Interim Management Statement

Albion Technology & General VCT PLC Interim Management Statement

Introduction
I am pleased to present Albion Technology & General VCT PLC's interim management
statement  for the period  from 1 January to  13 May 2011 as required  by the UK
Listing Authority's Disclosure and Transparency Rule 4.3.

Performance and dividends
The  Company's unaudited net asset value (NAV), based on management accounts, as
at  31 March 2011 was £34.3  million (31 December  2010: £33.1 million) or 86.1
pence per share (excluding treasury shares) (31 December 2010: 85.1p).

The current NAVs and comparative figures are calculated after accounting for the
first  dividend for the  year to 31 December  2011 of 2.5 pence per share (total
cost:  £996,000) which was paid on 28 April 2011 to shareholders on the register
as  at 1 April  2011.  Shares will  be allotted  under the Dividend Reinvestment
Scheme in respect of the first dividend for the financial year on 16 May 2011.

After  adding back the first dividend for  the financial year, the Company's net
asset  value has risen by  1 penny per share or  1.2 per cent. since 31 December
2010.  This growth in NAV is mainly a result of the issue of share capital under
the  Albion VCTs  Linked Top  Up Offer  and an  increase in the valuation of the
Company's investment portfolio.

Portfolio
The  following investments have been made during the period from 1 January 2011
to 13 May 2011:

+-----------------------------------+------+-----------------------------------+
|Name                               |£000's|                                   |
+-----------------------------------+------+-----------------------------------+
|                                   |      |                                   |
+-----------------------------------+------+-----------------------------------+
|TEG Biogas (Perth) Limited (new    | 544  |Anaerobic digestion plant in       |
|investment - total includes total  |      |Scotland                           |
|commitment)                        |      |                                   |
+-----------------------------------+------+-----------------------------------+
|Orchard Portman Hospital Limited   | 315  |Hospital near Taunton, Somerset,   |
|(further investment)               |      |offering a nursing home for people |
|                                   |      |with complex needs                 |
+-----------------------------------+------+-----------------------------------+
|The Street by Street Solar         | 216  |Photo-voltaic installations on     |
|Programme Limited (new investment) |      |domestic roofs in Maidenhead &     |
|                                   |      |Windsor                            |
+-----------------------------------+------+-----------------------------------+
|Nelson House Hospital Limited (new | 205  |Step down rehabilitation hospital  |
|investment)                        |      |in Gosport, Hampshire, for men aged|
|                                   |      |18-65 with mental health problems  |
+-----------------------------------+------+-----------------------------------+
|Masters Pharmaceuticals Limited    | 152  |International specialist           |
|(further investment)               |      |distribution of pharmaceuticals    |
+-----------------------------------+------+-----------------------------------+
|Opta Sports Data Limited (further  | 110  |Leading sports data management     |
|investment)                        |      |company                            |
+-----------------------------------+------+-----------------------------------+
|Xceleron Limited (further          | 107  |Provider of a range of drug        |
|investment)                        |      |development services to the life   |
|                                   |      |science industry                   |
+-----------------------------------+------+-----------------------------------+
|Prime Care Holdings Limited        |  72  |Domiciliary care services          |
|(further investment)               |      |                                   |
+-----------------------------------+------+-----------------------------------+
|Regenerco Renewable Energy Limited |  67  |Photo-voltaic installations on     |
|(new investment)                   |      |small commercial buildings         |
+-----------------------------------+------+-----------------------------------+
|AVESI Limited (new investment)     |  54  |Photo-voltaic installations on     |
|                                   |      |small commercial buildings         |
+-----------------------------------+------+-----------------------------------+


Disposals
During  the period from 1 January 2011 to  13 May 2011, the following loan stock
repayments were made:

+----------------------------+--------+
| Name                       | £000's |
+----------------------------+--------+
| Peakdale Molecular Limited |   22   |
+----------------------------+--------+
| CS (Greenwich) Limited     |   6    |
+----------------------------+--------+





Top ten qualifying holdings as at 31 March 2011:

