CRWN Albion Crown Vct Plc

 
TIDMCRWN 
 
 
   Crown Place VCT PLC 
 
   Interim Management Statement 
 
   LEI Code: 213800SYIQPA3L3T1Q68 
 
   Introduction 
 
   I present Crown Place VCT PLC's (the "Company's") interim management 
statement for the period from 1 January 2020 to 31 March 2020. 
 
   Impact of coronavirus (Covid-19) and Net asset value 
 
   The Board has been monitoring the ongoing disruption caused by the 
coronavirus (Covid-19) pandemic and its current and potential impact on 
portfolio companies. 
 
   In light of this, the Company announces its unaudited net asset value 
(NAV) as at 31 March 2020 of GBP63.12 million or 32.02 pence per share 
(excluding treasury shares). After accounting for a dividend of 1 penny 
per share paid on 31 March 2020, the NAV has decreased by 1.71 pence per 
share (5.07%) since 31 December 2019. This reflects reductions across 
the portfolio, which is carried at fair value, as a result of market 
conditions arising from the healthcare pandemic. The Board has 
reassessed the carrying values of all companies within the portfolio and 
has reduced those which are affected by the current situation. The 
portfolio is well diversified and has weightings in sectors that are 
less badly affected by coronavirus (Covid-19), such as renewable energy, 
and many companies within the portfolio are well suited to operating in 
a remote environment. 
 
   Principally as a result of disposals towards the end of 2019, and the 
allotment of new shares under the Albion VCTs Prospectus Top Up Offers 
2019/20, the Company had cash balances of GBP24.7 million at 31 March 
2020. This represents 39% of net assets and somewhat mitigated the 
effect of coronavirus (Covid-19) on the Company. Under current 
challenging economic conditions, it is helpful for the Company to have 
significant cash and reserves. 
 
   These are, however, unprecedented times with major uncertainty as to the 
ongoing economic and societal impact of the coronavirus (Covid-19) 
pandemic. The Board is therefore mindful that further adjustments to 
valuations may need to be made in subsequent quarters. 
 
   After taking account of the total 2.00 pence per share of dividends paid 
on 29 November 2019 (1 penny) and 31 March 2020 (1 penny), the 
comparable ex-dividend NAV as at 30 June 2019 was 33.29 pence per share. 
Therefore, the NAV has decreased by 1.27 pence per share or (3.81%) 
since 30 June 2019. 
 
   Fundraising and share issues 
 
   During the period from 1 January 2020 to 31 March 2020, the Company 
issued the following new Ordinary shares of nominal value 1 penny per 
share under the Albion VCTs Prospectus Top Up Offers 2019/20: 
 
 
 
 
                                          Issue price per share 
                     Number of shares      (including costs of    Net proceeds 
Date                      issued                  issue)             GBP'000 
----------------  ----------------------  ----------------------  ------------ 
31 January 2020               10,639,813          35.4p to 35.8p         3,712 
----------------  ----------------------  ----------------------  ------------ 
 
   Share buy-backs 
 
   During the period from 1 January 2020 to 31 March 2020, the Company 
purchased 939,582 shares for GBP306,000 including stamp duty, at an 
average price of 32.39 pence per share. All of the shares are to be held 
in treasury. 
 
   Given the uncertainty on valuations caused by the coronavirus (Covid-19) 
and its impact on financial markets in recent times, the Board agreed to 
suspend the Company's buy back operation on 18 March 2020 until such 
time as the Company could provide an updated valuation as at 31 March 
2020 of the portfolio and the Company's NAV. 
 
   With this announcement of the NAV of the Company at 31 March 2020, the 
Board is pleased to announce the resumption of its share buy-back policy, 
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. However, the level of share 
buybacks until the announcement of the Company's year end results, 
expected during September 2020, shall be limited to GBP500,000. 
 
   It is the Board's intention for such buy-backs to be at around a 5 per 
cent. discount to net asset value, so far as market conditions and 
liquidity permit. 
 
