Crown Place VCT PLC Crown Place Vct Plc : Interim Management Statement
27 November 2019 - 12:42PM
UK Regulatory
TIDMCRWN
Crown Place VCT PLC
Interim Management Statement
LEI Code: 213800SYIQPA3L3T1Q68
Introduction
I am pleased to present Crown Place VCT PLC's interim management
statement for the period from 1 July 2019 to 30 September 2019.
Performance and dividends
The Company's unaudited net asset value (NAV) as at 30 September 2019
was GBP67.0 million or 35.82 pence per share (excluding treasury shares),
an increase of 0.53 pence per share (1.5 per cent.) since 30 June 2019.
After accounting for a dividend of 1 penny per share, to be paid on 29
November 2019 to shareholders on the register on 1 November 2019, the
NAV is 34.82 pence per share.
Albion VCTs Prospectus Top Up Offers 2019/20
The Company announced on 22 October 2019 that it has launched a
Prospectus Top Up Offer to raise up to GBP4 million before issue costs,
with a further over-allotment facility of GBP2 million, of new Ordinary
shares for subscription in the 2019/20 and 2020/21 tax years. Full
details of the offer are contained in a Prospectus that was published on
the same date on the Manager's website at
https://www.globenewswire.com/Tracker?data=d2oxPdI7E-K9r1vYSfOXWnuY3tPWCnlQWRD2XxB0cYq5z2T9_c4dlSUyK5cFMfPYhAR46wjdSdPt-1DKA-99_Z-h7hC7ocWgAULjXgWiD3Gmc2yxEJ2uRdtB-cUftbUk_nPJbBYHDh8rXpW90SssxNrgh3CRAeoZSTa7v5yTIXGbN36TREA_sC3PA_Z6cn5z
www.albion.capital/investor-centre/current-offers.
Share buy-backs
There were no share buy-backs during the period from 1 July 2019 to 30
September 2019.
It remains the Board's policy to buy back shares in the market, subject
to the overall constraint that such purchases are in the Company's
interest, including the maintenance of sufficient resources for
investment in existing and new portfolio companies and the continued
payment of dividends to shareholders.
It is the Board's intention for such buy-backs to be at around a 5 per
cent. discount to net asset value, so far as market conditions and
liquidity permit.
Portfolio
The following investments have been made during the period from 1 July
2019 to 30 September 2019:
New
investments GBP000s Activity
-------------- ------- -----------------------------------------------------
Elliptic
Enterprises Provider of Anti Money Laundering services to digital
Limited 724 asset institutions
-------------- ------- -----------------------------------------------------
Total new
investments 724
-------------- -------
Further
investments GBP000s Activity
------------------ ------- -------------------------------------------------
Koru Kids Limited 138 Online marketplace connecting parents and nannies
------------------ ------- -------------------------------------------------
The Evewell
(Harley Street) Operator of a women's health centre of excellence
Limited 31 focusing on fertility
------------------ ------- -------------------------------------------------
Convertr Media
Limited 16 Digital lead generation software
------------------ ------- -------------------------------------------------
Total further
investments 185
------------------ -------
Disposals
The following material disposals and loan stock repayments were made
during the period from 1 July 2019 to 30 September 2019:
-- G.Network Communications Limited repaid its loan stock of GBP394,000; and
-- Proceeds of GBP368,000 were received from the sale of the Company's
investment in Augean PLC.
