19th Aug 2020 13:50
(Alliance News) - Albion Venture Capital Trust PLC on Wednesday said its net asset value increased in the three months ended June 30.
The London-headquartered trust's net asset value per share as at June 30 was 71.81 pence, up 1.68p per share, or 2.4%, compared to March 31. Taking into account a 2.50p per share dividend paid July 31, the NAV was 69.31p per share.
In the three-months to June 30, Albion issued 935,989 shares at between 72.5p and 73.2p each for net proceeds of GBP668,000.
One new investment was made between April and June, GBP286,000 in TransFICC Ltd, which provides a connectivity solution to connect financial institutions with trading venues.
Further investments were made in Credit Kudos Ltd, Evewell (Harley Street) Ltd, and Symetrica Ltd for a total amount of GBP139,000.
As at June 30, the company's biggest investment as a percentage of NAV was Shinfield Lodge Care Ltd, accounting for 18% of NAV with a carrying value of GBP12.9 million. Shinfield operates and owns a 66-bed care home in Shinfield, Berkshire.
No share buybacks took place between April and June, with the company's board having decided that there is no limit on the level of share buybacks given "the current stability of the portfolio and the company's current cash position."
Post June-end, the company invested GBP735,000 in a new portfolio company that provides a cloud platform letting corporates buy digital gift cards to distribute to employees and customers. It also made a GBP306,000 investment in uMotif Ltd, an existing portfolio company.
Albion Venture Trust also invested GBP228,000 in existing portfolio company Phrasee Ltd and another GBP38,000 in Evewell.
Shares in Albion Venture Trust were untraded on Wednesday, having last closed at 65.00 pence each.
By Anna Farley; [email protected]
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