Albion KAY VCT PLC: Interim Management Statement
26 November 2024 - 4:04PM
UK Regulatory
Albion KAY VCT PLC: Interim Management Statement
Albion KAY VCT PLC
Interim Management Statement
LEI Code 213800DK8H27QY3J5R45
Introduction
I present Albion KAY VCT PLC (the “Company”)’s interim management
statement for the period from 1 July 2024 to 30 September 2024.
Performance and dividends
The Company’s unaudited net asset value (“NAV”) on 30 September
2024 was £120.0 million or 21.48 pence per share (excluding
treasury shares), a decrease of 0.30 pence per share (1.38%) since
30 June 2024.
After accounting for the second dividend for the
year ending 31 December 2024 of 0.54 pence per share and the
special dividend of 1.00 pence per share, both paid on 25 October
2024 to shareholders on the register on 4 October 2024, the NAV is
19.94 pence per share.
Albion VCTs Mergers
On 12 November 2024, the Company issued a circular, jointly with
the other Albion managed VCTs, proposing, amongst other things, the
merger of the Company with Albion Technology & General VCT
PLC.
The key reasons for the proposed mergers are the
benefits it brings to shareholders including costs savings,
simplified fee structure across the Albion VCTs, reduced
administration and streamlined fundraising offers.
The circular includes Notices of the General
Meetings to be held at 1 p.m. on 11 December 2024 and at 11 a.m. on
19 December 2024. The Company encourages all shareholders to vote
on the resolutions to be proposed at the General Meetings in
connection with the recommended proposals.
The circular can be viewed at
www.albion.capital/mergers.
Portfolio
The following investments have been made during the period from 1
July 2024 to 30 September 2024:
|
Further investments |
£’000 |
Activity |
|
Infact Systems (T/A Infact) |
298 |
Technology for credit assessment |
|
Kennek Solutions |
261 |
Vertical software for lenders |
|
Mondra Global |
249 |
Food supply chain emissions modelling |
|
DiffBlue |
194 |
AI for code testing/writing platform |
|
OpenDialog AI |
168 |
AI powered chatbots and virtual assistants |
|
PeakData |
138 |
Provides insights and analytics to pharmaceutical companies
about therapeutic areas |
|
Total further investments |
1,308 |
|
Top ten holdings as at 30 September 2024:
|
Portfolio company |
Carrying value
£’000 |
% of net asset value |
Activity |
|
Quantexa |
19,092 |
15.9% |
Network analytics platform to detect financial crime |
|
Proveca |
13,208 |
11.0% |
Reformulation of medicines for paediatrics |
|
Gravitee Topco (T/A Gravitee.io) |
3,697 |
3.1% |
API management platform |
|
Oviva |
3,040 |
2.5% |
A technology enabled service business in medical nutritional
therapy (MNT) |
|
Chonais River Hydro |
2,851 |
2.4% |
Owner and operator of a 2 MW hydro-power scheme in the Scottish
Highlands |
|
Healios |
2,152 |
1.8% |
Provider of an online platform delivering family centric
psychological care primarily to children and adolescents |
|
The Evewell Group |
2,146 |
1.8% |
Operator and developer of women’s health centres focusing on
fertility |
|
Runa Network |
1,854 |
1.5% |
Cloud platform and infrastructure that enables corporates to
issue digital incentives and payouts |
|
The Street by Street Solar Programme |
1,719 |
1.4% |
Owner and operator of photovoltaic systems on domestic
properties in the UK |
|
Celoxica |
1,661 |
1.4% |
Provider of software that accelerates data flow and execution
capacity for the financial services industry |
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 July 2024 to 30 September 2024, the
Company bought back 4,328,049 shares for £860,000 (including stamp
duty) at an average price of 19.78 pence per share. All of the
shares were cancelled.
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
Other than the circular issued on 12 November 2024 as detailed
above, 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
26 November 2024
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP – Tel: 020 7601 1850
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