TIDMCRWN
Crown Place VCT PLC
LEI number: 213800SYIQPA3L3T1Q68
As required by the UK Listing Authority's Disclosure Guidance and
Transparency Rules 4.1 and 6.3, Crown Place VCT PLC today makes public
its information relating to the Annual Report and Financial Statements
for the year ended 30 June 2019.
This announcement was approved for release by the Board of Directors on
27 September 2019.
This announcement has not been audited.
The Annual Report and Financial Statements for the year ended 30 June
2019 (which have been audited), will shortly be sent to shareholders.
Copies of the full Annual Report and Financial Statements will be shown
via the Albion Capital Group LLP website by clicking
https://www.globenewswire.com/Tracker?data=ioC8P0hQK_98SW2x7qoODvsms9a8KTC0f7BNDukSm-9ClEtKXOAP9XHl2vBP7hnARR4UR-AFBPswYHf-5xU3eH_Qh6-mivQtZ7aPGqvU9A0qMxglQRJswy6SNMYsHHVSNPQ5X_y6pBMY92Y8hno8I42wdLzlxBNt-dkrQFvTS40=
www.albion.capital/funds/CRWN/30Jun19.pdf. The information contained in
the Annual Report and Financial Statements will include information as
required by the Disclosure Guidance and Transparency Rules, including
Rule 4.1.
Investment policy
The Company will invest in a broad portfolio of smaller, unquoted growth
businesses across a variety of sectors including higher risk technology
companies. Investments may take the form of equity or a mixture of
equity and loans.
Whilst allocation of funds will be determined by the investment
opportunities which become available, efforts will be made to ensure
that the portfolio is diversified both in terms of sector and stage of
maturity of investee businesses. Funds held pending investment or for
liquidity purposes will be held principally as cash on deposit.
Risk diversification and maximum exposures
Risk is spread by investing in a number of different businesses within
venture capital trust qualifying industry sectors using a mixture of
securities, as permitted. The maximum amount which the Company will
invest in a single portfolio company is 15 per cent. of the Company's
assets at cost thus ensuring a spread of investment risk. The value of
an individual investment may increase over time as a result of trading
progress and it is possible that it may grow in value to a point where
it represents a significantly higher proportion of total assets prior to
a realisation opportunity being available.
The Company's maximum exposure in relation to gearing is restricted to
the amount of its adjusted share capital and reserves. The Directors do
not have any intention of utilising long-term gearing.
Financial calendar
Record date for first dividend 1 November 2019
Annual General Meeting Noon on 27 November
2019
Payment of first dividend 29 November 2019
Announcement of half-yearly results for the six months February 2020
ending 31 December 2019
Payment of second dividend (subject to Board approval) 31 March 2020
Financial highlights
35.29p Net asset value per share as at 30 June 2019
-------------------------------------------------------
3.75p Total return per share to shareholders for the year
ended 30 June 2019
-------------------------------------------------------
11.2% Total return on opening net asset value per share
-------------------------------------------------------
2.0p Total tax-free dividends per share paid during the
year ended 30 June 2019
-------------------------------------------------------
6.0% Tax-free dividend yield on share price (total dividends
paid in the year/share price as at 30 June 2019)
-------------------------------------------------------
30 June 2019 30 June 2018
pence per share pence per share
Opening net asset value 33.50 30.98
Revenue return 0.41 0.36
Capital return 3.34 4.28
--------------- ---------------
Total return 3.75 4.64
Dividends paid (2.00) (2.00)
Impact from buy-backs and issue of share
capital 0.04 (0.12)
Closing net asset value 35.29 33.50
-------------------------------------------- --------------- ---------------
Shareholder return and shareholder value (pence per share)
Shareholder return from launch to April 2005 (date
that Albion Capital was appointed investment manager):
Total dividends paid to 6 April 2005 (i) 24.93
Decrease in net asset value (56.60)
-----------------
Total shareholder return to 6 April 2005 (31.67)
-----------------
Shareholder return from April 2005 to 30 June 2019:
Total dividends paid 32.80
Decrease in net asset value (8.11)
-----------------
Total shareholder return from April 2005 to 30 June
2019 24.69
-----------------
Shareholder value since launch:
Total dividends paid to 30 June 2019 (i) 57.73
Net asset value as at 30 June 2019 35.29
-----------------
Total shareholder value as at 30 June 2019 93.02
-----------------
Notes
1. Prior to 6 April 1999, venture capital trusts were able to add 20 per
cent. to dividends and figures for the period up until 6 April 1999 are
included at the gross equivalent rate actually paid to shareholders.
Current annual dividend objective 2.00
----
Dividend yield on net asset value as at 30 June 2019 5.7%
----
Total shareholder value since launch: (pence per share)
-------------------------------------------------------- ------------------
Total dividends paid during:
the period from launch to 6 April 2005 (prior to change
of manager) 24.93
the year ended 28 February 2006 1.00
the period ended 30 June 2007 3.30
the year ended 30 June 2008 2.50
the year ended 30 June 2009 2.50
the year ended 30 June 2010 2.50
the year ended 30 June 2011 2.50
the year ended 30 June 2012 2.50
the year ended 30 June 2013 2.50
the year ended 30 June 2014 2.50
the year ended 30 June 2015 2.50
the year ended 30 June 2016 2.50
the year ended 30 June 2017 2.00
the year ended 30 June 2018 2.00
the year ended 30 June 2019 2.00
Total dividends paid to 30 June 2019 57.73
Net asset value as at 30 June 2019 35.29
------------------
Total shareholder value as at 30 June 2019 93.02
-------------------------------------------------------- ------------------
In addition to the dividends paid above, the Board has declared a first
dividend for the year ending 30 June 2020, of 1 penny per Crown Place
VCT PLC share, payable on 29 November 2019 to shareholders on the
register on 1 November 2019.
Chairman's statement
Introduction
I am delighted to report that Crown Place VCT PLC achieved a total
return of 3.75 pence per share for the year ended 30 June 2019, which is
an 11.2 per cent. return on our opening net asset value per share,
extending our track record of delivering a positive total return to
shareholders for the last ten years. This is also the third consecutive
year where return on opening NAV is greater than 10 per cent. and where
total return has more than covered the dividend paid to shareholders.
The portfolio has performed well across all sectors and stages of
maturity, and pleasingly the Company saw significant interest from
investors, with the Top Up Offer raising the full subscription amount of
GBP8.0 million, well ahead of its planned closing date.
Results and dividends
As at 30 June 2019, the net asset value was GBP66.0 million or 35.29
pence per share compared to GBP55.4 million or 33.50 pence per share at
30 June 2018. The ongoing charges ratio for the year decreased to 2.3
per cent. (2018: 2.4 per cent.).
Further details of the Company's financial performance are given in the
Strategic report below.
The Company paid dividends totalling 2.0 pence per share during the
financial year, representing a dividend yield on closing NAV of 5.7 per
cent. (2018: 6.0 per cent.). The Board is proposing a first dividend for
the year ending 30 June 2020 of 1 penny per share, payable on 29
November 2019 to shareholders on the register on 1 November 2019.
Investment performance
We had two significant exits in 2019: Earnside Energy and The Stanwell
Hotel which, in total, returned disposal proceeds of GBP2.2 million. For
Earnside Energy, we have received proceeds of GBP1.3 million, resulting
in a return (including interest received) of 1.4 times cost, and for The
Stanwell Hotel we received proceeds of GBP915,000, returning 0.6 times
our original investment (including interest received). Overall, the
Company achieved disposal proceeds, including repayments of loan stock
by portfolio companies, of GBP3.4 million compared to GBP6.0 million in
the previous year. Further information on realisations can be found on
page 24 of the full Annual Report and Financial Statements.
Following the year end, the Company exchanged contracts for the sale of
Process Systems Enterprise for a return of over ten times cost. This is
the second time in just over a year that the Company has sold a
technology investment for a ten times multiple after the successful sale
of Grapeshot in 2018.
During the year, the Company's realised and unrealised capital gains on
investments amounted to GBP6,475,000 compared to GBP7,366,000 in the
previous year. Notable increases in valuation include a GBP1.0 million
uplift for ELE Advanced Technologies, which has continued to trade
strongly; GBP923,000 for Process Systems Enterprise, as noted above;
GBP796,000 uplift for Radnor House School, where the Sevenoaks school
has seen an increase in the student roll as it continues to expand; and
GBP718,000 for Proveca, following a further fundraising round.
As in any large portfolio, there were a few investments where valuations
declined over the year, the largest being a GBP167,000 write-down in
Convertr Media, which required further finance as it continues to
develop its business.
A total of GBP3.5 million was deployed into portfolio companies,
including GBP2.0 million invested in new portfolio companies namely;
-- GBP510,000 into Avora, a developer of software to improve decision making
through augmented analytics and machine learning;
-- GBP356,000 into Phrasee, which uses artificial intelligence to generate
language for optimised marketing campaigns;
-- GBP280,000 into Limitless Technology, a customer service platform powered
by crowd and machine learning technology;
-- GBP231,000 into Clear Review, a provider of talent management software to
mid-market enterprises;
-- GBP210,000 into Arecor, a biopharmaceuticals business specialising in
diabetes care;
-- GBP160,000 into Forward Clinical, a provider of secure mobile messaging
services for doctors and care workers;
-- GBP115,000 into ePatient Network (trading as Raremark), a patient
engagement and data business focused on rare diseases;
-- GBP106,000 into Imandra, a provider of automated software testing and an
enhanced learning experience for artificial neural networks; and
-- GBP43,000 into Symetrica, a designer and manufacturer of radiation
detection equipment.
