Albion Venture Capital Trust PLC: Interim management statement

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ALBION VENTURE CAPITAL TRUST PLC

LEI code: 213800JKELS32V2OK421
Interim management declaration

introduction
I am pleased to present the interim management statement of Albion Venture Capital Trust PLC (the “Company”) for the period April 1, 2021 to June 30, 2021.

Performance and dividends

The unaudited net asset value (NAV) of the Company as of June 30, 2021 was £ 73.4 million or 73.81 pence per share (excluding treasury shares), an increase of 0.68 pence per share (0. 9%) since March 31, 2021.

After taking into account the first dividend for the fiscal year ended March 31, 2022 of 1.83 pence per share and the exceptional dividend of 15.00 pence per share paid on July 30, 2021 to shareholders registered on July 9, 2021, the NAV is 56.98 pence per share.

Wallet
The following investments were made during the period from April 1, 2021 to June 30, 2021.

New investments

£ 000

Activity

Gravitee TopCo Limited (T / A gravitee.io)

813

API management platform.

NuvoAir AB

741

Digital therapy and decentralized clinical trials for respiratory conditions.

Brytlyt Limited

577

A GPU database software vendor.

Accelex Technology Limited (T / A Accelex)

324

Data mining and analysis technology for private capital markets.

Total new investments

2 455

Other investments

£ 000

Activity

uLimited Reason

592

A patient engagement and data capture platform for real-world use and observational research.

Top ten titles (as of June 30, 2021)

Investment

Book value

£ 000

% of net asset value

Activity

Hydro River Chonais Limited

4,255

5.8%

Owner and operator of a 2 MW hydroelectric system in the Scottish Highlands.

Radnor House School (TopCo) Limited

2 190

3.0%

Independent school for children from 2 to 18 years old.

Gharagain River Hydro Limited

1780

2.4%

Owner and operator of a 1 MW hydroelectric system in the Scottish Highlands.

Cantab Research Limited (T / A Speechmatics)

1,709

2.3%

Small footprint automated speech recognition provider that can be deployed in the cloud, on-premises or on a device in 29 languages.

The Evewell Group Limited

1,672

2.3%

Operator and developer of women’s health centers focused on fertility.

Limited Expression

1,400

1.9%

AI platform that generates optimized marketing campaigns.

Limited elliptical companies

1,267

1.7%

Provider of anti-money laundering services to digital asset institutions.

Threadneedle Software Holdings Limited (T / A Solidatus)

1,262

1.7%

Provider of data lineage software to corporate clients in regulated industries.

The Street by Street Limited solar program

1,182

1.6%

Owner and operator of photovoltaic systems on domestic properties in the UK.

uLimited Reason

1,113

1.5%

A patient engagement and data capture platform for real-world use and observational research.

A full breakdown of the Company’s portfolio can be found on the Company’s website on the Manager’s website at www.albion.capital/funds/AAVC.

Share buybacks

During the period from April 1, 2021 to June 30, 2021, the Company did not buy back any shares.

The policy of the Board of Directors remains to repurchase shares on the market, subject to the overall constraint that such purchases are in the interest of the Company, including the maintenance of sufficient resources for investment in companies of existing and new portfolio and the ongoing payment of dividends to shareholders.

The board of directors intends these buybacks to be around 5 percent. discount to the net asset value, to the extent that market conditions and liquidity permit.

Board composition and succession planning

The board recognizes the importance of succession planning, including the need to ensure board continuity. As part of this planning, John Kerr intends to retire as a director at the AGM in September 2022. The Nominating Committee will begin a recruitment process to identify candidates and announcements for a new director appointment will be made in due course.

Shareholders seminar

The Board of Directors is pleased to announce that the current intention of the manager, Albion Capital, is to host a physical rather than virtual shareholder seminar this year on November 12, 2021, in central London, including the location remains to be confirmed. This will depend on government guidelines and any changes to them, and we will keep shareholders informed as the date approaches. The Board of Directors and Manager are eager to interact with shareholders and look forward to sharing further portfolio updates with you, as well as answering any questions you may have.

More details will soon be available on the Albion Capital website: www.albion.capital.

Significant events and transactions subsequent to closing

After the end of the period, the Company carried out the following significant investment operations:

  • Investment of £ 409,000 in existing holding company, The Evewell Group Limited, operator and developer of fertility-focused women’s health centers; and

  • Investment of £ 54,000 in existing holding company, Imandra Inc., a provider of automated software testing and enhanced learning experience for artificial neural networks.

More information

The Company continues to offer a dividend reinvestment program to existing shareholders. Details of this plan are available at www.albion.capital/funds/AAVC.

Further information regarding historical and current financial performance and other useful shareholder information is available on the Company’s website on the Manager’s website at www.albion.capital/funds/AAVC.

Richard Glover, President

September 7, 2021

For more information, please contact:

Vikash hansrani

Operations partner

Albion Capital Group LLP

Telephone: 020 7601 1850


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