Crown Place VCT PLC Crown Place Vct Plc : Interim Management Statement
18 Mai 2016 - 4:32PM
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 2016 to 18 May 2016.
Performance and dividends
The Group's unaudited net asset value (NAV) as at 31 March 2016 was
GBP37.5 million or 29.08 pence per share (excluding treasury shares)
after accounting for a dividend of 1.25 pence per share which was paid
on 31 March 2016 to shareholders on the register as at 4 March 2016.
After taking account of the total 2.50 pence per share of dividends paid
on 30 November 2015 (1.25 pence) and 31 March 2016 (1.25 pence), the
comparable ex-dividend NAV as at 30 June 2015 was 28.47 pence per
share. Therefore, the NAV has risen by 0.61 pence per share or 2.1 per
cent. since 30 June 2015.
Share issues
During the period from 1 January 2016 to 18 May 2016, the Company issued
the following Ordinary shares under the Albion VCTs Prospectus Top Up
Offers 2015/2016:
Issue price per
Number of shares share (including Net proceeds
Dates issued costs of issue) GBP'000
29 January 2016 to
6 April 2016 19,842,040 29.7p to 31.1p 5,891
The Offer closed on 23 March 2016 having been fully subscribed and
raising net proceeds of GBP5.89 million. 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.
In addition, the following shares were issued under the dividend
reinvestment scheme on 31 March 2016:
Number of shares Issue price per
Date issued share Net proceeds GBP'000
31 March 2016 791,479 29.01 228
Share buy-backs
During the period from 1 January 2016 to 18 May 2016, the Company
purchased 261,000 shares for GBP75,000 at an average price of 28.55
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
January 2016 to 18 May 2016:
New investments GBP000's Activity
Developer of mobile apps for professional
InCrowd Sports Limited 42 sports clubs
Total new investments 42
Further
investments GBP000's Activity
Shinfield
Lodge Care Owner and operator of a care home for the elderly
Limited 830 in Berkshire
Earnside
Energy Owner and operator of an anaerobic digestion and composting
Limited 562 plant near Perth, Scotland
Ryefield
Court Care Owner and operator of a care home for the elderly
Limited 250 in Hillingdon
Active Lives
Care Owner and operator of a care home for the elderly
Limited 220 in Oxford
DySIS
Medical
Limited 92 Medical devices for the detection of cervical cancer
Proveca
Limited 56 Repositioning of paediatric medicines
Aridhia
Informatics
Limited 27 Healthcare informatics and analysis
The
Weybridge
Club Owner and operator of a freehold health and fitness
Limited 3 club in Weybridge, Surrey
Total
further
investments 2,040
Disposals
The following disposals and loan stock repayments were made during the
period from 1 January 2016 to 18 May 2016:
Portfolio company GBP000's
Silent Herdsman Holdings Limited 137 Disposal of investment
Relayware Limited 93 Part disposal of investment
Loan stock and redemption premium
Hilson Moran Holdings Limited 11 repayment
Total proceeds 241
Top ten holdings as at 31 March 2016:
% of
net
Carrying value asset
Investment GBP000's value Activity
Radnor House
School
(Holdings)
Limited 4,932 13.2% Independent schools for children aged 5-18
Shinfield
Lodge Care Owner and operator of a care home for the elderly
Limited 2,167 5.8% in Berkshire
ELE Advanced
Technologies
Limited 2,090 5.6% Manufacturer of precision engineering components
The Crown
Hotel
Harrogate
Limited 1,843 4.9% Owner and operator of The Crown Hotel, Harrogate
Chonais River
Hydro
Limited 1,715 4.6% Hydropower project in Scotland
Gharagain
River Hydro
Limited 1,264 3.4% Hydropower project in Scotland
Active Lives 1,172 3.1% Owner and operator of a care home for the elderly
Care in Oxford
Limited
Ryefield 793 2.1% Owner and operator of a care home for the elderly
Court Care in Hillingdon
Limited
Kew Green VCT 791 2.1% Owner and operator of the Holiday Inn Express at Stansted
(Stansted) Airport
Limited
The Stanwell 694 1.9% Owner and operator of the Stanwell Hotel near Heathrow
Hotel Airport
Limited
A full breakdown of the Company's portfolio can be found on the funds
webpage on the Manager's website at www.albion-ventures.co.uk/funds/CRWN,
by following the 'Portfolio of Investments' link under the 'Funds
reports' section.
Material events and transactions
There have been no 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 2016 to 18 May 2016.
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/funds/CRWN.
Further information regarding historic and current financial performance
and other useful shareholder information can be found on the Fund's
webpage on the Manager's website at
www.albion-ventures.co.uk/funds/CRWN.
Richard Huntingford, Chairman
crownchair@albion-ventures.co.uk
18 May 2016
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#2013572
http://www.closeventures.co.uk
(END) Dow Jones Newswires
May 18, 2016 10:32 ET (14:32 GMT)
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