Interim Management Statement

Interim Management Statement

Introduction
I  am  pleased  to  present  the  Company's interim management statement for the
period  from  1 April  2010 to  26 July  2010 as  required  by  the  UK  Listing
Authority's Disclosure and Transparency Rule 4.3.

Performance and dividends
The  Company's  unaudited  net  asset  value  (NAV) as at 30 June 2010 was £26.3
million  (31  March  2010: £26.8  million)  or  86.8 pence  per  share (31 March
2010: 88.3 pence  per  share).  The  net  asset  value for 30 June 2010 is after
accounting for the first dividend for the year to 31 March 2011 of 1.5 pence per
share  (total cost: £454,000),  to be paid  6 August 2010 to shareholders on the
register as at 9 July 2010.

The  net asset value remains broadly the same as the net asset value at 31 March
2010. Encouragingly,  revenue return has increased due  to the increased rate of
investment.

The Board is not aware of any significant events or transactions between 30 June
2010 and  the  date  of  this  interim  management  statement which would have a
material impact on the net asset value of the Company.

Share buybacks
During  the  period  from  1 April  2010 to  26 July 2010, the Company purchased
22,544 shares at an average price of 75 pence per share, to be held in treasury.
The current share price is 75 pence.

Portfolio
Further  investments have been  made during the  period from 1 April 2010 to 26
July 2010:

+-----------------------------------+------+-----------------------------------+
|Name                               |£000's|                                   |
+-----------------------------------+------+-----------------------------------+
|Masters Pharmaceuticals Limited    |980   |International specialist           |
|                                   |      |distribution of pharmaceuticals    |
+-----------------------------------+------+-----------------------------------+
|BBVA Senior Finance floating rate  |3,000 |Floating rate note                 |
|note: maturity date 8 November 2011|      |                                   |
+-----------------------------------+------+-----------------------------------+

Disposals
There were no disposals during the period from 1 April 2010 to 26 July 2010.

Top ten holdings (as at 26 July 2010)

+---------------------------------------------------------------------+------+
|Investment                                                           |Value |
|                                                                     |£000's|
+---------------------------------------------------------------------+------+
|BBVA Senior Finance floating rate note: maturity date 8 November 2011|3,000 |
+---------------------------------------------------------------------+------+
|UBS floating rate note: maturity date 20 May 2011                    |2,525 |
+---------------------------------------------------------------------+------+
|Geronimo Inns I VCT Limited                                          |1,589 |
+---------------------------------------------------------------------+------+
|Geronimo Inns II VCT Limited                                         |1,589 |
+---------------------------------------------------------------------+------+
|Bravo Inns II Limited                                                |1,393 |
+---------------------------------------------------------------------+------+
|Taunton Nursing Home Limited                                         |1,014 |
+---------------------------------------------------------------------+------+
|Prime Care Holdings Limited                                          |991   |
+---------------------------------------------------------------------+------+
|Masters Pharmaceuticals Limited                                      |985   |
+---------------------------------------------------------------------+------+
|Forth Photonics Limited                                              |925   |
+---------------------------------------------------------------------+------+
|Mi-Pay Limited                                                       |808   |
+---------------------------------------------------------------------+------+

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

Maxwell Packe, Chairman
26 July 2010


For further information please contact:

Patrick Reeve, Albion Ventures LLP - tel: [phone]



[HUG#1434010]








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