Albion Technology & General VCT PLC - Ordinary ...

Albion Technology & General VCT PLC - Ordinary Shares: Annual Financial Report

Albion Technology & General VCT PLC
LEI number: 213800TKJUY376H3KN16

As required by the UK Listing Authority's Disclosure Guidance and Transparency Rules 4.1 and 6.3, Albion Technology & General VCT PLC today makes public its information relating to the Annual Report and Financial Statements for the year ended 31 December 2017.

This announcement was approved for release by the Board of Directors on 29 March 2018.

This announcement has not been audited.

You will shortly be able to view the Annual Report and Financial Statements for the year to 31 December 2017 (which have been audited) at: www.albion.capital/funds/AATG.The Annual Report and Financial Statements for the year to 31 December 2017 will be available as a PDF document via a link in the 'Financial Reports and Circulars' section. The information contained in the Annual Report and Financial Statements will include information as required by the Disclosure Guidance and Transparency Rules, including Rule 4.1.

Investment objective and policy

Investment objective
The Company's investment objective is to provide investors with a regular and predictable source of dividend income, combined with the prospect of long-term capital growth, through a balanced portfolio of unquoted growth and technology businesses in a qualifying venture capital trust.

The Company's current general investment policy is as follows:

Investment policy
It is intended that the Company's VCT qualifying investment portfolio will be split approximately as follows:

40 per cent. in unquoted UK technology related companies; and
60 per cent. in unquoted UK non-technology companies.

This split is subject to the availability of good quality new investments arising within the UK technology and non-technology sectors. In neither categories listed above would portfolio companies normally have any external borrowing with a charge ranking ahead of the Company. Up to two thirds of investments (by cost) will comprise loan stock secured with a first charge on the portfolio company's assets.

The Company pursues a longer term investment approach, with a view to providing shareholders with a strong, predictable dividend flow, combined with the prospects of capital growth. This is achieved in two ways. First, by controlling the Company's exposure to technology risk through ensuring that many of the companies in the non-technology portfolio have property as their major asset, with no external borrowings. Second, by balancing the investment portfolio by sector, so that those areas such as leisure and business services, which are susceptible to changes in consumer sentiment, are complemented by sectors with more predictable long term characteristics, such as healthcare and the environment.

In the November 2017 Autumn Budget, a number of changes to the legislation governing venture capital trusts were announced. Those changes have now been enacted in the Finance Act 2017-19 and further information has been provided in Guidance Notes issued by HM Revenue & Customs. Some of these changes took effect from the date upon which the Finance Act received Royal Assent and others will come into force from 6 April 2018. In future, VCTs may no longer offer secured loans to portfolio companies and to qualify for VCT tax reliefs, portfolio companies must satisfy a "risk to capital condition". This means that the portfolio company must have an objective to grow and develop over the long term and there must be a significant risk that there could be a loss of capital to the VCT of an amount exceeding the net return. The overall aim of HM Treasury is to encourage more high growth investment through VCTs rather than low risk, heavily asset backed investments.

As a result of these changes, and subject to shareholder approval, the Board is now recommending an update to the Company's general investment policy, as set out below. The updated policy removes references to loan stock being secured by first charges and enables the Company to invest in a broad range of businesses.

Proposed new investment policy
The Company will invest in a broad portfolio of unquoted growth and technology businesses. Allocation of assets will be determined by the investment opportunities which become available but efforts will be made to ensure that the portfolio is diversified in terms of sectors and stages of maturity of portfolio companies.

VCT qualifying and non-qualifying investments
Application of the investment policy is designed to ensure that the Company continues to qualify and is approved as a VCT by HM Revenue and Customs ("VCT regulations"). The maximum amount invested in any one company is limited to any HMRC annual investment limits. It is intended that normally at least 80 per cent. of the Company's funds will be invested in VCT qualifying investments. The VCT regulations also have an impact on the type of investments and qualifying sectors in which the Company can make investment.

Funds held prior to investing in VCT qualifying assets or for liquidity purposes will be held as cash on deposit, invested in floating rate notes or similar instruments with banks or other financial institutions with high credit ratings or invested in liquid open-ended equity funds providing income and capital equity exposure (where it is considered economic to do so). Investment in such open-ended equity funds will not exceed 7.5 per cent. of the Company's assets at the time of investment.

Risk diversification and maximum exposures
Risk is spread by investing in a number of different businesses within VCT qualifying industry sectors using a mixture of securities. The maximum the Company will invest in a single company is 15 per cent. of the Company's assets at cost. The value of an individual investment is expected to increase over time as a result of trading progress and a continuous assessment is made of investments' suitability for sale. It is possible that individual holdings may grow in value to a point where they represent a significantly higher proportion of total assets prior to a realisation opportunity being available.

The Company's maximum exposure in relation to gearing is restricted to 10 per cent. of the adjusted share capital and reserves. The Directors do not have any intention of utilising long-term gearing.

Background to the Company

The Company is a venture capital trust which raised £14.3 million in December 2000 and 2002, and raised a further £35.0 million during 2006 through the launch of a C share issue. The Company has raised a further £30.9m under the Albion VCTs Top Up Offers since January 2011.

On 15 November 2013, the Company acquired the assets and liabilities of Albion Income & Growth VCT PLC ("Income & Growth") in exchange for new shares in the Company ("the Merger") resulting in a further £28.1 million of net assets.

Financial calendar


Record date for first dividend	1 June 2018
Annual General Meeting	11.00 am on 6 June 2018
Payment of first dividend	29 June 2018
Announcement of half-yearly results for the six months ended 30 June 2018	September 2018
Payment of second dividend (subject to Board approval)	31 December 2018

Financial summary

166.9p	Total shareholder return per Ordinary share since launch

4.3p	Total return per share for the year ended 31 December 2017

4.0p	Target tax free dividend per Ordinary share for the year ahead (4.0p per Ordinary share during the year ended 31 December 2017)

71.9p

Net asset value per Ordinary share as at 31 December 2017

	31 December 2017 (pence per share)	31 December 2016 (pence per share)

Dividends paid	4.0	5.0
Revenue return	0.2	0.8
Capital return	4.1	1.7
Net asset value	71.9	71.6

Total shareholder return to 31 December 2017:	Ordinary share (pence per share) (i)	C share (pence per share) (i)(ii)	Income & Growth (pence per share) (i)(iii)

Total dividends paid during the year ended:
31 December 2001	1.0	-	-
31 December 2002	2.0	-	-
31 December 2003	1.5	-	-
31 December 2004	7.5	-	-
31 December 2005	9.0	-	0.6
31 December 2006	8.0	0.5	2.6
31 December 2007	8.0	2.5	3.5
31 December 2008	16.0	4.5	3.5
31 December 2009	-	1.0	3.0
31 December 2010	8.0	3.0	3.0
31 December 2011	5.0	3.8	3.5
31 December 2012	5.0	3.9	3.5
31 December 2013	5.0	3.9	3.5
31 December 2014	5.0	3.9	3.9
31 December 2015	5.0	3.9	3.9
31 December 2016	5.0	3.9	3.9
31 December 2017	4.0	3.1	3.1
Total dividends paid to 31 December 2017	95.0	37.9	41.5
Net asset value as at 31 December 2017	71.9	55.9	56.2
Total shareholder return to 31 December 2017	166.9	93.8	97.7

In addition to the dividends summarised above, the Board has declared a first dividend for the year ending 31 December 2018 of 2.0 pence per share to be paid on 29 June 2018 to shareholders on the register on 1 June 2018.

Notes
(i) Excludes tax benefits upon subscription.
(ii) The C shares were converted into Ordinary shares on 31 March 2011. The net asset value per share and all dividends paid subsequent to the conversion of the C shares to the Ordinary shares are multiplied by the conversion factor of 0.7779 in respect of the C shares' return, in order to give an accurate picture of the shareholder value since launch relating to the C shares.
(iii) Albion Income & Growth VCT PLC was merged with Albion Technology & General VCT PLC on 15 November 2013. The net asset value per share and all dividends paid subsequent to the merger of the Income & Growth shares to the Ordinary shares are multiplied by the issue ratio of 0.7813 in respect of the Income & Growth shares' return, in order to give an accurate picture of the shareholder value since launch relating to the Income & Growth shares. Prior to the merger, Albion Income & Growth VCT PLC had a financial year end of 30 September and as such, the above dividends per share relate to the relevant period.

Chairman's statement

Introduction
The results for Albion Technology & General VCT PLC for the year to 31 December 2017 show a continued recovery, with a total return of 4.3 pence per share more than covering the 4.0 pence per share dividend. The majority of the divestments under the recovery plan initiated three years ago have been carried out, leaving the Company in a better position to progress further.

Investment portfolio
The results for the year showed net gains on investments of just over £5.1 million, against gains of £2.4 million for the previous year. The key elements within this included sharp rises in the values of Grapeshot and memsstar, as their businesses grow, and the successful sale of Hilson Moran, one of the leading independent building engineering consultancies, which was sold for around three times original cost.

Against this, the share price of the AIM-quoted Mi-Pay fell during the period, while slower than hoped for progress at DySIS contributed to write-downs.

Meanwhile, £4.5 million was invested in six new portfolio companies, including Women's Health (London West One) (a developer and operator of a women's health centre of excellence focussing on fertility), G. Network Communications (fibre optic broadband provider in central London), Beddlestead (developer and operator of a dedicated wedding venue in the UK) and MPP Global Solutions (provider of a digital subscription management platform). A further £2.1 million was invested in existing portfolio companies, including £500,000 in Oviva and £385,000 into Black Swan Data.

