MIL-OSI: Correction: Kings Arms Yard VCT PLC: Interim Management Statement

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Source: GlobeNewswire (MIL-OSI)

Correction to announcement made at 11:53 on 4 June 2024: Incorrect sentence in introduction paragraph removed

Kings Arms Yard VCT PLC
Interim Management Statement
LEI Code 213800DK8H27QY3J5R45

Introduction
I present Kings Arms Yard VCT PLC (the “Company”)’s interim management statement for the period from 1 January 2024 to 31 March 2024.

Performance and dividends
The Company’s unaudited net asset value (“NAV”) on 31 March 2024 was £118.2 million or 20.91 pence per share (excluding treasury shares), an increase of 0.54 pence per share (2.65%) since 31 December 2023.

After accounting for the first dividend for the year ending 31 December 2024 of 0.51 pence per share paid on 30 April 2024 to shareholders on the register on 12 April 2024, the NAV is 20.40 pence per share.

On 12 March 2024, a NAV update was announced following terms being agreed to sell a company within its portfolio. On 24 April 2024, it was announced that KnowBe4 had entered into a definitive agreement to acquire Egress Software Technologies, subject to customary closing conditions and regulatory approvals.

Albion VCTs’ Top Up Offers
A prospectus Top Up Offer of new Ordinary shares was published on 15 December 2023 and launched to applications on 2 January 2024. The Board announced on 19 March 2024 that it had reached its £10.5 million limit under its offer for subscription and therefore had closed to further applications.

During the period from 1 January 2024 to 31 March 2024, the Company issued the following shares of nominal value 1 penny per share under the Albion VCTs’ Top Up Offers 2023/24:

Date Number of shares issued Issue price per share Net consideration received £’000
22 March 2024 47,505,331 21.32p – 21.54p 9,926

Portfolio

The following investments have been made during the period from 1 January 2024 to 31 March 2024:

New investments £’000 Activity
Treefera 1,097 Data platform for forestry and nature-based assets
Total new investments 1,097  
Further investments £’000 Activity
NuvoAir 524 Digital therapeutics and decentralised clinical trials for respiratory conditions
Tem-Energy 305 Energy trading platform
GX Molecular (T/A CS Genetics) 238 Developer of single-cell sequencing solutions
InCrowd Sports 60 Developer of mobile apps for professional sports clubs
Total further investments 1,127  

Top ten holdings as at 31 March 2024:

Portfolio company Carrying value
£’000
% of net asset value Activity
Quantexa 15,274 12.9% Network analytics platform to detect financial crime
Proveca 12,484 10.6% Reformulation of medicines for paediatrics
Egress Software Technologies 10,161 8.6% Encrypted email and file transfer service provider
Gravitee Topco (T/A Gravitee.io) 3,543 3.0% API management platform
Chonais River Hydro 2,961 2.5% Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands
Oviva 2,387 2.0% A technology enabled service business in medical nutritional therapy (MNT)
Healios 1,900 1.6% Provider of an online platform delivering family centric psychological care primarily to children and adolescents
The Evewell Group 1,859 1.6% Operator and developer of women’s health centres focusing on fertility
Runa Network 1,854 1.6% Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts
The Street by Street Solar Programme 1,789 1.5% Owner and operator of photovoltaic systems on domestic properties in the UK

A full breakdown of the Company’s portfolio can be found on the Company’s webpage on the Manager’s website at www.albion.capital/funds/KAY.

Share buy-backs
During the period from 1 January 2024 to 31 March 2024, the Company did not buy back any shares.

It remains the Board’s policy to buy back shares in the market, subject to the overall constraint that such purchases are in the Company’s interest, including the maintenance of sufficient resources for investment in existing and new portfolio companies and the continued payment of dividends to shareholders.

It is the Board’s intention for such buy-backs to be at around a 5% discount to net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end
After the period end, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs’ Prospectus Top Up Offers 2023/24:

Date Number of shares issued Issue price per share Net consideration received £’000
16 April 2024 1,353,148 20.80p – 21.02p 276

The Company also issued the following shares under the dividend reinvestment scheme:

Date Number of shares issued Issue price per share Net invested £’000
30 April 2024 2,048,037 20.38p 396

There have been no other material events or transactions after the period end to the date of this announcement.

Further information
The Company continues to offer a dividend reinvestment scheme to existing shareholders. Details of this scheme can be found at www.albion.capital/funds/KAY.

Further information regarding historic and current financial performance and other useful shareholder information can be found on the Company’s webpage on the Manager’s website under www.albion.capital/funds/KAY.

Fiona Wollocombe, Chairman
4 June 2024

For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP – Tel: 020 7601 1850

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