+-----------------------------------+----------------+
|            Investment             | Carrying value |
|                                   |     £000's     |
+-----------------------------------+----------------+
| Kensington Health Clubs Limited   |     2,435      |
+-----------------------------------+----------------+
| Radnor House School Limited       |     1,993      |
+-----------------------------------+----------------+
| Dexela Limited                    |     1,886      |
+-----------------------------------+----------------+
| The Charnwood Pub Company Limited |     1,798      |
+-----------------------------------+----------------+
| Mi-Pay Limited                    |     1,608      |
+-----------------------------------+----------------+
| Bravo Inns II Limited             |     1,339      |
+-----------------------------------+----------------+
| Blackbay Limited                  |     1,327      |
+-----------------------------------+----------------+
| Helveta Limited                   |     1,264      |
+-----------------------------------+----------------+
| Xceleron Limited                  |     1,175      |
+-----------------------------------+----------------+
| Evolutions Group Limited          |     1,136      |
+-----------------------------------+----------------+

Albion VCTs Linked Top Up Offer
On  6 April 2011, the Company announced that the Albion VCTs Linked Top Up Offer
would  be extended to 16 May 2011 for applications in respect of the tax year to
5 April 2012.

During  the  period  from  1 January  to  31 March  2011, the Company issued the
following shares under the Albion VCTs Linked Top Up Offer:

+--------------+---------------------+----------------------+------------------+
|Date          |  Number of shares   |Issue price (per share|Net proceeds £'000|
|              |       issued        |including 5% costs of |                  |
|              |                     |        issue)        |                  |
+--------------+---------------------+----------------------+------------------+
|7 January 2011|  344,862 Ordinary   |         94.8         |       302        |
+--------------+---------------------+----------------------+------------------+
|7 January 2011| 440,166 C ordinary  |         74.3         |       302        |
+--------------+---------------------+----------------------+------------------+
|22 March 2011 |  360,737 Ordinary   |         90.1         |       305        |
+--------------+---------------------+----------------------+------------------+
|22 March 2011 | 463,769 C ordinary  |         70.1         |       305        |
+--------------+---------------------+----------------------+------------------+

These  amounts have been  included in the  management accounts figures disclosed
above.

In  addition, on 5 April 2011, the following shares were issued under the Top Up
Offer:

+------------+----------------------+-----------------------+------------------+
|Date        |   Number of shares   |Issue price (per share |Net proceeds £'000|
|            |        issued        | including 5% costs of |                  |
|            |                      |        issue)         |                  |
+------------+----------------------+-----------------------+------------------+
|5 April 2011|   474,229 Ordinary   |         90.1          |       400        |
+------------+----------------------+-----------------------+------------------+


Material Events and Transactions
As mentioned above, a dividend of 2.5 pence per share was paid on 28 April 2011
to  shareholders on  the register  as at  1 April 2011.  The  Company will allot
shares under the Dividend Reinvestment Scheme in respect of this dividend on 16
May 2011.

In  accordance  with  the  Articles  of  Association,  the C shares converted to
Ordinary  shares on 31 March 2011 on the basis of the net assets attributable to
the  Ordinary shares and the  C shares as disclosed  in the audited accounts for
the year to 31 December 2010 and in accordance with the calculation as described
and  approved by shareholders' resolution  number 4 at the Extraordinary General
Meeting  on  8 December  2005.  C  shareholders  have therefore received 0.7779
Ordinary shares for each C share they used to own.

During  the period from  1 January 2011 to 31 March  2011, the Company purchased
233,000 Ordinary shares at an average price of 76.6 pence per share and 337,300
C  shares at an average price of 59.1 pence per share. These shares will be held
in  treasury. Since the  conversion of C  shares to Ordinary  shares on 31 March
2011, the Company has made no share buybacks.

The  Company  continues  to  offer  a  Dividend  Reinvestment Scheme to existing
shareholders.    Details   of   this   Scheme   can   be  found  at  www.albion-
ventures.co.uk/Our Funds/Albion Technology & General VCT PLC.

There  have been no further significant events or transactions that the Board is
aware  of which would  have a material  impact on the  financial position of the
Company between 1 January 2011 and 13 May 2011.

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

Dr. Neil Cross, Chairman
13 May 2011

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






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Source: Albion Technology & General VCT PLC - Ordinary Shares via Thomson Reuters ONE

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