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Albion Enterprise VCT PLC: Interim Management Report

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Albion Enterprise VCT PLC: Interim Management Report

Performance and dividends
As announced on 16 August 2024, the Company’s unaudited net asset value (“NAV”) as at 30 June 2024 was £152.7 million or 136.10 pence per share (excluding treasury shares). This represents an increase of 10.33 pence per share (8.2%) since 31 March 2024 and an increase of 4.6% on the adjusted NAV announced on 2 July 2024.

After taking into account the first interim dividend for the year ended 31 March 2025 of 3.14 pence per share, which was paid on 30 August 2024 to shareholders on the register of shareholders on 2 August 2024, the NAV is 132.96 pence per share.

Fundraising and share issues
During the period from 1 April 2024 to 30 June 2024, the Company has issued the following new ordinary shares with a nominal value of 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2023/24:

Date Number of shares issued Issue price per share (including issue costs) Net Proceeds £’000

April 16, 2024

364,219

128.70p – 130.03p

459

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

New investments £000’s Activity

Papaya Technologies

944

Versatile marketplace for the EV ecosystem

Instinct Digital

943

Investment communications platform for the asset management industry

Trumpet Software

755

A digital salesroom software and collaboration platform for B2B interactions

Get the least (Kato)

576

Platform that digitizes commercial real estate workflows
Totally new investments 3,218
Further investments £000’s Activity

Imandra Inc.

641

Provider of automated software testing and enhanced learning experience for artificial neural networks

GX Molecular Inc (CS Genetics)

143

Develop solutions for single-cell sequencing

Tem energy

105

Energy trading platform

Healios

58

Provider of an online platform that provides family-oriented psychological care, primarily to children and adolescents

Incrowd Sports

22

Developer of mobile apps for professional sports clubs
Total further investments 969

Top Ten Holdings (as of June 30, 2024)

Investment Book value
£000’s 		% of net asset value Activity

Quantexa

27,705

18.1%

Network analysis platform for detecting financial crime

Egress Software Technologies

25,653

16.8%

Encrypted email and file transfer service provider

Proveca

8,540

5.6%

Reformulation of medicines for children

Olivie

5,633

3.7%

A technology-driven service company in medical nutritional therapy (MNT)

Radnor House School (TopCo)

3,528

2.3%

Independent school for children from 2 to 18 years old

Gravitee TopCo

3,499

2.3%

API Management Platform

The Evewell Group

3,117

2.0%

Operator and developer of women’s health centers with a focus on fertility

Healios

3,108

2.0%

Provider of an online platform that provides family-oriented psychological care, primarily to children and adolescents

Panaseer

2,369

1.6%

Cybersecurity service provider

Runa Network

2,285

1.5%

Cloud platform and infrastructure that enables companies to provide digital incentives and payouts

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

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
Following the end of the period, the sale of Egress Technologies will legally close on 1 July 2024, with £24,324,000 of funds received.

Further information
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/AAEV.

Maxwell Packe, Chairman
September 3, 2024

For further information please contact:
Vikash Hansrani
Operational Partner
Albion Capital Group LLP
Phone: 020 7601 1850

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