In addition to the sale of Hilson Moran, referred to above, we had a number of realisations during the year, including our health and fitness club at Weybridge, and our holdings in Blackbay and Masters Pharmaceuticals. Further details can be found in the realisations table on page 22 of the full Annual Report and Financial Statements.

Overall, 60 per cent. of the portfolio by value is now profitable, measured by earnings before interest, depreciation and tax, with a number of our investments showing strong growth in fast-developing international markets.

Risks and uncertainties
Other than investment performance through stock selection, the key risks facing the Company are from broader economic factors, including changes to VCT rules. There is some continued growth in the UK, however, the outlook for the domestic economy following the decision to leave the EU and an uncertain global situation, continue to be the key risks affecting your Company.

The Manager has a clear focus to allocate resources to those sectors and opportunities where it believes growth can be both resilient and sustainable. The rebalancing of the portfolio has resulted in a spread of investments that is more proportionately balanced between stability and growth.

A detailed analysis of the other risks and uncertainties facing the business is shown in the Strategic report below.

Share buy-backs
It remains the Board's primary objective to maintain sufficient resources for investment in new and existing portfolio companies and for the continued payment of dividends to shareholders. The Board's policy is to buy back shares in the market, subject to the overall constraint that such purchases are in the Company's interest. In order to ensure that these conditions are satisfied, the Company will limit the sum available for buy-backs for the 6 month period to 30 June 2018 to £1 million. It is the Board's intention for such buy-backs to be in the region of a 5 per cent. discount to net asset value, so far as market conditions and liquidity permit. The Board continues to review the use of buy-backs and is satisfied that it is an important means of providing market liquidity for shareholders.

Transactions with the Manager
Details of transactions that took place with the Manager during the year can be found in note 5 and principally relate to the investment management fee. As a result of the lowering of the expenses cap in 2015 to 2.75 per cent. of net assets, the investment management fee was reduced by £137,000 in the year (2016: £133,000). Additionally, Albion agreed to reduce that proportion of its management fee relating to the investment in the SVS Albion OLIM UK Equity Income Fund ("OUEIF") by 0.75 per cent., which represents the management fee charged by OLIM. This avoids double counting of fees and resulted in a reduction of the management fee of £3,000. Further details on the investments in the OUEIF can be found in note 20.

Results, dividends and reserves
As at 31 December 2017, the net asset value was 71.9 pence per share compared to 71.6 pence per share at 31 December 2016. The total return after tax was £4.19 million compared to £2.23 million in the year to 31 December 2016.

It was announced on 22 November 2016 that the Company's dividend target was changing to 4.0 pence per share and that it would move from paying quarterly dividends to semi-annual dividends. The Company paid dividends totalling 4.0 pence per share during the financial year, in line with the Company's target.

The Board has declared a first dividend for the year ending 31 December 2018, of 2.0 pence per share to be paid on 29 June 2018 to shareholders on the register on 1 June 2018. Subject to Board approval, a further dividend for the year ended 31 December 2018 will be paid in December 2018.

As noted in the Annual Report and Financial Statements for the year ended 31 December 2016, a special resolution was proposed (the 'Proposal') to shareholders to cancel the share premium reserve which was passed at the Annual General Meeting in June 2017. The Company thereafter applied to the High Court to confirm the cancellation. The initial hearing at the High Court took place on 31 October 2017, and following the final hearing on 15 November 2017, the High Court approved the Proposal. This has created additional distributable reserves of £32.6 million.

Update of investment policy
As explained more fully in the Strategic report, the Manager and Board are recommending that the investment policy be updated in light of the November 2017 Autumn Budget and the changes made to the legislation governing venture capital trusts therein. In future, VCTs may no longer offer secured loans to portfolio companies and to qualify for VCT tax reliefs, portfolio companies must satisfy a "risk to capital condition." The updated policy, therefore, removes references to loan stock being secured by first charges, enabling the Company to invest in a broad range of businesses and is compliant with current VCT regulations. This in turn will result in a decline in investment income, and thus the Company's returns will continue their current trend of being more geared to capital rather than revenue.

Albion VCTs Prospectus Top Up Offers
In September 2017, the Company announced the launch of the Albion VCTs Prospectus Top Up Offers 2017/18. In aggregate, the Albion VCTs raised £32 million across five of the VCTs managed by Albion Capital Group LLP, with the Company reaching its £6 million limit.

The Company raised approximately £5.8 million during the year under the Albion VCTs Prospectus Top Up Offers 2016/2017 and approximately £3.3 million under the Albion VCTs Prospectus Top Up Offers 2017/18, with a subsequent £1.3 million after the year end. The Offers have now closed.

The funds raised by each Company pursuant to its Offer have been added to the liquid resources available for investment, putting each Company into a position to take advantage of investment opportunities over the next two to three years. The proceeds of the Offers are being applied in accordance with the respective Companies' investment policies. The Company continues to participate in the Top Up Offers and also benefits from receipts from dividend reinvestment, the net proceeds of which are invested in new investment opportunities and to provide additional working capital in the Company. It is important that the Company continues to have cash available for future investments and the Top Up Offers and dividend reinvestments are important sources of that capital.

Outlook and prospects
I am encouraged by the constituents and overall balance of our investment portfolio. Following the restructuring of the portfolio that has taken place over the past three years, the Company now has the potential to deliver improving returns for shareholders. A number of our growth and technology businesses have excellent prospects, and although the new VCT rules will result in a gradual decline in the number of asset-based businesses, diversity will be maintained in sector spread and in stage of maturity.

Dr. N E Cross
Chairman
29 March 2018

Strategic report

The Company's current general investment policy is as follows:

Investment policy
It is intended that the Company's VCT qualifying investment portfolio will be split approximately as follows:

40 per cent. in unquoted UK technology related companies; and
60 per cent. in unquoted UK non-technology companies.

The Company's maximum exposure in relation to gearing is restricted to 10 per cent. of the adjusted share capital and reserves. The Directors do not have any intention of utilising long-term gearing.

Current portfolio sector allocation
The pie chart at the end of this announcement shows the split of the portfolio valuation by sector as at 31 December 2017. Details of the principal investments made by the Company are shown in the Portfolio of Investments on pages 20 to 22 of the full Annual Report and Financial Statements.

Direction of portfolio
The Board agreed a policy with the Manager to undertake a programme to reduce the proportion of those investments which were made at the high point in the market, before 2009 and this programme, which commenced in 2015, is nearly complete. At 31 December 2017, these investments made pre-2009 amounted to £15.6 million, or 21 per cent. of the Company's assets, in line with the Company's target for the realignment of the portfolio.

The current portfolio is well balanced in terms of sectors, despite the disposal programme referred to above, with education accounting for 16 per cent., renewable energy at 16 per cent. and pubs at 7 per cent.

Results and dividends	Ordinary shares
	£'000

Net revenue return for the year ended 31 December 2017	233
Net capital gain for the year ended 31 December 2017	3,958
Total return for the year ended 31 December 2017	4,191
Dividend of 1.0 penny per share paid on 31 January 2017	(900)
Dividend of 1.0 penny per share paid on 30 June 2017	(978)
Dividend of 2.0 pence per share paid on 29 December 2017	(2,013)
Transferred to reserves	300

Net assets as at 31 December 2017	72,648

Net asset value per share as at 31 December 2017	71.9p

The Company paid dividends of 4.0 pence per share during the year ended 31 December 2017 (2016: 5.0 pence per share). The dividend objective of the Board is to provide shareholders with a strong, predictable dividend flow. The Board has declared a first dividend for the year ending 31 December 2018, of 2.0 pence per share to be paid on 29 June 2018 to shareholders on the register on 1 June 2018. As mentioned in the Half-yearly Financial Report to June 2017, it is the Board's intention that two dividends are payable per annum in June and December.

As shown in the Income statement, investment income has decreased to £995,000 (2016: £1,570,000). This is in part due to the disposal of income producing investments in prior years as well as capitalising interest on a number of companies in order to fund further growth. As a result, the revenue return to equity holders has decreased to £233,000 (2016: £751,000).

The capital gain for the year was £3,958,000 (2016: £1,478,000). This is mainly attributable to uplifts in valuations for Grapeshot Limited (£1,304,000), memsstar Limited (£1,154,000) and Radnor House School Holdings Limited (£1,123,000) and the realised gain in the year of £535,000 on the sale of Hilson Moran Holdings Limited. These were partly offset by unrealised losses on Mi-Pay Group plc (£718,000) and DySIS Medical Limited (£362,000). The total return for the period was 4.3 pence per share (2016: 2.5 pence per share).

The Balance sheet shows that the net asset value per share has increased over the last year to 71.9 pence per share (2016: 71.6 pence per share). The increase in net asset value is attributed to the total return of 4.3 pence per share offset by the payment of 4.0 pence per share of dividends.

The cash inflow for the year reflected the issue of new shares under the Albion VCTs Top Up Offers which raised £9.1 million and £8.2 million from the disposal of investments and receipt of deferred consideration. This was utilised by the £6.6 million of new investments, dividends paid of £3.3 million and the buy-back of £1.7 million of shares.

Review of business and outlook
A review of the Company's business during the year and future prospects is contained in the Chairman's statement above and in this Strategic report.

In light of the new VCT regulations set out in the recent Finance Act, asset-based investments will begin to decrease as a proportion of the portfolio, and greater emphasis will be given to growth and technology investments.

