Crown Place VCT PLC Crown Place Vct Plc : Interim Management Statement
12 11월 2015 - 7:50PM
UK Regulatory
TIDMCRWN
Crown Place VCT PLC Interim Management Statement
Introduction
I am pleased to present Crown Place VCT PLC's interim management
statement for the period from 1 July 2015 to 12 November 2015.
Performance and dividends
The Group's unaudited net asset value (NAV) as at 30 September 2015 was
GBP34.4 million or 31.57 pence per share (excluding treasury shares), an
increase of 0.60 pence per share or 1.9 per cent. since 30 June 2015.
This is a result of an increase in investment valuations and an excess
of investment income over expenses.
After accounting for a dividend of 1.25 pence per share to be paid on 30
November 2015 to shareholders on the register as at 6November 2015, the
NAV will be 30.32 pence per share.
Share issues
During the period from 1 July 2015 to 30 September 2015, the Company
issued the following Ordinary shares under the Albion VCTs Prospectus
Top Up Offers 2014/2015:
Issue price per
Number of shares share (including Net proceeds
Date issued costs of issue) GBP'000
30 September 2015 2,156,003 32.0 pence 669
The Albion VCT Prospectus Top Up Offers 2014/2015 closed on 30 September
2015 having raised GBP5.5 million in total for the Company.
Further Top Up Offers are planned for later this year and details are
expected to be sent to shareholders shortly.
The proceeds of the Offers are being used to provide further resources
to the Company at a time when a number of attractive new investment
opportunities are being seen.
Share buy-backs
During the period from 1 July 2015 to 12 November 2015, the Company
purchased 743,000 shares for GBP214,000 at an average price of 28.79
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
2015 to 12 November 2015:
New investments GBP000's Activity
Provider of cyber security
Panaseer Limited 50 threat analysis
Dickson Financial Services Limited Corporate insurance broking
(t/a Innovation Broking) 27 services
Total new investments 77
Further
investments GBP000's Activity
Radnor House
School
(Holdings)
Limited 585 Independent schools for children aged 7 - 18
Shinfield
Lodge Care Owner and operator of a care home for the elderly
Limited 270 in Berkshire
Active Lives Owner and operator of a care home for the elderly
Care Limited 150 in Oxford
The Stanwell
Hotel Owner and operator of the Stanwell Hotel at Heathrow
Limited 108 Airport
Relayware
Limited 92 Business collaboration and communication solutions
Bravo Inns
Limited 76 Owner and operator of freehold pubs
Ryefield
Court Care Owner and operator of a care home for the elderly
Limited 65 in Hillingdon
MyMeds&Me
Limited 35 Software for managing pharmaceutical adverse events
Process
Systems
Enterprise
Limited 14 Provider of process systems modelling solutions
The Charnwood
Pub Company
Limited 7 Owner and operator of freehold pubs
Sandcroft
Avenue Online gym directory and seller of gym passes trading
Limited 6 as Payasugym.com
The Weybridge Owner and operator of a freehold health and fitness
Club Limited 2 club in Weybridge, Surrey
Total further
investments 1,410
Disposals and loan stock repayments
The following loan stock repayments were made during the period from 1
July 2015 to 12 November 2015:
Name GBP000's
Loan stock and redemption
Masters Pharmaceuticals Limited 211 premium repayment
Radnor House School (Holdings) Loan stock and capitalised
Limited 81 interest repayment
The Charnwood Pub Company Limited 76 Loan stock repayment
Kew Green VCT (Stansted) Limited 75 Loan stock repayment
Loan stock and redemption
Hilson Moran Holdings Limited 25 premium repayment
Total proceeds 468
Rostima Holdings Limited was sold for nominal consideration to ComOps
Limited, a competitor listed on the Australian Stock Exchange (COM:ASX),
via a pre-packaged administration on 26 August 2015.
Top ten holdings as at 30 September 2015:
% of
net
Carrying value asset
Investment GBP000's value Activity
Radnor House School
(Holdings) Limited 4,889 14.2% Independent schools for children aged 7-18
ELE Advanced
Technologies
Limited 2,112 6.1% Manufacturer of precision engineering components
The Crown Hotel
Harrogate Limited 1,884 5.5% Owner and operator of The Crown Hotel, Harrogate
Kensington Health Owner and operator of a health and fitness club in
Clubs Limited 1,770 5.1% West London
Chonais River Hydro
Limited 1,737 5.0% Hydropower project in Scotland
Gharagain River
Hydro Limited 1,286 3.7% Hydropower project in Scotland
Shinfield Lodge Owner and operator of a care home for the elderly
Care Limited 922 2.7% in Berkshire
Active Lives Care Owner and operator of a care home for the elderly
Limited 907 2.6% in Oxford
Lowcosttravelgroup
Limited 821 2.4% Online travel business
Kew Green VCT 786 2.3% Owner and operator of the Holiday Inn Express at Stansted
(Stansted) Airport
Limited
A full breakdown of the Company's portfolio can be found on the funds
webpage on the Manager's website at
www.albion-ventures.co.uk/ourfunds/CRWN.htm, by following the 'Portfolio
of Investments' link under the 'Investor Centre' section.
Board composition
As previously announced, having served on the Board for over 9 years,
Rachel Beagles has decided to retire at today's Annual General Meeting.
Following a formal and competitive selection process, James Agnew was
appointed to the Board with effect from 1 November 2015.
Material events and transactions
There have been no 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 July 2015 to 12 November 2015.
Further information
The Company continues to offer a Dividend Reinvestment Scheme to
existing shareholders. Details of this Scheme can be found at
www.albion-ventures.co.uk/ourfunds/CRWN.htm.
Further information regarding historic and current financial performance
and other useful shareholder information can be found on the Fund's
webpage on the Manager's website at
www.albion-ventures.co.uk/ourfunds/CRWN.htm.
Richard Huntingford, Chairman
crownchair@albion-ventures.co.uk
12 November 2015
For further information please contact:
Patrick Reeve, Albion Ventures LLP - Tel: 020 7601 1850
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Crown Place VCT PLC via Globenewswire
HUG#1966395
http://www.closeventures.co.uk
(END) Dow Jones Newswires
November 12, 2015 05:50 ET (10:50 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Crown Place VCT Plc (LSE:CRNW)
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