Albion Crown VCT PLC: Interim Management Statement

Core Viewpoint - Albion Crown VCT PLC has released its interim management statement for the period from January 1, 2025, to March 31, 2025, highlighting its financial performance, fundraising activities, and investment strategies following the merger with Albion Venture Capital Trust PLC [2]. Performance and Dividends - The unaudited net asset value (NAV) of ordinary shares as of March 31, 2025, was £113.7 million, or 31.35 pence per share, reflecting an increase of 0.18 pence (0.58%) since December 31, 2024. After a dividend of 0.78 pence per share, the NAV adjusted to 30.57 pence per share [3]. - The unaudited NAV of C shares as of March 31, 2025, was £57.9 million, or 43.15 pence per share, showing a decrease of 0.12 pence (0.27%) since December 31, 2024. After accounting for a dividend of 1.08 pence per share, the NAV adjusted to 42.07 pence per share [4]. Fundraising - A prospectus Top Up Offer for new ordinary shares opened on January 6, 2025, and reached its £30 million limit by March 31, 2025, including a £10 million over-allotment facility. The Company issued 65,583,583 ordinary shares at an issue price ranging from 31.81 to 32.14 pence, raising £20.446 million [5]. Portfolio Management - The investment focus for the C share class is on supporting existing portfolio companies rather than making new investments, ensuring sufficient cash resources for follow-on investments, dividends, and share buybacks [6]. - New investments made during the period included £1.016 million in various companies, with notable investments in Latent Technology Group (£621,000) and Scripta Therapeutics (£139,000) [7]. Top Holdings - As of March 31, 2025, the combined top ten holdings accounted for a significant portion of the net asset value, with Quantexa valued at £20.877 million (12.2% of combined net asset value) and Gravitee Topco at £9.518 million (5.5%) [9]. Share Buy-backs - No shares were repurchased during the period from January 1, 2025, to March 31, 2025. The Board intends to buy back shares at around a 5% discount to NAV, subject to market conditions [10][11]. Material Events Post Period End - After the period end, the Company issued 27,830,556 new ordinary shares at 32.14 pence per share, raising £8.676 million. Additionally, 1,504,893 ordinary shares and 484,437 C shares were issued under the dividend reinvestment scheme [12].