Details of significant events which have occurred since the end of the financial year are listed in note 19. Details of transactions with the Manager are shown in note 5.

VCT regulation
The investment policy is designed to ensure that the Company continues to qualify and is approved as a VCT by HMRC. In order to maintain its status under Venture Capital Trust legislation, a VCT must comply on a continuing basis with the provisions of Section 274 of the Income Tax Act 2007, details of which are provided in the Directors' report on page 29 of the full Annual Report and Financial Statements.

The relevant tests to measure compliance have been carried out and independently reviewed for the year ended 31 December 2017. These showed that the Company has complied with all tests and continues to do so.

The Finance Act 2017 contained a number of measures that affects all VCTs. These include:

a principles-based test for qualifying companies to ensure that investment activities focuses on higher risk opportunities;
an increase in the proportion of the portfolio invested in qualifying unquoted companies from 70 per cent. to 80 per cent. in respect of accounting periods starting on or after 6 April 2019; and
VCT loan investments to be unsecured and represent no more than normal commercial terms.

Future prospects
As outlined in the Chairman's statement above, the Company's portfolio is well balanced across sectors and risk classes. The performance of the growth and technology investments in recent years gives the Board a degree of confidence in the future performance of the Company, as does the proportion of portfolio companies that are profitable. The Manager has a strong pipeline of investment opportunities in which the Company's cash can be deployed.

Key performance indicators
The Directors believe that the following key performance indicators, which are typical for venture capital trusts, used in its own assessment of the Company, will provide shareholders with sufficient information to assess how effectively the Company is applying its investment policy to meet its objectives and recovering ground from the realignment of the portfolio. The Directors are satisfied that the results shown in the following key performance indicators give a good indication that the Company is achieving its investment objective and policy. These are:

Net asset value per share and total shareholder return

Please see the "Total shareholder return to 31 December 2017" table above or on page 6 of the full Annual Report and Financial Statements which shows the NAV per share as at 31 December 2017 and total shareholder return split by Ordinary shares, C shares and Income & Growth shares.

Total shareholder return is net asset value plus cumulative dividends paid since launch.

Total shareholder return increased by 2.6 per cent. to 166.9 pence per Ordinary share for the year ended 31 December 2017.

The graph on page 5 of the full Annual Report and Financial Statements reflects the total shareholder return performance of the Company relative to the FTSE All-share Index.

Dividend distributions

Dividends paid in respect of the year ended 31 December 2017 were 4.0 pence per share (2016: 5.0 pence per share), in line with the Boards dividend objective as revised in 2016. Cumulative dividends paid since inception are 95.0 pence per share.

Ongoing charges

As agreed with the Manager in 2015, the ongoing charges ratio for the year to 31 December 2017 was capped at 2.75 per cent. (2016: 2.75 per cent.) from a previous cap of 3 per cent. with any excess being a reduction in the Management fee. The ongoing charges ratio has been calculated using The Association of Investment Companies' (AIC) recommended methodology. This figure shows shareholders the total recurring annual running expenses (including investment management fees charged to capital reserve) as a percentage of the average net assets attributable to shareholders. The Directors expect the ongoing charges ratio for the year ahead to be 2.75 per cent. (capped at 2.75 per cent.).

The reduction in Management fees payable to Albion Capital Group LLP in the year, due to the expense cap, amounted to £137,000 (2016: £133,000).

Gearing
As defined by the Articles of Association, the Company's maximum exposure in relation to gearing is restricted to 10 per cent. of the adjusted share capital and reserves. The Directors do not currently have any intention of utilising long-term gearing and have not done so in the past.

Operational arrangements
The Company has delegated the investment management of the portfolio to Albion Capital Group LLP, which is authorised and regulated by the Financial Conduct Authority. Albion Capital Group LLP also provides company secretarial and other accounting and administrative support to the Company.

Management agreement
Under the Management agreement, the Manager provides investment management, secretarial and administrative services to the Company. The Management agreement can be terminated by either party on 12 months' notice and is subject to earlier termination in the event of certain breaches or on the insolvency of either party. The Manager is paid an annual fee equal to 2.5 per cent. of the net asset value of the Company, payable quarterly in arrears. The total annual running costs of the Company, including fees payable to Albion, Directors' fees, professional fees and the costs incurred by the Company in the ordinary course of business (but excluding any exceptional items and performance fees payable to Albion) are capped at an amount equal to 2.75 per cent. of the Company's net assets, with any excess being met by Albion by way of a reduction in management fees.

Additionally, Albion agreed to reduce that proportion of its management fee relating to the investment in the SVS Albion OLIM UK Equity Income Fund ("OUEIF") by 0.75 per cent., which represents the OUEIF management fee charged by OLIM to avoid any double charging for the investment exposure.

The Manager is also entitled to an arrangement fee, payable by each portfolio company, of approximately 2 per cent. of each investment made and monitoring fees where the Investment Manager has a representative on the portfolio company's board. Further details of the Manager's fee can be found in note 5.

Management performance incentive
In order to provide the Manager with an incentive to maximise the return to investors, the Manager is entitled to charge an incentive fee in the event that the returns exceed minimum target levels per share.

Under the incentive arrangement, if the net asset value per share at the end of a financial period, when added to the aggregate dividends per share (both revenue and capital) paid to that date, exceeds £1 as increased at the rate of RPI plus 2 per cent. per annum uncompounded from the date of first admission to the Official List of the relevant class of share, then the Manager will be entitled to an incentive fee equal to 15 per cent. of such excess. In the event that the performance of the Company falls short of the target in any period, such shortfall must be made up in future periods before the Manager is entitled to any incentive in respect of such future periods.

The fee if applicable, will be payable annually. No performance fee has arisen during the year (2016: £nil). The performance threshold at 31 December 2017 was 196.6 pence for the Ordinary shares, 167.8 pence for the former C shares and 174.0 pence for the former Income & Growth shares which compare to total returns of 166.9 pence, 93.8 pence and 97.7 pence respectively, based on the latest NAV.

Investment and co-investment
The Company co-invests with other Albion Capital Group LLP managed venture capital trusts and funds. Allocation of investments is on the basis of an allocation agreement which is based, inter alia, on the ratio of funds available for investment.

Evaluation of the Manager
The Board has evaluated the performance of the Manager based on the returns generated by the Company, the continuing achievement of the 70 per cent. (to be 80 per cent. in respect of accounting periods starting on or after 6 April 2019) qualifying holdings investment requirement for venture capital trust status, the long term prospects of the current portfolio of investments, a review of the Management agreement and the services provided therein, and benchmarking the performance of the Manager to other service providers including the performance of other VCTs that the Manager is responsible for managing. The Board believes that it is in the interests of shareholders as a whole, and of the Company, to continue the appointment of the Manager for the forthcoming year.

Alternative Investment Fund Managers Directive ("AIFMD")
The Board appointed Albion Capital Group LLP as the Company's AIFM in June 2014 as required by the AIFMD.

Social and community issues, employees and human rights
The Board recognises the requirement under section 414C of the Companies Act 2006 (the "Act") to detail information about social and community issues, employees and human rights; including any policies it has in relation to these matters and effectiveness of these policies. As an externally managed investment company with no employees, the Company has no policies in these matters and as such these requirements do not apply.

General Data Protection Regulation
The General Data Protection Regulation ("GDPR") is effective from 25 May 2018 with the objective of unifying data privacy requirements across the European Union. The Manager, Albion Capital Group LLP, is undertaking a data audit to identify personal data to ensure compliance with GDPR by the effective date.

Further policies
The Company has adopted a number of further policies relating to:

Environment
Global greenhouse gas emissions
Anti-bribery
Anti-facilitation of tax evasion
Diversity

and these are set out in the Directors' report on pages 29 and 30 of the full Annual Report and Financial Statements.

Risk management
The Board carries out a regular review of the risk environment in which the Company operates. The principal risks and uncertainties of the Company as identified by the Board and how they are managed are as follows:

