Albion Technology & General VCT PLC - Ordinary ...

Albion Technology & General VCT PLC Interim Management Statement

Introduction
I present Albion Technology & General VCT PLC (the "Company")'s third quarter interim management statement for the period from 1 July 2014 to 11 November 2014 (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 September 2014 was £64.26 million or 82.19 pence per share (excluding treasury shares), an increase of 0.18 pence per share or 0.22 per cent. since 30 June 2014.

After accounting for the dividend of 1.25 pence per share which was paid on 31 October 2014 to shareholders on the register as at 3 October 2014, the NAV is 80.94 pence per share.

Share issues and buybacks
During the period from 1 July 2014 to 30 September 2014, the Company issued the following shares under the Albion VCTs Top Up Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014:

Date	Number of shares issued	Issue price per share (including costs of issue)*	Net proceeds £'000
4 July 2014	21,032	82.80 pence	17
4 July 2014	4,806	83.20 pence	4
4 July 2014	26,825	83.70 pence	22
4 July 2014 (Prospectus)	339,509	83.70 pence	276
30 September 2014 (Prospectus)	849,081	84.60 pence	697
Total	1,241,253		1,016

               
*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.

The Albion VCT Prospectus Top Up Offers 2013/2014 closed on 30 September 2014.

In total, 4,251,954 shares were issued under the Albion VCTs Top Up Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014, raising net proceeds of £3.56 million.

Total shares issued under the Albion VCTs Top Up Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014	Number of shares issued	Net proceeds £'000
31 January 2014	1,118,814	923
5 April 2014	1,891,887	1,624
4 July 2014	392,172	319
30 September 2014	849,081	697
Total	4,251,954	3,563

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.

In addition, the following shares were issued under the dividend reinvestment scheme:

Date	Number of shares issued	Issue price per share	Net proceeds £'000
31 October 2014	131,207	80.76 pence	103

During the period from 1 July 2014 to 11 November 2014, the Company purchased 1,274,000 shares for £983,000 at an average price of 77.15 pence per share. All of the 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 July 2014 to 11 November 2014:

New investments	£000's	Activity
Infinite Ventures (Goathill) Limited	1,000	Wind turbine project in Scotland
Omprompt Limited	200	Business to business integration software
Total new investments	1,200
Further investments	£000's	Activity
Chonais Holdings Limited	645	Hydropower project in Scotland
Rostima Holdings Limited	525	Provider of labour management software for the marine and aviation industries
Green Highland Renewables (Ledgowan) Limited	329	Hydropower project in Scotland
Relayware Limited	254	Provider of business collaboration and communication solutions
Cisiv Limited	98	Software and services for non-interventional clinical trials
MyMeds&Me Limited	66	Software for managing pharmaceutical adverse events
AMS Sciences Limited	63	Provider of metabolism data in clinical and pre-clinical development
Taunton Hospital Limited	60	Owner and operator of a psychiatric hospital
Proveca Limited	56	Repositioning of pediatric medicines
Blackbay Limited	54	Provider of mobile data solutions
Abcodia Limited	25	Validation and discovery of serum biomarkers
DySIS Medical Limited	13	Development, manufacture and sale of medical devices for detection of cervical cancer
Mirada Medical Limited	11	Developer of medical imaging software
Total further investments	2,199

Disposals and loan stock repayments
The following disposals and loan stock repayments were made during the period from 1 July 2014 to 11 November 2014:

Name	£000's
Tower Bridge Health Club Limited	1,975	Disposal of investment
Peakdale Molecular Limited	975	Disposal of investment
Chichester Holdings Limited	938	Loan stock repayment
Dexela Limited	241	Payment of year 3 earn out
The Dunedin Pub Company VCT Limited	230	Final proceeds on disposal
The Charnwood Pub Company Limited	226	Loan stock repayment
Consolidated PR Limited	188	Disposal of investment
Radnor House School (Holdings) Limited	178	Loan stock and capitalised interest repayment
Hilson Moran Holdings Limited	48	Loan stock and redemption premium repayment
Total proceeds	4,999

Helveta Limited went into administration on 18 September 2014. The assets of Helveta Limited were purchased by Elements Software Limited, and the Company received 3.25 per cent. of the ordinary share capital in the new entity.

Top ten holdings as at 30 September 2014:

Investment	Carrying value £000's	% of net asset value	Activity
Blackbay Limited	5,182	8.1%	Provider of mobile data solutions
Radnor House School (Holdings) Limited	4,970	7.7%	Independent school for children ages 7-18
Kensington Health Clubs Limited	3,780	5.9%	Owner and operator of a health and fitness club in West London
Taunton Hospital Limited	3,721	5.8%	Owner and operator of a psychiatric hospital
Lowcosttravelgroup Limited	3,412	5.3%	Online travel business
Process Systems Enterprise Limited	3,190	5.0%	Process modelling software and services
Mi-Pay Group PLC	2,819	4.4%	Provider of mobile payment services
Bravo Inns II Limited	2,656	4.1%	Owner and operator of freehold pubs
The Weybridge Club Limited	2,479	3.9%	Owner and operator of a health and fitness club in Weybridge, Surrey
The Charnwood Pub Company Limited	2,254	3.5%	Owner and operator of freehold pubs

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
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 2014 to 11 November 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
11 November 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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