Albion Enterprise VCT PLC Reports Positive Interim Update
Albion Enterprise VCT PLC's Interim Management Insights
Albion Enterprise VCT PLC
Interim Management Statement
LEI Code: 213800OVSRDHRJBMO720
Introduction
Today, we delve into Albion Enterprise VCT PLC's recent interim management statement, encompassing the period from 1 April to 30 June.
Performance and Dividends
As of 30 June, the Company reported an unaudited net asset value (NAV) of £277.3 million, which translates to 115.72 pence per share. This reflects a minor decrease of 0.50 pence (or 0.4%) since the end of March.
Once we factor in the inaugural dividend for the fiscal year ending on 31 March, calculated at 2.91 pence per share and disbursed on 29 August to shareholders recorded by 1 August, the adjusted NAV stands at 112.81 pence per share.
Investment Landscape
During this period, Albion has engaged in several noteworthy investments:
New Investments
Total Investment in New Ventures: £5,655,000
1. Total Access Health (T/A Evaro): £3,385,000
A platform enhancing access to enterprise-level care addressing minor health concerns.
2. Labrys Group Holdings: £2,003,000
A specialized communications platform catering to the defense sector.
3. Revgentic: £267,000
Infrastructure development focusing on pipeline conversion.
Additional Investments
Alongside new engagements, Albion also made notable additional investments totaling £5,071,000:
1. Get Least (T/A Kato): £1,242,000
A cutting-edge platform digitizing workflows within Commercial Real Estate.
2. Gravitee TopCo (T/A Gravitee.io): £1,214,000
An innovative API management platform.
3. Phasecraft: £1,012,000
Developing software aimed at optimizing Quantum Computers.
4. Treefera: £962,000
A specialized data platform designed for forestry and nature-focused assets.
5. Open Trade Technology: £349,000
A fintech platform providing embedded finance solutions backed by Stablecoins.
Shareholder Value Initiatives
The Company observed a period without any share buy-backs due to a restriction on trading. The strategic intention remains aimed at repurchasing shares when they can be executed at a 5% discount to NAV, ensuring the board's decisions favor the overall benefit of shareholders while maintaining enough investment resources.
Update on Share Premium Account Cancellation
With the authority obtained in December, the cancellation of the share premium account now increases the distributable reserves available for future dividends, share buy-backs, and corporate needs. On 20 May, the registration of this change at Companies House confirmed an additional £195.5 million in reserves for the Company.
Material Events and Transactions Post Period
A dividend of 2.91 pence per Ordinary share was paid out on 29 August to those shareholders recorded by 1 August. In this cycle, shares valued at 113.31 pence were allotted under the dividend reinvestment scheme, accumulating a net investment of £1,110,000.
Overall, these financial undertakings and strategic implementations underscore Albion Enterprise VCT PLC's commitment to maintaining shareholder value and expanding its investment portfolio effectively.
For further insights into our historic and current financial performance, please visit our company webpage.
Contact Information
For further details, please reach out to:
Vikash Hansrani, Operations Partner
Albion Capital Group LLP - Tel: 020 7601 1850
Frequently Asked Questions
What is Albion Enterprise VCT PLC’s current NAV?
As of 30 June, the unaudited NAV is £277.3 million, or 115.72 pence per share.
What are the main sectors of investment for Albion Enterprise VCT PLC?
Investments span healthcare, defense technology, financial technology, and others focusing on innovative solutions.
How does the dividend policy work at Albion?
The Company aims to distribute dividends while maintaining sufficient resources to support investment strategies.
What was the total amount invested during this period?
The total new investments were £5,655,000 and additional investments summed to £5,071,000.
What steps is Albion taking regarding its share buy-backs?
Shares may be repurchased at around a 5% discount to NAV, depending on market conditions and liquidity.
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