Crown Place VCT PLC Crown Place Vct Plc : Interim Management Statement
03 Mai 2019 - 3:12PM
UK Regulatory
TIDMCRWN
Crown Place VCT PLC
Interim Management Statement
LEI Code: 213800SYIQPA3L3T1Q68
Introduction
I am pleased to present Crown Place VCT PLC's (the "Company's") interim
management statement for the period from 1 January 2019 to 31 March
2019.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 31 March 2019 was
GBP57.32 million or 34.73 pence per share (excluding treasury shares),
after accounting for a dividend of 1 penny per share which was paid on
29 March 2019 to shareholders on the register on 1 March 2019.
After taking account of the total 2.00 pence per share of dividends paid
on 30 November 2018 (1 penny) and 29 March 2019 (1 penny), the
comparable ex-dividend NAV as at 30 June 2018 was 31.50 pence per share.
Therefore, the NAV has risen by 3.23 pence per share or (10.25 per
cent.) since 30 June 2018.
Board composition
The Board announced on 14 February 2019 that, following a formal
selection process, Pam Garside was appointed to the Board with effect
from 1 March 2019. Pam is a highly experienced healthcare entrepreneur
and an advisor to government, NHS and private sector organisations in
the health sector in the UK and US. Pam joins the Board at a time when
increasing numbers of healthcare investment opportunities are being
considered by the Company.
As announced in the Half-yearly Financial Report to 31 December 2018,
Karen Brade will retire from the Board in September 2019. James Agnew
will succeed Karen as chairman of the Audit and Risk Committee.
Share buy-backs
During the period from 1 January 2019 to 31 March 2019, the Company
purchased 566,000 shares for GBP183,000 including stamp duty, at an
average price of 32.25 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 material investment has been made during the period from 1
January 2019 to 31 March 2019:
New GBP000s Activity
investment
----------- ------- --------------------------------------------------------
Avora 510 Developer of software to improve decision making through
Limited augmented analytics & machine learning
----------- ------- --------------------------------------------------------
Top ten holdings as at 31 March 2019:
% of
net
Carrying value asset
Investment GBP000s value Activity
------------- -------------- ----- -------------------------------------------------------
Radnor House
School
(Holdings)
Limited 6,725 11.7 Independent schools for children aged 5-18
------------- -------------- ----- -------------------------------------------------------
ELE Advanced
Technologies
Limited 4,557 8.0 Manufacturer of precision engineering components
------------- -------------- ----- -------------------------------------------------------
Shinfield
Lodge Care Owner and operator of a 66 bed care home in Shinfield,
Limited 4,215 7.4 Berkshire
------------- -------------- ----- -------------------------------------------------------
Chonais River
Hydro Owner and operator of a 2 MW hydro-power scheme in
Limited 3,293 5.7 the Scottish Highlands
------------- -------------- ----- -------------------------------------------------------
Active Lives Owner and operator of a 75 bed care home in Cumnor
Care Limited 2,791 4.9 Hill, Oxfordshire
------------- -------------- ----- -------------------------------------------------------
Ryefield
Court Care Owner and operator of a 60 bed care home in Hillingdon,
Limited 2,244 3.9 Middlesex
------------- -------------- ----- -------------------------------------------------------
Proveca
Limited 1,933 3.4 Reformulation of paediatric medicines
------------- -------------- ----- -------------------------------------------------------
Quantexa 1,816 3.2 Network analytics platform to detect financial crime
Limited
------------- -------------- ----- -------------------------------------------------------
Gharagain 1,658 2.9 Owner and operator of a 1 MW hydroelectricity plant
River Hydro in the Scottish Highlands
Limited
------------- -------------- ----- -------------------------------------------------------
Mirada 1,444 2.5 Developer of medical imaging software using Deep
Medical Learning
Limited
------------- -------------- ----- -------------------------------------------------------
A full breakdown of the Company's portfolio can be found on the
Company's webpage on the Manager's website at
https://www.globenewswire.com/Tracker?data=eGTNSX8_5-ir-IStjW6Z2xWZflHgSSuIQo7NtJ2QmYyBskJUl6mBtbV_roPLCrBcE2zaIWP9g3dY4l8d7RPo9sAzUkT891AjF8E5O01DWpgreA7P9tEVOHD70Kwp1KQn
www.albion.capital/funds/CRWN, by following the 'Portfolio of
Investments' link under the 'Fund reports' section.
