14th Sep 2020 21:53
Albion Technology & General VCT PLC - venture capital trust based in London - Reports 77.85 pence per share net asset value as at June 30, down from 82.58p at the end of 2019 after portfolio revaluation results in overall loss on investments of GBP2.2 million compared to a GBP11.3 million gain the year before, including a GBP2.7 million drop in the valuation of Mirada Medical. Maintains dividend at 2.00p per share.
Chair Neil Cross: "Given the current uncertainty around the coronavirus pandemic, the board is pleased with the relative resilience of the company's portfolio during the period and the positive uplifts of some portfolio companies. The priority of the board is to give support to the existing portfolio where it is needed, whilst also taking advantage of new business ideas which are proving resilient to the current pandemic and hopefully for the longer term. We believe the portfolio is well positioned to continue to provide long term growth to shareholders and that our manager is similarly positioned to exploit these opportunities."
Current stock price: 72.00p
Year-to-date change: down 8.9%
By Anna Farley; [email protected]
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