Albion Prime VCT Albion Prime VCT PLC : Annual Financial Report
28 Juin 2012 - 7:24PM
UK Regulatory
TIDMAAPV
As required by the UK Listing Authority's Disclosure and Transparency Rules 4.1
and 6.3, Albion Prime VCT PLC today makes public its information relating to the
Annual Report and Financial Statements for the year ended 31 March 2012.
This announcement was approved for release by the Board of Directors on 28 June
2012.
This announcement has not been audited.
You will shortly be able to view the Annual Report and Financial Statements for
the year to 31 March 2012 (which have been audited) at: www.albion-
ventures.co.uk by clicking on 'Our Funds' and then 'Albion Prime VCT PLC'. The
Annual Report and Financial Statements for the year to 31 March 2012 will be
available as a PDF document via a link under the 'Investor Centre' in the
'Financial Reports and Circulars' section. The information contained in the
Annual Report and Financial Statements will include information as required by
the Disclosure and Transparency Rules, including Rule 4.1.
Investment objectives
Albion Prime VCT PLC (the "Company") commenced trading in April 1997.
The Company's investment strategy is to reduce the risk, normally associated
with investments in smaller, unquoted companies. This is achieved as follows:
* qualifying unquoted investments are predominantly in specially-formed
companies which provide a high level of asset backing for the capital value
of the investment;
* Albion Prime VCT PLC invests alongside selected partners with proven
experience in the sectors concerned;
* investments are normally structured as a mixture of equity and loan stock.
The loan stock represents the majority of the finance provided and is
secured on the assets of the investee company. Funds managed or advised by
Albion Ventures LLP typically own 50 per cent. of the equity of the investee
company;
* other than the loan stock issued to funds managed or advised by Albion
Ventures LLP, investee companies do not normally have external borrowings.
The Company offers tax-paying investors substantial tax benefits at the time of
investment, on payment of dividends and on the ultimate disposal of the
investment.
Financial calendar
Record date for first dividend 3 August 2012
Payment of first dividend 31 August 2012
Annual General Meeting 17 September 2012
Announcement of half-yearly results for the six months ended
30 September 2012 November 2012
Payment of second dividend (subject to Board approval) February 2013
Financial highlights
68.0p Net asset value per share as at 31 March 2012
1.5p The Board declares a first tax-free dividend of 1.5 pence per share for
the year to 31 March 2013
3.2p Average tax-free annual dividend since launch
+---------------------------------------------------------------+
| |
| Year ended 31 March |
| 2012* |
| Year ended 31 March|
| (pence per share) 2011 (pence per share)|
+---------------------------------------------------------------+
| |
| |
|Dividends |
|paid 3.0 3.0|
| |
|Revenue |
|return 1.8 2.0|
| |
|Capital loss (1.7) (0.6)|
| |
|Net asset |
|value 68.0 70.5|
+---------------------------------------------------------------+
*More detail can be found in the income statement and balance sheet.
Total shareholder net asset value return to 31 March 2012:
Total dividends paid during the period ended 31 March 1998 1.10
31 March 1999(i) 6.40
31 March 2000 1.50
31 March 2001 4.25
31 March 2002 2.75
31 March 2003 2.00
31 March 2004 1.25
31 March 2005 2.20
31 March 2006 4.50
31 March 2007 4.00
31 March 2008 5.00
31 March 2009 4.50
31 March 2010 2.00
31 March 2011 3.00
31 March 2012 3.00
--------
Total dividends paid to 31 March 2012 47.45
Net asset value as at 31 March 2012 68.00
--------
Total shareholder net asset value return to 31 March
2012 115.45
--------
In addition to the above dividends paid, the Directors have declared a first
dividend for the year ending 31 March 2013 of 1.5 pence per Ordinary share,
payable on 31 August 2012 to shareholders on the register as at 3 August 2012.
Notes
(i) Dividends paid before 5 April 1999 were paid to qualifying shareholders
inclusive of the associated tax credit. The dividends for the year to 31 March
1999 were maximised in order to take advantage of this tax credit.
(ii) The above table excludes the tax benefits investors received upon
subscription for shares in the Company.
Chairman's statement
Introduction
The results for the year to 31 March 2012 show a total return of 0.1 pence per
share before dividends, compared to 1.4 pence per share for the previous year.
The lower return reflects the weaker trading within our hotel portfolio. The
Company raised approximately GBP1.0m under the Albion VCTs Linked Top Up Offer
2011/2012 and has recently announced a proposal to merge with Albion Venture
Capital Trust PLC (see below).
Investment performance and progress
As stated last year, it is the Company's intention to reduce its exposure to the
hotel sector, which we now see as being more vulnerable to the current broader
economic uncertainties, than many other sectors. With this aim in mind, the
Company sold The Place Sandwich VCT Limited, realising proceeds of GBP975,000
compared to the holding value at 31 March 2011 of GBP819,000 and cost of GBP898,000.
In addition to the sale proceeds, the Company received GBP416,000 in interest over
the course of the investment, producing a total return of approximately 1.6
times cost. As a result the hotel portfolio reduced to 42 per cent. from 52 per
cent. of the total portfolio value. In addition, GBP346,000 was returned by other
investee companies, principally through the repayment of loan stock.
During the year the Company invested GBP1.5m in two new and eight existing
investee companies. The great majority of the investment was in the healthcare
and environmental sectors, with GBP657,000 invested in scheduled follow-on
investments in Oakland Care Centre, which opened its care home for the elderly
in Chingford in October 2011; Nelson House Hospital, which has recently opened a
psychiatric hospital in Gosport, Hampshire; and in Orchard Portman Hospital
which opened a psychiatric hospital near Taunton in Somerset in May 2011. A
further GBP732,000 was invested in renewable energy companies, principally in wind
and solar projects.
Following third party professional valuations, the Company saw a pleasing uplift
in the value of its cinema investments following strong trading; in Oakland Care
Centre; and in Radnor House School in Twickenham which successfully opened in
September 2011 with twice the budgeted level of pupils. These were tempered by
downward valuations of The Stanwell Hotel, which has taken longer to establish
itself than anticipated; Kew Green VCT (Stansted) and The Crown Hotel,
Harrogate, both of which were less profitable than the previous period. The net
movement in valuations, including realised movements, was a decrease of GBP0.2m.
Merger with Albion Venture Capital Trust PLC
In May 2012, your Company announced the proposed merger with Albion Venture
Capital Trust PLC which had net assets of GBP28.4m at 31 March 2012, has the same
investment policy and a near identical investment portfolio. It is intended,
subject to the consent of both VCTs' shareholders, that this will take effect in
September 2012. One of the benefits of this will be considerable cost
efficiencies. A circular and prospectus in relation to the merger is expected to
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