Crown Place VCT PLC: Interim Management Statement
22 November 2023 - 12:34PM
Crown Place VCT PLC: Interim Management Statement
Crown Place VCT PLC
Interim Management StatementLEI Code:
213800SYIQPA3L3T1Q68
IntroductionI present Crown
Place VCT PLC’s interim management statement for the period from 1
July 2023 to 30 September 2023.
Performance and dividendsThe
Company’s unaudited net asset value (NAV) as at 30 September 2023
was £92.1 million or 32.47 pence per share (excluding treasury
shares), a decrease of 0.66 pence per share (1.99%) since 30 June
2023.
After accounting for the first interim dividend
of 0.83 pence per share which will be paid on 30 November 2023 to
shareholders on the register on 3 November 2023, the NAV is 31.64
pence per share.
FundraisingThe Company
announced on 12 October 2023 that, subject to obtaining the
requisite regulatory approval, it intended to launch a prospectus
top up offer of new ordinary shares. Full details of the Offer will
be contained in a prospectus that is expected to be published prior
to launch in early January 2024.
PortfolioThe following
investments have been made during the period from 1 July 2023 to 30
September 2023:
New investments |
£’000 |
Activity |
Phasecraft |
358 |
Software for Quantum Computers |
Kennek Solutions |
147 |
Vertical software for lenders |
Total new investments |
505 |
|
Further investments |
£’000 |
Activity |
Gravitee Topco (T/A Gravitee.io) |
584 |
API management platform |
uMedeor (T/A uMed) |
366 |
A middleware technology platform that enables life science
organisations to conduct medical research programmes |
Accelex Technology |
107 |
Data extraction and analytics technology for private capital
markets |
Total further investments |
1,057 |
|
Top ten holdings as at 30 September 2023:
Investment |
Carrying value£’000 |
% of net asset value |
Activity |
Quantexa |
16,936 |
18.4% |
Network analytics platform to detect financial crime |
Proveca |
4,781 |
5.2% |
Reformulation of medicines for children |
Radnor House School (TopCo) |
3,623 |
3.9% |
Independent school for children aged 2-18 |
Chonais River Hydro |
3,039 |
3.3% |
Owner and operator of a 2 MW hydro-power scheme in the Scottish
Highlands |
Oviva AG |
3,001 |
3.3% |
A technology enabled service business in medical nutritional
therapy (MNT) |
The Evewell Group |
2,258 |
2.5% |
Operator and developer of women’s health centres focusing on
fertility |
Runa Network |
2,240 |
2.4% |
Cloud platform and infrastructure that enables corporates to issue
digital incentives and payouts |
Gravitee Topco (T/A Gravitee.io) |
2,016 |
2.2% |
API management platform |
Cantab Research (T/A Speechmatics) |
1,788 |
1.9% |
Provider of low footprint automated speech recognition which can be
deployed in the cloud, on premise or on device |
Gharagain River Hydro Limited |
1,781 |
1.9% |
Owner and operator of a 1 MW hydro-power scheme in 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-backsDuring the
period from 1 July 2023 to 30 September 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.
Board compositionI am retiring
from the Board today following the Annual General Meeting, having
served as a Director of the Company for nine years, including three
as Chair. It is proposed that James Agnew will succeed me as
Chairman of the Board.
I would like to take this opportunity to thank all my existing
and former board colleagues, the Manager, and all our shareholders
for their support over the years.
Material events and transactions after
the period end
- As announced on 6 October 2023, the Company sold a proportion
of its holding in Quantexa at its current holding value returning
proceeds of £1.2m; and
- As announced on 30 October 2023,
following a formal tender process, Johnston Carmichael LLP were
appointed the Company's Auditor.
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, Chairman22 November 2023
For further information please contact:Vikash
HansraniOperations PartnerAlbion Capital Group LLP – Tel: 020 7601
1850
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