TIDMAATG
Albion Technology & General VCT PLC
Interim Management Statement
LEI code: 213800TKJUY376H3KN16
Introduction
I present Albion Technology & General VCT PLC (the
"Company")'s interim management statement for the period from 1
January 2023 to 31 March 2023.
Performance
The Company's unaudited net asset value (NAV) as at 31 March
2023 was GBP140.4 million or 78.59 pence per share (excluding
treasury shares), an increase of 5.67 pence per share (7.8%) since
31 December 2022.
On 2 March 2023, a NAV update was announced, following Quantexa
undergoing an external fundraising process at a significantly
higher valuation than was included in the Company's NAV. This
external fundraising round has now completed and was announced by
Quantexa on 4 April 2023, raising $129 million. The NAV at 31 March
2023 has increased by 1.04 pence per share (1.34%) compared to the
2 March 2023 NAV update.
Albion VCTs' Top Up Offers
A prospectus Top Up Offer of new Ordinary shares was launched on
10 October 2022. The Board announced on 18 January 2023 that,
following strong demand for the Company's shares, it had elected to
exercise its over-allotment facility, taking the total Offer to
GBP15.5 million. The Offer was fully subscribed and closed to
further applications on 22 March 2023.
During the period from 1 January 2023 to 31 March 2023, the
Company issued the following shares under the Albion VCTs' Top Up
Offers:
Number of shares Issue price per Net consideration
Date issued share received GBP'000
-------------- ------------------- -------------------- -------------------
31 March 2023 12,395,704 79.60 pence 9,621
-------------- ------------------- -------------------- -------------------
Portfolio
The following investments have been made during the period from
1 January 2023 to 31 March 2023:
Further
investments GBP'000 Activity
------------- ------- ------------------------------------------------------
Proveca 254 Reformulation of medicines for children
------------- ------- ------------------------------------------------------
Seldon Enabling enterprises to deploy Machine Learning models
Technologies 103 in production
------------- ------- ------------------------------------------------------
Brytlyt 19 A GPU database software provider
------------- ------- ------------------------------------------------------
A designer and manufacturer of radiation detection
Symetrica 12 equipment
------------- ------- ------------------------------------------------------
Total further
investments 799
------------- -------
Top ten holdings as at 31 March 2023:
% of
net
Carrying value asset
Investment GBP'000 value Activity
-------------------- -------------- ----- ------------------------------------------------------------
Quantexa 28,341 20.6 Network analytics platform to detect financial crime
-------------------- -------------- ----- ------------------------------------------------------------
Radnor House School
(TopCo) 6,043 4.4 Independent school for children aged 2-18
-------------------- -------------- ----- ------------------------------------------------------------
Proveca 5,099 3.7 Reformulation of medicines for children
-------------------- -------------- ----- ------------------------------------------------------------
Chonais River Hydro 4,403 3.2 Owner and operator of a 2 MW hydro-power scheme in
the Scottish Highlands
-------------------- -------------- ----- ------------------------------------------------------------
Oviva 4,082 3.0 A technology enabled service business in medical nutritional
therapy (MNT)
-------------------- -------------- ----- ------------------------------------------------------------
The Evewell Group 3,498 2.5 Operator of women's health centres focusing on fertility
-------------------- -------------- ----- ------------------------------------------------------------
Cantab Research (T/A 3,411 2.5 Provider of low footprint automated speech recognition
Speechmatics) which can be deployed in the cloud, on premise or
on device
-------------------- -------------- ----- ------------------------------------------------------------
Egress Software 2,899 2.1 Encrypted email & file transfer service provider
Technologies
-------------------- -------------- ----- ------------------------------------------------------------
Runa Network 2,692 2.0 Cloud platform and infrastructure that enables corporates
(previously to issue digital incentives and payouts
WeGift)
-------------------- -------------- ----- ------------------------------------------------------------
Gharagain River 2,570 1.9 Owner and operator of a 1 MW hydro-power scheme in
Hydro the Scottish Highlands
-------------------- -------------- ----- ------------------------------------------------------------
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/AATG.
Share buy-backs
During the period from 1 January 2023 to 31 March 2023, the
Company did not buy back any shares.
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 buy-backs to be at around a 5%
discount to net asset value, so far as market conditions and
liquidity permit.
Board composition
I am retiring from the Board today following the Annual General
Meeting, having served as a Director of the Company for nine years,
with my first seven years as Chairman of the Audit & Risk
Committee and the last two years as Chairman of the Company. Clive
Richardson, who has been on the Board since 1 June 2022, will
succeed me as Chairman of the Board.
I would like to take this opportunity to thank all my existing
and former board colleagues and our Manager, Albion Capital, for
their contributions to the Company towards the progress made in the
last nine years by the Company.
The Board continues to have a well experienced complement of
Directors and is well advanced in succession planning. I wish the
Company, and those associated with it, well in the future.
Material events and transactions after the period end
After the period end, the Company issued the following new
Ordinary shares of nominal value 1 penny per share under the Albion
VCTs' Prospectus Top Up Offers 2022/23:
Number of shares Issue price per Net consideration
Date issued share received GBP'000
-------------- ------------------- -------------------- -------------------
14 April 2023 558,086 78.80 to 79.60 pence 433
-------------- ------------------- -------------------- -------------------
There have been no other material events or transactions after
the period end to the date of this announcement.
Further information
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/AATG.
Robin Archibald, Chairman
6 June 2023
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
(END) Dow Jones Newswires
June 06, 2023 06:34 ET (10:34 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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