We also continued to support existing portfolio companies, with a total
of GBP1.5 million deployed, including GBP388,000 in Proveca following a
GBP3.5 million funding round to continue the development of paediatric
medicines; GBP320,000 in Locum's Nest to accelerate growth of its web
platform and mobile application which allows NHS Trusts to manage their
requirements for locum doctors; and GBP248,000 in Quantexa as part of a
GBP15.2 million funding round to further grow its network analytics
business.
Full details of the companies we are invested in can be found in the
Portfolio of investments section on pages 21 to 23 of the full Annual
Report and Financial Statements.
Board composition
As announced on 14 February 2019, Karen Brade, who has been on the Board
since October 2010, will resign on 30 September 2019. I would like to
thank Karen for her invaluable input as a Director and her work as
Chairman of the Audit and Risk Committee over the past four years. James
Agnew, who has been on the Board since November 2015, will succeed her
as Chairman of the Audit and Risk Committee upon her resignation.
I am delighted to welcome Pam Garside, a highly experienced healthcare
entrepreneur, member of the Cambridge Business Angels and advisor to
government, NHS and private sector organisations, to the Board following
her appointment in March 2019. Pam joins the Board at a time when
increasing numbers of healthcare investment opportunities are being
considered by the Company.
Transactions with the Manager
The Board continues to closely monitor the Manager's performance and
reporting and remains satisfied with the Company's progress.
Details of transactions that took place with the Manager during the year
can be found in note 5 and principally relate to the management fees.
Risks and uncertainties
The outlook for the UK and global economies continues to be the key risk
affecting the Company, and the withdrawal of the UK from the European
Union is likely to have an impact on the Company and its investments. An
analysis has been carried out at a portfolio company level to assess
exposure to Europe, and appropriate actions, where possible, have been
implemented. Overall investment risk, however, is mitigated through a
variety of processes, including investing in a diversified portfolio in
terms of sector and stage of maturity, with a focus on opportunities
where growth can be sustained and resilient.
A detailed review of risk management is set out in the Strategic report
below.
Albion VCTs Top Up Offers
In January 2019, the Company announced the launch of the Albion VCTs
Prospectus Top Up Offers 2018/19 and was pleased to announce on 3 April
2019 that it had reached its GBP8 million limit under its Offer which
was fully subscribed and closed, as detailed in note 15. The proceeds
raised continue to be deployed into new portfolio companies, some of
which are noted above, but also used to further support growth in our
existing portfolio companies. We continue to develop an attractive
pipeline of new investment opportunities.
The Company is pleased to announce that, subject to obtaining the
requisite regulatory approval, the Company intends to launch prospectus
Top Up Offers of new Ordinary shares for subscription in the 2019/2020
and 2020/2021 tax years (the "Offers").
Full details of the Offers will be contained in a prospectus that is
expected to be published in Autumn 2019 and will be available on the
Albion Capital website (www.albion.capital).
Annual General Meeting
The Annual General Meeting of the Company will be held at The
Charterhouse, Charterhouse Square, London EC1M 6AN at noon on 27
November 2019. Full details of the business to be conducted at the
Annual General Meeting are given in the Notice of the Meeting on pages
69 and 70 of the full Annual Report and Financial Statements. Please
note that this is a new location for the Annual General Meeting.
The Board welcomes your attendance at the meeting as it gives an
opportunity for shareholders to ask questions of the Board and the
Manager. If you are unable to attend the Annual General Meeting in
person, we would encourage you to make use of your proxy votes.
Fraud warning
We note over recent months an increase in the number of shareholders
being contacted in connection with increasingly sophisticated but
fraudulent financial scams. This is often by a phone call or an email
which normally originates from outside of the UK, often claiming or
appearing to come from a corporate finance firm and typically offering
to buy your VCT shares at an inflated price. If you are contacted, we
recommend that you do not respond with any personal information and say
you are not interested.
The Manager maintains a page on their website in relation to fraud
advice at
https://www.globenewswire.com/Tracker?data=ioC8P0hQK_98SW2x7qoODjJup98mtVNq_fLZrtbB7au94XW6nAocxNB7B4wVRCWm-84S6Vbc9HUyot45INfWdDslKIwWMZToCKSYXeI2XLM7d7Ry1fqXhBQbPC0aKLBCAQIjrt0blT0rfTMkvjIy9PCEuKs94oy8e5fumhiEVKc=
www.albion.capital/investor-centre/fraud-advice. Details of how to sell
shares through reputable channels can also be found here.
If you are in any doubt, we recommend that you seek financial advice
before taking any action. You can also call Shareholder relations on 020
7601 1850, or email info@albion.capital, if you wish to check whether
any claims made are genuine.
Outlook
It is encouraging to see continued strong performance by the Company.
The portfolio remains well balanced across a variety of sectors, despite
its exposure to an increasing number of early stage technology
businesses. Although recent changes to the Company's investment policy,
brought about by the changes in VCT tax legislation, may result in
increased volatility within the portfolio, we remain confident that the
fundamentals of the companies within our portfolio, and the new
companies that we are backing, give the Company the potential to deliver
positive shareholder returns. I do however note the broader uncertain
political and economic environment.
Richard Huntingford
Chairman
27 September 2019
Strategic report
Crown Place VCT PLC is a venture capital trust and its investment policy
can be found above.
Business model
The Company operates as a Venture Capital Trust. This means that the
Company has no employees other than its Directors and has outsourced the
management of all its operations to Albion Capital Group LLP, including
secretarial and administrative services. Further details of the
Management agreement can be found below.
Current portfolio sector allocation
The pie charts at the end of this announcement shows the split of the
portfolio valuation as at 30 June 2019 by: sector; stage of investment;
and number of employees. Details of the principal investments made by
the Company are shown in the Portfolio of investments on pages 21 to 23
of the full Annual Report and Financial Statements.
Direction of portfolio
The analysis of the Company's investment portfolio shows that it is well
diversified and evenly spread across the renewable energy, healthcare,
education, IT and healthcare technology sectors.
The IT and healthcare technology sectors have continued to grow as a
proportion of the portfolio as we invest in key areas such as cyber
security and machine learning applications. In line with the new
investment policy, we will continue to invest in higher growth
technology companies in the future. The renewable energy portfolio has
decreased, mainly as a result of the sale of Earnside Energy, however
there is currently no intention to dispose of any other renewable energy
investments in the short term as these investments generate stable
income for the Company.
Results and dividends
GBP'000
----------------------------------------------------- -------
Revenue return for the year ended 30 June 2019 697
Capital return for the year ended 30 June 2019 5,695
----------------------------------------------------- -------
Total return for the year ended 30 June 2019 6,392
Dividend of 1 penny per share paid on 30 November
2019 (1,649)
Dividend of 1 penny per share paid on 29 March 2019 (1,646)
Unclaimed dividends 15
----------------------------------------------------- -------
Transferred to reserves 3,112
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Net assets as at 30 June 2019 65,995
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Net asset value as at 30 June 2019 (pence per share) 35.29
----------------------------------------------------- -------
The Company paid dividends totalling 2.00 pence per share during the
year ended 30 June 2019 (2018: 2.00 pence per share). The dividend
objective of the Board is to provide shareholders with a stable dividend
flow. The Company will target an annual dividend of 2.00 pence per share
for the year ending 30 June 2020 and has declared a first dividend for
the year ending 30 June 2020 of 1 penny per share. This dividend will be
paid on 29 November 2019 to shareholders on the register on 1 November
2019.
As shown in the Income statement below, the capital gain for the year
was GBP5,695,000 (2018: GBP6,706,000), mainly as a result of the
unrealised capital uplifts of GBP1.0 million in ELE Advanced
Technologies, GBP923,000 in Process Systems Enterprise, GBP796,000 in
Radnor House School (Holdings) and GBP718,000 in Proveca, and a
GBP402,000 gain on the disposal of The Stanwell Hotel.
As shown on the Income statement below, investment income has increased
to GBP1,285,000 (2018: GBP1,105,000), resulting in an increased revenue
return of GBP697,000 (2018: GBP560,000). The total return for the year
was 3.75 pence per share (2018: 4.64 pence per share).
The Balance sheet below, shows that the net asset value has increased
over the year to 35.29 pence per share (2018: 33.50 pence per share),
due to the total return for the year of 3.75 pence per share offset by
the payment of the dividend of 2.00 pence per share during the year.
The cash flow for the Company has been a net inflow of GBP3,479,000 for
the year (2018: GBP3,355,000), reflecting disposal proceeds, operating
activities and the issue of new Ordinary shares under the Top Up Offer,
offset by dividends paid, new investments in the year and the buy-back
of shares.
Review of the business and future changes
A review of the Company's business during the year is set out in the
Chairman's statement above. We believe there should be further progress
in the current year, with selected disposals and new investments, and a
continued focus on healthcare and technology companies, alongside other
new growth opportunities.
Following changes to the VCT regulations in 2017, 99.7% of shareholders
approved a change to the Company's investment policy at the Annual
General Meeting in 2018. As a result, a greater emphasis continues to
be given to growth and technology investments and asset-based
investments will continue to decrease over time as a proportion of the
portfolio.
Details of significant events which have occurred since the end of the
financial year are listed in note 19. Details of transactions with the
Manager are shown in note 5.
