Albion Development VCT PLC: Interim Management Statement

Albion Development VCT PLC Interim Management Statement
LEI Code 213800FDDMBD9QLHLB38
Introduction
I am pleased to present Albion Development VCT PLC (the “Company”)’s interim management statement for the period from 1 July 2020 to 30 September 2020.
Performance and dividends
The Company’s unaudited net asset value (NAV) as at 30 September 2020 was £72.61 million or 78.36 pence per share (excluding treasury shares). After accounting for the dividend of 1.99 pence per share paid on 30 September 2020 to shareholders on the register on 11 September 2020, this is an increase of 1.05 pence per share (1.36 per cent.) since 30 June 2020.
Share issues
During the period from 1 July 2020 to 30 September 2020, the Company issued the following shares under the dividend reinvestment scheme (and are included in the net asset value figures for 30 September 2020 above): 
Share buy-backsDuring the period from 1 July 2020 to 30 September 2020, the Company purchased 364,722 Ordinary shares for £269,000 at an average price of 73.44 pence per Ordinary share. All of the shares are to be held in treasury.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.PortfolioThe following investments have been made during the period from 1 July 2020 to 30 September 2020:
Top ten holdings as at 30 September 2020:Material events and transactions after the period endAfter the period end, the Company undertook the following material investment transactions:Our holding in SVS Albion OLIM UK Equity Income Fund was exited with proceeds of £3.95 million on cost of £4.99 million;Proceeds of £844,000 received from the sale of Clear Review Limited on cost of £409,000;Investment of £356,000 in a new portfolio company, Seldon Technologies Limited, a software company that enables enterprises to deploy Machine Learning models in production;Investment of £128,000 in a new portfolio company, uMedeor Limited (T/A uMed), a middleware technology platform that enables life science organisations to conduct medical research programmes; andInvestment of £107,000 in an existing portfolio company, Arecor Limited, which develops biopharmaceuticals through the application of a formulation technology platform.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 2020 and 4 November 2020.Further information
The Company continues to offer a Dividend Reinvestment Scheme to existing shareholders. Details of this Scheme can be found on the Company’s webpage on the Manager’s website at www.albion.capital/funds/AADV.
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/AADV.                  Ben Larkin, Chairman
4 November 2020
For further information please contact:
Albion Capital Group LLP – Tel: 020 7601 1850


(GlobeNewsWire)

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