Albion Venture Capital Trust PLC: Interim Management Statement

ALBION VENTURE CAPITAL TRUST PLC

LEI code: 213800JKELS32V2OK421

Interim management statement

Introduction

I present the interim management statement of Albion Venture Capital Trust PLC (the “Company”) for the period from 1 April 2024 to 30 June 2024.

Performance and dividends

The Company’s unaudited net asset value (NAV) as at 30 June 2024 was £62.0 million or 44.90 pence per share (excluding treasury shares), a decrease of 0.03 pence per share (0.07%) since 31 March 2024.

After taking into account the first dividend for the year ending 31 March 2025 of 1.12 pence per share, paid on 31 July 2024 to shareholders on the register of shareholders on 5 July 2024, the NAV is 43.78 pence per share.

Portfolio

The following investments were made in the period from April 1, 2024 to June 30, 2024:

*New investments*	£’000’s	Activity
Instinct Digital	396	An investment communications platform for the asset management industry.
Get the least (T/A Kato)	376	A platform that digitizes commercial real estate workflows.
Papaya Technologies	285	A versatile marketplace for the EV ecosystem.
Trumpet Software	228	Digital salesroom software and collaboration platform for B2B interactions.
*Totally new investments*	1,285

*Follow-up investments*	£’000’s	Activity
Imanda	644	A provider of automated software testing and enhanced learning experience for artificial neural networks.
GX Molecular (CS Genetics)	90	A developer of single-cell sequencing solutions.
Tem energy	76	A platform for energy trading.
Healios	35	An online platform provider that delivers family-centered psychological care, primarily to children and adolescents.
*Total follow-on investments*	845

Top ten holdings (as of June 30, 2024)

Investment	Book value £000’s	% of net asset value	Activity
Chonais River Hydroelectric Power Plant	3,806	6.1%	Owner and operator of a 2MW hydroelectric power station in the Scottish Highlands.
Gravitee TopCo (T/A Gravitee.io)	3,560	5.7%	An API management platform.
The Evewell Group	2,644	4.3%	Operator and developer of women’s health centers with a focus on fertility.
Radnor House School (TopCo)	2,569	4.1%	Independent school for children from 2 to 18 years old.
Cantab Research (T/A Speechmatics)	2,530	4.1%	Low-footprint automated speech recognition provider that can be deployed in the cloud, on-premise or online.
Runa Network	2,465	4.0%	Cloud platform and infrastructure that enables companies to provide digital incentives and payouts.
Elliptical Enterprises	2,169	3.5%	Provider of anti-money laundering services to digital asset institutions.
Healios	1,886	3.0%	Provider of an online platform that delivers family-oriented psychological care, primarily to children and adolescents.
Gharagain River Hydroelectric Power Station	1,716	2.8%	Owner and operator of a 1MW hydroelectric power station in the Scottish Highlands.
Seldon Technologies	1,580	2.5%	Software company that enables enterprises to put Machine Learning models into production.

A full overview of the Company’s portfolio can be found on the Company’s webpage on the Manager’s website at www.albion.capital/funds/AAVC.

Share buybacks

During the period from April 1, 2024 to June 30, 2024, the Company did not purchase any of its own shares.

The Board of Directors’ policy remains to repurchase its own shares in the market, provided that such purchases are in the best interests of the Company. This includes maintaining sufficient resources for investment in existing and new portfolio companies and continuing to pay dividends to shareholders.

The Council intends that such repurchases will result in a discount of approximately 5% on net asset value, market conditions and liquidity permitting.

Material events and transactions after the end of the period

On 24 July 2024, as part of a joint announcement with the other VCTs managed by Albion, the Company announced that it had entered into discussions regarding potential mergers of the Albion VCTs. Further details of this will be made available in due course.

No other material events or transactions have occurred after the end of the period 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/AAVC.

Further information on historical and current financial performance and other useful shareholder information can be found on the Company’s webpage on the Manager’s website at www.albion.capital/funds/AAVC.

Richard Glover, Chairman
September 17, 2024

For further information please contact:

Vikash Hansrani
Operational Partner
Albion Capital Group LLP
Telephone: 020 7601 1850