Kings Arms Yard VCT PLC: Interim Management Statement
04 Juni 2024 - 12:53PM
UK Regulatory
Kings Arms Yard VCT PLC: Interim Management Statement
Kings Arms Yard VCT PLC
Interim Management Statement
LEI Code 213800DK8H27QY3J5R45
Introduction
I present Kings Arms Yard VCT PLC (the “Company”)’s interim
management statement for the period from 1 January 2024 to 31 March
2024. The Company changed its name from Kings Arms Yard VCT PLC to
Kings Arms Yard VCT PLC on 30 May 2024.
Performance and dividends
The Company’s unaudited net asset value (“NAV”) on 31 March 2024
was £118.2 million or 20.91 pence per share (excluding treasury
shares), an increase of 0.54 pence per share (2.65%) since 31
December 2023.
After accounting for the first dividend for the
year ending 31 December 2024 of 0.51 pence per share paid on 30
April 2024 to shareholders on the register on 12 April 2024, the
NAV is 20.40 pence per share.
On 12 March 2024, a NAV update was announced
following terms being agreed to sell a company within its
portfolio. On 24 April 2024, it was announced that KnowBe4 had
entered into a definitive agreement to acquire Egress Software
Technologies, subject to customary closing conditions and
regulatory approvals.
Albion VCTs’ Top Up Offers
A prospectus Top Up Offer of new Ordinary shares was published on
15 December 2023 and launched to applications on 2 January 2024.
The Board announced on 19 March 2024 that it had reached its £10.5
million limit under its offer for subscription and therefore had
closed to further applications.
During the period from 1 January 2024 to 31
March 2024, the Company issued the following shares of nominal
value 1 penny per share under the Albion VCTs’ Top Up Offers
2023/24:
|
Date |
Number of shares issued |
Issue price per share |
Net consideration received £’000 |
|
22 March 2024 |
47,505,331 |
21.32p – 21.54p |
9,926 |
Portfolio
The following investments have been made during
the period from 1 January 2024 to 31 March 2024:
|
New investments |
£’000 |
Activity |
|
Treefera |
1,097 |
Data platform for forestry and nature-based assets |
|
Total new investments |
1,097 |
|
|
Further investments |
£’000 |
Activity |
|
NuvoAir |
524 |
Digital therapeutics and decentralised clinical trials for
respiratory conditions |
|
Tem-Energy |
305 |
Energy trading platform |
|
GX Molecular (T/A CS Genetics) |
238 |
Developer of single-cell sequencing solutions |
|
InCrowd Sports |
60 |
Developer of mobile apps for professional sports
clubs |
|
Total further investments |
1,127 |
|
Top ten holdings as at 31 March 2024:
|
Portfolio company |
Carrying value
£’000 |
% of net asset value |
Activity |
|
Quantexa |
15,274 |
12.9% |
Network analytics platform to detect financial crime |
|
Proveca |
12,484 |
10.6% |
Reformulation of medicines for paediatrics |
|
Egress Software Technologies |
10,161 |
8.6% |
Encrypted email and file transfer service provider |
|
Gravitee Topco (T/A Gravitee.io) |
3,543 |
3.0% |
API management platform |
|
Chonais River Hydro |
2,961 |
2.5% |
Owner and operator of a 2 MW hydro-power scheme in the Scottish
Highlands |
|
Oviva |
2,387 |
2.0% |
A technology enabled service business in medical nutritional
therapy (MNT) |
|
Healios |
1,900 |
1.6% |
Provider of an online platform delivering family centric
psychological care primarily to children and adolescents |
|
The Evewell Group |
1,859 |
1.6% |
Operator and developer of women’s health centres focusing on
fertility |
|
Runa Network |
1,854 |
1.6% |
Cloud platform and infrastructure that enables corporates to
issue digital incentives and payouts |
|
The Street by Street Solar Programme |
1,789 |
1.5% |
Owner and operator of photovoltaic systems on domestic
properties in the UK |
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/KAY.
Share buy-backs
During the period from 1 January 2024 to 31 March 2024, 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 2023/24:
|
Date |
Number of shares issued |
Issue price per share |
Net consideration received £’000 |
|
16 April 2024 |
1,353,148 |
20.80p – 21.02p |
276 |
The Company also issued the following shares
under the dividend reinvestment scheme:
|
Date |
Number of shares issued |
Issue price per share |
Net invested £’000 |
|
30 April 2024 |
2,048,037 |
20.38p |
396 |
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/KAY.
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 under www.albion.capital/funds/KAY.
Fiona Wollocombe, Chairman
4 June 2024
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP – Tel: 020 7601 1850
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