Interim Management Statement
16 Mai 2012 - 12:42PM
UK Regulatory
TIDMCRWN
Crown Place VCT PLC Interim Management Statement
Introduction
I am pleased to present Crown Place VCT PLC's interim management statement for
the period from 1 January to 16 May 2012 as required by the UK Listing
Authority's Disclosure and Transparency Rule 4.3.
Performance and dividends
The Group's unaudited net asset value per share (NAV), based on management
accounts, as at 31 March 2012 was GBP25.3 million or 32.6 pence per share
(excluding treasury shares), after accounting for a dividend of 1.25 pence per
share which was paid on 30 March 2012 to shareholders on the register on 9
March 2012.
The NAV as at 31 December 2011 was 31.6p (after accounting for the dividend of
1.25 pence per share).
After taking account of the dividend, the Company's NAV has risen by 1 pence per
share or 3.2 per cent. since 31 December 2011 as a result of an increase in
investment valuations.
Share issues and buybacks
During the period from 1 January to 16 May 2012, the Company issued the
following shares under the Albion VCTs Linked Top Up Offer 2011/2012 (and are
included in the NAV figures for 31 March 2012 above);
+---------------+---------------------+---------------------+------------------+
|Date | Number of shares |Issue price per share|Net proceeds GBP'000|
| | issued |(including 5.5% costs| |
| | | of issue) | |
+---------------+---------------------+---------------------+------------------+
|10 January 2012| 1,191,601 | 33.50 pence | 378 |
+---------------+---------------------+---------------------+------------------+
|20 March 2012 | 1,297,117 | 33.40 pence | 410 |
+---------------+---------------------+---------------------+------------------+
On 5 April 2012, the following shares were issued under the Albion VCTs Linked
Top Up Offer;
+------------+----------------------+-----------------------+------------------+
|Date | Number of shares | Issue price per share |Net proceeds GBP'000|
| | issued | (including 5.5% costs | |
| | | of issue) | |
+------------+----------------------+-----------------------+------------------+
|5 April 2012| 1,987,138 | 33.40 pence | 627 |
+------------+----------------------+-----------------------+------------------+
In addition, the following shares were issued under the dividend reinvestment
scheme on 31 March 2012 (and are included in the net asset value figures for 31
March 2012 above);
+-------------+-----------------------+---------------------+------------------+
|Date |Number of shares issued| Issue price (pence |Net proceeds GBP'000|
| | | per share) | |
+-------------+-----------------------+---------------------+------------------+
|31 March 2012| 159,298 | 31.61 pence | 50 |
+-------------+-----------------------+---------------------+------------------+
During the period from 1 January to 16 May 2012, the Company purchased 587,500
shares for treasury at an average price of 27.8 pence per share.
In addition, the Company cancelled 71,000 shares from 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
investee companies and the continued payment of dividends to shareholders.
It is the Company's intention that, subject to the sufficiency of cash resources
and any market constraints, the price at which shares are bought back should be
in the region of a 10 to 15 per cent. discount to net asset value.
Portfolio
The following investments have been made during the period from 1 January 2012
to 15 May 2012:
+----------------------------------+------+------------------------------------+
|Name | GBP000's|Activity |
+----------------------------------+------+------------------------------------+
| | | |
+----------------------------------+------+------------------------------------+
|Albion Small Company Growth | 350 |Renewable energy business |
|Limited (new investment) | | |
+----------------------------------+------+------------------------------------+
|Greenenerco Limited (new | 66 |Installs and operates commercial |
|investment) | |scale wind installations |
+----------------------------------+------+------------------------------------+
|Alto Prodotto Wind Limited | 230 |Installs and operates commercial |
|(further investment) | |scale wind installations |
+----------------------------------+------+------------------------------------+
|AMS Sciences Limited (formerly | 78 |Provider of metabolism data in |
|Xceleron Limited) | |clinical and pre-clinical |
| | |development. |
+----------------------------------+------+------------------------------------+
|AVESI Limited (further investment)| 100 |Installs and operates commercial |
| | |scale wind installations |
+----------------------------------+------+------------------------------------+
|Helveta Limited (further | 45 |Timber and food tracing software |
|investment) | | |
+----------------------------------+------+------------------------------------+
|Mi-Pay Limited (further | 43 |Outsourced payment processing |
|investment) | |service to mobile network operators |
| | |focusing on top ups and money |
| | |transfer. |
+----------------------------------+------+------------------------------------+
|Nelson House Hospital Limited | 168 |Developer of a psychiatric hospital |
|(further investment) | |in Gosport, Hampshire |
+----------------------------------+------+------------------------------------+
|Orchard Portman Hospital Limited | 13 |Owner and operator of a psychiatric |
|(further investment) | |hospital in Taunton, Somerset |
+----------------------------------+------+------------------------------------+
|Oxsensis Limited (further | 21 |Development and production of |
|investment) | |industrial sensors for use in super-|
| | |high temperature environments |
+----------------------------------+------+------------------------------------+
