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Albion Development VCT PLC - O (AADV)

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Thursday 10 November, 2011

Albion Development VCT PLC - O

Albion Development VCT PLC - Ordinary Shares : ...






            Albion Development VCT PLC Interim Management Statement

Introduction
I  am  pleased  to  present  Albion  Development  VCT  PLC's  interim management
statement  for the period from 1 July to  10 November 2011 as required by the UK
Listing Authority's Disclosure and Transparency Rule 4.3.

Performance and dividends
The  Company's  Ordinary  shares'  unaudited  net  asset  value  (NAV), based on
management  accounts, as at 30 September 2011 was  £22.6 million (30 June 2011:
£22.4  million) or  73.5 pence per  share (excluding  treasury shares)  (30 June
2011: 72.3 pence per share).

The  Company's D  shares' unaudited  net asset  value (NAV), based on management
accounts,  as at 30 September 2011 was £5.7 million (30 June 2011: £5.7 million)
or  90.1 pence per share  (excluding treasury shares)  (30 June 2011: 90.4 pence
per share).

The current NAVs and comparative figures are calculated after accounting for the
second dividend for the year to 31 December 2011 of 2.5 pence per Ordinary share
(total cost: £775,000) and 1.25 pence per D share (total cost £79,000) which was
paid  on 30 September  2011 to shareholders  on the  register as  at 2 September
2011.

The  Company's Ordinary shares' net asset value has risen by 1.2 pence per share
or  1.6 per cent. since 30 June 2011 as a  result of an increase in the Ordinary
shares'  investment valuations, and the D shares'  net asset value has fallen by
0.3 pence per share or 0.3 per cent. as a result of the costs of the business.

Portfolio
The  following investments have been made  during the period from 1 July 2011 to
10 November 2011:

+----------------------------------+------+------------------------------------+
|Name                              |£000's|                                    |
+----------------------------------+------+------------------------------------+
|                                  |      |                                    |
+----------------------------------+------+------------------------------------+
|Regenerco Renewable Energy Limited| 595  |Photo-voltaic installations on      |
|(further investment)              |      |commercial buildings                |
+----------------------------------+------+------------------------------------+
|Alto Prodotto Wind Limited (new   | 294  |Installs and operates commercial    |
|investment)                       |      |scale wind installations            |
+----------------------------------+------+------------------------------------+
|DySIS Medical Limited (further    |  73  |Development, manufacture and sale of|
|investment)                       |      |medical devices for detection of    |
|                                  |      |epithelial cancers                  |
+----------------------------------+------+------------------------------------+
|Helveta Limited (further          |  43  |Timber and food tracing software    |
|investment)                       |      |                                    |
+----------------------------------+------+------------------------------------+
|Mi-Pay Limited (further           |  24  |Provider of an outsourced payment   |
|investment)                       |      |processing service to mobile network|
|                                  |      |operators and related customers,    |
|                                  |      |focusing on top ups and money       |
|                                  |      |transfer                            |
+----------------------------------+------+------------------------------------+
|Rostima Holdings Limited (further |  24  |Provider of labour management       |
|investment)                       |      |software for the marine and aviation|
|                                  |      |industries                          |
+----------------------------------+------+------------------------------------+

Disposals
During the period from 1 July 2011 to 10 November 2011, the Company's investment
in  Evolutions Television Limited was sold for  £315,000 of cash and £165,000 of
loan notes.  The loan notes are expected to be repaid in full by 31 March 2012.
In  addition, during the  quarter, there has  been an uplift  of £356,000 in the
valuation  of Evolutions Group  Limited following the  exchange of contracts for
the sale of its London property in early October 2011 (please see below *).
In  aggregate,  including  interest  received  and  following  the  sale  of the
property,  the Evolutions investment will have made a small profit of 1.15 times
its cost.







The  following loan stock repayments were made by portfolio companies during the
period from 1 July 2011 to 10 November 2011:

+----------------------------------------------+--------+
| Name                                         | £000's |
+----------------------------------------------+--------+
| Green Energy Property Services Group Limited |   32   |
+----------------------------------------------+--------+
| Peakdale Molecular Limited                   |   28   |
+----------------------------------------------+--------+
| CS (Greenwich) Limited                       |   23   |
+----------------------------------------------+--------+
| Tower Bridge Health Clubs Limited            |   16   |
+----------------------------------------------+--------+
| Radnor House School Holdings Limited         |   12   |
+----------------------------------------------+--------+

Top ten holdings as at 30 September 2011:

+--------------------------------------+----------------+
|              Investment              | Carrying value |
|                                      |     £000's     |
+--------------------------------------+----------------+
| Evolutions Group Limited             |     2,739*     |
+--------------------------------------+----------------+
| Radnor House School Holdings Limited |     1,570      |
+--------------------------------------+----------------+
| The Weybridge Club Limited           |     1,230      |
+--------------------------------------+----------------+
| Blackbay Limited                     |     1,095      |
+--------------------------------------+----------------+
| C S (Greenwich) Limited              |      940       |
+--------------------------------------+----------------+
| Peakdale Molecular Limited           |      867       |
+--------------------------------------+----------------+
| Kensington Health Clubs Limited      |      780       |
+--------------------------------------+----------------+
| Regenerco Renewable Energy Limited   |      725       |
+--------------------------------------+----------------+
| Bravo Inns II Limited                |      703       |
+--------------------------------------+----------------+
| Masters Pharmaceuticals Limited      |      632       |
+--------------------------------------+----------------+

Albion VCTs Linked Top Up Offer 2011/2012
On  1 November 2011 the Company  announced the launch  of the Albion VCTs Linked
Top  Up Offer 2011/2012.  In aggregate, the Albion  VCTs will be aiming to raise
up  to £15 million across  seven of the VCTs  managed by Albion Ventures LLP, of
which   Albion  Development  VCT  PLC's  Ordinary  shares'  proportion  will  be
approximately  £2.25 million.  The  maximum amount raised  by each of the Albion
VCTs  will be 10 per  cent. of its  issued share capital  (over any one 12 month
period,  and including any  shares issued under  Dividend Reinvestment Schemes),
being  the amount  that they  may issue  under the  Prospectus Rules without the
publication of a full prospectus.

The  proceeds of  the Offer  will be  used to  provide further  resources to the
Albion  VCTs at a time when a  number of attractive new investment opportunities
are being seen.

An  Investor Guide and Offer Document has been sent to shareholders and can also
be found on the website www.albion-ventures.co.uk .

Material Events and Transactions
During  the  period  from  1 July  2011 to  10 November  2011, the  Company  has
purchased  497,700 Ordinary shares to be held in treasury at an average price of
63.8 pence  per  Ordinary  share.  In  addition,  500,000 Ordinary  shares  were
cancelled out of treasury.

On  30 September 2011, the  Company issued  79,631 Ordinary shares  (at an issue
price  of 72.3 pence per share), and 8,946 D shares (at an issue price of 90.45
pence per share) under the Dividend Reinvestment Scheme.

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/Our Funds/Albion Development VCT PLC.

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 July 2011 and 10 November 2011.

Further  information regarding  historic and  current financial  performance and
other  useful shareholder information  can be found  on the Fund's website under
www.albion-ventures.co.uk/Our Funds/Albion Development VCT PLC.

Geoffrey Vero, Chairman
10 November 2011
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: 020 7601 1850






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Source: Albion Development VCT PLC - Ordinary Shares via Thomson Reuters ONE

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