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Kings Arms Yard VCT PLC (KAY)

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Monday 14 November, 2011

Kings Arms Yard VCT PLC

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 to 14 November  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  30 September 2011 was £34.6 million, including cash balances of £9.3 million
(30  June 2011: NAV £17.7 million, cash  balances of £3.4 million) or 16.5 pence
per share (30 June 2011: 16.0 pence per share).

The  increase in  total net  assets since  30 June 2011(including cash balances)
reflects  the inclusion of all the assets and liabilities of Kings Arms Yard VCT
2 PLC following the Scheme of Arrangement dated 30 September 2011.

The current NAVs and comparative figures are calculated after accounting for the
dividend  of 0.67 pence per share  (total cost: £739,000) which  was paid on 24
June 2011 to shareholders on the register as at 27 May 2011.

The  Company's net asset  value has risen  by 0.5 pence per  share since 30 June
2011 due  in part to an  increase in the valuation  of Academia Networks Limited
and the offset of management fees and other expenses incurred.

Portfolio
The  following investments have been made  during the period from 1 July 2011 to
14 November 2011:

+----------------------------------+------+------------------------------------+
|Name                              |£000's|                                    |
+----------------------------------+------+------------------------------------+
|Alto Prodotto Wind Limited (new   | 245  |Installs and operates commercial    |
|investment)                       |      |scale wind installations            |
+----------------------------------+------+------------------------------------+
|Atego Group Limited (further      | 264  |Supplies aerospace and automotive   |
|investment)                       |      |engine design software              |
+----------------------------------+------+------------------------------------+

Disposals
During  the period from 1 July 2011 to 14 November 2011, Imagesound plc was sold
via  a  Public  Offer  on  21 July  2011 for  £2,195,000  in cash and Level Four
Software Holdings Limited was sold on 9 November 2011 for £2,129,000 (comprising
£1,905,000  in cash and  £224,000 in shares).   These sales compared to carrying
values as at 30 June 2011 of £2,195,000 and £2,178,000 respectively.

The cash received for Level Four Software Holdings Limited is in addition to the
cash as at 30 September 2011 reported above.

Top ten holdings as at 30 September 2011:

+--------------------------------------+----------------+
|              Investment              | Carrying value |
|                                      |     £000's     |
+--------------------------------------+----------------+
| UniServity Limited                   |     3,946      |
+--------------------------------------+----------------+
| Elateral Holdings Limited            |     3,336      |
+--------------------------------------+----------------+
| Level Four Software Holdings Limited |     2,178      |
+--------------------------------------+----------------+
| Workshare Limited                    |     1,990      |
+--------------------------------------+----------------+
| Cluster Seven Limited                |     1,668      |
+--------------------------------------+----------------+
| Haemostatix Limited                  |     1,459      |
+--------------------------------------+----------------+
| Oxford Immunotec Limited             |     1,305      |
+--------------------------------------+----------------+
| Sift Limited                         |        899     |
+--------------------------------------+----------------+
| Vivacta Limited                      |        870     |
+--------------------------------------+----------------+
| Academia Networks Limited            |        824     |
+--------------------------------------+----------------+










Material Events and Transactions
During  the  period  from  1 July  2011 to  14 November 2011, the Company issued
99,050,205 Ordinary  shares (at  an issue  price of  16.5349p per share)  on 30
September  2011 in connection with the Scheme of Arrangement whereby the Company
acquired all the assets and liabilities of Kings Arms Yard VCT 2 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 July 2011 to 14 November 2011.

Further  information regarding  historic and  current financial  performance and
other useful shareholder information can be found on the Company's website under
www.albion-ventures.co.uk/Our Funds/Kings_Arms_Yard.html

Robin Field, Chairman
14 November 2011
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: 020 7601 1850






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Source: Kings Arms Yard VCT PLC via Thomson Reuters ONE

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