Albion Technology & General VCT PLC: Interim Management Statement

Albion Technology & General VCT PLC
Interim Management Statement
LEI code: 213800TKJUY376H3KN16

Introduction
I present Albion Technology & General VCT PLC (the “Company”)’s interim management statement for the period from 1 January 2024 to 31 March 2024.

Performance
The Company’s unaudited net asset value (NAV) as at 31 March 2024 was £139.1 million or 72.44 pence per share (excluding treasury shares), an increase of 0.45 pence per share (0.6%) since 31 December 2023.

On 12 March 2024, a NAV update was announced following terms being agreed to sell a company within its portfolio. On 24 April 2024, it was announced that KnowBe4 had entered into a definitive agreement to acquire Egress Software Technologies, subject to customary closing conditions and regulatory approvals.

Albion VCTs’ Top Up Offers
A prospectus Top Up Offer of new Ordinary shares was published on 15 December 2023 and launched to applications on 2 January 2024. The Board announced on 19 March 2024 that it had reached its £11.75 million limit under its offer for subscription and therefore had closed to further applications.

During the period from 1 January 2024 to 31 March 2024, the Company issued the following shares under the Albion VCTs’ Top Up Offers:

Date Number of shares issued Issue price per share Net consideration received £’000
22 March 2024 15,171,744 74.19 to 74.95 pence 11,031

Portfolio
The following investments have been made during the period from 1 January 2024 to 31 March 2024:

New investments £’000 Activity
Treefera 1,475 Data platform for forestry and nature-based assets


Further investments £’000 Activity
Tem-Energy 355 Energy trading platform
NuvoAir 304 Digital therapeutics and decentralised clinical trials for respiratory conditions
GX Molecular (T/A CS Genetics) 231 Develop single-cell sequencing solutions
InCrowd Sports 140 Developer of mobile apps for professional sports clubs
Total further investments 1,030  

Top ten holdings as at 31 March 2024:

Investment Carrying value
£’000		 % of net asset value Activity
Quantexa 24,918 17.9 Network analytics platform to detect financial crime
Proveca 6,308 4.5 Reformulation of medicines for children
Radnor House School (TopCo) 5,799 4.2 Independent school for children aged 2-18
Egress Software Technologies 4,726 3.4 Encrypted email & file transfer service provider
Oviva 4,326 3.1 A technology enabled service business in medical nutritional therapy (MNT)
Runa Network (previously WeGift) 3,476 2.5 Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts
Panaseer 3,258 2.3 Provider of cyber security services
Cantab Research (T/A Speechmatics) 3,221 2.3 Provider of low footprint automated speech recognition which can be deployed in the cloud, on premise or on device
Chonais River Hydro 3,164 2.3 Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands
Gravitee Topco (T/A Gravitee.io) 2,370 1.7 API management platform

A full breakdown of the Company’s portfolio can be found on the Company’s webpage on the Manager’s website at www.albion.capital/funds/AATG.

Share buy-backs
During the period from 1 January 2024 to 31 March 2024, the Company did not buy back any shares as the Company was in a closed period to 19 April 2024.

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 buy-backs to be at around a 5% discount to net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end
After the period end, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs’ Prospectus Top Up Offers 2023/24:

Date Number of shares issued Issue price per share Net consideration received £’000
16 April 2024 527,793 74.19 to 74.95 pence 384

There have been no other material events or transactions after the period end to the date of this announcement.

Further information
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 at www.albion.capital/funds/AATG.


Clive Richardson, Chairman
5 June 2024

For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850


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