Risk	Possible consequence	Risk management
Investment and performance risk	The risk of investment in poor quality assets, which could reduce the capital and income returns to shareholders, and could negatively impact on the Company's current and future valuations. By nature, smaller unquoted businesses, such as those that qualify for venture capital trust purposes, are more fragile than larger, long established businesses. Investments in open-ended equity funds result in exposure to market risk through movements in price per unit.	To reduce this risk, the Board places reliance upon the skills and expertise of the Manager and its track record over many years of making successful investments in this segment of the market. In addition, the Manager operates a formal and structured investment appraisal and review process, which includes an Investment Committee, comprising investment professionals from the Manager and at least one external investment professional. The Manager also invites and takes account of comments from non-executive Directors of the Company on matters discussed at the Investment Committee meetings. Investments are actively and regularly monitored by the Manager (investment managers normally sit on portfolio company boards), including the level of diversification in the portfolio, and the Board receives detailed reports on each investment as part of the Manager's report at quarterly board meetings. The Board and Manager regularly reviews the deployment of cash resources into equity markets, the extent of exposure and performance of the exposure.
VCT approval risk	The Company must comply with section 274 of the Income Tax Act 2007 which enables its investors to take advantage of tax relief on their investment and on future returns. Breach of any of the rules enabling the Company to hold VCT status could result in the loss of that status.	To reduce this risk, the Board has appointed the Manager, which has a team with significant experience in venture capital trust management, used to operating within the requirements of the venture capital trust legislation. In addition, to provide further formal reassurance, the Board has appointed Philip Hare & Associates LLP as its taxation adviser, who report quarterly to the Board to independently confirm compliance with the venture capital trust legislation, to highlight areas of risk and to inform on changes in legislation. Each investment in a new portfolio company is also pre-cleared with H.M. Revenue & Customs or our professional advisers.
Regulatory and compliance risk	The Company is listed on The London Stock Exchange and is required to comply with the rules of the UK Listing Authority, as well as with the Companies Act, Accounting Standards and other legislation. Failure to comply with these regulations could result in a delisting of the Company's shares, or other penalties under the Companies Act or from financial reporting oversight bodies.	Board members and the Manager have experience of operating at senior levels within or advising quoted companies. In addition, the Board and the Manager receive regular updates on new regulation, including legislation on the management of the Company, from its auditor, lawyers and other professional bodies. The Company is subject to compliance checks through the Manager's compliance officer. The Manager reports monthly to its Board on any issues arising from compliance or regulation. These controls are also reviewed as part of the quarterly Board meetings, and also as part of the review work undertaken by the Manager's compliance officer. The report on controls is also evaluated by the internal auditors.
Operational and internal control risk	The Company relies on a number of third parties, in particular the Manager, for the provision of investment management and administrative functions. Failures in key systems and controls within the Manager's business could put assets of the Company at risk or result in reduced or inaccurate information being passed to the Board or to shareholders.	The Company and its operations are subject to a series of rigorous internal controls and review procedures exercised throughout the year, and receives reports from the Manager on internal controls and risk management, including on matters relating to cyber security. The Audit Committee reviews the Internal Audit Reports prepared by the Manager's internal auditors, PKF Littlejohn LLP. On an annual basis, the Audit Committee chairman meets with the internal audit partner to provide an opportunity to ask specific detailed questions in order to satisfy itself that the Manager has strong systems and controls in place including those in relation to business continuity. In addition, the Board regularly reviews the performance of its key service providers, particularly the Manager, to ensure they continue to have the necessary expertise and resources to deliver the Company's investment objective and policies. The Manager and other service providers have also demonstrated to the Board that there is no undue reliance placed upon any one individual.
Economic and political risk	Changes in economic conditions, including, for example, interest rates, rates of inflation, industry conditions, competition, political and diplomatic events and other factors could substantially and adversely affect the Company's prospects in a number of ways.	The Company invests in a diversified portfolio of companies across a number of industry sectors and in addition often invests a mixture of instruments in portfolio companies and has a policy of not normally permitting any external bank borrowings within portfolio companies. At any given time, the Company has sufficient cash resources to meet its operating requirements, including share buy backs and follow on investments.
Market value of Ordinary shares	The market value of Ordinary shares can fluctuate. The market value of an Ordinary share, as well as being affected by its net asset value and prospective net asset value, also takes into account its dividend yield and prevailing interest rates. As such, the market value of an Ordinary share may vary considerably from its underlying net asset value. The market prices of shares in quoted investment companies can, therefore, be at a discount or premium to the net asset value at different times, depending on supply and demand, market conditions, general investor sentiment and other factors. Accordingly the market price of the Ordinary shares may not fully reflect their underlying net asset value.	The Company operates a share buyback policy, which is designed to limit the discount at which the Ordinary shares trade to around 5 per cent to net asset value, by providing a purchaser through the Company in absence of market purchasers. From time to time buyback cannot be applied, for example when the Company is subject to a close period, or if it were to exhaust any buyback authorities. New Ordinary shares are issued at sufficient premium to net asset value to cover the costs of issue and to avoid asset value dilution to existing investors.

Viability statement
In accordance with the FRC UK Corporate Governance Code published in 2016 and principle 21 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of the Company over three years to 31 December 2020. The Directors believe that three years is a reasonable period in which they can assess the future of the Company to continue to operate and meet its liabilities as they fall due and is also the period used by the Board in the strategic planning process and is considered reasonable for a business of our nature and size. The three year period is considered the most appropriate given the forecasts that the Board require from the Manager and the estimated timelines for finding, assessing and completing investments.

The Directors have carried out a robust assessment of the principal risks facing the Company as explained above, including those that could threaten its business model, future performance, solvency or liquidity. The Board also considered the risk management processes in place to avoid or reduce the impact of the underlying risks. The Board focused on the major factors which affect the economic, regulatory and political environment. The Board deliberated over the importance of the Manager and the processes that they have in place for dealing with the principal risks.

The Board assessed the ability of the Company to raise finance and deploy capital. The portfolio is well balanced after the process of reducing the proportion of the portfolios holdings in investments made prior to the crash in 2008 and geared towards long term growth delivering dividends and capital growth to shareholders. In assessing the prospects of the Company, the Directors have considered the cash flow by looking at the Company's income and expenditure projections and funding pipeline over the assessment period of three years and they appear realistic.

Taking into account the processes for mitigating risks, monitoring costs, share price discount, the Manager's compliance with the investment objective, policies and business model and the balance of the portfolio the Directors have concluded that there is a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the three year period to 31 December 2020.

This Strategic report of the Company for the year ended 31 December 2017 has been prepared in accordance with the requirements of section 414A of the Act. The purpose of this report is to provide Shareholders with sufficient information to enable them to assess the extent to which the Directors have performed their duty to promote the success of the Company in accordance with section 172 of the Act.

On behalf of the Board,

Dr. N E Cross
Chairman
29 March 2018

Responsibility Statement
In preparing these financial statements for the year to 31 December 2017, the Directors of the Company, being Dr Neil Cross, Robin Archibald, Mary Anne Cordeiro, Modwenna Rees-Mogg and Patrick Reeve, confirm that to the best of their knowledge:

- summary financial information contained in this announcement and the full Annual Report and Financial Statements for the year ended 31 December 2017 for the Company has been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (UK Accounting Standards and applicable law) and give a true and fair view of the assets, liabilities, financial position and profit and loss of the Company for the year ended 31 December 2017 as required by DTR 4.1.12R;

-the Chairman's statement and Strategic report include a fair review of the information required by DTR 4.2.7R (indication of important events during the year ended 31 December 2017 and description of principal risks and uncertainties that the Company faces); and

-the Chairman's statement and Strategic report include a fair review of the information required by DTR 4.2.8R (disclosure of related parties transactions and changes therein).

A detailed "Statement of Directors' responsibilities" is contained on page 33 within the full audited Annual Report and Financial Statements.

By order of the Board

Dr N E Cross
Chairman
29 March 2018

Income statement

		Year ended 31 December 2017			Year ended 31 December 2016
		Revenue	Capital	Total	Revenue	Capital	Total
	Note	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments	3	-	5,145	5,145	-	2,419	2,419
Investment income	4	995	-	995	1,570	-	1,570
Investment management fees	5	(410)	(1,231)	(1,641)	(369)	(1,108)	(1,477)
Other expenses	6	(308)	-	(308)	(284)	-	(284)
Profit on ordinary activities before tax		277	3,914	4,191	917	1,311	2,228
Tax (charge)/credit on ordinary activities	8	(44)	44	-	(166)	167	1
Profit and total comprehensive income attributable to shareholders		233	3,958	4,191	751	1,478	2,229
Basic and diluted return per share (pence)*	10	0.2	4.1	4.3	0.8	1.7	2.5

* excluding treasury shares

The accompanying notes form an integral part of these Financial Statements.

The total column of this Income statement represents the profit and loss account of the Company. The supplementary revenue and capital columns have been prepared in accordance with The Association of Investment Companies' Statement of Recommended Practice.

Balance sheet

		31 December 2017	31 December 2016
	Note	£'000	£'000
Fixed asset investments	11	60,724	57,021

Current assets
Current asset investments	13	1,372	-
Trade and other receivables less than one year	13	930	1,096
Cash and cash equivalents		10,154	6,752
		12,456	7,848

Total assets		73,180	64,869

Payables: amounts falling due within one year
Trade and other payables less than one year	14	(532)	(443)

Total assets less current liabilities		72,648	64,426

Equity attributable to equity holders
Called up share capital	15	1,143	1,007
Share premium		23,469	46,585
Capital redemption reserve		28	28
Unrealised capital reserve		9,692	4,625
Realised capital reserve		8,549	9,658
Other distributable reserve		29,767	2,523
Total equity shareholders' funds		72,648	64,426
Basic and diluted net asset value per share (pence)*	16	71.9	71.6

* excluding treasury shares

The accompanying notes form an integral part of these Financial Statements.

These Financial Statements were approved by the Board of Directors, and were authorised for issue on 29 March 2018 and were signed on its behalf by

Dr. N E Cross
Chairman
Company number: 04114310

Statement of changes in equity

	Called up share capital	Share premium	Capital redemption reserve	Unrealised capital reserve	Realised capital reserve*	Other distributable reserve*	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
As at 1 January 2017	1,007	46,585	28	4,625	9,658	2,523	64,426
Return/(loss) and total comprehensive income for the year	-	-	-	4,750	(792)	233	4,191
Transfer of previously unrealised losses on disposal of investments	-	-	-	317	(317)	-	-
Purchase of shares for treasury	-	-	-	-	-	(1,719)	(1,719)
Issue of equity	136	9,750	-	-	-	-	9,886
Cost of issue of equity	-	(245)	-	-	-	-	(245)
Cancellation of Share premium**	-	(32,621)	-	-	-	32,621	-
Dividends paid	-	-	-	-	-	(3,891)	(3,891)
As at 31 December 2017	1,143	23,469	28	9,692	8,549	29,767	72,648

As at 1 January 2016	919	40,171	28	(424)	13,229	7,868	61,791
Return/(loss) and total comprehensive income for the year	-	-	-	1,937	(459)	751	2,229
Transfer of previously unrealised losses on disposal of investments	-	-	-	3,112	(3,112)	-	-
Purchase of shares for treasury	-	-	-	-	-	(1,638)	(1,638)
Issue of equity	88	6,574	-	-	-	-	6,662
Cost of issue of equity	-	(160)	-	-	-	-	(160)
Dividends paid	-	-	-	-	-	(4,458)	(4,458)
As at 31 December 2016	1,007	46,585	28	4,625	9,658	2,523	64,426

* These reserves amount to £38,316,000 (2016: £12,181,000) which is considered distributable.
** Following approval by shareholders and the High Court, an amount of £32,620,666 was reclassified to the other distributable reserve.

