18th Sep 2018 16:54
LONDON (Alliance News) - Albion Technology & General VCT PLC on Tuesday said its net asset value increased over the first half of the year, following an increase in the value of its Quantexa Ltd investment and its disposal of Grapeshot Ltd.
The venture capital trust's net asset value as at June 30 was 75.9 pence per share, up 6.2% from 71.5p the year before.
The company highlighted the uplift of GBP1.7 million on its Grapeshot disposal, as well as the GBP2.4 million increase in value of its Quantexa investment.
This latter improvement was attributed to a GBP15 million Quantexa fundraising round, in which Albion Tech was an investor.
Further to this, Albion Tech also saw a GBP650,000 write-up in its G Network Communications Ltd investment, as well as third party valuations which created a GBP1.6 million write-up of its renewable energy product portfolio.
Overall, the net effect of the company's regular portfolio revaluation was an investment gain of GBP6.7 million, up from GBP2.4 million the prior year.
The company paid a 2.0 pence per share dividend in June, and has declared a second 2.0p per share dividend for December, maintaining its total 4.0p per share dividend from 2017.
"The board is encouraged by the repositioning of the investment portfolio, by the prospects in many of our portfolio companies and in the outlook for fresh investment opportunities. We expect further progress in the second half of the year, notwithstanding that venture capital trust investment is a long term process, both in terms of performance and in the making of new investments in growth sectors," said Albion Tech Chairman Neil Cross.
Shares in Albion Tech were untraded at the close Tuesday, last quoted at 69.00p.
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