Interim Management Statement

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 15 November 2012 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 2012 was £23.0 million (30 June 2012: £22.8 million) or 72.0 pence per share (excluding treasury shares) (30 June 2012: 71.4 pence per share) after accounting for the dividend of 2.5 pence per share paid on 28 September 2012 to shareholders on the register as at 31 August 2012.

The Company's D shares' unaudited net asset value (NAV), based on management accounts, as at 30 September 2012 was £6.0 million (30 June 2012: £5.9 million) or 93.8 pence per share (excluding treasury shares) (30 June 2012: 93.0 pence per share) after accounting for the dividend of 1.75 pence per share paid on 28 September 2012 to shareholders on the register as at 31 August 2012.

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 30 June 2012, and the D shares' net asset value has risen by 0.8 pence per share or 0.9 per cent. both as a result of an increase in investment valuations.  

Share issues and buybacks
During the period from 1 July to 15 November 2012, the Company purchased 143,936 Ordinary shares for cancellation at an average price of 66.24 pence per share.  

In addition, the following shares were issued under the dividend reinvestment scheme on 30 September 2012 (and are included in the net asset value figures for 30 September 2012 above);

Ordinary shares

Date	Number of shares issued	Issue price (pence per share)	Net proceeds £'000
30 September 2012	79,438	71.40	56

D shares

Date	Number of shares issued	Issue price (pence per share)	Net proceeds £'000
30 September 2012	12,792	92.95	12

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 investee companies and the continued payment of dividends to shareholders.  

It is the Company's intention that, subject to the sufficiency of cash resources and any market constraints, the price at which shares are bought back should be in the region of a 10 to 15 per cent. discount to net asset value.

 Portfolio
The following investments have been made during the period from 1 July 2012 to 15 November 2012:

Name	£000's
AMS Sciences Limited (formerly Xceleron Limited)	55	The company provides metabolism data in clinical and pre-clinical development.
Consolidated PR Limited (further investment)	19	Public relations agency
Dragon Hydro Limited (new investment)	78	Small scale hydropower project
Nelson House Hospital Limited (further investment)	33	The company operates a psychiatric hospital in Gosport, Hampshire
Rostima Holdings Limited (further investment)	12	Provider of labour management software for the marine and aviation industries

Disposals
The following disposals and loan stock repayments were made by portfolio companies during the period from 1 July 2012 to 15 November 2012:

Name	£000's
Albion Small Company Growth Limited	750
Dexela Limited (deferred consideration)	200
Evolutions Television Limited	47
The Charnwood Pub Company Limited (loan stock repayment)	32
Tower Bridge Health Clubs Limited (loan stock repayment)	67

Top ten holdings as at 30 September 2012 (Ordinary and D shares in aggregate):

Investment	Carrying value £000's
Radnor House School Holdings Limited	2,167
The Street by Street Solar Programme Limited	1,255
The Weybridge Club Limited	1,251
Nelson House Hospital Limited	1,163
Regenerco Renewable Energy Limited	1,149
Blackbay Limited	1,106
C S (Greenwich) Limited	1,056
Peakdale Molecular Limited	921
Lowcosttravelgroup Limited	867
Hilson Moran Holdings Limited	817

Albion VCTs Top Up Offer 2012/2013
On 19 October 2012 the Company announced the launch of the Albion VCTs Top Up Offers 2012/2013.  The Offer by Albion Development VCT PLC Ordinary shares seeks to raise a maximum of £2.5 million and the aggregate maximum under the Offers is £15 million.

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 Offers Document can be found on the website www.albion-ventures.co.uk.

The Offer will close on 12 June 2013 (unless extended by the Company).

Material Events and Transactions
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 2012 and 15 November 2012. 

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
15 November 2012
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: [phone]

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

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