Statement of cash flows

	Year ended 31 December 2017	Year ended 31 December 2016
	£'000	£'000
Cash flow from operating activities
Loan stock income received	921	1,185
Dividend income received	74	76
Deposit interest received	7	80
Investment management fees paid	(1,569)	(1,413)
Other cash payments	(295)	(281)
Corporation tax received/(paid)	1	(32)
Net cash flow from operating activities	(861)	(385)

Cash flow from investing activities
Purchase of current asset investments	(1,350)	-
Purchase of fixed asset investments	(6,623)	(3,821)
Disposal of fixed asset investments	8,202	3,044
Net cash flow from investing activities	229	(777)


Cash flow from financing activities
Issue of ordinary share capital	9,072	5,869
Cost of issue of equity	(3)	(8)
Dividends paid	(3,318)	(3,818)
Purchase of own shares (including costs)	(1,717)	(1,638)
Net cash flow from financing activities	4,034	405


Increase/(decrease) in cash and cash equivalents	3,402	(757)
Cash and cash equivalents at start of period	6,752	7,509
Cash and cash equivalents at end of period	10,154	6,752

Cash and cash equivalents comprise
Cash at bank and in hand	10,154	6,752
Cash equivalents	-	-
Total cash and cash equivalents	10,154	6,752

Notes to the Financial Statements
1. Basis of preparation
The Financial Statements have been prepared in accordance with the historical cost convention, modified to include the revaluation of investments, in accordance with applicable United Kingdom law and accounting standards, including Financial Reporting Standard 102 ("FRS 102"), and with the 2014 Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" ("SORP") issued by The Association of Investment Companies ("AIC").

The preparation of the Financial Statements requires management to make judgements and estimates that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The most critical estimates and judgements relate to the determination of carrying value of investments at fair value through profit and loss (FVTPL). The Company values investments by following the International Private Equity and Venture Capital Valuation ("IPEVCV") Guidelines and further detail on the valuation techniques used are outlined in note 2 below.

Company information can be found on page 2 of the full Annual Report and Financial Statements.

2. Accounting policies
Fixed and current asset investments
The Company's business is investing in financial assets with a view to profiting from their total return in the form of income and capital growth. This portfolio of financial assets is managed and its performance evaluated on a fair value basis, in accordance with a documented investment policy, and information about the portfolio is provided internally on that basis to the Board.

In accordance with the requirements of FRS 102, those undertakings in which the Company holds more than 20 per cent. of the equity as part of an investment portfolio are not accounted for using the equity method. In these circumstances the investment is measured at FVTPL.

Upon initial recognition (using trade date accounting) investments, including loan stock, are classified by the Company as FVTPL and are included at their initial fair value, which is cost (excluding expenses incidental to the acquisition which are written off to the Income statement).

Subsequently, the investments are valued at 'fair value', which is measured as follows:

Investments listed on recognised exchanges, including liquid open-ended equity funds, are valued at their bid prices at the end of the accounting period or otherwise at fair value based on published price quotations;
Unquoted investments, where there is not an active market, are valued using an appropriate valuation technique in accordance with the IPEVCV Guidelines. Indicators of fair value are derived using established methodologies including earnings multiples, the level of third party offers received, prices of recent investment rounds, net assets and industry valuation benchmarks. Where the Company has an investment in an early stage enterprise, the price of a recent investment round is often the most appropriate approach to determining fair value. In situations where a period of time has elapsed since the date of the most recent transaction, consideration is given to the circumstances of the portfolio company since that date in determining fair value. This includes consideration of whether there is any evidence of deterioration or strong definable evidence of an increase in value. In the absence of these indicators, the investment in question is valued at the amount reported at the previous reporting date. Examples of events or changes that could indicate a diminution include:
- the performance and/or prospects of the underlying business are significantly below the expectations on which the investment was based;
- a significant adverse change either in the portfolio company's business or in the technological, market, economic, legal or regulatory environment in which the business operates; or
- market conditions have deteriorated, which may be indicated by a fall in the share prices of quoted businesses operating in the same or related sectors.

Investments are recognised as financial assets on legal completion of the investment contract and are de-recognised on legal completion of the sale of an investment.

Dividend income is not recognised as part of the fair value movement of an investment, but is recognised separately as investment income through the other distributable reserve when a share becomes ex-dividend.

Receivables and payables and cash are carried at amortised cost, in accordance with FRS 102. There are no financial liabilities other than payables.

Investment income
Equity income
Dividend income is included in revenue when the investment is quoted ex-dividend.

Unquoted loan stock and other preferred income
Fixed returns on non-equity shares and debt securities are recognised when the Company's right to receive payment and expect settlement is established. Where interest is rolled up and/or payable at redemption then it is recognised as income unless there is reasonable doubt as to its receipt.

Bank interest income
Interest income is recognised on an accruals basis using the rate of interest agreed with the bank.

Investment management fees and expenses
All expenses have been accounted for on an accruals basis. Expenses are charged through the other distributable reserve except the following which are charged through the realised capital reserve:

75 per cent. of management fees are allocated to the realised capital reserve. This is in line with the Board's expectation that over the long term 75 per cent. of the Company's investment returns will be in the form of capital gains; and

expenses which are incidental to the purchase or disposal of an investment are charged through the realised capital reserve.

Performance incentive fee
Any performance incentive fee will be allocated between other distributable and realised capital reserves based upon the proportion to which the calculation of the fee is attributable to revenue and capital returns.

Taxation
Taxation is applied on a current basis in accordance with FRS 102. Current tax is tax payable (refundable) in respect of the taxable profit (tax loss) for the current period or past reporting periods using the tax rates and laws that have been enacted or substantively enacted at the financial reporting date. Taxation associated with capital expenses is applied in accordance with the SORP.

Deferred tax is provided in full on all timing differences at the reporting date. Timing differences are differences between taxable profits and total comprehensive income as stated in the Financial Statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the Financial Statements. As a VCT the Company has an exemption from tax on capital gains. The Company intends to continue meeting the conditions required to obtain approval as a VCT in the foreseeable future. The Company therefore, should have no material deferred tax timing differences arising in respect of the revaluation or disposal of investments and the Company has not provided for any deferred tax.

Reserves
Share premium
This reserve accounts for the difference between the price paid for shares and the nominal value of the shares, less issue costs.

Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is diminished through the repurchase and cancellation of the Company's own shares.

Unrealised capital reserve
Increases and decreases in the valuation of investments held at the year end against cost are included in this reserve.

Realised capital reserve
The following are disclosed in this reserve:

gains and losses compared to cost on the realisation of investments;
expenses, together with the related taxation effect, charged in accordance with the above policies; and
dividends paid to equity holders.

Other distributable reserve
The special reserve, treasury share reserve and the revenue reserve were combined in 2012 to form a single reserve named other distributable reserve.

This reserve accounts for movements from the revenue column of the Income statement, the payment of dividends, the buy-back of shares and other non-capital realised movements.

Dividends
Dividends by the Company are accounted for in the period in which the dividend is paid or approved at the Annual General Meeting.

Segmental reporting
The Directors are of the opinion that the Company is engaged in a single operating segment of business, being investment in smaller companies principally based in the UK.

3. Gains on investments

	Year ended 31 December 2017 £'000	Year ended 31 December 2016 £'000
Unrealised gains on fixed asset investments	4,728	1,937
Unrealised gains on current asset investments	22	-
Realised gains on fixed asset investments	395	482
	5,145	2,419

4. Investment income

	Year ended 31 December 2017 £'000	Year ended 31 December 2016 £'000
Income recognised on investments
Loan stock interest and other fixed returns	915	1,417
UK dividend income	74	76
Bank deposit interest	6	77
	995	1,570

Interest income earned on impaired investments at 31 December 2017 amounted to £3,000 (2016: £154,000).

5. Investment management fees

	Year ended 31 December 2017 £'000	Year ended 31 December 2016 £'000
Investment management fee charged to revenue	410	369
Investment management fee charged to capital	1,231	1,108
	1,641	1,477

Further details of the Management agreement under which the investment management fee is paid are given in the Strategic report.

During the year, services of a total value of £1,641,000 (2016: £1,477,000) were purchased by the Company from Albion Capital Group LLP in respect of management fees. At the financial year end, the amount due to Albion Capital Group LLP in respect of these services disclosed as accruals was £446,000 (2016: £373,000). The total annual running costs of the Company are capped at an amount equal to 2.75 per cent. of the Company's net assets, with any excess being met by Albion by way of a reduction in management fees. During the year, the management fee was reduced by £137,000 as a result of this cap (2016: £133,000).

During the year, the Company was not charged by Albion Capital Group LLP in respect of Patrick Reeve's services as a Director (2016: £nil).

