Crown Place VCT PLC Crown Place Vct Plc : Interim Management Statement
21 Mai 2018 - 5:48PM
UK Regulatory
TIDMCRWN
Crown Place VCT PLC
Interim Management Statement
LEI Code: 213800SYIQPA3L3T1Q68
Introduction
I am pleased to present Crown Place VCT PLC's interim management
statement for the period ended 31 March 2018.
Performance and dividends
The Group's unaudited net asset value (NAV) as at 31 March 2018 was
GBP52.59 million or 32.14 pence per share (excluding treasury shares),
after accounting for a dividend of 1 penny per share which was paid on
29 March 2018 to shareholders on the register on 9 March 2018.
After taking account of the total 2.00 pence per share of dividends paid
on 30 November 2017 (1 penny) and 29 March 2018 (1 penny), the
comparable ex-dividend NAV as at 30 June 2017 was 28.98 pence per share.
Therefore, the NAV has risen by 3.16 pence per share or (10.90 per
cent.) since 30 June 2017.
Share issues
During the period from 1 January 2018 to 31 March 2018, the Company
issued the following new Ordinary shares under the Albion VCTs
Prospectus Top Up Offers 2017/18:
Aggregate
Number of nominal value Issue price per
shares of shares share (including Net proceeds
Date issued GBP'000 costs of issue) GBP'000
31 January 2018 4,349,218 435 31.5p 1,336
The Board announced on 26 February 2018 that the Company had reached its
GBP6 million limit under its offer pursuant to the Prospectus dated 6
September 2017, and so was closed.
The proceeds of the Offer 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 new Ordinary shares were issued under the
dividend reinvestment scheme on 29 March 2018:
Aggregate
Number of nominal value Issue price per
shares of shares share (including Net invested
Date issued GBP'000 costs of issue) GBP'000
29 March 2018 888,509 9 30.47 269
Share buy-backs
During the period from 1 January 2018 to 31 March 2018, the Company
purchased 495,000 shares for GBP143,000 including stamp duty at an
average price of 28.68 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.
Reduction in share capital and cancellation of capital redemption and
share premium reserves
As noted in the Half-yearly Financial Report to 31 December 2017, the
Company obtained authority to reduce the nominal value of its ordinary
shares from 10 pence to 1 penny and cancel the amount standing to the
credit of its share premium and capital redemption reserves at the
Annual General Meeting on 8 November 2017. The purpose of the proposal
was to increase the distributable reserves available to the Company for
the payment of dividends, the buy-back of shares, and for other
corporate purposes.
The proposal received the consent of the Court on 13 February 2018, and
the changes have been registered at Companies House. Therefore, with
effect from 13 February 2018, the share capital of the Company will have
a nominal value of 1 penny per share.
New share certificates will not be issued following these changes and
existing certificates will remain valid.
Portfolio
The following investments have been made during the period from 1
January 2018 to 31 March 2018:
New qualifying investments GBP'000 Activity
Online marketplace connecting
Koru Kids Limited 200 parents and nannies
Total new qualifying investments 200
Follow on investments into
existing portfolio companies GBP'000 Activity
Provider of cyber security
Panaseer Limited 141 services
Convertr Media Limited 120 Digital lead generation software
Total further investments 261
Disposals
The following disposal proceeds, including loan stock repayments, were
received during the period from 1 January 2018 to 31 March 2018:
Portfolio company GBP'000
The Crown Hotel Harrogate Limited 2,033 Disposal of investment
Radnor House School (Holdings) Limited 45 Loan stock repayment
Total proceeds 2,078
Top ten holdings as at 31 March 2018:
% of
net
Carrying value asset
Investment GBP000s value Activity
Radnor House
School
(Holdings)
Limited 6,133 11.7 Independent schools for children aged 3-18
Shinfield
Lodge Care Owns and operates a 66 bed care home in Shinfield,
Limited 3,801 7.2 Berkshire
Chonais River
Hydro Owner and operator of a 2 MW hydro-power scheme in
Limited 3,294 6.3 the Scottish Highlands
ELE Advanced
Technologies
Limited 2,987 5.7 Manufacturer of precision engineering components
Active Lives Owns and operates a 75 bed care home in Cumnor Hill,
Care Limited 2,499 4.8 Oxfordshire
Ryefield
Court Care Owns and operates a 60 bed care home in Hillingdon,
Limited 2,140 4.1 Middlesex
Gharagain
River Hydro Owner and operator of a 1 MW hydroelectricity plant
Limited 1,671 3.2 in Western Scotland
Earnside
Energy Anaerobic digestion and composting plant located in
Limited 1,236 2.4 Scotland
Proveca
Limited 1,235 2.3 Reformulation of paediatric medicines
Grapeshot
Limited 1,220 2.3 Provider of digital marketing software
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/CRWN, by following the 'Portfolio of
Investments' link under the 'Funds reports' section.
Material events and transactions after the period end
Portfolio
After the period end, the Company undertook the following investment
transactions:
-- Investment of GBP128,000 in an existing portfolio company, Black Swan
Data Limited, which provides data analysis that supports corporate
decision making;
-- Investment of GBP120,000 in an existing portfolio company Sandcroft
Avenue Limited, which provides flexible access to gyms trading as
PayasUgym.com;
-- Investment of GBP105,000 in an existing portfolio company, InCrowd Sports
Limited, which is a developer of mobile apps for professional sports
clubs;
-- Investment of GBP75,000 into a new portfolio company, Healios Limited,
which provides online delivery of mental health therapy services;
-- Investment of GBP60,000 in an existing portfolio company, Abcodia Limited,
which focuses on the validation and discovery of serum biomarkers;
-- Investment of GBP28,000 in an existing portfolio company, DySIS Medical
Limited, which is a developer of medical devices for the detection of
cervical cancer; and
-- As announced on 24 April 2018, contracts were exchanged for the sale of
Grapeshot Limited, which subsequently completed on 15 May 2018. The
valuation of the holding as at 31 March 2018 includes discounts to the
total estimated consideration to reflect completion and other risks.
Albion VCTs prospectus Top Up Offers
The following new Ordinary shares of nominal value 1 penny per share
were allotted under the Albion VCTs prospectus Top Up Offers 2017/18
after 31 March 2018:
Aggregate
Number of nominal value Issue price per
shares of shares share (including Net proceeds
Date issued GBP'000 costs of issue) GBP'000
5 April 2018 1,980,778 20 31.3p 605
11 April 2018 436,012 4 31.0p to 31.3p 133
There have been no further significant events or transactions between 1
April 2018 to 21 May 2018 that the Board is aware of which would have
had a material impact on the financial position of the Company.
Further information
The Company continues to offer a Dividend Reinvestment Scheme to
existing shareholders. Details of this Scheme can be found at
www.albion.capital/funds/CRWN.
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/CRWN.
Richard Huntingford, Chairman
crownchair@albion.capital
21 May 2018
For further information please contact:
Albion Capital Group LLP - Tel: 020 7601 1850
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
http://www.closeventures.co.uk
(END) Dow Jones Newswires
May 21, 2018 11:48 ET (15:48 GMT)
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