Albion Enterprise VCT PLC Reports Strong Interim Results
Albion Enterprise VCT PLC: Interim Management Overview
In this interim management report, we delve into the performance and developments of Albion Enterprise VCT PLC. This report outlines the company's activities and achievements for the recent period.
Company Performance Highlights
The unaudited net asset value (NAV) as of 30 June 2024, stood at £152.7 million, equivalent to 136.10 pence per share, without considering treasury shares. This marks an increase of 10.33 pence per share, or 8.2%, since the end of March 2024.
After accounting for an interim dividend of 3.14 pence per share, the adjusted NAV is positioned at 132.96 pence per share, reflecting a continuous upward trend in shareholder value.
Share Issuance and Fundraising Initiatives
During the period from 1 April to 30 June 2024, the company successfully issued new ordinary shares under the Albion VCTs Prospectus Top Up Offers 2023/24.
Key details regarding the new shares are:
Date: 16 April 2024
Number of Shares Issued: 364,219
Issue Price: 128.70p – 130.03p
Net Proceeds: £459,000
Investment Activities
Albion Enterprise VCT PLC has made significant new investments, amounting to a total of £3,218,000 during this period. The new investments include groundbreaking companies like:
- Papaya Technologies: £944,000 invested in a firm that specializes in a multi-sided marketplace for the EV ecosystem.
- Instinct Digital: £943,000 for an investment communication platform tailored for the Asset Management Industry.
- Trumpet Software: £755,000 in digital sales room software facilitating collaboration in B2B interactions.
- GetLeast (Kato): £576,000 towards a platform that digitizes workflows for Commercial Real Estate.
Further Investments Made
Additionally, Albion has further invested £969,000 in various initiatives, focusing on innovative solutions and technologies.
- Imandra Inc.: £641,000 investment contributing to automated software testing and enhanced learning experiences for neural networks.
- GX Molecular Inc: £143,000 allocated for advancements in single-cell sequencing solutions.
- Tem Energy: £105,000 in an energy trading platform, showcasing commitment to sustainable energy solutions.
Top Holdings Overview
The report on top holdings as of 30 June 2024 reveals valuable insights:
- Quantexa: Carrying value of £27,705,000, marking 18.1% of NAV. This company focuses on network analytics to combat financial crime.
- Egress Software Technologies: Valued at £25,653,000 representing 16.8% of NAV. They specialize in encrypted email and file transfer services.
- Proveca: With a carrying value of £8,540,000, this company aims at reformulating medicines specifically for children.
Share Buy-backs and Future Strategies
No buy-backs were conducted during this period. However, the Board intends to maintain flexibility to repurchase shares when it aligns with company interests and market conditions, aiming for a discount around 5% below NAV.
Recent Developments and Transactions
Significantly, on 1 July 2024, following the reporting period, the legal completion of a sale in Egress Technologies realized funds totalling £24,324,000, enriching the company’s financial position further.
Company Information
For those interested in learning more, follow Albion Enterprise VCT PLC for updates on the ongoing performance and strategies moving forward.
For further inquiries, please contact Vikash Hansrani, Operations Partner, at Albion Capital Group LLP.
Telephone: 020 7601 1850.
Frequently Asked Questions
What is the current NAV of Albion Enterprise VCT PLC?
The current NAV as of 30 June 2024 is £152.7 million, equivalent to 136.10 pence per share.
What investments were made during the recent period?
The company made new investments totaling £3,218,000 in various sectors including technology and digital solutions.
What was the interim dividend for the 2024 fiscal year?
The first interim dividend was 3.14 pence per share.
How does Albion Enterprise plan to handle share buy-backs?
The Board's policy is to consider buy-backs around a 5% discount to NAV, taking market conditions into account.
What significant transaction occurred after the reporting period?
A notable transaction involved the legal completion of the sale in Egress Technologies, receiving £24,324,000 in funds.
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