Albion Capital Group LLP, its partners and staff (including Patrick Reeve) hold 1,202,004 Ordinary shares in the Company.

Albion Capital Group LLP is, from time to time, eligible to receive transaction fees and monitoring fees from portfolio companies. During the year ended 31 December 2017, fees of £305,000 attributable to the investments of the Company were received by Albion Capital Group LLP pursuant to these arrangements (2016: £197,000).

Additionally, following approval at the 2017 Annual General Meeting of the investment policy which permitted investment of working capital in open-ended funds to obtain equity returns, an amount of £1,350,000 was invested in the SVS Albion OLIM UK Equity Income Fund ("OUEIF") as part of the Company's management of surplus liquid funds. To avoid double charging, Albion agreed to reduce its management fee relating to the investment in the OUEIF by 0.75 per cent., which represents the OUEIF management fee charged by OLIM. This resulted in a further reduction of the management fee of £3,000 (2016: £nil).

6. Other expenses

	Year ended 31 December 2017 £'000	Year ended 31 December 2016 £'000
Directors' fees (including NIC)	101	97
Auditor's remuneration for statutory audit services (excluding VAT)	28	26
Tax services	17	17
Other administrative expenses	162	144
	308	284

7. Directors' fees
The amounts paid to and on behalf of the Directors during the year are as follows:

	Year ended 31 December 2017 £'000	Year ended 31 December 2016 £'000
Directors' fees	93	90
National insurance	8	7
	101	97

The Company's key management personnel are the Directors. Further information regarding Directors' remuneration can be found in the Directors' remuneration report on pages 39 to 41 of the full Annual Report and Financial Statements.

8. Tax on ordinary activities

	Year ended 31 December 2017 £'000	Year ended 31 December 2016 £'000
UK corporation tax charge in respect of current year	-	-
UK corporation tax credit in respect of prior years	-	(1)
	-	(1)

Factors affecting the tax charge:

	Year ended 31 December 2017 £'000	Year ended 31 December 2016 £'000
Return on ordinary activities before taxation	4,191	2,228

Tax charge on profit at the average companies rate of 19.25 per cent.	807	446

Factors affecting the charge:
Non-taxable gains	(990)	(484)
Income not taxable	(14)	(15)
Non-deductible expenses	5	-
Excess management expenses carried forward	192	53
Adjustment in respect of prior years	-	(1)
	-	(1)

The tax charge for the year shown in the Income statement is lower than the average companies rate of corporation tax in the UK of 19.25 per cent. (2016: 20 per cent.). The differences are explained above.

Consortium relief is recognised in the accounts in the period in which the claim is submitted to HMRC and is shown as tax in respect of prior year.

Notes

(i)         Venture Capital Trusts are not subject to corporation tax on capital gains.
(ii)         Tax relief on expenses charged to capital has been determined by allocating tax relief to expenses by reference to the applicable corporation tax rate and allocating the relief between revenue and capital in accordance with the SORP.
(iii)        The Company has excess management expenses of £1,268,000 (2016: £267,000) that are available for offset against future profits. A deferred tax asset of £216,000 (2016: £53,000) has not been recognised in respect of these losses as they will be recoverable only to the extent that the Company has sufficient future taxable profits.

9. Dividends

	Year ended 31 December 2017 £'000	Year ended 31 December 2016 £'000

Dividend of 1.25p per share paid on 29 January 2016	-	1,045
Dividend of 1.25p per share paid on 29 April 2016	-	1,146
Dividend of 1.25p per share paid on 30 June 2016	-	1,135
Dividend of 1.25p per share paid on 31 October 2016	-	1,132
Dividend of 1.00p per share paid on 31 January 2017	900	-
Dividend of 1.00p per share paid on 30 June 2017	978	-
Dividend of 2.00p per share paid on 29 December 2017	2,013	-
	3,891	4,458

In addition to the dividends summarised above, the Board has declared a first dividend for the year ending 31 December 2018 of 2.0 pence per share. The dividend will be paid on 29 June 2018 to shareholders on the register on 1 June 2018. The total dividend will be approximately £2,056,000. All dividends are paid out of the other distributable reserve as shown on the Balance sheet.

10. Basic and diluted return per share

	Year ended 31 December 2017			Year ended 31 December 2016
	Revenue	Capital	Total	Revenue	Capital	Total

Profit attributable to equity shares (£'000)	233	3,958	4,191	751	1,478	2,229
Weighted average shares in issue (excluding treasury shares)		96,895,249		89,594,274
Return attributable per equity share (pence)	0.2	4.1	4.3	0.8	1.7	2.5

The weighted average number of shares is calculated excluding treasury shares of 13,268,070 (2016: 10,705,070).

There are no convertible instruments, derivatives or contingent share agreements in issue, and therefore no dilution affecting the return per share. The basic return per share is therefore the same as the diluted return per share.

11. Fixed asset investments

	31 December 2017 £'000	31 December 2016 £'000
Investments held at fair value through profit or loss
Unquoted equity and preference shares	32,338	23,887
Quoted equity	1,106	1,850
Unquoted loan stock	27,280	31,284
	60,724	57,021

	31 December 2017 £'000	31 December 2016 £'000
Opening valuation	57,021	52,711
Purchases at cost	7,861	3,821
Disposal proceeds	(9,265)	(2,164)
Realised gains	395	482
Movement in loan stock accrued income	(16)	234
Unrealised gains	4,728	1,937
Closing valuation	60,724	57,021

Movement in loan stock accrued income
Opening accumulated movement in loan stock accrued income	421	187
Movement in loan stock accrued income	(16)	234
Closing accumulated movement in loan stock accrued income	405	421

Movement in unrealised gains/(losses)
Opening accumulated unrealised gains/(losses)	4,577	(472)
Transfer of previously unrealised losses to realised reserve on disposal of investments	317	3,112
Movement in unrealised gains	4,728	1,937
Closing accumulated unrealised gains	9,622	4,577

Historic cost basis
Opening book cost	52,023	52,996
Purchases at cost	7,861	3,821
Sales at cost	(9,187)	(4,795)
Closing book cost	50,697	52,023

Purchases and disposals detailed above do not agree to the Statement of cash flows due to restructuring of investments, conversion of convertible loan stock and settlement receivables and payables.

The Company does not hold any assets as the result of the enforcement of security during the period, and believes that the carrying values for both impaired and past due assets are covered by the value of security held for these loan stock investments.

Unquoted fixed asset investments are valued at fair value in accordance with the IPEVCV guidelines as follows:

Valuation methodology	31 December 2017 £'000	31 December 2016 £'000
Third party valuation - earnings multiple	15,380	13,342
Cost and price of recent investment (reviewed for impairment or uplift)	13,841	8,238
Third party valuation - discounted cash flow	11,891	12,096
Revenue multiple	10,403	7,192
Net assets	5,485	4,813
Earnings multiple	2,618	4,282
Offer price	-	5,208
	59,618	55,171

Fair value investments had the following movements between valuation methodologies between 31 December 2016 and 31 December 2017:

Change in valuationmethodology (2016 to 2017)	31 December 2017 £'000	Explanatory note

Revenue multiple to price of recent investment	788	Recent external funding round
Cost to net assets	630	More appropriate valuation methodology
Cost to revenue multiple	201	More recent information available

The valuation will be the most appropriate valuation methodology for an investment within its market, with regard to the financial health of the investment and the IPEVCV Guidelines. The Directors believe that, within these parameters, there are no other possible methods of valuation which would be reasonable as at 31 December 2017.

FRS 102 and the SORP requires the Company to disclose the inputs to the valuation methods applied to its investments measured at fair value through profit or loss in a fair value hierarchy. The table below sets out fair value hierarchy definitions using FRS102 s.11.27.

Fair value hierarchy	Definition
Level 1	Unadjusted quoted prices in an active market
Level 2	Inputs to valuations are from observable sources and are directly or indirectly derived from prices
Level 3	Inputs to valuations not based on observable market data

Quoted investments are valued according to Level 1 valuation methods. Unquoted equity, preference shares and loan stock are all valued according to Level 3 valuation methods.

Investments held at fair value through profit or loss (Level 3) had the following movements in the year to 31 December 2017:

	31 December 2017			31 December 2016
	Equity	Unquoted loan stock	Total	Equity	Unquoted loan stock	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Opening balance	23,887	31,284	55,171	20,014	30,303	50,317
Additions	5,115	2,746	7,861	2,081	1,740	3,821
Disposals	(2,825)	(6,440)	(9,265)	(1,473)	(691)	(2,164)
Accrued loan stock interest	-	(16)	(16)	-	234	234
Realised gains/(losses)	641	(246)	395	531	(49)	482
Debt/equity swap and restructurings	157	(157)	-	1,500	(1,500)	-
Unrealised gains	5,363	109	5,472	1,234	1,247	2,481
Closing balance	32,338	27,280	59,618	23,887	31,284	55,171

FRS 102 requires the Directors to consider the impact of changing one or more of the inputs used as part of the valuation process to reasonable possible alternative assumptions. 61 per cent. of the portfolio of investments is based on cost, recent investment price, net assets or is loan stock, and as such the Board considers that the assumptions used for their valuations are the most reasonable. The Directors believe that changes to reasonable possible alternative assumptions (by adjusting the revenue and earnings multiples) for the valuations of the remainder of the portfolio companies could result in an increase in the valuation of investments by £1,585,000 or a decrease in the valuation of investments by £1,322,000. For valuations based on earnings and revenue multiples, the Board considers that the most significant input is the price/earnings ratio; for valuations based on third party valuations, the Board considers that the most significant inputs are price/earnings ratio, discount factors and market values for buildings; which have been adjusted to drive the above sensitivities.