Top ten holdings as at 30 September 2019:
Investment Carrying value % of Activity
GBP000s net
asset
value
------------ -------------- ----- -------------------------------------------------------
Radnor House 7,084 10.6 Independent schools for children aged 5-18
School
(Holdings)
Limited
------------ -------------- ----- -------------------------------------------------------
ELE Advanced 4,954 7.4 Manufacturer of precision engineering components
Technologies
Limited
------------ -------------- ----- -------------------------------------------------------
Shinfield 4,255 6.4 Owner and operator of a 66 bed care home in Shinfield,
Lodge Care Berkshire
Limited
------------ -------------- ----- -------------------------------------------------------
Chonais 3,256 4.9 Owner and operator of a 2 MW hydro-power scheme in
River Hydro the Scottish Highlands
Limited
------------ -------------- ----- -------------------------------------------------------
Active Lives 2,787 4.2 Owner and operator of a 75 bed care home in Cumnor
Care Hill, Oxfordshire
Limited
------------ -------------- ----- -------------------------------------------------------
Proveca 2,312 3.5 Reformulation of medicines for paediatric use
Limited
------------ -------------- ----- -------------------------------------------------------
Ryefield 2,255 3.4 Owner and operator of a 60 bed care home in Hillingdon,
Court Care Middlesex
Limited
------------ -------------- ----- -------------------------------------------------------
Quantexa 1,816 2.7 Network analytics platform to detect financial crime
Limited
------------ -------------- ----- -------------------------------------------------------
Gharagain 1,660 2.5 Owner and operator of a 1 MW hydroelectricity plant
River Hydro in the Scottish Highlands
Limited
------------ -------------- ----- -------------------------------------------------------
Mirada 1,531 2.3 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=d2oxPdI7E-K9r1vYSfOXWknanYdxYRkymN96iEWpnvOSMutLaDzXiccEBCr-ltrj7OP7zuS3gmbRTeQEOE_R61UYOuPwbIJRrvaipE11rT3_-1IdeN1EswQ9XTvtukov
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
After the period end, the Company undertook the following material
investment transactions:
-- Proceeds of GBP5.0 million received from the sale of ELE Advanced
Technologies Limited;
-- Following a reorganisation of Radnor House School (Holdings) Limited,
Radnor House Twickenham was sold generating proceeds of GBP4.1 million;
-- Proceeds of GBP1.4 million received from the sale of Process Systems
Enterprise Limited;
-- Investment of GBP779,000 in a new portfolio company, Cantab Research
Limited (trading as Speechmatics), a provider of low footprint automated
speech recognition which can be deployed in the cloud, on premise or on
device across 29 languages;
-- Investment of GBP128,000 in an existing portfolio company, Healios
Limited, a provider of an online platform delivering family centric
psychological care primarily to children and adolescents;
-- Investment of GBP73,000 in an existing portfolio company, Oviva AG, a
technology enabled service business in medical nutritional therapy (MNT);
and
-- Investment of GBP70,000 in an existing portfolio company, uMotif Limited,
a patient engagement and data capture platform used in real world and
observational research.
There have been no further significant events or transactions that the
Board is aware of which would have a material impact on the financial
position of the Company between 1 October 2019 and 27 November 2019.
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=d2oxPdI7E-K9r1vYSfOXWknanYdxYRkymN96iEWpnvMxcBi-nOtCU6tw-UDUV8Ca0He4zYIXnTHfrXr62UXPefMd77ZLVU2M9JPILn4dXQB29vxHCvlCCGohhvzRU6bo
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=d2oxPdI7E-K9r1vYSfOXWknanYdxYRkymN96iEWpnvNxjQfPB8Vo2DRHSJcdOXcpS8U7HYCLgiDZpYGRAXD_0pTQRYCruS9VFr9aPPG-u_Ei_YsOUCUePe6HU3YvUyEn
www.albion.capital/funds/CRWN.
Richard Huntingford, Chairman
crownchair@albion.capital
https://www.globenewswire.com/Tracker?data=HHV7q0sGIitDSct0Q2AB_J1swrV2F1Q-MoNFeFogGkn6VOy6VXscBr5HCwMh2QRpufXJ8V5cgVmz2qZME_6aL8jBfq1wn4chGSp0Kqhf9MSLEtswvOjB9LefIQrbVQNd
27 November 2019
For further information please contact:
Albion Capital Group LLP -- Tel: 020 7601 1850
(END) Dow Jones Newswires
November 27, 2019 06:42 ET (11:42 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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