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 2021 to 30 September 2021.

Performance and dividends

The Company's unaudited net asset value (NAV) as at 30 September 2021 was GBP79.5 million or 35.62 pence per share (excluding treasury shares), an increase of 0.83 pence per share (2.4 per cent.) since 30 June 2021.

After accounting for the first interim dividend of 0.87 pence per share and the special dividend of 1.50 pence per share, which will both be paid on 30 November 2021 to shareholders on the register on 5 November 2021, the NAV is 33.25 pence per share.

Portfolio

The following investments have been made during the period from 1 July 2021 to 30 September 2021:

 
Further 
investments   GBP'000                           Activity 
------------  -------  ---------------------------------------------------------- 
                       Technology enabled service business in medical nutritional 
Oviva AG        985                           therapy (MNT) 
------------  -------  ---------------------------------------------------------- 
The Evewell 
Group                  Operator and developer of women's health centres focusing 
Limited         346                           on fertility 
------------  -------  ---------------------------------------------------------- 
                         Provider of automated software testing and an enhanced 
Imandra Inc.    49         learning experience for artificial neural networks 
------------  -------  ---------------------------------------------------------- 
Total 
 further 
 investments    1,380 
------------  -------

Top ten holdings as at 30 September 2021:

 
                                     % of 
                                      net 
                     Carrying value  asset 
Investment               GBP'000     value                           Activity 
-------------------  --------------  -----  ---------------------------------------------------------- 
Quantexa Limited         10,119      12.7      Network analytics platform to detect financial crime 
-------------------  --------------  -----  ---------------------------------------------------------- 
Proveca Limited               3,946    5.0                       Reformulation of paediatric medicines 
-------------------  --------------  -----  ---------------------------------------------------------- 
Oviva AG                 3,541        4.5   Technology enabled service business in medical nutritional 
                                             therapy (MNT) 
-------------------  --------------  -----  ---------------------------------------------------------- 
Radnor House School      3,319        4.2   Independent school for children aged 2-18 
 (TopCo) Limited 
-------------------  --------------  -----  ---------------------------------------------------------- 
Chonais River Hydro      2,914        3.7   Owner and operator of a 2 MW hydro-power scheme in 
 Limited                                     the Scottish Highlands 
-------------------  --------------  -----  ---------------------------------------------------------- 
The Evewell Group        2,052        2.6   Operator and developer of women's health centres focusing 
 Limited                                     on fertility 
-------------------  --------------  -----  ---------------------------------------------------------- 
Phrasee Limited          1,606        2.0   AI platform that generates optimised marketing campaigns 
-------------------  --------------  -----  ---------------------------------------------------------- 
Gharagain River          1,606        2.0   Owner and operator of a 1 MW hydro-power scheme in 
 Hydro Limited                               the Scottish Highlands 
-------------------  --------------  -----  ---------------------------------------------------------- 
Threadneedle             1,239        1.6   Provider of data lineage software to enterprise customers 
 Software Holding                            in regulated sectors 
 Limited (T/A 
 Solidatus) 
-------------------  --------------  -----  ---------------------------------------------------------- 
Cantab Research          1,164        1.5   Provider of low footprint automated speech recognition 
 Limited (T/A                                which can be deployed in the cloud, on premise or 
 Speechmatics)                               on device across 29 languages 
-------------------  --------------  -----  ----------------------------------------------------------

Share buy-backs

There were no share buy-backs during the period from 1 July 2021 to 30 September 2021.

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.

Material events and transactions after the period end

After the period end, the Company undertook the following material investment transaction:

   -- Proceeds of GBP730,000 received from the sale of MPP Global Solutions 
      Limited on cost of GBP550,000; and 
 
   -- Investment of GBP390,000 in an existing portfolio company, Elliptic 
      Enterprises Limited, a provider of Anti Money Laundering services to 
      digital asset institutions.

Albion VCTs' Top Up Offers

The Company was pleased to announce on 18 October 2021 that, subject to obtaining the requisite regulatory approval, the Company intends to launch a Top Up Offer of new Ordinary shares for subscription in the 2021/2022 and 2022/2023 tax years (the "Offers").

Full details of the Offers will be contained in a prospectus that is expected to be published in early January 2022 and will be available on the Albion Capital website (www.albion.capital).

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 2021 and 9 November 2021.

Further information

The Company continues to offer a Dividend Reinvestment Scheme to existing shareholders. Details of this Scheme can be found at www.albion.capital/funds/CRWN.

Further information regarding historic and current financial performance and other useful shareholder information can be found on the Company's webpage on the Manager's website at www.albion.capital/funds/CRWN.

Penny Freer, Chairman

crownchair@albion.capital

9 November 2021

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: 020 7601 1850

(END) Dow Jones Newswires

November 09, 2021 06:14 ET (11:14 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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