TIDMCRWN
Crown Place VCT PLC
Interim Management Statement
LEI Code: 213800SYIQPA3L3T1Q68
Introduction
I present Crown Place VCT PLC (the "Company")'s interim
management statement for the period from 1 January 2023 to 31 March
2023.
Performance and dividends
The Company's unaudited net asset value ("NAV") as at 31 March
2023 was GBP96.1 million or 33.44 pence per share (excluding
treasury shares). After accounting for the second interim dividend
of 0.79 pence per share which was paid on 31 March 2023 to
shareholders on the register on 10 March 2023, the NAV has
increased by 2.44 pence per share (7.9%) since 31 December
2022.
On 2 March 2023, a NAV update was announced following an
external fundraising process at Quantexa at a significantly higher
valuation. The NAV at 31 March 2023 has increased by 0.72 pence per
share (2.2%) compared to the 2 March 2023 NAV update. This Series E
fundraising round has now completed, raising $129 million, and was
announced by Quantexa on 4 April 2023.
Share issues
During the period from 1 January 2023 to 31 March 2023, the
Company issued the following shares under the dividend reinvestment
scheme:
Number of shares Issue price per
Date issued share Net invested GBP'000
-------------- ------------------- ------------------- --------------------
31 March 2023 1,077,920 32.72 pence 333
-------------- ------------------- ------------------- --------------------
Albion VCTs' Top Up Offers
A prospectus Top Up Offer of new Ordinary shares was launched on
10 October 2022. The Board announced on 11 January 2023 that,
following strong demand for the Company's shares, it had elected to
exercise its over-allotment facility, taking the total Offer to
GBP11.5 million. The Offer was fully subscribed and closed to
further applications on 10 March 2023.
During the period from 1 January 2023 to 31 March 2023, the
Company issued the following shares under the Albion VCTs' Top Up
Offers:
Number of shares Issue price per Net consideration
Date issued share received GBP'000
-------------- ------------------- -------------------- -------------------
31 March 2023 17,882,171 33.60 pence 5,858
-------------- ------------------- -------------------- -------------------
Portfolio
The following investments have been made during the period from
1 January 2023 to 31 March 2023:
Further
investments GBP'000 Activity
------------- ------- ------------------------------------------------------
Proveca 216 Reformulation of medicines for children
------------- ------- ------------------------------------------------------
Seldon Enabling enterprises to deploy Machine Learning models
Technologies 154 in production
------------- ------- ------------------------------------------------------
Brytlyt 24 GPU database software provider
------------- ------- ------------------------------------------------------
Designer and manufacturer of radiation detection
Symetrica 7 equipment
------------- ------- ------------------------------------------------------
Total further
investments 401
------------- -------
Top ten holdings as at 31 March 2023
% of
net
Carrying value asset
Portfolio Company GBP'000 value Activity
-------------------- -------------- ----- ----------------------------------------------------------
Quantexa 16,936 17.6% Network analytics platform to detect financial crime
-------------------- -------------- ----- ----------------------------------------------------------
Proveca 4,308 4.5% Reformulation of medicines for children
-------------------- -------------- ----- ----------------------------------------------------------
Radnor House School 3,549 3.7% Independent school for children aged 2-18
(TopCo)
-------------------- -------------- ----- ----------------------------------------------------------
Chonais River Hydro 3,503 3.6% Owner and operator of a 2 MW hydro-power scheme in
the Scottish Highlands
-------------------- -------------- ----- ----------------------------------------------------------
The Evewell Group 2,740 2.9% Operator of women's health centres focusing on fertility
-------------------- -------------- ----- ----------------------------------------------------------
Oviva 2,674 2.8% Technology enabled service business in medical nutritional
therapy (MNT)
-------------------- -------------- ----- ----------------------------------------------------------
Runa Network 2,131 2.2% Cloud platform and infrastructure that enables corporates
(previously to issue digital incentives and payouts
WeGift)
-------------------- -------------- ----- ----------------------------------------------------------
Threadneedle 1,977 2.1% Provider of data lineage software to enterprise customers
Software Holding in regulated sectors
(T/A Solidatus)
-------------------- -------------- ----- ----------------------------------------------------------
Healios 1,972 2.1% Provider of an online platform delivering family centric
psychological care primarily to children and adolescents
-------------------- -------------- ----- ----------------------------------------------------------
Gharagain River 1,960 2.0% Owner and operator of a 1 MW hydro-power scheme in
Hydro the Scottish Highlands
-------------------- -------------- ----- ----------------------------------------------------------
A full breakdown of the Company's portfolio can be found on the
Company's webpage on the Manager's website at
www.albion.capital/funds/CRWN.
Share buy-backs
During the period from 1 January 2023 to 31 March 2023, the
Company did not buy back any shares.
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% 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 issued the following new
Ordinary shares of nominal value 1 penny per share under the Albion
VCTs' Prospectus Top Up Offers 2022/23:
Number of shares Issue price per Net consideration
Date issued share received GBP'000
-------------- ------------------- -------------------- -------------------
14 April 2023 891,748 33.30 to 33.60 pence 292
-------------- ------------------- -------------------- -------------------
There have been no other material events or transactions after
the period end to the date of this announcement.
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
22 May 2023
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP -- Tel: 020 7601 1850
(END) Dow Jones Newswires
May 22, 2023 08:17 ET (12:17 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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