Future prospects
The Company's portfolio is well balanced across sectors and risk classes
and the Board believes that the Company is well positioned to seek out
and capitalise on new opportunities.
After another promising result for the year, the Board remains confident
that the fundamentals of the companies within the portfolio and the new
companies that are being backed, give the Company the potential to
deliver attractive returns for shareholders but the political and
economic background remains challenging.
Key performance indicators
The Directors believe that the following key performance indicators,
which are typical for VCTs and used in its own assessment of the Company,
will provide shareholders with sufficient information to assess how
effectively the Company has been applying its investment policy to meet
its objectives. The Directors are satisfied that the results shown in
the following key performance indicators, taken overall, give a good
indication that the Company is achieving its investment objective and
policy. These are:
1. Increase in total shareholder value
The graph on page 12 of the full Annual Report and Financial Statements
shows that total shareholder value increased by 3.79 pence per share to
93.02 pence per share (2018: 89.23) for the year ended 30 June 2019.
2. Shareholder return in the year
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
---- ----- ------ ------- ---- ---- ---- ---- ---- ---- ---- ----- ----- -----
3.8% 11.9% (2.7%) (10.6%) 6.3% 6.6% 4.3% 6.6% 7.1% 4.5% 1.5% 14.0% 14.6% 11.3%
---- ----- ------ ------- ---- ---- ---- ---- ---- ---- ---- ----- ----- -----
Source: Albion Capital Group LLP
Methodology: Shareholder return is calculated by the movement in total
shareholder value for the year divided by the opening net asset value.
Annual total return to shareholders has remained positive for the tenth
consecutive year and for the year ended 30 June 2019 was 11.3 per cent.
3. Dividend distributions
Dividends paid in respect of the year ended 30 June 2019 were 2.00 pence
per share (2018: 2.00 pence per share). Cumulative dividends paid since
launch (on 18 January 1998) amount to 57.73 pence per share.
4. Ongoing charges
The ongoing charges ratio for the year ended 30 June 2019 marginally
decreased to 2.3 per cent. (2018: 2.4 per cent.). The ongoing charges
ratio has been calculated using The Association of Investment Companies'
(AIC) recommended methodology. This figure shows shareholders the total
recurring annual running expenses (including investment management fees
charged to capital reserve) as a percentage of the average net assets
attributable to shareholders. The Directors expect the ongoing charges
ratio for the year ahead to remain stable at approximately 2.3 per cent.
5. Running yield
The running yield on the portfolio (investment income divided by the
average net asset value) for the year to 30 June 2019 was 2.2 per cent.
(2018: 2.2 per cent.).
6. VCT regulation
The investment policy is designed to ensure that the Company continues
to qualify and is approved as a VCT by HMRC. In order to maintain its
status under Venture Capital Trust legislation, a VCT must comply on a
continuing basis with the provisions of Section 274 of the Income Tax
Act 2007, details of which are provided in the Directors' report on page
32 of the full Annual Report and Financial Statements.
The relevant tests to measure compliance have been carried out and
independently reviewed for the year ended 30 June 2019. These showed
that the Company has complied with all tests and continues to do so.
Operational arrangements
The Company has delegated the investment management of the portfolio to
Albion Capital Group LLP, which is authorised and regulated by the
Financial Conduct Authority. Albion Capital Group LLP also provides
company secretarial and other accounting and administrative support to
the Company.
Management agreement
Under the terms of the Management agreement, the Manager is paid an
annual fee equal to 1.75 per cent. of the net asset value of the Company
plus GBP50,000 fee per annum for administrative and secretarial
services. Total normal running costs, including the management fee, are
limited to 3.0 per cent. of the net asset value. The Manager is entitled
to an arrangement fee, payable by each portfolio company in which the
Company invests, in the region of 2.0 per cent. on each investment made,
and also monitoring fees where the Manager has a representative on the
portfolio company's board.
Further details of fees paid to the Manager can be found in note 5.
The management agreement can be terminated by either party on 12 months'
notice and is subject to earlier termination in the event of certain
breaches or on the insolvency of either party.
Management performance incentive
In order to provide the Manager with an incentive to maximise the return
to investors, the Manager is entitled to charge an incentive fee in the
event that the returns exceed minimum target levels per share. Under the
incentive arrangements, the Company will pay an incentive fee to the
Manager of an amount equal to 20% of such excess return that is
calculated for each financial year.
The target level requires that the growth of the aggregate of the net
asset value per share and dividends paid by the Company or declared by
the Board and approved by the shareholders during the relevant period
(both revenue and capital), compared with the previous accounting date,
exceeds the average base rate of the Royal Bank of Scotland plc plus 2.0
per cent. If the target return is not achieved in a period, the
cumulative shortfall is carried forward to the next accounting period
and has to be made up before an incentive fee becomes payable.
There was no management performance incentive fee payable during the
year (2018: nil). As at 30 June 2019 the cumulative shortfall of the
target return was 0.60 pence per share (2018: 2.68 pence per share) and
this amount needs to be made up in the next accounting period(s) before
an incentive fee becomes payable.
Evaluation of the Manager
The Board has evaluated the performance of the Manager based on the
returns generated by the Company, the continuing achievement of the 70
per cent. (now 80 per cent. from 1 July 2019) investment requirement for
venture capital trust status, the long term prospects of current
investments, a review of the Management agreement and the services
provided therein and benchmarking the performance of the Manager to
other service providers. Having carried out this evaluation, the Board
believes that it is in the interest of shareholders as a whole, and of
the Company, to continue the appointment of the Manager for the
forthcoming year.
Alternative Investment Fund Managers Directive ("AIFMD")
The Board has appointed Albion Capital Group LLP as the Company's AIFM
as required by the AIFMD. The Manager became a full-scope Alternative
Investment Fund Manager under the AIFMD on 1 October 2018. As a result,
from that date, Ocorian (UK) Limited was appointed as Depository to
oversee the custody and cash arrangements and provide other AIFMD duties
with respect to the Company.
Share buy-backs
It remains the Board's primary objective to maintain sufficient
resources for investment in existing and new portfolio companies and for
the continued payment of dividends to shareholders. Thereafter, it is
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 and
it is the Board's intention for such buy-backs to be in the region of a
5 per cent. discount to net asset value, so far as market conditions and
liquidity permit.
Further details of shares bought back during the year ended 30 June 2019
can be found in note 15 of the Financial Statements.
Environmental, Social, and Governance ("ESG")
Albion Capital Group LLP became a signatory of the UN Principles for
Responsible Investment ("UN PRI") on 14 May 2019. The UN PRI is the
world's leading proponent of responsible investment, working to
understand the investment implications of ESG factors and to support its
international network of investor signatories in incorporating these
factors into their investment and ownership decisions.
Social and community issues, employees and human rights
The Board recognises the requirement under section 414C of the Companies
Act 2006 (the "Act") to detail information about social and community
issues, employees and human rights; including any policies it has in
relation to these matters and effectiveness of these policies. As an
externally managed investment company with no employees, the Company has
no policies in these matters and as such these requirements do not
apply.
General Data Protection Regulation
The General Data Protection Regulation came into effect on 25 May 2018
with the objective of unifying data privacy requirements across the
European Union. The Manager, Albion Capital Group LLP, has taken action
to ensure that the Manager and the Company are compliant with the
regulation.
Further policies and statements
The Company has adopted a number of further policies and statements
relating to:
-- Environment;
-- Global greenhouse gas emissions;
-- Anti-bribery;
-- Anti-facilitation of tax evasion; and
-- Diversity.
and these are set out in the Directors' report on pages 32 and 33 of the
full Annual Report and Financial Statements.
Risk management
The Board carries out a regular review of the risk environment in which
the Company operates. In addition to the risks and uncertainties
outlined in the Chairman's statement, the principal risks and
uncertainties of the Company, as identified by the Board, and how they
are managed are as follows:
Risk Possible consequence Risk management
----------- ----------------------------------------------------------- ------------------------------------------------------------
Investment, The risk of investment in poor quality businesses, To reduce this risk, the Board places reliance upon
performance which could reduce the returns to shareholders, and the skills and expertise of the Manager and its track
and could negatively impact on the Company's current and record over many years of making successful investments
valuation future valuations. in this segment of the market. In addition, the Manager
risk By nature, smaller unquoted businesses, such as those operates a formal and structured investment appraisal
that qualify for venture capital trust purposes, are and review process, which includes an Investment Committee,
more volatile than larger, long established businesses. comprising investment professionals from the Manager
The Company's investment valuation methodology is and at least one external investment professional.
reliant on the accuracy and completeness of information The Manager also invites and takes account of comments
that is issued by portfolio companies. In particular, from non-executive Directors of the Company on matters
the Directors may not be aware of or take into account discussed at the Investment Committee meetings. Investments
certain events or circumstances which occur after are actively and regularly monitored by the Manager
the information issued by such companies is reported. (investment managers normally sit on portfolio company
boards), including the level of diversification in
the portfolio, and the Board receives detailed reports
on each investment as part of the Manager's report
at quarterly board meetings.
The unquoted investments held by the Company are designated
at fair value through profit or loss and valued in
accordance with the International Private Equity and
Venture Capital Valuation Guidelines. These guidelines
set out recommendations, intended to represent current
best practice on the valuation of venture capital
investments. The valuation takes into account all
known material facts up to the date of approval of
the Financial Statements by the Board.