   Portfolio 
 
   The following material investments have been made during the period from 
1 January 2020 to 31 March 2020: 
 
 
 
 
New 
investments    GBP000s                         Activity 
-------------  -------  ------------------------------------------------------ 
                          A software provider bringing real-time behavioural 
Concirrus                data analytics to the marine and transport insurance 
Limited          755                          industries 
-------------  -------  ------------------------------------------------------ 
Credit Kudos              Challenger credit bureau helping lenders optimise 
Limited          378     and automate their affordability and risk assessments 
-------------  -------  ------------------------------------------------------ 
Total new 
 investments     1,133 
-------------  ------- 
 
 
   There have been no disposals during the period from 1 January 2020 to 31 
March 2020. 
 
   Top ten holdings as at 31 March 2020: 
 
 
 
 
                                 % of 
                                  net 
                 Carrying value  asset 
Investment           GBP000s     value                         Activity 
---------------  --------------  -----  ------------------------------------------------------- 
Shinfield Lodge                         Owner and operator of a 66 bed care home in Shinfield, 
Care Limited         3,894        6.2                          Berkshire 
---------------  --------------  -----  ------------------------------------------------------- 
Chonais River                             Owner and operator of a 2 MW hydro-power scheme in 
Hydro Limited        3,196        5.1                    the Scottish Highlands 
---------------  --------------  -----  ------------------------------------------------------- 
Radnor House 
School (TopCo) 
Limited              2,598        4.1          Independent school for children aged 5-18 
---------------  --------------  -----  ------------------------------------------------------- 
Active Lives                              Owner and operator of a 75 bed care home in Cumnor 
Care Limited         2,584        4.1                      Hill, Oxfordshire 
---------------  --------------  -----  ------------------------------------------------------- 
Proveca Limited           2,412    3.8                    Reformulation of paediatric medicines 
---------------  --------------  -----  ------------------------------------------------------- 
Ryefield Court       1,987        3.1   Owner and operator of a 60 bed care home in Hillingdon, 
 Care Limited                            Middlesex 
---------------  --------------  -----  ------------------------------------------------------- 
Quantexa             1,816        2.9   Network analytics platform to detect financial crime 
 Limited 
---------------  --------------  -----  ------------------------------------------------------- 
Gharagain River      1,608        2.5   Owner and operator of a 1 MW hydroelectricity plant 
 Hydro Limited                           in the Scottish Highlands 
---------------  --------------  -----  ------------------------------------------------------- 
Mirada Medical       1,039        1.6   Developer of medical imaging software using Deep 
 Limited                                Learning 
---------------  --------------  -----  ------------------------------------------------------- 
G. Network           1,009        1.6   Ultra-fast fibre optic broadband provider in central 
 Communications                          London 
 Limited 
---------------  --------------  -----  ------------------------------------------------------- 
 
 
   Board composition 
 
   The Board announced on 21 April 2020 that, following a formal selection 
process, Ian Spence has been appointed to the Board as a non-executive 
director with effect from 1 May 2020. Ian is highly experienced in the 
technology sector, having researched and advised companies in this 
industry for over 20 years. Ian joins the Board at a time when 
increasing numbers of tech investment opportunities are being considered 
by the Company. 
 
   Material events and transactions after the period end 
 
   There have been no significant events or transactions that the Board is 
aware of which would have a material impact on the financial position of 
the Company between 1 April 2020 to 22 April 2020. 
 
   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=gQcGMzqZFYjcEiJcXVdZLbMoWH2clqbzlxH9NDqzHTxoKavv86e-jK7tPbQ4x1iXX4jZWvAcozq3seUpIrc6wkY0YrHuMDRMyCnFz02F6GUmX3H3U13GV6nFwhSNMVqY 
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=gQcGMzqZFYjcEiJcXVdZLbMoWH2clqbzlxH9NDqzHTzXFgZ1IZyDTeJMr0RzT_f5nu4DfJiVOpEG3YEkSaRTnnr0S8rZMayHPP5Dl6iWUMYb0DCm8ksc2uYO6E6dpPch 
www.albion.capital/funds/CRWN. 
 
 
 
   Richard Huntingford, Chairman 
 
   crownchair@albion.capital 
 
   22 April 2020 
 
   For further information please contact: 
 
   Albion Capital Group LLP -- Tel: 020 7601 1850 
 
 
 
 
 
 

(END) Dow Jones Newswires

April 22, 2020 12:30 ET (16:30 GMT)

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