CRWN Crown Place VCT

Albion Crown VCT PLC: Interim Management Statement

Albion Crown VCT PLC: Interim Management Statement

Albion Crown VCT PLC

Interim Management Statement

LEI Code: 213800SYIQPA3L3T1Q68

Introduction

I present Albion Crown VCT PLC (the “Company”)’s interim management statement for the period from 1 January 2025 to 31 March 2025.

The Company completed the merger with Albion Venture Capital Trust PLC (AAVC) in December 2024 which created a new C share class (CRWC). The C share class (CRWC) will convert into ordinary shares (CRWN) on a relative Net Asset Value basis as at 30 June 2026, which is expected to complete in November 2026.

Performance and dividends

Ordinary shares

The ordinary shares unaudited net asset value (NAV) as at 31 March 2025 was £113.7 million or 31.35 pence per ordinary share, an increase of 0.18 pence per ordinary share (0.58%) since 31 December 2024.

After accounting for the dividend of 0.78 pence per ordinary share, paid on 30 April 2025 to shareholders on the register on 11 April 2025, the NAV is 30.57 pence per ordinary share.

C Shares

The C shares unaudited NAV as at 31 March 2025 was £57.9 million or 43.15 pence per C share, a decrease of 0.12 pence per C share (0.27%) since 31 December 2024.

After accounting for the dividend of 1.08 pence per C share, paid on 30 April 2025 to shareholders on the register on 11 April 2025, the NAV is 42.07 pence per C share.

Fundraising

A prospectus Top Up Offer of new ordinary shares opened to applications on 6 January 2025. On 31 March 2025, the Board announced that it had reached its £30 million limit (inclusive of a £10 million over-allotment facility which had been exercised) and therefore had closed to further applications.

During the period from 1 January 2025 to 31 March 2025, the Company issued the following ordinary shares under the Albion VCTs Top Up Offers:

DateNumber of ordinary shares issuedIssue price per ordinary shareNet consideration received (£’000)
21 March 202565,583,58331.81 to 32.14 pence20,446

Portfolio

As noted in the Half-yearly Financial Report for the six months to 31 December 2024, after reviewing detailed cash flow forecasts, the Board agreed with the Manager that the current investment focus for the C share class will be on supporting existing portfolio companies and not to make further new investments. This is to ensure that the C share class has sufficient cash resources for follow-on investments, dividends and share buybacks.

The following investments have been made during the period from 1 January 2025 to 31 March 2025:

New investments



Ordinary sharesC sharesActivity



£’000£’000
Latent Technology Group62170Reinforcement Learning based Animation
Scripta Therapeutics139-AI-enabled drug discovery
Innerworks Technology109-Adaptive security
OtoImmune88-Detection and treatment of autoimmune diseases.
Pastel Health3117Digital-first provider of multi-specialty care
Formicor Pharmaceuticals28-Drug reformulation
Total new investments1,01687 



Further investments



Ordinary sharesC sharesActivity



£’000£’000
TransFICC794114A provider of a connectivity solution, connecting financial institutions with trading venues via a single API
Mondra Global406226Food supply chain emissions modelling
Runa Network7710Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts
NuvoAir Holdings6611Digital therapeutics and decentralised clinical trials for respiratory conditions
uMedeor (T/A uMed)3056A middleware technology platform that enables life science organisations to conduct medical research programmes
Total further investments1,373417 

Combined top ten holdings as at 31 March 2025:

Investment



Carrying value

£’000
% of combined net asset value



Activity



Ordinary sharesC sharesCombined
Quantexa20,877-20,87712.2%Network analytics platform to detect financial crime
Gravitee Topco (T/A Gravitee.io)4,1765,3429,5185.5%API management platform
Chonais River Hydro2,0773,5865,6633.3%Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands
The Evewell Group2,7742,8005,5753.2%Operator and developer of women’s health centres focusing on fertility
Runa Network2,8172,4755,2923.1%Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts
Radnor House School (TopCo)2,9182,3085,2263.0%Independent school for children aged 2-18
Proveca5,193-5,1933.0%Reformulation of medicines for children
TransFICC2,6912,0444,7352.8%A provider of a connectivity solution, connecting financial institutions with trading venues via a single API
Elliptic Enterprises1,6752,8784,5532.7%Provider of Anti Money Laundering services to digital asset institutions
Healios2,1352,0494,1842.4%Provider of an online platform delivering family centric psychological care primarily to children and adolescents

A full breakdown of the Company’s ordinary and C share portfolios can be found on the Company’s webpage on the Manager’s website at .

Share buy-backs

During the period from 1 January 2025 to 31 March 2025, no shares were repurchased by the Company.

It remains the Board’s policy to buy back shares in the market, subject to the overall constraint that such purchases are in the Company’s interest, including the maintenance of sufficient resources for investment in existing and new portfolio companies and the continued payment of dividends to shareholders.

It is the Board’s intention for such buy-backs to be at around a 5% discount to net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end

After the period end, the Company issued the following new ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2024/25:

DateNumber of ordinary shares issuedIssue price per ordinary shareNet consideration received (£’000)
4 April 202527,830,55632.14 pence8,676

After the period end, the Company also issued the following new ordinary and C shares under the dividend reinvestment scheme:

DateNumber of ordinary shares issuedIssue price per ordinary shareNet invested (£’000)
30 April 20251,504,89330.39 pence443



DateNumber of C shares issuedIssue price per C shareNet invested (£’000)
30 April 2025484,43742.19 pence197

There have been no other material events or transactions after the period end to the date of this announcement.

Further information

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 at .

Richard Glover, Chairman

3 June 2025

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP – Tel: 020 7601 1850



EN
03/06/2025

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