Albion Technology & General VCT PLC: Interim Management Statement

Core Viewpoint - Albion Technology & General VCT PLC reported a positive interim management statement for the period from January 1, 2025, to March 31, 2025, highlighting an increase in net asset value and successful fundraising efforts [2][3][4]. Performance - The unaudited net asset value (NAV) as of March 31, 2025, was £274.8 million, equating to 73.51 pence per share, reflecting an increase of 0.47 pence per share (0.6%) since December 31, 2024 [3]. Fundraising - A Top Up Offer for new ordinary shares commenced on January 6, 2025, reaching its £30 million limit by March 31, 2025, which included a £10 million over-allotment facility [4]. - On March 21, 2025, the company issued 29,774,402 shares at an issue price ranging from 74.54 to 75.30 pence, resulting in net consideration of £21,748,000 [4]. Portfolio - New investments during the period totaled £2,670,000, with notable allocations including: - Latent Technology Group: £1,722,000 in reinforcement learning-based animation - Innerworks Technology: £350,000 in adaptive security - Scripta Therapeutics: £274,000 in AI-enabled drug discovery [5]. - Further investments amounted to £2,590,000, with significant contributions to: - Mondra Global: £1,273,000 in food supply chain emissions modeling - TransFICC: £1,097,000 in connectivity solutions for financial institutions [5]. Top Holdings - As of March 31, 2025, the top ten holdings included: - Quantexa: £51,401,000 (18.7% of NAV) focused on network analytics for financial crime detection - Proveca: £18,414,000 (6.7% of NAV) specializing in reformulating medicines for children [6][7]. Share Buy-backs - The company did not conduct any share buy-backs during the period due to being in a close period until April 23, 2025, but maintains a policy to buy back shares at around a 5% discount to NAV when market conditions allow [8][9]. Material Events Post-Period - After the period ended, on April 4, 2025, the company issued 10,100,775 new ordinary shares at an issue price of 75.30 pence, generating net consideration of £7,378,000 [10].