LONDON - Albion Crown VCT PLC has released its interim management statement for the period ending September 30, 2024, detailing a slight decrease in net asset value (NAV) and upcoming plans for mergers and fundraising. The company's unaudited NAV stood at £94.3 million, or 31.47 pence per share, marking a 2.27% decrease since June 30, 2024. After accounting for the dividend payout set for November 29, 2024, the NAV per share is 30.66 pence.
In an effort to streamline operations and reduce costs, Albion Crown VCT, along with other Albion-managed VCTs, has proposed a merger with Albion Venture Capital Trust PLC. The proposed merger aims to save on costs, simplify the fee structure, and reduce administration. A General Meeting is scheduled for December 11, 2024, to vote on the merger, with details available on the company's website.
Additionally, the company is looking to raise funds through a new share offer seeking up to £20 million, with an over-allotment facility of up to an additional £10 million, set to open on January 6, 2025. Investors can find more information on the company's website.
During the reported period, Albion Crown VCT made further investments totaling £996,000 across six companies, ranging from technology and AI to healthcare and education. The top ten holdings include Quantexa, Proveca, and Oviva AG, with investments in areas such as financial crime detection, medicine reformulation for children, and medical nutritional therapy.
The company also bought back 1,660,110 shares for £484,000 at a price of 29.01 pence per share, which were subsequently cancelled. The Board continues to aim for buy-backs at around a 5% discount to NAV, subject to market conditions and liquidity.
No material events or transactions have occurred post the reported period, other than the issuance of the circular and prospectus on November 12, 2024. The information is based on a press release statement, and further details on the company's financial performance and shareholder information can be found on the Albion Capital website.
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