12. Significant interests
The principal activity of the Company is to select and hold a portfolio of investments. Although the Company, through the Manager, will, in some cases, be represented on the Board of the portfolio company, it will not take a controlling interest or become involved in the management. The size and structure of the companies with unquoted securities may result in certain holdings in the portfolio representing a participating interest without there being any partnership, joint venture or management consortium agreement. The investments listed below are held as part of an investment portfolio and therefore, as permitted by FRS 102 section 9.9B, they are measured at FVTPL and not accounted for using the equity method.

The Company has interests of greater than 20 per cent. of the nominal value of any class of the allotted shares in the portfolio companies as at 31 December 2017 as described below:

Company	Registered postcode	Profit/(loss) before tax £'000	Net assets/(liabilities) £'000	Result for year ended	% class and share type	% total voting rights

Albion Investment Properties Limited	EC2R 7AF, UK	n/a*	(767)	31 December 2016	31.8% A Ordinary	31.8%
Bravo Inns Limited	WA4 1AG , UK	n/a*	(482)	31 March 2017	28.8% Ordinary	28.8%
MHS 1 Limited	EC2R 7AF, UK	n/a*	(3,916)	31 March 2017	22.5% Ordinary	22.5%
Mi-Pay Group PLC	GU19 5HL, UK	(439)	638	31 December 2016	21.6% Ordinary	21.6%
memsstar Limited	EH3 9EP, UK	(123)	2,164	31 December 2016	67.3% A Ordinary	30.1%
Premier Leisure (Suffolk) Limited	EC2R 7AF, UK	n/a*	836	30 June 2016	25.8% Ordinary	25.8%
The Q Garden Company Limited	EC2R 7AF, UK	n/a*	(4,613)	31 January 2017	33.4% A Ordinary	33.4%
TWCL Limited	EC2R 7AF, UK	4,420	(3,447)	30 September 2016	25.2% Ordinary	25.2%

*The Company files filleted accounts which does not disclose this information.

13. Current assets

Current asset investments	31 December 2017	31 December 2016
	£'000	£'000
SVS Albion OLIM UK Equity Income Fund	1,372	-

Current asset investments at 31 December 2017 consist of cash invested in SVS Albion OLIM UK Equity Income Fund and is capable of realisation within 7 days. These fall into the level 1 fair value hierarchy as defined in note 11.

Trade and other receivables less than one year	31 December 2017	31 December 2016
	£'000	£'000
Prepayments and accrued income	20	20
Other receivables	2	60
UK corporation tax receivable	-	1
Deferred consideration	908	1,015
	930	1,096

The Directors consider that the carrying amount of receivables is not materially different to their fair value.

14. Payables: amounts falling due within one year

	31 December 2017	31 December 2016
	£'000	£'000
Trade payables	5	8
Accruals and deferred income	527	435
	532	443

The Directors consider that the carrying amount of payables is not materially different to their fair value.

15. Called up share capital

Allotted, called up and fully paid	£'000
100,671,234 Ordinary shares of 1 penny each at 31 December 2016	1,007
13,598,077 Ordinary shares of 1 penny each issued during the year	136
114,269,311 Ordinary shares of 1 penny each at 31 December 2017	1,143

10,705,070 Ordinary shares of 1 penny each held in treasury at 31 December 2016	(107)
2,563,000 Ordinary shares purchased during the year to be held in treasury	(26)
13,268,070 Ordinary shares of 1 penny each held in treasury at 31 December 2017	(133)

*101,001,241 Ordinary shares of 1 penny each in circulation at 31 December 2017**	1,010

* Carrying one vote each

The Company purchased 2,563,000 Ordinary shares (2016: 2,423,000) to be held in treasury at a cost of £1,719,000 including stamp duty (2016: £1,638,000) during the period to 31 December 2017. Total share buy backs in 2017 represents 2.5 per cent. (2016: 2.4 per cent.) of called-up share capital.

The Company holds a total of 13,268,070 shares (2016: 10,705,070) in treasury representing 11.6 per cent. (2016: 10.6 per cent.) of the issued Ordinary share capital at 31 December 2017.

Under the terms of the dividend reinvestment scheme, the following new Ordinary shares of nominal value 1 penny each were allotted during the year:

Date of allotment	Number of shares allotted	Aggregate nominal value of shares (£'000)	Issue price (pence per share)	Net invested (£'000)	Opening market price on allotment date (pence per share)
31 January 2017	193,189	2	68.75	131	61.50
30 June 2017	200,714	2	71.10	141	68.50
29 December 2017	415,257	4	71.70	296	67.75
	809,160	8		568

During the period to 31 December 2017, the Company issued the following new Ordinary shares of nominal value 1 penny each under the Albion VCTs Prospectus Top Up Offers 2016/2017:

Date of allotment	Number of shares allotted	Aggregate nominal value of shares (£'000)	Issue price (pence per share)	Net consideration received (£'000)	Opening market price on allotment date (pence per share)
31 January 2017	1,063,482	11	70.2	732	61.50
31 January 2017	377,120	4	70.6	260	61.50
31 January 2017	3,856,902	39	70.9	2,652	61.50
28 March 2017	2,800,677	28	72.8	1,978	64.50
7 April 2017	19,619	-	72.1	14	68.00
7 April 2017	22,126	-	72.5	15	68.00
7 April 2017	234,840	2	72.8	166	68.00
	8,374,766	84		5,817

During the period to 31 December 2017, the Company issued the following new Ordinary shares of nominal value 1 penny each under the Albion VCTs Prospectus Top Up Offers 2017/18:

Date of allotment	Number of shares allotted	Aggregate nominal value of shares (£'000)	Issue price (pence per share)	Net consideration received (£'000)	Opening market price on allotment date (pence per share)
17 November 2017	1,425,053	14	74.9	1,051	67.75
17 November 2017	692,891	7	75.3	511	67.75
17 November 2017	2,296,207	23	75.6	1,693	67.75
	4,414,151	44		3,255

16. Basic and diluted net asset value per share

	31 December 2017	31 December 2016
	(pence per share)	(pence per share)
Basic and diluted net asset value per Ordinary share	71.9	71.6

The basic and diluted net asset values per share at the year end are calculated in accordance with the Articles of Association and are based upon total shares in issue (less treasury shares) of 101,001,241 Ordinary shares at 31 December 2017 (2016: 89,966,164 Ordinary shares).

17. Capital and financial instruments risk management
The Company's capital comprises Ordinary shares as described in note 15. The Company is permitted to buy back its own shares for cancellation or treasury purposes and this is described in more detail in the Chairman's statement.

The Company's financial instruments comprise equity and loan stock investments in quoted and unquoted companies, cash balances and receivables and payables which arise from its operations. The main purpose of these financial instruments is to generate cash flow and revenue and capital appreciation for the Company's operations. The Company has no gearing or other financial liabilities apart from short term payables. The Company does not use any derivatives for the management of its Balance sheet.

The principal financial risks arising from the Company's operations are:

Investment (or market) risk (which comprises investment price and cash flow interest rate risk);
credit risk; and
liquidity risk.

The Board regularly reviews and agrees policies for managing each of these risks. There have been no changes in the nature of the risks that the Company has faced during the past year, and apart from where noted below, there have been no changes in the objectives, policies or processes for managing risks during the past year. The key risks are summarised below.

Investment risk
As a venture capital trust, it is the Company's specific nature to evaluate and control the investment risk of its portfolio in quoted and unquoted investments, details of which are shown on pages 20 to 22 of the full Annual Report and Financial Statements. Investment risk is the exposure of the Company to the revaluation and devaluation of investments. The main driver of investment risk is the operational and financial performance of the portfolio company and the dynamics of market quoted comparators. The Manager receives management accounts from portfolio companies, and members of the investment management team often sit on the boards of unquoted portfolio companies; this enables the close identification, monitoring and management of investment risk.

The Manager and the Board formally review investment risk (which includes market price risk), both at the time of initial investment and at quarterly Board meetings.

The Board monitors the prices at which sales of investments are made to ensure that profits to the Company are maximised, and that valuations of investments retained within the portfolio appear sufficiently prudent and realistic compared to prices being achieved in the market for sales of quoted and unquoted investments.

The maximum investment risk as at the Balance sheet date is the value of the fixed and current asset investment portfolio which is £62,096,000 (2016: £57,021,000). Fixed and current asset investments form 85 per cent. of the net asset value as at 31 December 2017 (2016: 89 per cent.).

More details regarding the classification of fixed and current asset investments are shown in notes 11 and 13.

Investment price risk
Investment price risk is the risk that the fair value of future investment cash flows will fluctuate due to factors specific to an investment instrument or to a market in similar instruments. To mitigate the investment price risk for the Company as a whole, the strategy of the Company is to invest in a broad spread of industries with up to two-thirds of the unquoted investments comprising debt securities, which, owing to the structure of their yield, have a lower level of price volatility than equity. Details of the industries in which investments have been made are contained in the Portfolio of investments section on pages 20 to 22 of the full Annual Report and Financial Statements and in the Strategic report.

Valuations are based on the most appropriate valuation methodology for an investment within its market, with regard to the financial health of the investment and the IPEVCV Guidelines.