----------- ----------------------------------------------------------- ------------------------------------------------------------
VCT The Company must comply with section 274 of the Income To reduce this risk, the Board has appointed the Manager,
approval Tax Act 2007 which enables its investors to take advantage which has a team with significant experience in venture
risk of tax relief on their investment and on future returns. capital trust management, and are used to operating
Breach of any of the rules enabling the Company to within the requirements of the venture capital trust
hold VCT status could result in the loss of that status. legislation. In addition, to provide further formal
reassurance, the Board has appointed Philip Hare &
Associates LLP as its taxation adviser, who report
quarterly to the Board to independently confirm compliance
with the venture capital trust legislation, to highlight
areas of risk and to inform on changes in legislation.
Each investment in a new portfolio company is also
pre-cleared with our professional advisers or H.M.
Revenue & Customs.
----------- ----------------------------------------------------------- ------------------------------------------------------------
Regulatory The Company is listed on The London Stock Exchange Board members and the Manager have experience of operating
and and is required to comply with the rules of the UK at senior levels within or advising quoted companies.
compliance Listing Authority, as well as with the Companies Act, In addition, the Board and the Manager receive regular
risk Accounting Standards and other legislation. Failure updates on new regulation, including legislation on
to comply with these regulations could result in a the management of the Company, from its auditor, lawyers
delisting of the Company's shares, or other penalties and other professional bodies. The Company is subject
under the Companies Act or from financial reporting to compliance checks through the Manager's compliance
oversight bodies. officer, and any issues arising from compliance or
regulation are reported to its own board on a monthly
basis. These controls are also reviewed as part of
the quarterly Board meetings, and also as part of
the review work undertaken by the Manager's compliance
officer. The report on controls is also evaluated
by the internal auditors.
----------- ----------------------------------------------------------- ------------------------------------------------------------
Operational The Company relies on a number of third parties, in The Company and its operations are subject to a series
and particular the Manager, for the provision of investment of rigorous internal controls and review procedures
internal management and administrative functions. Failures exercised throughout the year, and receives reports
control in key systems and controls within the Manager's business from the Manager on internal controls and risk management,
risk could place assets of the Company at risk or result including on matters relating to cyber security.
in reduced or inaccurate information being passed The Audit and Risk Committee reviews the Internal
to the Board or to shareholders. Audit Reports prepared by the Manager's internal auditor,
PKF Littlejohn LLP and has access to the internal
audit partner of PKF Littlejohn LLP to provide an
opportunity to ask specific detailed questions in
order to satisfy itself that the Manager has strong
systems and controls in place including those in relation
to business continuity and cyber security.
From 1 October 2018, Ocorian (UK) Limited was appointed
as Depositary to oversee the custody and cash arrangements
and provide other AIFMD duties. The Board reviews
the quarterly reports prepared by Ocorian (UK) Limited
to ensure that Albion Capital is adhering to its policies
and procedures as required by the AIFMD.
In addition, the Board regularly reviews the performance
of its key service providers, particularly the Manager,
to ensure they continue to have the necessary expertise
and resources to deliver the Company's investment
objective and policies. The Manager and other service
providers have also demonstrated to the Board that
there is no undue reliance placed upon any one individual.
----------- ----------------------------------------------------------- ------------------------------------------------------------
Economic Changes in economic conditions, including, for example, The Company invests in a diversified portfolio of
and interest rates, rates of inflation, industry conditions, companies across a number of industry sectors and
political competition, political and diplomatic events and other in addition often invests in a mixture of instruments
risk factors could substantially and adversely affect the in portfolio companies and has a policy of minimising
Company's prospects in a number of ways. any external bank borrowings within portfolio companies.
At any given time, the Company has sufficient cash
resources to meet its operating requirements, including
share buy-backs and follow on investments.
----------- ----------------------------------------------------------- ------------------------------------------------------------
Market The market value of Ordinary shares can fluctuate. The Company operates a share buy-back policy, which
value of The market value of an Ordinary share, as well as is designed to limit the discount at which the Ordinary
Ordinary being affected by its net asset value and prospective shares trade to around 5 per cent. to net asset value,
shares net asset value, also takes into account its dividend by providing a purchaser through the Company in absence
yield and prevailing interest rates. As such, the of market purchasers. From time to time buy-backs
market value of an Ordinary share may vary considerably cannot be applied, for example when the Company is
from its underlying net asset value. The market prices subject to a close period, or if it were to exhaust
of shares in quoted investment companies can, therefore, any buy-back authorities.
be at a discount or premium to the net asset value New Ordinary shares are issued at sufficient premium
at different times, depending on supply and demand, to net asset value to cover the costs of issue and
market conditions, general investor sentiment and to avoid asset value dilution to existing investors.
other factors. Accordingly, the market price of the
Ordinary shares may not fully reflect their underlying
net asset value.
----------- ----------------------------------------------------------- ------------------------------------------------------------
Viability statement
In accordance with the FRC UK Corporate Governance Code published in
2016 and principle 21 of the AIC Code of Corporate Governance, the
Directors have assessed the prospects of the Company over three years to
30 June 2022. The Directors believe that three years is a reasonable
period in which they can assess the ability of the Company to continue
to operate and meet its liabilities, as they fall due and is also the
period used by the Board in the strategic planning process and is
considered reasonable for a business of our nature and size. The three
year period is considered the most appropriate given the forecasts that
the Board require from the Manager and the estimated timelines for
finding, assessing and completing investments.
The Directors have carried out a robust assessment of the principal
risks facing the Company as explained above, including those that could
threaten its business model, future performance, solvency or liquidity.
The Board also considered the risk management processes in place to
avoid or reduce the impact of the underlying risks. The Board focused on
the major factors which affect the economic, regulatory and political
environment. The Board deliberated over the importance of the Manager
and the processes that it has in place for dealing with the principal
risks.
The Board assessed the ability of the Company to raise finance and
deploy capital. The portfolio is well balanced and geared towards long
term growth delivering dividends and capital growth to shareholders. In
assessing the prospects of the Company, the Directors have considered
the cash flow by looking at the Company's income and expenditure
projections and funding pipeline over the assessment period of three
years and they appear realistic.
Taking into account the processes for mitigating risks, monitoring costs,
share price discount, the Manager's compliance with the investment
objective, policies and business model and the balance of the portfolio,
the Directors have concluded that there is a reasonable expectation that
the Company will be able to continue in operation and meet its
liabilities as they fall due over the three year period to 30 June 2022.
This Strategic report of the Company for the year ended 30 June 2019 has
been prepared in accordance with the requirements of section 414A of the
Act. The purpose of this report is to provide Shareholders with
sufficient information to enable them to assess the extent to which the
Directors have performed their duty to promote the success of the
Company in accordance with section 172 of the Act.
On behalf of the Board,
Richard Huntingford
Chairman
27 September 2019
Responsibility Statement
In preparing these financial statements for the year to 30 June 2019,
the Directors of the Company, being Richard Huntingford, James Agnew,
Karen Brade, Penny Freer and Pam Garside, confirm that to the best of
their knowledge:
- summary financial information contained in this announcement and the
full Annual Report and Financial Statements for the year ended 30 June
2019 for the Company has been prepared in accordance with United Kingdom
Generally Accepted Accounting Practice (UK Accounting Standards and
applicable law) and give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company; and
-the Chairman's statement and Strategic report include a fair review of
the development and performance of the business and the position of the
Company, together with a description of the principal risks and
uncertainties it faces.
We consider that the Annual Report and Financial Statements, taken as a
whole, are fair, balanced, and understandable and provide the
information necessary for shareholders to assess the Company's position,
performance, business model and strategy.
A detailed "Statement of Directors' responsibilities" is contained on
page 36 within the full audited Annual Report and Financial Statements.
On behalf of the Board,
Richard Huntingford
Chairman
27 September 2019
Income statement
Year ended Year ended
30 June 2019 30 June 2018
--------------------------------------------------- ---- ------------------------- -------------------------
Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------------------------- ---- ------- ------- ------- ------- ------- -------
Gains on investments 3 - 6,475 6,475 - 7,366 7,366
Investment income 4 1,285 - 1,285 1,105 - 1,105
Investment management fees 5 (260) (780) (1,040) (220) (660) (880)
Other expenses 6 (328) - (328) (325) - (325)
------- ------- ------- ------- ------- -------
Profit on ordinary activities before tax 697 5,695 6,392 560 6,706 7,266
Tax on ordinary activities 8 - - - - - -
------- ------- ------- ------- ------- -------
Profit and total comprehensive income attributable
to shareholders 697 5,695 6,392 560 6,706 7,266
------- ------- ------- ------- ------- -------
Basic and diluted earnings per Ordinary share
(pence)* 10 0.41 3.34 3.75 0.36 4.28 4.64
--------------------------------------------------- ---- ------- ------- ------- ------- ------- -------
* adjusted for treasury shares
The accompanying notes form an integral part of these Financial
Statements.
The total column of this Income statement represents the profit and loss
account of the Company. The supplementary revenue and capital columns
are prepared under guidance published by The Association of Investment
Companies.
Balance sheet
30 June 2019 30 June 2018
Note GBP'000 GBP'000
-------------------------------------------- ---- ------------ ------------
Fixed asset investments 11 49,943 42,911
Current assets
Trade and other receivables less than one
year 13 359 266
Cash and cash equivalents 16,083 12,604
------------ ------------
16,442 12,870
------------ ------------
Total assets 66,385 55,781
Payables: amounts falling due within one
year
Trade and other payables less than one year 14 (390) (367)
Total assets less current liabilities 65,995 55,414
------------ ------------
Equity attributable to equity holders
Called up share capital 15 2,072 1,829
Share premium 9,061 974
Capital redemption reserve - -
Unrealised capital reserve 19,756 12,973
Realised capital reserve (1,857) (769)
Other distributable reserve 36,963 40,407
------------ ------------
Total equity shareholders' funds 65,995 55,414
------------ ------------
Basic and diluted net asset value per share
(pence)* 16 35.29 33.50
-------------------------------------------- ---- ------------ ------------
* excluding treasury shares
The accompanying notes form an integral part of these Financial
Statements.
