Albion Enterprise VCT PLC: Interim Management Report

ALBION ENTERPRISE VCT PLC
LEI Code: 213800OVSRDHRJBMO720
Interim Management Statement

Introduction
I present Albion Enterprise VCT PLC (the “Company”)’s interim management statement for the period from 1 April 2024 to 30 June 2024.

Performance and dividends
As announced on 16 August 2024, the Company's unaudited net asset value (“NAV”) on 30 June 2024 was £152.7 million or 136.10 pence per share (excluding treasury shares). This is an increase of 10.33 pence per share (8.2%) since 31 March 2024, and a 4.6% increase on the adjusted NAV announced on 2 July 2024.

After accounting for the first interim dividend for the year ending 31 March 2025 of 3.14 pence per share paid on 30 August 2024 to shareholders on the register on 2 August 2024, the NAV is 132.96 pence per share.

Fundraising and share issues
During the period from 1 April 2024 to 30 June 2024, 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 (including costs of issue) Net proceeds £’000
16 April 2024 364,219 128.70p – 130.03p 459

Portfolio
The following investments have been made during the period from 1 April 2024 to 30 June 2024:

New investments £000s Activity
Papaya Technologies 944 Multi-sided marketplace for the EV ecosystem
Instinct Digital 943 Investment communication platform for the Asset Management Industry
Trumpet Software 755 A digital sales room software and a collaboration platform for B2B interactions
GetLeast (Kato) 576 Platform that digitises workflows of Commercial Real Estate
Total new investments 3,218  


Further investments £000s Activity
Imandra Inc. 641 Provider of automated software testing and an enhanced learning experience for artificial neural networks
GX Molecular Inc (CS Genetics) 143 Develop single-cell sequencing solutions
Tem Energy 105 Energy trading platform
Healios 58  Provider of an online platform delivering family centric psychological care primarily to children and adolescents
Incrowd Sports 22 Developer of mobile apps for professional sports clubs
Total further investments 969  

Top ten holdings (on 30 June 2024)

Investment Carrying value
£000s		 % of net asset value Activity
Quantexa 27,705 18.1% Network analytics platform to detect financial crime
Egress Software Technologies 25,653 16.8% Encrypted email & file transfer service provider
Proveca 8,540 5.6% Reformulation of medicines for children
Oviva 5,633 3.7% A technology enabled service business in medical nutritional therapy (MNT)
Radnor House School (TopCo) 3,528 2.3% Independent school for children aged 2-18
Gravitee TopCo 3,499 2.3% API management platform
The Evewell Group 3,117 2.0% Operator and developer of women’s health centres focusing on fertility
Healios 3,108 2.0% Provider of an online platform delivering family centric psychological care primarily to children and adolescents
Panaseer 2,369 1.6% Provider of cyber security services
Runa Network 2,285 1.5% Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts

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/AAEV.

Share buy-backs
During the period from 1 April 2024 to 30 June 2024, the Company did not buy back any shares.

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% 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, legal completion of the sale in Egress Technologies on 1 July 2024 with £24,324,000 funds received.

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/AAEV.

Maxwell Packe, Chairman
3 September 2024

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


Albion Enterprise Vct (LSE:AAEV)
Historical Stock Chart
Von Okt 2024 bis Nov 2024 Click Here for more Albion Enterprise Vct Charts.
Albion Enterprise Vct (LSE:AAEV)
Historical Stock Chart
Von Nov 2023 bis Nov 2024 Click Here for more Albion Enterprise Vct Charts.