Crown Place VCT PLC Interim Management Statement
13 November 2012 - 11:50AM
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 July to 13 November 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 30 September 2012 was GBP25.4 million or 31.87 pence per share
(excluding treasury shares), after accounting for a dividend of 1.25 pence per
share which is payable on 30 November 2012 to shareholders on the register on 2
November 2012.
The NAV as at 30 June 2012 was 31.35p (after accounting for the dividend of
1.25 pence per share).
After taking account of the dividend, the Company's NAV has risen by 0.52 pence
per share or 1.6 per cent. since 30 June 2012 as a result of an increase in
investment valuations.
Share issues and buybacks
During the period from 1 July to 13 November 2012, the Company purchased
325,000 shares for treasury at an average price of 27.7 pence per share.
In addition, the Company cancelled 355,000 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 Board's intention for such buy-backs to be in the region of a 10 to
15 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 July 2012 to
13 November 2012:
+-----------------------------------+------+-----------------------------------+
|Name | GBP000's|Activity |
+-----------------------------------+------+-----------------------------------+
| | | |
+-----------------------------------+------+-----------------------------------+
|AMS Sciences Limited (formerly | 48 |Provider of metabolism data in |
|Xceleron Limited) (further | |clinical and pre-clinical |
|investment) | |development. |
+-----------------------------------+------+-----------------------------------+
|Nelson House Hospital Limited | 21 |Developer of a psychiatric hospital|
|(further investment) | |in Gosport, Hampshire |
+-----------------------------------+------+-----------------------------------+
|Rostima Holdings Limited (further | 8 |Provider of labour management |
|investment) | |software for the marine and |
| | |aviation industries |
+-----------------------------------+------+-----------------------------------+
Disposals
The following were material realisations during the period from 1 July 2012 to
13 November 2012:
+-----------------------------------+------+-----------------------------------+
|Name | GBP000's|Activity |
+-----------------------------------+------+-----------------------------------+
|Avanti Communications PLC (part | 104 |Supplier of satellite |
|disposal) | |communications |
+-----------------------------------+------+-----------------------------------+
|Kew Green VCT (Stansted) Limited | 30 |Owner and operator of the 'Holiday |
|(loan stock repayment) | |Inn Express' at Stansted airport |
+-----------------------------------+------+-----------------------------------+
|The Charnwood Pub Company Limited | 67 |Owner and operator of freehold pubs|
|(loan stock repayment) | | |
+-----------------------------------+------+-----------------------------------+
|Tower Bridge Health Clubs Limited | 68 |Owner and operator of a health and |
|(loan stock repayment) | |fitness club in central London |
+-----------------------------------+------+-----------------------------------+
Top ten holdings as at 30 September 2012:
+----------------------------------+--------------+----------------------------+
|Investment |Carrying value|Activity |
| | GBP000's | |
+----------------------------------+--------------+----------------------------+
|Radnor House School (Holdings) |2,209 |Independent school for |
|Limited | |children ages 7-18 |
+----------------------------------+--------------+----------------------------+
|ELE Advanced Technologies Limited |2,196 |Manufacturer of precision |
| | |engineering components |
+----------------------------------+--------------+----------------------------+
|Oakland Care Centre Limited |2,130 |Owner and operator of care |
| | |home for residents |
+----------------------------------+--------------+----------------------------+
|The Crown Hotel Harrogate Limited |2,040 |Owner and operator of the |
| | |Crown Hotel, Harrogate |
+----------------------------------+--------------+----------------------------+
|Kensington Health Club Limited |1,202 |Owner and operator of a |
| | |health and fitness club in |
| | |West London |
+----------------------------------+--------------+----------------------------+
|Lowcosttravelgroup Limited |964 |Online travel business |
+----------------------------------+--------------+----------------------------+
|The Charnwood Pub Company Limited |845 |Owner and operator of |
| | |freehold pubs |
+----------------------------------+--------------+----------------------------+
|Kew Green (Stansted) VCT Limited |844 |Owner and operator of the |
| | |'Holiday Inn Express' at |
| | |Stansted Airport |
+----------------------------------+--------------+----------------------------+
|CS (Brixton) Limited |835 |Cinema owner and operator |
+----------------------------------+--------------+----------------------------+
|The Stanwell Hotel Limited |753 |Owner and operator of the |
| | |Stanwell Hotel at Heathrow |
| | |Airport |
+----------------------------------+--------------+----------------------------+
Albion VCTs Top Up Offers 2012/2013
On 19 October 2012 the Company announced the launch of the Albion VCTs Top Up
Offers 2012/2013. The Offer by Crown Place VCT PLC seeks to raise a maximum of
GBP2.5 million and the aggregate maximum under the Offers is GBP15 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 Offers Document can be found on the website www.albion-
ventures.co.uk.
The Offer will close on 12 June 2013 (unless extended by the Company).
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 July 2012 and 13 November 2012.
Further information
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.
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
13 November 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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