These Financial Statements were approved by the Board of Directors, and
authorised for issue on 27 September 2019 and were signed on its behalf
by
Richard Huntingford
Chairman
Company number: 03495287
Statement of changes in equity
Capital Unrealised Realised Other
Called up share Share redemption capital capital distributable
capital premium reserve reserve reserve* reserve* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------------- --------------- -------- ---------- ---------- -------- ------------- -------
As at 1 July 2018 1,829 974 - 12,973 (769) 40,407 55,414
Profit/(loss) and total comprehensive income - - - 5,929 (234) 697 6,392
Transfer of previously unrealised losses on disposal
of investments - - - 854 (854) - -
Dividends paid - - - - - (3,280) (3,280)
Purchase of shares for treasury (including costs) - - - - - (861) (861)
Issue of equity 243 8,277 - - - - 8,520
Cost of issue of equity - (190) - - - - (190)
As at 30 June 2019 2,072 9,061 - 19,756 (1,857) 36,963 65,995
----------------------------------------------------- --------------- -------- ---------- ---------- -------- ------------- -------
As at 1 July 2017 16,211 18,032 1,415 6,311 (813) 4,425 45,581
Profit and total comprehensive income - - - 5,814 892 560 7,266
Transfer of previously unrealised losses on disposal
of investments - - - 420 (420) - -
Transfer of previously unrealised revaluations on
liquidation of subsidiaries - - - 428 (428) - -
Dividends paid - - - - - (3,085) (3,085)
Purchase of shares for treasury (including costs) - - - - - (715) (715)
Issue of equity 1,778 4,724 - - - - 6,502
Cost of issue of equity - (135) - - - - (135)
Reduction of share capital and cancellation of
reserves (16,160) (21,647) (1,415) - - 39,222 -
As at 30 June 2018 1,829 974 - 12,973 (769) 40,407 55,414
----------------------------------------------------- --------------- -------- ---------- ---------- -------- ------------- -------
* Included within these reserves is an amount of GBP17,123,000 (2018:
GBP20,029,000) which is considered distributable. In time, a further
GBP17,983,000 will become distributable.
The nature of each reserve is described in note 2 below.
Statement of cash flows
Year ended Year ended
30 June 30 June
2019 2018
GBP'000 GBP'000
-------------------------------------------------- ----------- ----------
Cash flow from operating activities
Loan stock income received 1,378 950
Deposit interest received 45 15
Dividend income received 61 36
Investment management fees paid (993) (836)
Other cash payments (316) (316)
Corporation tax paid - -
Net cash flow from operating activities 175 (151)
----------- ----------
Cash flow from investing activities
Purchase of fixed asset investments (3,536) (4,252)
Disposal of fixed asset investments 2,686 5,188
Receipt of subsidiary cash upon liquidation - 11
----------- ----------
Net cash flow from investing activities (850) 947
----------- ----------
Cash flow from financing activities
Issue of share capital 7,802 5,869
Cost of issue of equity (3) (3)
Equity dividends paid (2,749) (2,595)
Purchase of own shares for treasury (including
costs) (896) (712)
Net cash flow from financing activities 4,154 2,559
----------- ----------
Increase in cash and cash equivalents 3,479 3,355
Cash and cash equivalents at the start of the year 12,604 9,249
----------- ----------
Cash and cash equivalents at the end of the year 16,083 12,604
Cash and cash equivalents comprise:
Cash at bank 16,083 12,604
Cash equivalents - -
----------- ----------
Total cash and cash equivalents 16,083 12,604
--------------------------------------------------- ----------- ----------
Notes to the Financial Statements
1. Basis of preparation
The Financial Statements have been prepared in accordance with
applicable United Kingdom law and accounting standards, including
Financial Reporting Standard 102 ("FRS 102"), and with the Statement of
Recommended Practice "Financial Statements of Investment Trust Companies
and Venture Capital Trusts" ("SORP") issued by The Association of
Investment Companies ("AIC").
The preparation of the Financial Statements requires management to make
judgements and estimates that affect the application of policies and
reported amounts of assets, liabilities, income and expenses. The most
critical estimates and judgements relate to the determination of
carrying value of investments at fair value through profit and loss
("FVTPL"). The Company values investments by following the International
Private Equity and Venture Capital Valuation ("IPEV") Guidelines and
further detail on the valuation techniques used are outlined in note 2
below.
Company information can be found on page 2 of the full Annual Report and
Financial Statements.
2. Accounting policies
Fixed asset investments
The Company's business is investing in financial assets with a view to
profiting from their total return in the form of income and capital
growth. This portfolio of financial assets is managed, and its
performance evaluated on a fair value basis, in accordance with a
documented investment policy, and information about the portfolio is
provided internally on that basis to the Board.
In accordance with the requirements of FRS 102, those undertakings in
which the Company holds more than 20 per cent. of the equity as part of
an investment portfolio are not accounted for using the equity method.
In these circumstances the investment is measured at FVTPL.
Upon initial recognition (using trade date accounting) investments,
including loan stock, are classified by the Company as FVTPL and are
included at their initial fair value, which is cost (excluding expenses
incidental to the acquisition which are written off to the Income
statement).
Subsequently, the investments are valued at 'fair value', which is
measured as follows:
-- Investments listed on recognised exchanges are valued at their bid prices
at the end of the accounting period or otherwise at fair value based on
published price quotations;
-- Unquoted investments, where there is not an active market, are valued
using an appropriate valuation technique in accordance with the IPEV
Guidelines. Indicators of fair value are derived using established
methodologies including earnings multiples, revenue multiples, the level
of third party offers received, cost or prices of recent investment
rounds, net assets and industry valuation benchmarks. Where price of
recent investment is used as a starting point for estimating fair value
at subsequent measurement dates, this has been benchmarked using an
appropriate valuation technique permitted by the IPEV guidelines.
-- In situations where cost or price of recent investment is used,
consideration is given to the circumstances of the portfolio company
since that date in determining fair value. This includes consideration of
whether there is any evidence of deterioration or strong definable
evidence of an increase in value. In the absence of these indicators, the
investment in question is valued at the amount reported at the previous
reporting date. Examples of events or changes that could indicate a
diminution include:
-- the performance and/or prospects of the underlying business are
significantly below the expectations on which the investment was
based;
-- a significant adverse change either in the portfolio company's
business or in the technological, market, economic, legal or
regulatory environment in which the business operates; or
-- market conditions have deteriorated, which may be indicated by a
fall in the share prices of quoted businesses operating in the
same or related sectors.
Investments are recognised as financial assets on legal completion of
the investment contract and are de-recognised on legal completion of the
sale of an investment.
Dividend income is not recognised as part of the fair value movement of
an investment, but is recognised separately as investment income through
the other distributable reserve when a share becomes ex-dividend.
Current assets and payables
Receivables, payables and cash are carried at amortised cost, in
accordance with FRS 102. There are no financial liabilities other than
payables.
Investment income
Equity income
Dividend income is included in revenue when the investment is quoted
ex-dividend.
Unquoted loan stock income
Fixed returns on non-equity shares and debt securities are recognised
when the Company's right to receive payment and expect settlement is
established. Where interest is rolled up and/or payable at redemption
then it is recognised as income unless there is reasonable doubt as to
its receipt.
Bank interest income
Interest income is recognised on an accruals basis using the rate of
interest agreed with the bank.
Investment management fees, performance incentive fees and other
expenses
All expenses have been accounted for on an accruals basis. Expenses are
charged through the revenue column of the Income statement, except for
management fees and performance incentive fees which are allocated in
part to the capital column of the Income statement, to the extent that
these relate to the maintenance or enhancement in the value of the
investments and in line with the Board's expectation that over the long
term 75 per cent. of the Company's investment returns will be in the
form of capital gains.
Taxation
Taxation is applied on a current basis in accordance with FRS 102.
Current tax is tax payable (refundable) in respect of the taxable profit
(tax loss) for the current period or past reporting periods using the
tax rates and laws that have been enacted or substantively enacted at
the financial reporting date. Taxation associated with capital expenses
is applied in accordance with the SORP.
Deferred tax is provided in full on all timing differences at the
reporting date. Timing differences are differences between taxable
profits and total comprehensive income as stated in the Financial
Statements that arise from the inclusion of income and expenses in tax
assessments in periods different from those in which they are recognised
in the Financial Statements. As a VCT the Company has an exemption from
tax on capital gains. The Company intends to continue meeting the
conditions required to obtain approval as a VCT in the foreseeable
future. The Company therefore, should have no material deferred tax
timing differences arising in respect of the revaluation or disposal of
investments and the Company has not provided for any deferred tax.
Reserves
Share premium
This reserve accounts for the difference between the price paid for
shares and the nominal value of the shares, less issue costs.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own
shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the year
end against cost, are included in this reserve.
Realised capital reserve
The following are disclosed in this reserve:
-- gains and losses compared to cost on the realisation of investments, or
permanent diminution in value;
-- expenses, together with the related taxation effect, charged in
accordance with the above policies; and
-- dividends paid to equity holders where paid out by capital.
