Albion Development VCT PLC: Interim Management Statement

Albion Development VCT

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ALBION DEVELOPMENT VCT PLC
LEI Code 213800FDDMBD9QLHLB38
Interim Management Statement

Introduction
I present Albion Development VCT PLC (the "Company”)’s interim management statement for the period from 1 July 2024 to 30 September 2024.

Performance and dividends
The Company's unaudited net asset value ("NAV”) on 30 September 2024 was £137.20 million or 92.27 pence per share (excluding treasury shares). After accounting for the dividend of 2.40 pence per share paid on 30 September 2024 to shareholders on the register on 13 September 2024, this is a decrease of 1.24 pence per share (1.33%) since 30 June 2024.

After accounting for the special dividend of 3.00 pence per share paid on 25 October 2024 to shareholders on the register on 4 October 2024, the NAV is 89.27 pence per share.

Share issues
During the period from 1 July 2024 to 30 September 2024, the Company issued the following shares under the dividend reinvestment scheme:

Albion VCTs Mergers
On 12 November 2024, the Company issued a circular, jointly with the other Albion managed VCTs, proposing, amongst other things, the merger of the Company with Albion Enterprise VCT PLC.

The key reasons for the proposed mergers are the significant benefits it brings to shareholders including costs savings, simplified fee structure across the Albion VCTs, reduced administration and streamlined fundraising offers.

The circular includes Notices of the General Meetings to be held at 12 noon on 11 December 2024 and at 10 a.m. on 19 December 2024. The Board have all cast their votes, and encourage all shareholders to vote, if they haven’t already, in favour of the resolutions to be proposed at the General Meetings in connection with the recommended proposals.

Further details of the benefits of the proposed merger to shareholders can be found in the circular, which can be viewed at www.albion.capital/mergers.

Portfolio
The following investments have been made during the period from 1 July 2024 to 30 September 2024:

Top ten holdings as at 30 September 2024:

A full breakdown of the Company’s portfolio can be found on the Company’s webpage on the Manager’s website at www.albion.capital/vct-funds/AADV.

Share buy-backs
During the period from 1 July 2024 to 30 September 2024, the Company purchased 757,508 shares for £660,000 (including stamp duty) at a price of 86.72 pence per share. All the shares were cancelled.

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
Other than the circular issued on 12 November 2024 as detailed above, 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 www.albion.capital/vct-funds/AADV.

Ben Larkin, Chairman
27 November 2024

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