9 pence per share) after accounting for a dividend of 2.5 pence per share which was paid on 30 December 2016 to shareholders on the register on 9 December 2016.

The total return for the 3 month period to 31 December 2016 was 2.6 pence per share (3.6 per cent.).

Disposals and loan stock repayments
During the period from 1 October 2016 to 13 March 2017, the Company received loan stock repayments from Kew Green VCT (Stansted) Limited of £162,000 and Radnor House School (Holdings) Limited of £71,000.

Portfolio
The following investments have been made during the period from 1 October 2016 to 13 March 2017:

Name £'000  Activity
Shinfield Lodge Care Limited (existing investment) 140 Owns and operates a 66 bed care home in Shinfield, Berkshire.
Beddlestead Farm Limited (new investment) 8 Development of wedding venues

Top ten holdings (as at 31 December 2016)

Investment Carrying value
£000's 		% of net asset value Activity
Shinfield Lodge Care Limited  9,735 16.8% Owns and operates a 66 bed care home in Shinfield, Berkshire.
Kew Green VCT (Stansted) Limited  7,323 12.6% Operator of a Holiday Inn Express hotel located at Stansted Airport.
Active Lives Care Limited  5,871 10.1% Owns and operates a 75 bed care home in Cumnor Hill, Oxfordshire. 
Ryefield Court Care Limited  4,956 8.5% Owns and operates a 60 bed care home in Hillingdon, Middlesex.
Radnor House School (Holdings) Limited  4,352 7.5% Independent schools for children aged 5-18.
Chonais River Hydro Limited  3,747 6.5% Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands.
The Crown Hotel Harrogate Limited  3,057 5.3% Owner and operator of a 114 bedroom hotel located in Harrogate, Yorkshire.
The Stanwell Hotel Limited  2,347 4.0% Boutique hotel located near Heathrow terminal 5.
Earnside Energy Limited  1,627 2.8% Anaerobic digestion plant and composting plant in Scotland.
Gharagain River Hydro Limited  1,531 2.6% Owner and operator of a 1 MW hydroelectricity plant in Western Scotland.

A full breakdown of the Company's portfolio can be found on the Company's webpage on the Manager's website at www.albion-ventures.co.uk/funds/AAVC.

Share buy-backs
During the period from 1 October 2016 to 13 March 2017, the Company purchased 572,000 shares at an average price of 66.21 pence per share.  These shares will be held in treasury.

Fundraising and share issues
During the period from 1 October 2016 to 13 March 2017, the Company issued the following shares under the Albion VCTs Prospectus Top Up Offers 2016/2017:

Date Number of shares issued Issue price including costs of issue (pence per share) Net proceeds £'000
31 January 2017 1,516,754 71.9 1,069
31 January 2017 542,522 72.3 382
31 January 2017 4,695,695 72.6 3,307
Total 6,754,971   4,758

The Board is pleased to announce that it has reached its £6m limit under its Offer, which as of 9 February 2017 was fully subscribed and has now closed.

In addition, the following shares were issued under the dividend reinvestment scheme on 30 December 2016:

Date Number of shares issued Issue price including costs of issue (pence per share) Net invested £'000
30 December 2016 377,848 70.4 266

Share price
The closing mid market price for the shares on 10 March 2017 was 67 pence per share, an 8.2% per cent. discount to the net asset value at 31 December 2016 of 73.0 pence per share.

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 October 2016 to 13 March 2017.

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-ventures.co.uk/funds/AAVC.

David Watkins, Chairman
13 March 2017

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

LEI Code 213800JKELS32V2OK421



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Albion Venture Capital Trust PLC via Globenewswire

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