Crown Place VCT PLC Crown Place Vct Plc : Interim Management Statement
13 November 2014 - 11:49AM
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 2014 to 13 November 2014 as
required by the UK Listing Authority's Disclosure and Transparency Rule
4.3.
Performance and dividends
The Group's unaudited net asset value (NAV), as at 30 September 2014 was
GBP29.7 million or 32.40 pence per share (excluding treasury shares), an
increase of 0.36 pence per share or 1.1 per cent. since 30 June 2014.
This is a result of an increase in investment valuations and an excess
of investment income over expenses.
After accounting for a dividend of 1.25 pence per share to be paid on 28
November 2014 to shareholders on the register as at 7November 2014, the
NAV will be 31.15 pence per share.
Share issues and buybacks
During the period from 1 July 2014 to 4 July 2014, the Company issued
the following shares from the Albion VCTs Top Up Offers 2013/2014 and
the Albion VCTs Prospectus Top Up Offers 2013/2014:
Issue price per
Number of shares share (including Net proceeds
Date issued costs of issue)* GBP'000
4 July 2014 23,321 31.80 pence 7
4 July 2014 12,538 31.90 pence 4
4 July 2014 101,104 32.10 pence 32
4 July 2014
(Prospectus) 953,781 32.10 pence 297
Total 1,090,744 340
*The difference in the issue price per share reflects the "early bird"
incentives as explained in the Albion VCT Top Up Offers 2013/2014
investor guide.
The Albion VCT Prospectus Top Up Offers 2013/2014 closed for the Company
on 24 September 2014.
A total of 8,913,189 shares were issued under the Albion VCTs Top Up
Offers 2013/2014 and the Albion VCTs Prospectus Top Up Offers 2013/2014
raising net proceeds of GBP2.78 million.
Total shares issued under the Albion VCTs Top Up Offers Number of Net
2013/2014 and the Albion VCTs Prospectus Top Up Offers shares proceeds
2013/2014 issued GBP'000
31 January 2014 2,707,744 860
5 April 2014 5,114,701 1,583
4 July 2014 1,090,744 340
Total 8,913,189 2,783
The proceeds of the Offers are being used to provide further resources
to the Company at a time when a number of attractive new investment
opportunities are being seen.
During the period from 1 July 2014 to 13November 2014, the Company
purchased 539,000 shares for GBP161,000 at an average price of 29.8
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 July
2014 to 13 November 2014:
New
investments GBP000's Activity
Infinite
Ventures
(Goathill)
Limited 456 Wind turbine project in Scotland
Omprompt
Limited 100 Business to business integration software
Total new
investments 556
Further
investments
Chonais
Holdings
Limited 358 Hydropower project in Scotland
Green
Highland
Renewables
(Ledgowan)
Limited 160 Hydropower project in Scotland
Rostima
Holdings Provider of labour management software for the marine
Limited 99 and aviation industries
Relayware Provider of business collaboration and communication
Limited 94 solutions
MyMeds&Me
Limited 66 Software for managing pharmaceutical adverse events
Proveca
Limited 56 Repositioning of pediatric medicines
Taunton
Hospital
Limited 48 Owner and operator of a psychiatric hospital
Cisiv Software and services for non-interventional clinical
Limited 37 trials
Mirada
Medical
Limited 10 Developer of medical imaging software
Blackbay
Limited 9 Provider of mobile data solutions
AMS Sciences Provider of metabolism data in clinical and pre-clinical
Limited 6 development
Abcodia
Limited 5 Validation and discovery of serum biomarkers
DySIS
Medical Development, manufacture and sale of medical devices
Limited 5 for detection of cervical cancer
Total
further
investments 953
Disposals and loan stock repayments
The following disposals and loan stock repayments were made during the
period from 1 July 2014 to 13 November 2014:
Name GBP000's
Tower Bridge Health Club Limited 928 Disposal of investment
House of Dorchester Limited 355 Disposal of investment
Chichester Holdings Limited 116 Loan stock repayment
Radnor House School (Holdings) Loan stock and capitalised
Limited 105 interest repayment
The Charnwood Pub Company Limited 69 Final proceeds on disposal
The Dunedin Pub Company VCT
Limited 69 Loan stock repayment
Dexela Limited 48 Payment of year 3 earn out
Loan stock and redemption
Hilson Moran Holdings Limited 24 premium repayment
Total proceeds 1,714
Helveta Limited went into administration on 18 September 2014. The
assets of Helveta Limited were purchased by Elements Software Limited,
and the Company received 0.65 per cent. of the ordinary share capital in
the new entity, currently valued at nil.
Top ten holdings as at 30 September 2014:
% of
net
Carrying value asset
Investment GBP000's value Activity
Oakland Care Centre
Limited 3,078 10.4% Owner and operator of care home for the elderly
Radnor House School
(Holdings) Limited 2,908 9.8% Independent school for children ages 7-18
ELE Advanced
Technologies
Limited 2,288 7.7% Manufacturer of precision engineering components
The Crown Hotel
Harrogate Limited 1,926 6.5% Owner and operator of the Crown Hotel, Harrogate
Taunton Hospital
Limited 1,288 4.3% Owner and operator of a psychiatric hospital
Lowcosttravelgroup
Limited 1,213 4.1% Online travel business
Kensington Health Owner and operator of a health and fitness club in
Club Limited 1,021 3.4% West London
Blackbay Limited 908 3.1% Provider of mobile data solutions
Tower Bridge Health 864 2.9% Owner and operator of a health and fitness club in
Club Limited central London
Kew Green 799 2.7% Owner and operator of the Holiday Inn Express at Stansted
(Stansted) VCT Airport
Limited
A full breakdown of the Company's portfolio can be found on the funds
website under current portfolio at
www.albion-ventures.co.uk/ourfunds/CRWN.htm.
Material events and transactions
Having served on the Board for over 8 years, I will be retiring at
today's Annual General Meeting. Richard Huntingford, who has been on the
Board since May 2012, will succeed me as Chairman. Richard can be
contacted by email at crownchair@albion-ventures.co.uk.
Following a formal and competitive selection process, Penny Freer was
appointed to the Board with effect from 31 October 2014.
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 2014 to 13 November 2014.
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/ourfunds/CRWN.htm.
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/ourfunds/CRWN.htm.
Patrick Crosthwaite, Chairman
pcrosthwaite@albion-ventures.co.uk
13 November 2014
For further information please contact:
Patrick Reeve, Albion Ventures LLP - tel: 020 7601 1850
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Crown Place VCT PLC via Globenewswire
HUG#1871091
http://www.closeventures.co.uk
Albion Crown Vct (LSE:CRWN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Albion Crown Vct (LSE:CRWN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
