Interim Management Statement

Albion Development VCT PLC

                    Interim Management Statement

Introduction
I am pleased  to present the  Company's interim management  statement
for the period from 1  July 2009 to 18  November 2009 as required  by
the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Financial Position and Performance
The  Ordinary  shares'unaudited  net   asset  value  (NAV)  per   the
management accounts as  at 30  September 2009 was  £23.0 million  (30
June 2009: £23.6 million) or 77.3 pence per share (excluding treasury
shares)  (30  June  2009:  79.2  pence  per  share).  This  is  after
accounting for a dividend of 4  pence per share paid on 25  September
2009 to shareholders on the register at 28 August 2009.

Portfolio
In the period from 1 July 2009 to 18 November 2009 Albion Development
VCT PLC has made the following investments:

Investment portfolio


+-------------------------------------------------------------------+
|           Investment           | Existing/New investment | £'000s |
|--------------------------------+-------------------------+--------|
| Geronimo Inns VCT I Limited    |           New           |  480   |
|--------------------------------+-------------------------+--------|
| Geronimo Inns VCT II Limited   |           New           |  480   |
|--------------------------------+-------------------------+--------|
| Bravo Inns II Limited          |        Existing         |  120   |
|--------------------------------+-------------------------+--------|
| CS (Greenwich) Limited         |        Existing         |   79   |
|--------------------------------+-------------------------+--------|
| RFI Global Services Limited    |        Existing         |   46   |
|--------------------------------+-------------------------+--------|
| Rostima Limited                |        Existing         |   35   |
|--------------------------------+-------------------------+--------|
| CS (Brixton) Limited           |        Existing         |   31   |
|--------------------------------+-------------------------+--------|
| Vibrant Energy Assessors       |        Existing         |   30   |
| Limited                        |                         |        |
|--------------------------------+-------------------------+--------|
| Mi-Pay Limited                 |        Existing         |   15   |
|--------------------------------+-------------------------+--------|
| City Screen (Liverpool)        |        Existing         |   11   |
| Limited                        |                         |        |
|--------------------------------+-------------------------+--------|
| CS (Exeter) Limited            |        Existing         |   10   |
+-------------------------------------------------------------------+



Top Ten Qualifying Holdings as at 30 September 2009


+-----------------------------------------------------------+
|              Holding              | Carrying Value £'000s |
|-----------------------------------+-----------------------|
| Evolutions Television Limited     |         2,336         |
|-----------------------------------+-----------------------|
| The Weybridge Club Limited        |         1,365         |
|-----------------------------------+-----------------------|
| Mears Group plc                   |         1,330         |
|-----------------------------------+-----------------------|
| Blackbay Limited                  |         1,041         |
|-----------------------------------+-----------------------|
| Peakdale Molecular Limited        |          920          |
|-----------------------------------+-----------------------|
| CS (Greenwich) Limited            |          693          |
|-----------------------------------+-----------------------|
| Droxford Hospital Limited         |          673          |
|-----------------------------------+-----------------------|
| Kensington Health Clubs Limited   |          641          |
|-----------------------------------+-----------------------|
| Consolidated PR Limited           |          566          |
|-----------------------------------+-----------------------|
| The Charnwood Pub Company Limited |          549          |
+-----------------------------------------------------------+


Material Events and Transactions

Cancellation of Share Premium Account
The Company has cancelled its share premium account by way of special
resolution at a General  Meeting held on 28  October 2009. The  share
premium account  amounting  to £3,290,805  will  be cancelled  on  25
November 2009 by order of the High Court and the Notice regarding the
cancellation was registered at Companies House on 4 November 2009.

Disposals
During the  period from  1 July  2009  to 18  November 2009,  GB  Pub
Company VCT  Limited  repaid  £45,610 of  loan  stock,  and  Peakdale
Molecular Limited repaid £27,780 of loan stock.

Re-organisation of pub portfolio
As a result of  the consolidation of part  of the pub portfolio,  the
site management  has  been entrusted  to  a single  management  team.
Albion Development  VCT PLC  exchanged its  shareholdings in  Welland
Inns VCT  Limited,  Pelican  Inn  Limited  and  Novello  Limited  for
additional shareholdings in The Charnwood  Pub Company Limited on  21
September 2009.

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 2009 and 18 November
2009.

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.

18 November 2009
For further information, please contact:
Patrick Reeve
Albion Ventures LLP
Tel: [phone]

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