|Process Systems Enterprise Limited| 24 |Process modelling software and |
|(further investment) | |services |
+----------------------------------+------+------------------------------------+
|Regenerco Renewable Energy Limited| 85 |Photo-voltaic installations |
|(further investment) | | |
+----------------------------------+------+------------------------------------+
|Rostima Holdings Limited (further | 21 |Provider of labour management |
|investment) | |software for the marine and aviation|
| | |industries |
+----------------------------------+------+------------------------------------+
|The Street by Street Solar | 235 |Photo-voltaic installations |
|Programme Limited (further | | |
|investment) | | |
+----------------------------------+------+------------------------------------+
Disposals
The following were realisations, comprising loan stock repayments by portfolio
companies during the period from 1 January 2012 to 16 May 2012:
+---------------------------------+------+-------------------------------------+
|Name | GBP000's|Activity |
+---------------------------------+------+-------------------------------------+
|Evolutions Television Limited | 1 |Provider of television post |
| | |production services |
+---------------------------------+------+-------------------------------------+
|GB Pub Company VCT Limited | 43 |Owner and operator of freehold pubs |
+---------------------------------+------+-------------------------------------+
|Hilson Moran Holdings Limited | 14 |Multi-disciplinary engineering |
| | |consultancy |
+---------------------------------+------+-------------------------------------+
|The Charnwood Pub Company Limited| 111 |Owner and operator of freehold pubs |
+---------------------------------+------+-------------------------------------+
|The Dunedin Pub Company Limited | 2 |Owner and operator of freehold pubs |
+---------------------------------+------+-------------------------------------+
|Tower Bridge Health Clubs Limited| 24 |Owner and operator of a health and |
| | |fitness club in central London |
+---------------------------------+------+-------------------------------------+
|Uctal Limited | 28 |Media selling business and TV |
| | |production company |
+---------------------------------+------+-------------------------------------+
Top ten holdings as at 31 March 2012:
+----------------------------------+--------------+----------------------------+
|Investment |Carrying value|Activity |
| | GBP000's | |
+----------------------------------+--------------+----------------------------+
| | |Manufacturer of precision |
|ELE Advanced Technologies Limited | 2,302 |engineering components |
+----------------------------------+--------------+----------------------------+
| | |Owner and operator of the |
|The Crown Hotel Harrogate Limited | 2,026 |Crown Hotel, Harrogate |
+----------------------------------+--------------+----------------------------+
|Radnor House School (Holdings) | |Owner and operator of an |
|Limited | 2,024 |Independent school |
+----------------------------------+--------------+----------------------------+
| | |Owner and operator of a care|
|Oakland Care Centre Limited | 1,999 |home |
+----------------------------------+--------------+----------------------------+
| | |Owner and operator of a |
| | |health and fitness club in |
|Kensington Health Club Limited | 1,218 |West London |
+----------------------------------+--------------+----------------------------+
|Lowcosttravelgroup Limited | 964 |Online travel business |
+----------------------------------+--------------+----------------------------+
| | |Owner and operator of the |
| | |'Express by Holiday Inn' at |
|Kew Green (Stansted) VCT Limited | 937 |Stansted Airport |
+----------------------------------+--------------+----------------------------+
| | |Owner and operator of |
|The Charnwood Pub Company Limited | 905 |freehold pubs |
+----------------------------------+--------------+----------------------------+
| | |Owner and operator of the |
| | |Stanwell Hotel at Heathrow |
|The Stanwell Hotel Limited | 766 |Airport |
+----------------------------------+--------------+----------------------------+
| | |Owner and operator of a |
| | |psychiatric hospital in |
|Orchard Portman Hospital Limited | 746 |Taunton, Somerset |
+----------------------------------+--------------+----------------------------+
Albion VCTs Linked Top Up Offer 2011/2012
On 1 November 2011 the Company announced the launch of the Albion VCTs Linked
Top Up Offer 2011/2012. In aggregate, the Albion VCTs have, to date, raised GBP10
million, of which Crown Place VCT PLC's Ordinary shares' proportion is
approximately GBP1.5 million.
The proceeds of the Offer will be used to provide further resources to the
Albion VCTs at a time when a number of attractive new investment opportunities
are being seen.
An Investor Guide and Offer Document has been sent to shareholders and can also
be found on the website www.albion-ventures.co.uk.
The Offer will close on 31 May 2012 (unless extended by the Company).
Material Events and Transactions
On 15 May 2012 the Company announced changes to the Board and a full text of the
announcement can be found on the London Stock exchange website.
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/Our Funds/Crown Place VCT 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 January 2012 and 16 May 2012.
Further information regarding historic and current financial performance and
other useful shareholder information can be found on the Fund's website under
www.albion-ventures.co.uk/Our Funds/Crown Place VCT PLC.
Patrick Crosthwaite, Chairman
16 May 2012
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: 020 7601 1850
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Crown Place VCT PLC via Thomson Reuters ONE
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