Albion Technology & General VCT PLC - Ordinary ...

Albion Technology & General VCT PLC Interim Management Statement

Introduction
I present Albion Technology & General VCT PLC's interim management statement for the period from 1 January 2014 to 15 May 2014 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Performance and dividends
The Group's unaudited net asset value (NAV), based on management accounts, as at 31 March 2014 was £62.9 million or 82.30 pence per share (excluding treasury shares) after accounting for dividends of 1.25 pence per share which was paid on 31 January 2014 and 1.25 pence per share which was paid on 30 April 2014 to shareholders on the register as at 10 January 2014 and 11 April 2014 respectively. The comparable ex-dividend NAV as at 31 December 2013 was 83.25 pence per share resulting in the Company's NAV falling by 0.95 pence per share or 1.10 per cent. as a result of a net decrease in investment valuations.

Share issues and buybacks
During the period from 1 January 2014 to 15 May 2014, the Company issued a total of 3,010,701 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 £2.55 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	18,007	83.30 pence	15
31 January 2014	495,432	84.10 pence	409
31 January 2014	605,375	84.60 pence	499
Total 31 January 2014	1,118,814		923

Date	Number of shares issued	Issue price per share (including costs of issue)*	Net proceeds £'000
5 April 2014	14,216	87.60 pence	12
5 April 2014	15,405	88.00 pence	13
5 April 2014	493,954	88.50 pence	425
Total 5 April 2014	523,575		450

*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	1,368,312	88.50 pence	1,175

	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 15 May 2014	3,010,701	2,548

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).

In addition, the following shares were issued under the dividend reinvestment scheme (and are included in the net asset value figures for 31 March 2014 above):

Date	Number of shares issued	Issue price per share	Net proceeds £'000
31 January 2014	110,409	82.13 pence	81
30 April 2014	122,573	83.25 pence	99

During the period from 1 January 2014 to 15 May 2014, the Company purchased 752,000 shares for £600,000 at an average price of 79.79 pence per share. Of these, 702,000 shares were cancelled and 50,000 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 15 May 2014:

Name	£000's	Activity
New investments
Egress Software Technologies Limited	200	Provider of cloud-based email and file encryption software
Grapeshot Limited	135	Provider of digital marketing software
Sandcroft Avenue Limited	25	Provider of online gym passes, trading as PayasUgym.com
Total new investments	360
Further investments
Green Highland Renewables (Ledgowan) Limited	194	Hydropower project in Scotland
Taunton Hospital Limited	100	Owner and operator of a psychiatric hospital
Mi-Pay Limited	58	Provider of mobile payment services
Rostima Holdings Limited	117	Provider of labour management software for the marine and aviation industries
The Street by Street Solar Programme Limited	32	Builds, owns and operates photovoltaic systems on domestic properties in the UK
MyMeds&Me Limited	22	Software for managing pharmaceutical adverse events
Abcodia Limited	15	Validation and discovery of molecular biomarkers linked to age related diseases
Mirada Medical Limited	14	Developer of medical imaging software
Total further investments	552

Loan stock repayments
The following loan stock repayments were made by portfolio companies during the period from 1 January 2014 to 15 May 2014:

Name	£000's
Tower Bridge Health Club Limited	112	Loan stock repayment
Masters Pharmaceuticals Limited	35	Loan stock repayment
Bravo Inns Limited	29	Loan stock repayment
Total proceeds	176

Top ten holdings as at 31 March 2014:

Investment	Carrying value £000's	% of net asset value	Activity
Blackbay Limited	5,119	8.0%	Provider of mobile data solutions
Radnor House School (Holdings) Limited	4,793	7.5%	Independent school for children ages 7-18
Kensington Health Clubs Limited	3,209	5.0%	Owner and operator of a health and fitness club in West London
Process Systems Enterprise Limited	3,190	5.0%	Process modelling software and services
Mi-Pay Limited	3,124	4.9%	Provider of mobile payment services
The Weybridge Club Limited	2,862	4.5%	Owner and operator of a health and fitness club in Weybridge, Surrey
Bravo Inns II Limited	2,670	4.2%	Owner and operator of freehold pubs
Lowcosttravelgroup Limited	2,559	4.0%	Online travel business
The Charnwood Pub Company Limited	2,506	3.9%	Owner and operator of freehold pubs
Taunton Hospital Limited	2,205	3.5%	Owner and operator of a psychiatric hospital

A full breakdown of the Company's portfolio can be found on the funds website under current portfolio at www.albion-ventures.co.uk/ourfunds/AATG.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 15 May 2014. 

Further information
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/ourfunds/AATG.htm.

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/AATG.htm.

Dr. Neil Cross, Chairman
15 May 2014
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: [phone]

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Albion Technology & General VCT PLC - Ordinary Shares via Globenewswire

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