Other distributable reserve
The special reserve, treasury share reserve and the revenue reserve were
combined in 2012 to form a single reserve named other distributable
reserve.
This reserve accounts for movements from the revenue column of the
Income statement, the payment of dividends, the buy-back of shares and
other non-capital realised movements.
Dividends
Dividends by the Company are accounted for in the period in which the
dividend is paid or approved at the Annual General Meeting.
Segmental reporting
The Directors are of the opinion that the Company is engaged in a single
operating segment of business, being investment in smaller companies
principally based in the UK.
3. Gains on investments
Year ended Year ended
30 June 2019 30 June 2018
GBP'000 GBP'000
-------------------------------------------- ------------- -------------
Unrealised gains on fixed asset investments 5,929 5,814
Realised gains on fixed asset investments 546 1,552
6,475 7,366
------------- -------------
4. Investment income
Year ended Year ended
30 June 2019 30 June 2018
GBP'000 GBP'000
-------------------------------------------- ------------- -------------
Income recognised on investments
Loan stock interest and other fixed returns 1,179 1,056
UK dividend income 61 32
Bank deposit interest 45 17
1,285 1,105
------------- -------------
5. Investment management fees
Year ended 30 June 2019 Year ended 30 June 2018
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- -------- -------- ------- -------- -------- -------
Investment
management fee 260 780 1,040 220 660 880
-------- -------- ------- -------- -------- -------
Further details of the Management agreement under which the investment
management fee is paid are given in the Strategic report above.
During the year, services of a total value of GBP1,090,000 (2018:
GBP930,000) were purchased by the Company from Albion Capital Group LLP
comprising GBP1,040,000 in respect of management fees (2018: GBP880,000)
and GBP50,000 in respect of administration fees (2018: GBP50,000). At
the financial year end, the amount due to Albion Capital Group LLP in
respect of these services disclosed as accruals and deferred income was
GBP300,500 (administration fee accrual: GBP12,500, management fee
accrual GBP288,000) (2018: GBP254,500).
Albion Capital Group LLP is, from time to time, eligible to receive an
arrangement fee and monitoring fees from portfolio companies. During the
year ended 30 June 2019 fees of GBP167,000 attributable to the
investments of the Company were received pursuant to these arrangements
(2018: GBP155,000).
Albion Capital Group LLP, its partners and staff holds 855,040 Ordinary
shares in the Company as at 30 June 2019.
The Company has entered into an offer agreement relating to the Offers
with the Company's investment manager Albion Capital Group LLP, pursuant
to which Albion Capital will receive a fee of 2.5 per cent. of the gross
proceeds of the Offers and out of which Albion Capital will pay the
costs of the Offers, as detailed in the Prospectus.
6. Other expenses
Year ended Year ended
30 June 2019 30 June 2018
GBP'000 GBP'000
---------------------------------------------------- ------------- -------------
Directors' fees (including NIC) 105 93
Auditor's remuneration for statutory audit services
(excluding of VAT) 29 29
Fees for the liquidation of CP1 VCT PLC (excluding
VAT) - 4
Other administrative expenses 194 199
328 325
------------- -------------
7. Directors' fees
The amounts paid to the Directors during the year are as follows:
Year ended Year ended
30 June 2019 30 June 2018
GBP'000 GBP'000
Directors' fees 97 86
National insurance 8 7
------------- -------------
105 93
------------- -------------
The Company's key management personnel are the Directors. Further
information regarding Directors' remuneration can be found in the
Directors' remuneration report on pages 43 and 44 of the full Annual
Report and Financial Statements.
8. Tax on ordinary activities
Year ended 30 June 2019 Year ended 30 June 2018
GBP'000 GBP'000
UK corporation tax charge - -
Year ended Year ended
30 June 30 June
2019 2018
Factors affecting the tax charge GBP'000 GBP'000
--------------------------------------------------- ----------- ------------
Return on ordinary activities before taxation 6,392 7,266
----------- ------------
Tax charge on profit at the average companies rate
of 19.0% (2018: 19.0%) 1,214 1,381
Factors affecting the charge:
Non-taxable gains (1,230) (1,400)
Income not taxable (12) (6)
Unutilised management expenses 28 25
- -
----------- ------------
The tax charge for the year shown in the Income statement is lower than
the average standard rate of corporation tax of 19.0 per cent. (2018:
average rate of 19.0 per cent.). The differences are explained above.
Notes
(i) Venture Capital Trusts are not subject to corporation tax on capital
gains.
(ii) Tax relief on expenses charged to capital has been determined by
allocating tax relief to expenses by reference to the applicable
corporation tax rate and allocating the relief between revenue and
capital in accordance with the SORP.
1. No provision for deferred tax has been made in the current or prior
accounting period. The Company has not recognised a deferred tax asset of
GBP2,847,000 (2018: GBP2,822,000) in respect of unutilised management
expenses and non-trading deficits as it is not considered sufficiently
probable that there will be taxable profits against which to utilise
these expenses in the foreseeable future.
9. Dividends
Year ended Year ended 30
30 June 2019 June 2018
GBP'000 GBP'000
-------------------------------------------------------- ---
First dividend of 1 penny per share paid on 30 November
2018
(30 November 2017 -- 1 penny per share) 1,649 1,467
Second dividend of 1 penny per share paid on 29 March
2019
(29 March 2018 -- 1 penny per share) 1,646 1,632
Unclaimed dividends (15) (14)
------------- -------------
3,280 3,085
------------- -------------
In addition to the dividends paid above, the Board has declared a first
dividend for the year ending 30 June 2020, of 1 penny per share. This
will be paid on 29 November 2019 to shareholders on the register on 1
November 2019. The total dividend will be approximately GBP1,870,000.
All dividends are paid from the other distributable reserve.
During the year, unclaimed dividends older than twelve years of
GBP15,000 (2018: GBP14,000) were returned to the Company in accordance
with the terms of the Articles of Association and have been accounted
for on an accruals basis.
10. Basic and diluted return per share
Year ended 30 June 2019 Year ended 30 June 2018
Revenue Capital Total Revenue Capital Total
------------------------------------------------------
Return attributable to equity shares (GBP'000) 697 5,695 6,392 560 6,706 7,266
Weighted average shares (adjusted for treasury shares) 170,478,118 156,706,633
Return attributable per Ordinary share (pence) (basic
and diluted) 0.41 3.34 3.75 0.36 4.28 4.64
The return per share has been calculated after adjusting for treasury
shares of 20,168,410 (2018: 17,471,410).
There are no convertible instruments, derivatives or contingent share
agreements in issue so basic and diluted return per share are the same.
11. Fixed asset investments
30 June 2019 30 June 2018
GBP'000 GBP'000
Investments held at fair value through profit or
loss
Unquoted equity and preference shares 35,377 26,105
Quoted equity 538 273
Loan stock 14,028 16,533
------------ ------------
49,943 42,911
------------ ------------
30 June 2019 30 June 2018
GBP'000 GBP'000
-----------------------------------------------------
Opening valuation 42,911 36,328
Purchases at cost 4,122 5,069
Disposal proceeds (3,366) (5,951)
Realised gains 546 1,552
Movement in loan stock accrued income (199) 99
Unrealised gains 5,929 5,814
------------ ------------
Closing valuation 49,943 42,911
------------ ------------
Movement in loan stock accrued income
Opening accumulated loan stock accrued income 405 306
Movement in loan stock accrued income (199) 99
Closing accumulated loan stock accrued income 206 405
------------ ------------
Movement in unrealised gains
Opening accumulated unrealised gains 12,906 6,672
Transfer of previously unrealised losses to realised
reserves on disposal of investments 854 420
Movement in unrealised gains 5,929 5,814
Closing accumulated unrealised gains 19,689 12,906
------------ ------------
Historic cost basis
Opening book cost 29,600 29,350
Purchases at cost 4,122 5,069
Disposals at cost (3,674) (4,819)
Closing book cost 30,048 29,600
------------ ------------
Purchases and disposals detailed above do not agree to the Statement of
cash flows due to restructuring of investments, conversion of
convertible loan stock and settlement receivables and payables.
The Company does not hold any assets as the result of the enforcement of
security during the period, and believes that the carrying values for
both impaired and past due assets are covered by the value of security
held for these loan stock investments.
Unquoted fixed asset investments are valued in accordance with the IPEV
guidelines as follows:
30 June 2019 30 June 2018
Investment valuation methodology GBP'000 GBP'000
-------------------------------------------------- ------------ ------------
Third party valuation -- earnings multiple 17,238 16,142
Cost and price of recent investment (reviewed for
impairment or uplift) 16,324 10,103
Third party valuation -- discounted cash flow 7,129 8,795
Earnings multiple 5,092 3,900
Contracted sales price 1,372 -
Revenue multiple 1,249 2,715
Net assets 1,001 983
49,405 42,638
------------ ------------
Fair value investments had the following movements between investment
methodologies between 30 June 2018 and 30 June 2019:
Value as at Explanatory
Change in investment valuation methodology (2018 to 30 June 2019 note
2019) GBP'000
Revenue multiple to cost and price of recent investment 1,531 More recent
(reviewed for impairment or uplift) funding
round
Revenue multiple to contracted sale price 1,372 Third party
offer
accepted
Cost to net assets 12 More
relevant
valuation
methodology
The valuation will be the most appropriate valuation methodology for an
investment within its market, with regard to the financial health of the
investment and the IPEV Guidelines. The Directors believe that, within
these parameters, there are no other possible methods of valuation which
would be reasonable as at 30 June 2019.
