Kings Arms Yard VCT PLC : Interim Management St...

Kings Arms Yard VCT PLC Interim Management Statement

Introduction
I am pleased to present Kings Arms Yard VCT PLC's interim management statement for the period from 1 July 2015 to 10 November 2015.

Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2015 was £45.09 million or 20.21 pence per share (excluding treasury shares), an increase of 0.31 pence per share (1.6 per cent.) since 30 June 2015. This is mainly as a result of an increase in investment valuations. 

After accounting for the dividend paid of 0.50 pence per share on 30 October 2015, to shareholders on the register as at 2 October 2015, the NAV is 19.71 pence per share.

Share issues
During the period from 1 July 2015 to 30 September 2015, the Company issued the following Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2014/2015:

Date	Number of shares issued	Issue price per share (including costs of issue)	Net proceeds £'000
30 September 2015	2,731,390	20.60 pence	546

               
The Albion VCT Prospectus Top Up Offers 2014/2015 closed on 30 September 2015 having raised £5.1 million in total for the Company.

Further Top Up Offers are planned for later this year and details are expected to be sent to shareholders in November 2015.

The proceeds of the Offers are being used to provide further resources to the Company at a time when a number of attractive new investment opportunities are being seen.

In addition, the following shares were issued under the dividend reinvestment scheme on 30 October 2015:

Date	Number of shares issued	Issue price per share	Net proceeds £'000
30 October 2015	468,940	19.40 pence	89

Share buy-backs
During the period from 1 July 2015 to 10November 2015, the Company purchased 2,159,000 shares for £391,000 at an average price of 18.12 pence per share. All of the shares are to be held in treasury.

It remains the Board's policy to buy back shares in the market, subject to the overall constraint that such purchases are in the Company's interest, including the maintenance of sufficient resources for investment in existing and new portfolio companies and the continued payment of dividends to shareholders.

It is the Board's intention for such buy-backs to be at around a 5 per cent. discount to net asset value, so far as market conditions and liquidity permit.

 Portfolio
The following investments have been made during the period from 1 July 2015 to 10 November 2015:

New investments	£000's	Activity
Shinfield Lodge Care Limited	295	Develop and operate a care home in Shinfield, Berkshire
Panaseer Limited	50	Provider of cyber security threat analysis
Total new investments	345

Further investments	£000's	Activity
Active Lives Care Limited	250	Develop and operate a 72 bed care home in Cumnor Hill, Oxfordshire
Haemostatix  Limited	235	Develops haemostatic therapies for applications during surgery
Antenova Limited	148	Supplier of integrate antennas and RF solutions
Ryefield Court Care Limited	145	Develop and operate a 60 bed care home in Hillingdon, Middlesex
MyMeds&Me Limited	118	Software for managing pharmaceutical adverse events
Relayware Limited	92	Business collaboration and communication solutions
Sandcroft Avenue Limited	36	Online gym directory and seller of Gym passes trading as Payasugym.com
Anthropics Technology Limited	25	Provides intelligent portrait touch-up software to professional and amateur photographers
Xention Pharma Limited	24	Develops novel therapies for the treatment of heart diagnoses
Ario Pharma Limited	24	Drug discovery for bladder and cough suppression
Total further investments	1,097

Disposals
During the period from 1 July 2015 to 10 November 2015, the Company sold Lab M Holdings Limited for proceeds of £2,067,000 realising a gain on cost of £1,209,000.

Top ten holdings as at 30 September 2015:

Investment	Carrying value £000's	% of net asset value	Activity
Elateral Holdings Limited	5,261	11.7	Provider of digital marketing software
Chonais River Hydro Limited	2,990	6.6	Hydropower project in Scotland
Sift Limited	2,607	5.8	Web based provision of online business and community management solutions
Oxford Immunotec Global PLC	2,546	5.6	A global, commercial-stage diagnostic company in the field of immunology
Active Lives Care Limited	2,437	5.4	Develop and operate a 72 bed care home in Cumnor Hill, Oxfordshire
Alto Prodotto Wind Limited	1,483	3.3	Owns and operates community scale wind energy projects on brownfield sites in the UK
The Street by Street Solar Programme Limited	1,480	3.3	Builds, owns and operates photovoltaic systems on domestic properties in the UK
Ryefield Court Care Limited	1,319	2.9	Develop and operate a 60 bed care home in Hillingdon, Middlesex
MyMeds&Me Limited	1,311	2.9	Software for managing pharmaceutical adverse events
Regenerco Renewable Energy Limited	1,279	2.8	Operator of photovoltaic panels on small commercial buildings

A full breakdown of the Company's portfolio can be found on the Fund's web page under current portfolio at www.albion-ventures.co.uk/ourfunds/KAY.htm, by following the 'Portfolio of Investment' link under the 'Investor Centre' section.

Material events and transactions
There have been no further significant events or transactions that the Board is aware of which would have a material impact on the financial position of the Company between 1 July 2015 and 10 November 2015. 

Further information
The Company continues to offer a dividend reinvestment scheme to existing shareholders.  Details of this Scheme can be found at www.albion-ventures.co.uk/ourfunds/KAY.htm.

Further information regarding historic and current financial performance and other useful shareholder information can be found on the Fund's web page under www.albion-ventures.co.uk/ourfunds/KAY.htm.

Robin Field, Chairman
10 November 2015

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

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kings Arms Yard VCT PLC via Globenewswire

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