Albion Development VCT PLC - Ordinary Shares : ...

Albion Development VCT PLC Interim Management Statement

Introduction
I am pleased to present Albion Development VCT PLC (the "Company")'s interim management statement for the period from 1 January 2014 to 16 May 2014 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, based on management accounts, as at 31 March 2014 was £25.3 million (31 December 2013: £24.3 million) or 72.2 pence per share (excluding treasury shares) (31 December 2013: 71.6 pence per share) after accounting for the dividend of 2.5 pence per share to be paid on 30 May 2014 to shareholders on the register as at 9 May 2014.

The Company's D shares' unaudited net asset value, based on management accounts, as at 31 March 2014 was £6.8 million (31 December 2013: £6.7 million) or 107.1 pence per share (excluding treasury shares) (31 December 2013: 104.9 pence per share) after accounting for the dividend of 2.5 pence per share to be paid on 30 May 2014 to shareholders on the register as at 9 May 2014.

Adjusting for the payment of the dividend, the Company's Ordinary shares' net asset value has risen by 0.6 pence per share or 0.8 per cent. since 31 December 2013, and the D shares' net asset value has risen by 2.2 pence per share or 2.1 per cent. both as a result of an increase in investment valuations. 

Share issues and buybacks
During the period from 1 January 2014 to 16 May 2014, the Company issued a total of 2,783,424 new Ordinary shares from both the Albion VCTs Top Up Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014. These issues raised net proceeds of £2.05 million, which is made up as follows: 

i. Shares issued under the Albion VCTs Top Up Offers 2013/2014

Date	Number of shares issued	Issue price per share (including costs of issue)*	Net proceeds £'000
31 January 2014	549,339	74.40 pence	401
31 January 2014	543,338	74.80 pence	396
31 January 2014	20,352	73.70 pence	15
Total 31 January 2014	1,113,029		812

Date	Number of shares issued	Issue price per share (including costs of issue)*	Net proceeds £'000
5 April 2014	585,294	76.40 pence	438
5 April 2014	218,784	76.00 pence	161
5 April 2014	62,024	75.70 pence	43
Total 5 April 2014	866,102		642

* The difference in the issue price per share reflects the "early bird" incentives as explained in the Albion VCT Top Up Offers 2013/2014 investor guide.

ii. Shares issued under the Albion VCTs Prospectus Top Up Offers 2013/2014

On 19 March 2014 the Company announced the launch of a prospectus offer of new ordinary shares for subscription in the 2013/2014 and 2014/2015 tax years (the "Offer(s)"), and issued the following new ordinary shares:

Date	Number of shares issued	Issue price per share (including costs of issue)	Net proceeds £'000
5 April 2014	804,293	76.40 pence	596

	Number of shares issued	Net proceeds £'000
Total shares issued under the Albion VCTs Top Up Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014 for the period 1 January 2014 to 16 May 2014	2,783,424	2,050

The next share allotment under the prospectus offer is expected to be in July 2014.

The proceeds of the Offers are being used to provide further resources to the Company at a time when a number of attractive new investment opportunities are being seen.

An Investor Guide and Offers document have been sent to the shareholders and these, as well as a prospectus, can be obtained from www.albion-ventures.co.uk.

The Offer will close no later than 30 September 2014 (unless fully subscribed by an earlier date or previously closed).

During the period from 1 January to 16 May 2014, the Company purchased 653,000 Ordinary shares for £454,000 at an average price of 69.6 pence per Ordinary share. Of these, 272,000 were cancelled and 381,000 Ordinary shares are to be held in treasury.

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 such buy-backs to be at around a 5 per cent. discount to net asset value, so far as market conditions and liquidity permit.

Portfolio
The following investments have been made during the period from 1 January 2014 to 16 May 2014:

Name	£000's	Activity
New investments
Egress Software Technologies Limited	610	Provider of cloud-based email and file encryption software
Grapeshot Limited	400	Provider of digital marketing software
Sandcroft Avenue Limited	75	Provider of online gym passes, trading as PayasUgym.com
Total new investments	1,085
Further investments
Taunton Hospital Limited	212	Owner and operator of a psychiatric hospital
Mirada Medical Limited	106	Developer of medical imaging software
The Street by Street Solar Programme Limited	50	Builds, owns and operates photovoltaic systems on domestic properties in the UK
MyMeds&Me Limited	47	Software for managing pharmaceutical adverse events
Rostima Holdings Limited	19	Provider of labour management software for the marine and aviation industries
Abcodia Limited	18	Validation and discovery of molecular biomarkers linked to age related diseases
Mi-Pay Limited	14	Provider of mobile payment services
Total further investments	466

Loan stock repayments
The following loan stock repayments were made by portfolio companies during the period from 1 January 2014 to 16 May 2014:

Name	£000's
Tower Bridge Health Club Limited	44	Loan stock repayment
Masters Pharmaceuticals Limited	27	Loan stock repayment
Bravo Inns Limited	3	Loan stock repayment
Total proceeds	74

Top ten holdings as at 31 March 2014 (Ordinary and D shares in aggregate):

Investment	Carrying value £000's	% of net asset value £000's
Radnor House School (Holdings) Limited	2,751	8.3
Blackbay Limited	1,618	4.9
The Street by Street Solar Programme Limited	1,608	4.8
Regenerco Renewable Energy Limited	1,238	3.7
Peakdale Molecular Limited	1,204	3.6
Alto Prodotto Wind Limited	1,139	3.4
The Weybridge Club Limited	976	2.9
Hilson Moran Holdings Limited	951	2.9
Mirada Medical Limited	920	2.8
Chonais Holdings Limited	920	2.8

A full breakdown of the Company's portfolio can be found on the funds website under 'Portfolio of Investments' at www.albion-ventures.co.uk/ourfunds/AADV.htm

Material Events and Transactions
On 29 April 2014 Mi-Pay Limited merged its business with a company quoted on the Alternative Investment Market (AiM) on the London Stock Exchange. The combined business is now called Mi-Pay Group Plc and is quoted on AiM.

Aside from the aforementioned, 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 January 2014 and 16 May 2014. 

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/ourfunds/AADV.htm.

Geoffrey Vero, Chairman
16 May 2014
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: [phone]

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Albion Development VCT PLC - Ordinary Shares via Globenewswire

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