FRS 102 and the SORP requires the Company to disclose the inputs to the
valuation methods applied to its investments measured at fair value
through profit or loss in a fair value hierarchy. The table below sets
out fair value hierarchy definitions using FRS102 s.11.27.
Fair value hierarchy Definition
-------------------- ----------------------------------------------------
Level 1 Unadjusted quoted prices in an active market
-------------------- ----------------------------------------------------
Level 2 Inputs to valuations are from observable sources and
are directly or indirectly derived from prices
-------------------- ----------------------------------------------------
Level 3 Inputs to valuations not based on observable market
data
-------------------- ----------------------------------------------------
Quoted investments are valued according to Level 1 valuation methods.
Unquoted equity, preference shares and loan stock are all valued
according to Level 3 valuation methods.
The Company's investments measured at fair value through profit or loss
(Level 3) had the following movements in the year to 30 June 2019:
30 June 2019 30 June 2018
GBP'000 GBP'000
---------------------------- ------------ ------------
Opening balance 42,638 35,933
Additions 4,122 5,069
Disposal proceeds (3,358) (5,951)
Realised gains 548 1,552
Unrealised gains 5,654 5,936
Accrued loan stock interest (199) 99
------------ ------------
Closing balance 49,405 42,638
------------ ------------
FRS 102 requires the Directors to consider the impact of changing one or
more of the inputs used as part of the valuation process to reasonable
possible alternative assumptions. 56 per cent. of the portfolio of
investments consisting of equity and loan stock is based on recent
investment price, net assets and cost, and as such the Board believe
that changes to reasonable possible alternative input assumptions (by
adjusting the earnings and revenue multiples) for the valuation of the
remainder of the portfolio could lead to a significant change in the
fair value of the portfolio. The impact of these changes could result in
an increase in the valuation of the equity investments by GBP855,000
(2.4%) or a decrease in the valuation of equity investments by
GBP748,000 (2.1%). For valuations based on earnings and revenue
multiples, the Board considers that the most significant input is the
price/earnings ratio; for valuations based on third party valuations,
the Board considers that the most significant inputs are price/earnings
ratio, discount factors, market values for buildings and market value
per room for care homes; which have been adjusted to drive the above
sensitivities.
12. Significant interests
The principal activity of the Company is to select and hold a portfolio
of investments in unquoted securities. Although the Company, through the
Manager, will, in some cases, be represented on the board of the
portfolio company, it will not take a controlling interest or become
involved in the management of a portfolio company. The size and
structure of the companies with unquoted securities may result in
certain holdings in the portfolio representing a participating interest
without there being any partnership, joint venture or management
consortium agreement. The investments listed below are held as part of
an investment portfolio and therefore, as permitted by FRS 102 section
9.9B, they are measured at fair value through profit or loss and not
consolidated as subsidiaries.
The Company has interests of greater than 20 per cent. of the nominal
value of any class of the allotted shares in the portfolio companies as
at 30 June 2019 as described below:
Aggregate
Registered capital
address and % class % total and
country of Principal and share voting reserves Profit for the year
Company incorporation activity type rights GBP'000 GBP'000
Cotton Tree
Lane, Colne, Manufacturer
ELE Advanced BB8 7BH, of precision
Technologies Great engineering 74.3% B
Limited Britain components Ordinary 41.9% 5,417 1,017
13. Current assets
Trade and other receivables less than one year 30 June 2019 30 June 2018
GBP'000 GBP'000
----------------------------------------------- ------------ ------------
Prepayments and accrued income 16 18
Other receivables 343 248
------------ ------------
359 266
------------ ------------
14. Payables: amounts falling due within one year
30 June 2019 30 June 2018
GBP'000 GBP'000
--------------------------- ------------ ------------
Accruals & deferred income 371 319
Trade payables 19 48
390 367
------------ ------------
15. Called up share capital
Allotted, called up and fully paid GBP'000
----------------------------------------------------
182,866,158 Ordinary shares of 1 penny each at 30
June 2018 1,829
24,304,489 Ordinary shares of 1 penny each issued
during the year 243
---------------------------------------------------- --------
207,170,647 Ordinary shares of 1 penny each at 30
June 2019 2,072
---------------------------------------------------- --------
17,471,410 Ordinary shares of 1 penny each held in
treasury at 30 June 2018 (175)
2,697,000 Ordinary shares of 1 penny each purchased
during the year to be held in treasury (27)
---------------------------------------------------- --------
20,168,410 Ordinary shares of 1 penny each held in
treasury at 30 June 2019 (202)
---------------------------------------------------- --------
Voting rights of 187,002,237 Ordinary shares of 1
penny each at 30 June 2019 1,870
---------------------------------------------------- --------
The Company purchased 2,697,000 Ordinary shares for treasury (2018:
2,469,000) during the year at a total cost of GBP861,000 (2018:
GBP715,000).
The total number of shares held in treasury as at 30 June 2019 was
20,168,410 (2018: 17,471,410) representing 9.7 per cent. of the shares
in issue as at 30 June 2019.
Under the terms of the Dividend Reinvestment Scheme Circular dated 26
February 2009, the following new Ordinary shares of nominal value 1
penny each were allotted during the year:
Number
of
Allotment shares Aggregate nominal value of shares Issue price Net invested Opening market price on allotment
date allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
30
November
2018 791,634 8 33.56 264 33.40
29 March
2019 775,908 8 34.26 264 32.50
---------------------------------
1,567,542 16 528
--------- --------------------------------- ------------
Under the terms of the Albion VCTs Prospectus Top Up Offers 2018/19, the
following new Ordinary shares of nominal value 1 penny each were issued
during the year:
Number of
Allotment shares Aggregate nominal value of shares Issue price Net consideration received Opening market price on allotment
date allotted (GBP'000) (pence per share) (GBP'000) (pence per share)
1 April
2019 2,729,267 27 34.80 936 32.50
1 April
2019 687,998 7 35.00 236 32.50
1 April
2019 16,134,611 161 35.20 5,537 32.50
5 April
2019 1,887,622 19 35.20 648 32.50
12 April
2019 566,458 6 34.80 194 32.50
12 April
2019 9,142 - 35.00 3 32.50
12 April
2019 721,849 7 35.20 248 32.50
---------------------------------
22,736,947 227 7,802
---------- --------------------------------- --------------------------
16. Basic and diluted net asset value per share
The net asset value attributable to the Ordinary shares at the year end
was as follows:
30 June 2019 30 June 2018
----------------------------------
Net asset value per share (pence) 35.29 33.50
------------ ------------
The net asset value per share at the year end is calculated in
accordance with the Articles of Association and is based upon total
shares in issue (adjusted for treasury shares) of 187,002,237 shares
(2018: 165,394,748) as at 30 June 2019.
There are no convertible instruments, derivatives or contingent share
agreements in issue.
17. Capital and financial instruments risk management
The Company's capital comprises Ordinary shares as described in note 15.
The Company is permitted to buy back its own shares for cancellation or
treasury purposes, and this is described in more detail in the Strategic
report above.
The Company's financial instruments comprise equity and loan stock
investments in unquoted companies, equity in quoted companies, deferred
receipts on disposal of fixed asset investments, cash balances,
receivables and payables which arise from its operations. The main
purpose of these financial instruments is to generate revenue and
capital appreciation for the Company's operations. The Company has no
gearing or other financial liabilities apart from short term payables.
The Company does not use any derivatives for the management of its
balance sheet.
The principal risks arising from the Company's operations are:
-- Investment (or market) risk (which comprises investment price and cash
flow interest rate risk);
-- credit risk; and
-- liquidity risk.
The Board regularly reviews and agrees policies for managing each of
these risks. There have been no changes in the nature of the risks that
the Company has faced during the past year, and apart from where noted
below, there have been no changes in the objectives, policies or
processes for managing risks during the past year. The key risks are
summarised as follows:
Investment risk
As a venture capital trust, it is the Company's specific nature to
evaluate and control the investment risk of its portfolio in unquoted
and quoted companies, details of which are shown on pages 21 to 23 of
the full Annual Report and Financial Statements. Investment risk is the
exposure of the Company to the revaluation and devaluation of
investments. The main driver of investment risk is the operational and
financial performance of the portfolio companies and the dynamics of
market quoted comparators. The Manager receives management accounts from
portfolio companies, and members of the investment management team often
sit on the boards of unquoted portfolio companies; this enables the
close identification, monitoring and management of investment risk.
The Manager and the Board formally review investment risk (which
includes market price risk), both at the time of initial investment and
at quarterly Board meetings.
The Board monitors the prices at which sales of investments are made to
ensure that profits to the Company are maximised, and that valuations of
investments retained within the portfolio appear sufficiently prudent
and realistic compared to prices being achieved in the market for sales
of unquoted investments.
The maximum investment risk as at the balance sheet date is the value of
the fixed asset investment portfolio which is GBP49,943,000 (2018:
GBP42,911,000). Fixed asset investments form 76 per cent. of the net
asset value as at 30 June 2019 (2018: 77 per cent.).
More details regarding the classification of fixed asset investments are
shown in note 11.
