Kings Arms Yard VCT PLC: Interim Management Statement
Kings Arms Yard VCT PLC Interim Management Statement
LEI Code 213800DK8H27QY3J5R45
Introduction
I am pleased to present Kings Arms Yard VCT PLC’s (the “Company”) interim management statement for the period from 1 July 2019 to 30 September 2019.
Performance and dividends
The Company’s unaudited net asset value (NAV) as at 30 September 2019 was £75.64 million or 22.64 pence per share (excluding treasury shares), an increase of 0.11 pence per share (0.5 per cent.) since 30 June 2019.
After accounting for the dividend paid of 0.60 pence per share on 31 October 2019 to shareholders on the register on 4 October 2019, the NAV is 22.04 pence per share.
Albion VCTs Prospectus Top Up Offers 2019/20
The Company announced on 22 October 2019 that it has launched a Prospectus Top Up Offer to raise up to £10 million before issue costs, with a further over-allotment facility of £2 million, of new Ordinary shares for subscription in the 2019/20 and 2020/21 tax years. Full details of the offer are contained in a Prospectus that was published on the same date on the Manager’s website at .
Share buy-backs
During the period from 1 July 2019 to 30 September 2019, the Company purchased 1,324,000 shares for £285,000 at an average price of 21.41 pence per share. All of the shares are to be held in treasury.
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 per cent. discount to net asset value, so far as market conditions and liquidity permit.
Portfolio
The following investments have been made during the period from 1 July 2019 to 30 September 2019:
| New investments | £000s | Activity |
| Elliptic Enterprises Limited | 488 | Provider of Anti Money Laundering services to digital asset institutions |
| Total new investments | 488 |
| Follow on investments | £000s | Activity |
| Perpetuum Limited | 500 | Provider of vibration harvester powered wireless sensing systems for the rail and industrial sectors |
| Elateral Group Limited | 150 | Provider of digital marketing software |
| Koru Kids Limited | 141 | Online marketplace connecting parents and nannies |
| The Evewell (Harley Street) Limited | 23 | Developer and operator of a women’s health centre of excellence focussing on fertility |
| Convertr Media Limited | 11 | Digital lead generation software |
| Total follow on investments | 825 |
Disposals
The following disposals and loan stock repayments were made during the period from 1 July 2019 to 30 September 2019:
- G.Network Communications Limited repaid its loan stock of £431,000; and
- Proceeds of £211,000 were received from the sale of The Wentworth Wooden Jigsaw Company Limited.
Top ten holdings as at 30 September 2019:
| Portfolio company | Carrying value £000s | % of net asset value | Activity |
| Active Lives Care Limited | 7,609 | 10.1 | Owner and operator of a 75 bed care home in Cumnor Hill, Oxfordshire |
| Proveca Limited | 5,600 | 7.4 | Reformulation of medicines for paediatric use |
| Ryefield Court Care Limited | 5,467 | 7.2 | Owner and operator of a 60 bed care home in Hillingdon, Middlesex |
| Egress Software Technologies Limited | 4,545 | 6.0 | Encrypted email & file transfer service provider |
| Chonais River Hydro Limited | 3,359 | 4.4 | Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands |
| Perpetuum Limited | 3,000 | 4.0 | Provider of vibration harvester powered wireless sensing systems for the rail and industrial sectors |
| Antenova Limited | 2,962 | 3.9 | Supplier of integrated antennas and RF solutions |
| The Street by Street Solar Programme Limited | 1,897 | 2.5 | Owner and operator of photovoltaic systems on domestic properties in the UK |
| Quantexa Limited | 1,816 | 2.4 | Network analytics platform to detect financial crime |
| Regenerco Renewable Energy Limited | 1,654 | 2.2 | Generator of renewable energy from roof top solar installations |
A full breakdown of the Company’s portfolio can be found on the Company’s webpage on the Manager’s website at , by following the ‘Portfolio of Investments’ link under the ‘Fund reports’ section.
Material events and transactions after the period end
After the period end, the Company undertook the following investment transactions:
- Investment of £460,000 in a new portfolio company, Cantab Research Limited (trading as Speechmatics), a provider of low footprint automated speech recognition which can be deployed in the cloud, on premise or on device across 29 languages;
- Investment of £136,000 in an existing portfolio company, Healios Limited, a provider of an online platform delivering family centric psychological care primarily to children and adolescents;
- Investment of £80,000 in an existing portfolio company, uMotif Limited, a provider of a patient engagement and data capture platform for use in real world observational research; and
- Investment of £61,000 in an existing portfolio company, Oviva AG, a technology enabled service business in medical nutritional therapy.
There have been no further significant events or transactions that the Board is aware of which would have a material impact on the financial position of the Company between 1 October 2019 to 12 November 2019.
Further information
The Company continues to offer a dividend reinvestment scheme to existing shareholders. Details of this scheme can be found at .
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 under .
Robin Field, Chairman
12 November 2019
For further information please contact:
Albion Capital Group LLP – Tel: 020 7601 1850
