Albion Prime VCT Albion Prime VCT PLC : Annual -9-
28 Junio 2012 - 12:24PM
UK Regulatory
2011 18,646 - 13 60.5
29 February 69.7
2012 20,034 - 14 54.5
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38,680 - 27
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Under the terms of the Albion VCTs Linked Top Up Offers, the following shares
were issued during the year;
Aggregate Opening
nominal Net Issue market price
value of consideration price per share on
Number of shares received (pence allotment
Date of shares per date (pence
allotment allotted GBP'000 GBP'000 share) per share)
=------------------------------------------------------------------------------
5 April 2011 381,618 4 267 74.6 62.0
16 May 2011 32,421 - 23 74.6 62.0
10 January 74.4
2012 357,663 4 252 59.5
20 March 73.8
2012 391,348 4 273 53.5
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1,163,050 12 815
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16. Basic and diluted net asset value per share
31 March 31 March
2012 2011
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Basic and diluted net asset value per share attributable
(pence per share) 68.0 70.5
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The net asset value per share at year end is calculated in accordance with the
Article of Association and is based upon total shares in issue of 23,903,442
(2011: 23,398,778) less the treasury shares of 2,341,500 (2011: 2,242,955) as at
31 March 2012.
There are no convertible instruments, derivatives or contingent share agreements
in issue. The Company's policy is to sell treasury shares at a price greater
than the purchase price hence the net asset value per share on a diluted basis
would be equal to or greater than the basic net asset value per share, depending
on the actual price achieved for selling the treasury shares.
17. Analysis of changes in cash during the year
Year ended Year ended
31 March 2012 31 March 2011
GBP'000 GBP'000
=-------------------------------------------------------
Opening cash balances 1,537 1,819
Net cash flow (133) (282)
--------------------------------
Closing cash balances 1,404 1,537
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18. Reconciliation of net return on ordinary activities before taxation to net
cash flow from operating activities
Year ended Year ended
31 March 2012 31 March 2011
GBP'000 GBP'000
=------------------------------------------------------------------------------
Revenue return on ordinary activities before
taxation 479 427
Investment management fee charged to capital (204) (201)
Movement in accrued amortised loan stock interest (23) 2
Increase in debtors (7) (2)
(Decrease)/increase in creditors (6) 8
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Net cash flow from operating activities 239 234
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19. Capital and financial instruments risk management
The Company's capital comprises Ordinary shares as described in note 15. The
Company is permitted to buy back its own shares for cancellation or treasury
purposes, and this is described in more detail in the Chairman's statement.
During the year, the Company issued shares under the Albion VCTs Linked Top Up
Offer 2011/2012 launched in November 2011. The Offer closed on 31 May 2012.
The Company's financial instruments comprise equity and loan stock investments
in unquoted companies, cash balances and short term debtors and creditors which
arise from its operations. The main purpose of these financial instruments is to
generate cashflow and revenue and capital appreciation for the Company's
operations. The Company has no gearing or other financial liabilities apart from
short term creditors. The Company does not use any derivatives for the
management of its balance sheet.
The principal risks arising from the Company's operations are:
* investment (or market) risk (which comprises investment price and cash flow
interest rate risk);
* credit risk; and
* liquidity risk.
The Board regularly reviews and agrees policies for managing each of these
risks. There have been no changes in the nature of the risks that the Company
has faced during the past year, and apart from where noted below, there have
been no changes in the objectives, policies or processes for managing risks
during the past year. The key risks are summarised below:
Investment risk
As a venture capital trust, it is the Company's specific nature to evaluate and
control the investment risk of its portfolio in unquoted and quoted investments,
details of which are shown on pages 9 and 10 of the full Annual Report and
Financial Statements. Investment risk is the exposure of the Company to the
revaluation and devaluation of investments. The main driver of investment risk
is the operational and financial performance of the investee company and the
dynamics of market quoted comparators. The Manager receives management accounts
from investee companies, and members of the investment management team often sit
on the boards of unquoted investee companies; this enables the close
identification, monitoring and management of investment risk.
The Manager and the Board formally review investment risk (which includes market
price risk), both at the time of initial investment and at quarterly Board
meetings.
The Board monitors the prices at which sales of investments are made to ensure
that profits to the Company are maximised, and that valuations of investments
retained within the portfolio appear sufficiently prudent and realistic compared
to prices being achieved in the market for sales of unquoted investments.
The maximum investment risk as at the balance sheet date is the value of the
fixed asset investment portfolio which is GBP13,498,000 (2011: GBP13,513,000). Fixed
asset investments form 92 per cent. of the net asset value as at 31 March 2012
(2011: 91 per cent).
More details regarding the classification of fixed asset investments are shown
in note 11.
Investment price risk
Investment price risk is the risk that the fair value of future investment cash
flows will fluctuate due to factors specific to an investment instrument or to a
market in similar instruments. To mitigate the investment price risk for the
Company as a whole, the strategy of the Company is to invest in a broad spread
of industries with approximately two-thirds of the unquoted investments
comprising debt securities, which, owing to the structure of their yield and the
fact that they are usually secured, have a lower level of price volatility than
equity. Details of the industries in which investments have been made are
contained in the Portfolio of investments section on pages 9 and 10 of the full
Annual Report and Financial Statements and in the Manager's report.
Valuations are based on the most appropriate valuation methodology for an
investment within its market, with regard to the financial health of the
investment and the IPEVCV Guidelines.
As required under FRS 29 "Financial Instruments: Disclosures", the Board is
required to illustrate by way of a sensitivity analysis the degree of exposure
to market risk. The Board considers that the value of the fixed asset investment
portfolio is sensitive to a 10 per cent. change based on the current economic
climate. The impact of a 10 per cent. change has been selected as this is
considered reasonable given the current level of volatility observed both on a
historical basis and future expectations.
The sensitivity of a 10 per cent. increase or decrease in the valuation of the
fixed asset investments (keeping all other variables constant) would increase or
decrease the net asset value and return for the year of Ordinary shares by
GBP1,350,000 (2011: GBP1,351,000).
Cash flow interest rate risk
It is the Company's policy to accept a degree of interest rate risk on its
financial assets through the effect of interest rate changes. On the basis of
the Company's analysis, it is estimated that a rise of one percentage point in
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