Albion Prime VCT Albion Prime VCT PLC : Interim Management Statement


 
TIDMAAPV 
 
Albion Prime VCT PLC 
                          Interim Management Statement 
 
Introduction 
I  am  pleased  to  present  Albion  Prime  VCT  PLC's  (the  "Company") interim 
management  statement  for  the  period  from  1 April 2012 to 14 August 2012 as 
required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. 
 
Performance and dividends 
The  Company's unaudited net asset value (NAV), based on management accounts, as 
at  30 June 2012 was  GBP14.8 million (31  March 2012:  GBP14.7 million) or 67.1 pence 
per share (excluding treasury shares), after deducting the 1.5p dividend payable 
on  31 August 2012 to shareholders on the register as at 3 August 2012 (31 March 
2012: before the deduction of the dividend, 68.0 pence per share). 
 
After adding back the first dividend for the financial year, the net asset value 
has risen by 0.6 pence per share or 0.9 per cent. since 31 March 2012. 
 
Share issues and buybacks 
During  the  period  from  1 April  2012 to  31 May 2012, the Company issued the 
following shares under the Albion VCTs Linked Top Up Offers 2011/2012 (which are 
included in the net asset value figures for 30 June 2012 above); 
 
+------------+-----------------------+----------------------------+------------+ 
|Date        |Number of shares issued|   Issue price per share    |Net proceeds| 
|            |                       |  (including 5.5% costs of  |    GBP'000    | 
|            |                       |           issue)           |            | 
+------------+-----------------------+----------------------------+------------+ 
|5 April 2012|        599,533        |        73.80 pence         |    418     | 
+------------+-----------------------+----------------------------+------------+ 
|31 May 2012 |        67,348         |        73.80 pence         |     47     | 
+------------+-----------------------+----------------------------+------------+ 
 
The  Albion  VCTs  Linked  Top  Up  Offers  2011/2012 closed  on 31 May 2012. In 
aggregate, the Company raised a total of  GBP1.0 million. 
 
As  disclosed by the Chairman in the  Annual Report and Financial Statements for 
the  year ended  31 March 2012, the  Company has  limited the cash available for 
share buy-backs to  GBP250,000 for the six months to 30 September 2012. 
 
During  the period  from 1 April  2012 to 14 August  2012, the Company purchased 
319,000 shares  at  an  average  price  of  55.4 pence  per  share  and  a total 
consideration of  GBP177,000. These shares will be held in treasury. 
 
In addition, the Company cancelled 663,500 shares from 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 
investee companies and the continued payment of dividends to shareholders. 
 
It is the Company's intention that, subject to the sufficiency of cash resources 
and  any market constraints, and subject to  first purchasing shares held by the 
marketmakers,  the price at which shares are bought back should be in the region 
of a 10 to 15 per cent. discount to net asset value. 
 
Portfolio 
The  following investments have been made during the period from 1 April 2012 to 
14 August 2012: 
 
+-----------------------------------+------+-----------------------------------+ 
|Name                               | GBP000's|                                   | 
+-----------------------------------+------+-----------------------------------+ 
|Bravo Inns II Limited (further     |50    |Owner and operator of public houses| 
|investment)                        |      |based in the North of England      | 
+-----------------------------------+------+-----------------------------------+ 
|Dragon Hydro Limited (new          |35    |Developing a single 300kW          | 
|investment)                        |      |hydropower scheme in Gwynedd, Wales| 
+-----------------------------------+------+-----------------------------------+ 
|Nelson House  Hospital Limited     |21    |Owner and operator of a psychiatric| 
|(further investment)               |      |hospital in Gosport, Hampshire     | 
+-----------------------------------+------+-----------------------------------+ 
 
 
Disposals 
During  the period from 1 April 2012 to 14 August 2012 the Company received loan 
stock  repayments from Kew Green VCT (Stansted) Limited ( GBP58,000), The Charnwood 
Pub  Company Limited ( GBP44,000),  Tower Bridge Health  Clubs Limited ( GBP9,000) and 
The Dunedin Pub Company VCT Limited ( GBP1,000). 
 
Top ten holdings as at 30 June 2012: 
 
+----------------------------------------+--------+ 
|            Investee Company            | Value  | 
|                                        |  GBP000's | 
+----------------------------------------+--------+ 
| Kew Green VCT (Stansted) Limited       | 3,345  | 
+----------------------------------------+--------+ 
| Oakland Care Centre Limited            | 1,151  | 
+----------------------------------------+--------+ 
| The Crown Hotel Harrogate Limited      | 1,138  | 
+----------------------------------------+--------+ 
| The Stanwell Hotel Limited             | 1,026  | 
+----------------------------------------+--------+ 
| The Weybridge Club Limited             |  806   | 
+----------------------------------------+--------+ 
| The Charnwood Pub Company Limited      |  794   | 
+----------------------------------------+--------+ 
| Kensington Health Clubs Limited        |  765   | 
+----------------------------------------+--------+ 
| The Bear Hungerford Limited            |  739   | 
+----------------------------------------+--------+ 
| Radnor House School (Holdings) Limited |  572   | 
+----------------------------------------+--------+ 
| CS (Greenwich) Limited                 |  503   | 
+----------------------------------------+--------+ 
 
Merger with Albion Venture Capital Trust PLC 
 
Shareholders  should note  the recommended  proposals to  merge the  Company and 
Albion  Venture Capital Trust PLC. The  merger prospectus and circular documents 
were sent to shareholders on 27 July 2012. 
 
The merger is subject to resolutions being passed at a General Meeting of Albion 
Venture  Capital Trust PLC  on 17 September 2012 and  at General Meetings of the 
Company  on 17 September 2012 and 25 September  2012. Subject to the resolutions 
being passed, the merger is expected to become effective on 25 September 2012. 
 
Material Events and Transactions 
 
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 April 2012 and 14 August 2012. 
 
Further  information regarding  historic and  current financial  performance and 
other  useful shareholder information  can be found  on the Fund's website under 
www.albion-ventures.co.uk/Our Funds/Albion Prime VCT PLC. 
 
 
Martin Bralsford, Chairman 
14 August 2012 
 
For further information please contact: 
Patrick Reeve 
Albion Ventures LLP 
Tel: 020 7601 1850 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Albion Prime VCT PLC via Thomson Reuters ONE 
[HUG#1633778]
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