As required under FRS 102 section 34.29, the Board is required to illustrate by way of a sensitivity analysis the degree of exposure to market risk. The Board considers that the value of the fixed and current asset investment portfolio is sensitive to a 10 per cent. change based on the current economic climate. The impact of a 10 per cent. change has been selected as this is considered reasonable given the current level of volatility observed both on a historical basis and future expectations.

The sensitivity of a 10 per cent. increase or decrease in the valuation of the fixed and current asset investments (keeping all other variables constant) would increase or decrease the net asset value and return for the year by £6,210,000 (2016: £5,702,000).

Interest rate risk
The Company is exposed to fixed and floating rate interest rate risk on its financial assets. On the basis of the Company's analysis, it is estimated that a rise of one percentage point in all interest rates would have increased total return before tax for the year by approximately £97,000 (2016: £77,000). Furthermore, it is considered that a fall of interest rates below current levels during the year would have been very unlikely.

The weighted average effective interest rate applied to the Company's unquoted loan stock during the year was approximately 3.6 per cent. (2016: 4.7 per cent.). The weighted average period to maturity for the unquoted loan stock is approximately 3.3 years (2016: 3.1 years).

The Company's financial assets and liabilities as at 31 December 2017, all denominated in pounds sterling, consist of the following:

	31 December 2017				31 December 2016
	Fixed rate £'000	Floating rate £'000	Non-interest bearing £'000	Total £'000	Fixed rate £'000	Floating rate £'000	Non-interest bearing £'000	Total £'000
Unquoted equity	-	-	32,338	32,338	-	-	23,887	23,887
Quoted equity	-	-	1,106	1,106	-	-	1,850	1,850
Unquoted loan stock	25,948	-	1,332	27,280	28,440	-	2,844	31,284
Current asset investments	-	-	1,372	1,372	-	-	-	-
Receivables*	-	-	911	911	-	-	1,076	1,076
Current liabilities	-	-	(532)	(532)	-	-	(443)	(443)
Cash	-	10,154	-	10,154	-	6,752	-	6,752
Total	25,948	10,154	36,527	72,629	28,440	6,752	29,214	64,406

*The receivables do not reconcile to the Balance sheet as prepayments and tax refundable are not included in the above table.

Credit risk
Credit risk is the risk that the counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company. The Company is exposed to credit risk through its receivables, investment in unquoted loan stock, and through the holding of cash on deposit with banks.

The Manager evaluates credit risk on loan stock prior to investment, and as part of its ongoing monitoring of investments. In doing this, it takes into account the extent and quality of any security held. In the past loan stock may or may not have a fixed or floating charge, which may or may not have been subordinated, over the assets of the portfolio company. However, for new investments, typically loan stock instruments will have a first fixed charge or a fixed and floating charge over the assets of the portfolio company in order to mitigate the gross credit risk. The Manager receives management accounts from portfolio companies, and members of the investment management team sit on the boards of unquoted portfolio companies; this enables the close identification, monitoring and management of investment specific credit risk.

The Manager and the Board formally review credit risk (including receivables) and other risks, both at the time of initial investment and at quarterly Board meetings.

The Company's total gross credit risk as at 31 December 2017 was limited to £27,280,000 (2016: £31,284,000) of unquoted loan stock instruments (all are secured on the assets of the portfolio company), £10,154,000 (2016: £6,752,000) cash deposits with banks and £930,000 (2016: £1,076,000) of other receivables.

As at the Balance sheet date, the cash held by the Company is held with Lloyds Bank plc, Scottish Widows Bank plc (part of Lloyds Banking Group), Barclays Bank plc and National Westminster Bank plc. Credit risk on cash transactions is mitigated by transacting with counterparties that are regulated entities subject to prudential supervision, with high credit ratings assigned by international credit-rating agencies.

The Company has an informal policy of limiting counterparty banking and floating rate note exposure to a maximum of 20 per cent. of net asset value for any one counterparty.

The credit profile of unquoted loan stock is described under liquidity risk below.

Liquidity risk
Liquid assets are held as cash on current account, on deposit, in bonds or short term money market account. Under the terms of its Articles, the Company has the ability to borrow up to 10 per cent. of its adjusted capital and reserves of the latest published audited Balance sheet, which amounts to £7,059,000 as at 31 December 2017 (2016: £6,347,000).

The Company has no committed borrowing facilities as at 31 December 2017 (2016: £nil). The Company had cash balances of £10,154,000 (2016: £6,752,000). The main cash outflows are for new investments, share buy-backs and dividend payments, which are within the control of the Company. The Manager formally reviews the cash requirements of the Company on a monthly basis, and the Board on a quarterly basis as part of its review of management accounts and forecasts. All the Company's financial liabilities are short term in nature and total £532,000 as at 31 December 2017 (2016: £443,000).

The carrying value of loan stock investments at 31 December 2017, as analysed by expected maturity dates was as follows:

Redemption date	Fully performing £'000	Impaired £'000	Past due £'000	Total £'000
Less than one year	5,621	6,596	1,886	14,103
1-2 years	196	26	845	1,067
2-3 years	2,869	-	528	3,397
3-5 years	3,762	-	800	4,562
+5 years	3,237	-	914	4,151
Total	15,685	6,622	4,973	27,280

Loan stock can be past due as a result of interest or capital not being paid in accordance with contractual terms.

The average annual interest yield on the total cost of past due loan stock is 4.2 per cent. (2016: 4.6 per cent.).

Impaired loan stock has a cost of £6,840,000.

The carrying value of loan stock investments at 31 December 2016, as analysed by expected maturity dates, was as follows:

Redemption date	Fully performing £'000	Impaired £'000	Past due £'000	Total £'000
Less than one year	7,267	4,647	4,029	15,943
1-2 years	1,881	1,869	544	4,294
2-3 years	548	26	862	1,436
3-5 years	3,929	64	1,198	5,191
+5 years	3,085	413	922	4,420
Total	16,710	7,019	7,555	31,284

In view of the factors identified above, the Board considers that the Company is subject to low liquidity risk.

Fair values of financial assets and financial liabilities
All the Company's financial assets and liabilities as at 31 December 2017 are stated at fair value as determined by the Directors, with the exception of receivables and payables and cash which are carried at amortised cost, in accordance with FRS 102. There are no financial liabilities other than payables. The Company's financial liabilities are all non-interest bearing. It is the Directors' opinion that the book value of the financial liabilities is not materially different to the fair value and all are payable within one year.

18. Commitments and contingencies
The Company had no financial commitments in respect of investments at 31 December 2017 (2016: nil).

There were no contingent liabilities or guarantees given by the Company as at 31 December 2017 (2016: nil).

19. Post balance sheet events
Since 31 December 2017 the Company has had the following post balance sheet events:

Investment of £900,000 in SVS Albion OLIM UK Equity Income Fund;
Investment of £309,000 in Panaseer Limited; and
Investment of £204,000 in Koru Kids Limited.

On 6 September 2017 the Company announced the publication of a prospectus in relation to an offer for subscription for new Ordinary shares. A Securities Note, which forms part of the prospectus, has been sent to shareholders.

The following new Ordinary shares of nominal value 1 penny each were allotted under the Offers after 31 December 2017:

Date of allotment	Number of shares allotted	Aggregate nominal value of shares (£'000)	Issue price (pence per share)	Net consideration received (£'000)	Opening market price on allotment date (pence per share)
31 January 2018	1,815,597	18	73.6	1,303	67.25

As a result of the strong demand for the Company's shares the Board was able to announce on 28 February 2018 that subscription had reached its £6 million limit under the prospectus offer and was closed.

20. Related party transactions
In November 2016, Albion acquired OLIM Investment Managers ("OLIM"), a specialist fund manager of UK quoted equities. During the year, a total of £1,350,000 (2016: £nil) was invested into the SVS Albion OLIM UK Equity Income Fund ("OUEIF") following shareholder approval at the 2017 Annual General Meeting, with a further £900,000 invested after the year end.

Albion agreed to reduce that proportion of its management fee relating to the investment in the OUEIF by 0.75 per cent., which represents the OUEIF management fee charged by OLIM; this resulted in a reduction of the management fee of £3,000 (2016: £nil).

Other than transactions with the Manager as disclosed in note 5 and that disclosed above, there are no other related party transactions requiring disclosure.

21. Other Information
The information set out in this announcement does not constitute the Company's statutory accounts within the terms of section 434 of the Companies Act 2006 for the years ended 31 December 2017 and 31 December 2016, and is derived from the statutory accounts for those financial years, which have been, or in the case of the accounts for the year ended 31 December 2017, which will be, delivered to the Registrar of Companies. The Auditor reported on those accounts; the reports were unqualified and did not contain a statement under s498 (2) or (3) of the Companies Act 2006.

22. Publication
The full audited Annual Report and Financial Statements are being sent to shareholders and copies will be made available to the public at the registered office of the Company, Companies House, the National Storage Mechanism and also electronically at www.albion.capital/funds/AATG, where the Report can be accessed as a PDF document via a link in the 'Financial Reports and Circulars' section.

Split of portfolio by sector

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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

Companies

Albion Technology & General VCT (AATG)

Friday, 10th May 2024

COMPANIES COVERED:

RMV MTC SFOR

Rightmove slumps as high mortgage costs continue to drag on sentiment, Mothercare falls amidst slowing sales but S4 Capital jumps higher despite market woes as promises of a better second half lend support.

Full Archive

UK 100

Latest directors dealings

20 hours ago Mattioli Woods
21 hours ago Morgan Advanced Materials
21 hours ago Capita
21 hours ago Judges Scientific
21 hours ago Me Group International

All directors dealings today