Investment price risk
Investment price risk is the risk that the fair value of future
investment cash flows will fluctuate due to factors specific to an
investment instrument or to a market in similar instruments. The
management of risk within the venture capital portfolio is addressed
through careful investment selection, by diversification across
different industry segments, by maintaining a wide spread of holdings in
terms of financing stage and by limitation of the size of individual
holdings. The Directors monitor the Manager's compliance with the
investment policy, review and agree policies for managing this risk and
monitor the overall level of risk on the investment portfolio on a
regular basis.
Valuations are based on the most appropriate valuation methodology for
an investment within its market, with regard to the financial health of
the investment and the IPEV Guidelines. Details of the industries in
which investments have been made are contained in the Portfolio of
investments section on pages 21 to 23 of the full Annual Report and
Financial Statements, and in the Strategic report above.
As required under FRS 102 section 34.29, the Board is required to
illustrate by way of a sensitivity analysis, the degree of exposure to
market risk. The Board considers that the value of the fixed asset
investment portfolio is sensitive to a 10 per cent. change based on the
current economic climate. The impact of a 10 per cent. change has been
selected as this is considered reasonable given the current level of
volatility observed both on a historical basis and future expectations.
The sensitivity of a 10 per cent. (2018: 10 per cent.) increase or
decrease in the valuation of the fixed asset investments (keeping all
other variables constant) would increase or decrease the net asset value
and return for the year by GBP4,994,300 (2018: GBP4,291,100). Further
sensitivity analysis on fixed asset investments is included in note 11.
Interest rate risk
It is the Company's policy to accept a degree of interest rate risk on
its financial assets through the effect of interest rate changes. On the
basis of the Company's analysis, it is estimated that a rise or fall of
half a percentage point in all interest rates would be immaterial due to
the level of fixed rate loan stock held within the portfolio. The impact
of half a percentage point change has been selected as this is
considered reasonable given the current level of volatility observed
both on a historical basis and future expectations.
The weighted average interest rate applied to the Company's fixed rate
assets during the year was approximately 9.5 per cent. (2018: 7.0 per
cent.). The weighted average period to maturity for the fixed rate
assets is approximately 2.7 years (2018: 3.2 years).
The Company's financial assets and liabilities, all denominated in
pounds sterling, consist of the following:
30 June 2019 30 June 2018
Fixed rate Floating rate Non-interest Total Fixed rate Floating rate Non-interest Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------
Loan stock 13,674 - 354 14,028 15,913 - 620 16,533
Equity - - 35,915 35,915 - - 26,378 26,378
Receivables* - - 344 344 - - 248 248
Payables - - (390) (390) - - (367) (367)
Cash - 16,083 - 16,083 - 12,604 - 12,604
---------- ------------- ------------ -------- ----------- ------------- ------------ --------
13,674 16,083 36,223 65,980 15,913 12,604 26,879 55,396
---------- ------------- ------------ -------- ----------- ------------- ------------ --------
*The receivables do not reconcile to the balance sheet as prepayments
are not included in the above table.
Credit risk
Credit risk is the risk that the counterparty to a financial instrument
will fail to discharge an obligation or commitment that it has entered
into with the Company. The Company is exposed to credit risk through its
receivables, investment in loan stock, and cash on deposit with banks.
The Manager evaluates credit risk on loan stock and other similar
instruments prior to investment, and as part of its ongoing monitoring
of investments. In doing this, it takes into account the extent and
quality of any security held. For loan stock investments made prior to 6
April 2018, which account for 98.1 per cent. of loan stock by value,
typically loan stock instruments have a fixed or floating charge, which
may or may not have been subordinated, over the assets of the portfolio
company in order to mitigate the gross credit risk.
The Manager receives management accounts from portfolio companies, and
members of the investment management team often sit on the boards of
unquoted portfolio companies; this enables the close identification,
monitoring and management of investment-specific credit risk.
Bank deposits are held with banks with high credit ratings assigned by
international credit rating agencies. The Company has an informal policy
of limiting counterparty banking exposure to a maximum of 20 per cent.
of net asset value for any one counterparty.
The Manager and the Board formally review credit risk (including
receivables) and other risks, both at the time of initial investment and
at quarterly Board meetings.
The Company's total gross credit risk at 30 June 2019 was limited to
GBP14,028,000 (2018: GBP16,533,000) of loan stock instruments,
GBP16,083,000 (2018: GBP12,604,000) of cash deposits with banks and
GBP344,000 (2018: GBP248,000) of deferred consideration and receivables.
At the balance sheet date, the cash held by the Company was held with
Lloyds Bank Plc, Scottish Widows Bank plc (part of Lloyds Banking Group),
National Westminster Bank plc and Barclays Bank plc. Credit risk on cash
transactions was mitigated by transacting with counterparties that are
regulated entities subject to prudential supervision, with high credit
ratings assigned by international credit-rating agencies.
The credit profile of loan stock is described under liquidity risk shown
below.
Impaired loan stock instruments have a first fixed charge or a fixed and
floating charge over the assets of the portfolio company and the Board
estimate that the security value approximates to the carrying value.
Liquidity risk
Liquid assets are held as cash on current short term deposit accounts.
Under the terms of its Articles, the Company has the ability to borrow
up to the amount of its adjusted capital and reserves of the latest
published audited balance sheet, which amounts to GBP64,125,000 (2018:
GBP53,760,000) as at 30 June 2019.
The Company has no committed borrowing facilities as at 30 June 2019
(2018: nil) and had cash balances of GBP16,083,000 (2018:
GBP12,604,000). The main cash outflows are for new investments,
dividends and share buy-backs, which are within the control of the
Company. The Manager formally reviews the cash requirements of the
Company on a monthly basis, and the Board on a quarterly basis, as part
of its review of management accounts and forecasts.
All of the Company's financial liabilities are short term in nature and
total GBP390,000 (2018: GBP367,000) for the year to 30 June 2019.
The carrying value of loan stock investments, analysed by expected
maturity dates is as follows:
30 June 2019 30 June 2018
Redemption Fully performing Past due Valued below cost Total Fully performing Past due Valued below cost Total
date GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-----------
Less than
one year 5,162 282 770 6,214 785 307 1,288 2,380
1-2 years 2,507 - 111 2,618 4,971 979 63 6,013
2-3 years 675 - 42 717 2,580 637 105 3,322
3-5 years 2,360 - 95 2,455 2,111 332 - 2,443
5 + years 1,871 153 - 2,024 701 1,674 - 2,375
---------------- -------- ----------------- -------- ---------------- -------- ----------------- --------
Total 12,575 435 1,018 14,028 11,148 3,929 1,456 16,533
---------------- -------- ----------------- -------- ---------------- -------- ----------------- --------
Loan stock can be past due as a result of interest or capital not being
paid in accordance with contractual terms. Past due loan stock is not
impaired.
The cost of loan stock investments valued below cost is GBP1,189,000
(2018: GBP2,158,000).
In view of the availability of adequate cash balances and the repayment
profile of loan stock investments, the Board considers that the Company
is subject to low liquidity risk.
Fair values of financial assets and financial liabilities
All the Company's financial assets and liabilities as at 30 June 2019
are stated at fair value as determined by the Directors, with the
exception of receivables and payables and cash which are carried at
amortised cost, in accordance with FRS 102. There are no financial
liabilities other than payables. The Company's financial liabilities are
all non-interest bearing. It is the Directors' opinion that the book
value of the financial liabilities is not materially different to the
fair value and all are payable within one year.
18. Contingencies and guarantees
As at 30 June 2019, the Company had no financial commitments in respect
of investments (2018: GBPnil).
There are no contingencies or guarantees of the Company as at 30 June
2019 (2018: GBPnil).
19. Post balance sheet events
Since 30 June 2019 the Company has completed the following investment
transactions:
-- Investment of GBP724,000 in Elliptic Enterprises Limited;
-- Disposal of Augean PLC for GBP368,000;
-- Investment of GBP31,000 in The Evewell (Harley Street) Limited; and
-- Investment of GBP16,000 in Convertr Media Limited.
20. Related party transactions
Other than transactions with the Manager as disclosed in note 5, there
are no other related party transactions or balances
21. Other information
The information set out in this announcement does not constitute the
Company's statutory accounts within the terms of section 434 of the
Companies Act 2006 for the years ended 30 June 2019 and 30 June 2018,
and is derived from the statutory accounts for those financial years,
which have been, or in the case of the accounts for the year ended 30
June 2019, which will be, delivered to the Registrar of Companies. The
Auditor reported on those accounts; the reports were unqualified and did
not contain a statement under s498 (2) or (3) of the Companies Act 2006.
The Company's Annual General Meeting will be held at The Charterhouse,
Charterhouse Square, London, EC1M 6AN on 27 November 2019 at noon.
22. Publication
The full audited Annual Report and Financial Statements are being sent
to shareholders and copies will be made available to the public at the
registered office of the Company, Companies House, the National Storage
Mechanism and also electronically at
https://www.globenewswire.com/Tracker?data=ioC8P0hQK_98SW2x7qoODvsms9a8KTC0f7BNDukSm-_Tkq2y_Zyd8PtX0SI9qHEbmIVtvxn8rIwOGr5OYsn0hTBw6q6j9GO-b-v17CcADkocSRnzn1nhuYdCLmojArA_
www.albion.capital/funds/CRWN, where the Report can be accessed via a
link in the 'Financial Reports and Circulars' section.
Attachment
-- Split of Portfolio by sector, stage of investment and number of employees
https://ml-eu.globenewswire.com/Resource/Download/42cb979e-e8f2-4632-9f71-bf88ac9eface
(END) Dow Jones Newswires
September 27, 2019 10:42 ET (14:42 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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