Material events and transactions after the period end
Portfolio
After the period end, the Company undertook the following investment
transactions:
-- Disposal of Earnside Energy for GBP1.4 million;
-- Loan stock repayment of GBP0.8 million from The Stanwell Hotel;
-- Investment of GBP388,000 in an existing portfolio company, Proveca, which
develops drugs specifically formulated for children;
-- Investment of GBP280,000 in a new portfolio company, Limitless Technology,
which provides a customer service platform powered by crowd and machine
learning technology; and
-- Investment of GBP106,000 in a new portfolio company, Imandra, which
provides automated software testing and an enhanced learning experience
for artificial neural networks.
Albion VCTs prospectus Top Up Offers 2018/19
The Board was delighted to announce on 3 April 2019 that the Company had
reached its GBP8 million limit under its offer pursuant to the
Prospectus dated 7 January 2019, and so was closed. The proceeds of the
Offer will be used to provide further resources at a time when a number
of attractive investment opportunities are being seen.
The Board congratulates Albion Capital for successfully raising the full
GBP48m across the Albion VCTs under the Top Up Offers 2018/19. This is
the largest fundraising that Albion has ever achieved.
The following new Ordinary shares of nominal value 1 penny per share
were allotted under the Albion VCTs prospectus Top Up Offers 2018/19
after 31 March 2019:
Aggregate
Number of nominal value Issue price per
Date of shares of shares share (including Net proceeds
allotment issued GBP'000 costs of issue) GBP'000
--------------- ------------- ------------- ---------------- -------------
1 April 2019 19,551,876 196 34.8 to 35.2 6,709
--------------- ------------- ------------- ---------------- -------------
5 April 2019 1,887,622 19 35.2 648
--------------- ------------- ------------- ---------------- -------------
12 April 2019 1,297,449 13 34.8 to 35.2 445
--------------- ------------- ------------- ---------------- -------------
Total 22,736,947 227 7,802
--------------- ------------- ------------- ---------------- -------------
Further information
The Company continues to offer a Dividend Reinvestment Scheme to
existing shareholders. Details of this Scheme can be found at
https://www.globenewswire.com/Tracker?data=eGTNSX8_5-ir-IStjW6Z2xWZflHgSSuIQo7NtJ2QmYzp5gUSy4FIUD0ZkETr-VbppSTIC-3aWZ56lwx8DRIwCJ3VIaYrsnpGH7m34BGq2J02Ua7uJ_fy2a3iQhx1_QAB
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
https://www.globenewswire.com/Tracker?data=eGTNSX8_5-ir-IStjW6Z2xWZflHgSSuIQo7NtJ2QmYxMIL7cwN_XcRCzNuhgSRtIfnffkvAKIONp3t5U41XSgOABGmBpFjcBOgGwdxezBA-FfRZugAH_BBTTCwNCl-8V
www.albion.capital/funds/CRWN.
Richard Huntingford, Chairman
crownchair@albion.capital
https://www.globenewswire.com/Tracker?data=00K0eR7lLRlQmfmltutmmR2bw4MTdU_6-O93esYxHkTbYPzbA_KyDxbjqqpF1ZoQvUSryMBnW2mOUDCYNtrYqlII9Nl56C-OGGS-NUbQhM65Rfk5jESaAHgNRcIHw0bY
3 May 2019
For further information please contact:
Albion Capital Group LLP -- Tel: 020 7601 1850
(END) Dow Jones Newswires
May 03, 2019 09:12 ET (13:12 GMT)
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