Kings Arms Yard VCT PLC : 1st Quarter Results
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 January 2017 to 17 May 2017.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2017 was £60.91 million or 22.25 pence per share (excluding treasury shares), an increase of 0.84 pence per share (4 per cent.) since 31 December 2016.
After accounting for the dividend paid of 0.50 pence per share on 28 April 2017 to shareholders on the register on 7 April 2017, the NAV is 21.75 pence per share.
Share issues
During the period from 1 January 2017 to 17 May 2017, the Company issued new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 2016/2017:
| Date | Number of shares issued | Issue price per share (including costs of issue) | Net proceeds £'000 |
| 31 January 2017 to 7 April 2017 | 27,993,183 | 20.9p to 22.1p | 5,824 |
The proceeds of the Offer are being used to provide further resources to the Company at a time when a number of attractive new investment opportunities are being seen.
The Board announced on 22 February 2017 that the Company had reached its £6 million limit under its offer pursuant to the Prospectus dated 29 November 2016, and so was closed.
In addition, the following shares were issued under the dividend reinvestment scheme on 28 April 2017:
| Date | Number of shares issued | Issue price per share | Net invested £'000 |
| 28 April 2017 | 704,941 | 20.91p | 146 |
Share buy-backs
During the period from 1 January 2017 to 17 May2017, the Company purchased 1,975,000 shares for £390,000 at an average price of 19.76 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 January 2017 to 17 May 2017:
| New investments | £000s | Activity |
| MPP Global Solutions Limited | 550 | Offers a cloud billing platform for enterprise subscription businesses in the media, sport and retail sectors. |
| Quantexa Limited | 190 | Predictive analytics platform to protect and detect complex financial crime. |
| Beddlestead Farm Limited | 6 | Develop and operate dedicated wedding venues in the UK |
| Total new investments | 746 |
| Further investments | £000s | Activity |
| Black Swan Data Limited | 123 | Data analysis that supports corporate decision making |
| Grapeshot Limited | 84 | Provider of digital marketing software |
| Panaseer Limited | 63 | Data analytics software platform |
| Mirada Medical Limited | 24 | Developer of medical imaging software |
| Total further investments | 294 |
Disposals
The following disposals were made during the period from 1 January 2017 to 17 May 2017:
| Portfolio company | £000s | |
| Oxford Immunotec Global PLC | 373 | Partial disposal of investment |
| ErgoMed PLC | 210 | Partial disposal of investment |
| Total proceeds | 583 |
Top ten holdings as at 31 March 2017:
| Investment | Carrying value £000s | % of net asset value | Activity |
| Active Lives Care Limited | 6,185 | 10.1 | Owner and operator of a care home for the elderly in Oxford |
| Ryefield Court Care Limited | 4,496 | 7.4 | Owner and operator of a care home for the elderly in Hillingdon |
| Elateral Group Limited | 4,425 | 7.3 | Provider of digital marketing software |
| Chonais River Hydro Limited | 2,989 | 4.8 | Hydropower project in Scotland |
| Proveca Limited | 2,955 | 4.9 | Reformulation of paediatric medicines |
| Antenova Limited | 2,724 | 4.5 | Supplier of integrated antennas and RF solutions |
| ErgoMed PLC | 2,035 | 3.3 | Clinical stage contract research organisation |
| Oxford Immunotec Global PLC | 1,944 | 3.2 | A global, commercial-stage diagnostic company in the field of immunology |
| Egress Software Technologies Limited | 1,930 | 3.2 | Encrypted email & file transfer service provider |
| Hilson Moran Holdings Limited | 1,617 | 2.7 | Multi-disciplinary engineering consultancy |
A full breakdown of the Company's portfolio can be found on the Company's webpage on the Manager's website at www.albion-ventures.co.uk/funds/KAY, by following the 'Portfolio of Investments' link under the 'Funds reports' 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 January 2017 and 17 May 2017.
Further information
The Company continues to offer a dividend reinvestment scheme to existing shareholders. Details of this Scheme can be found on the Company's webpage on the Manager's website at www.albion-ventures.co.uk/funds/KAY.
Further information regarding historic and current financial performance and other useful shareholder information can be found on the Company's webpage on the Manager's website under www.albion-ventures.co.uk/funds/KAY.
Robin Field, Chairman
17 May 2017
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850
LEI Code 213800DK8H27QY3J5R45
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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