Albion Technology & General VCT PLC
LEI number: 213800TKJUY376H3KN16
As required by the UK Listing Authority’s Disclosure Guidance and Transparency Rule 4.2, Albion Technology & General VCT PLC today makes public its information relating to the Half-yearly Financial Report (which is unaudited) for the six months to 30 June 2021. This announcement was approved by the Board of Directors on 20 September 2021.
The full Half-yearly Financial Report (which is unaudited) for the period to 30 June 2021, will shortly be sent to shareholders. Copies of the full Half-yearly Financial Report will be shown via the Albion Capital Group LLP website by clicking www.albion.capital/funds/AATG/30Jun21.pdf.
Investment objective and policy
The Company�s investment objective is to provide investors with a regular and predictable source of dividend income, combined with the prospect of long-term capital growth, through a balanced portfolio of predominantly unquoted growth and technology businesses in a qualifying Venture Capital Trust (VCT).
Investment policy
The Company will invest in a broad portfolio of unquoted growth and technology businesses. Allocation of assets will be determined by the investment opportunities which become available, but efforts will be made to ensure that the portfolio is diversified in terms of sectors and stages of maturity of portfolio companies.
VCT qualifying and non-qualifying investments
Application of the investment policy is designed to ensure that the Company continues to qualify and is approved as a VCT by HM Revenue and Customs (VCT regulations). The maximum amount invested in any one company is limited to any HMRC annual investment limits. It is intended that normally at least 80 per cent. of the Company’s funds will be invested in VCT qualifying investments. The VCT regulations also have an impact on the type of investments and qualifying sectors in which the Company can make an investment.
Funds held either prior to investing in VCT qualifying assets or for liquidity purposes will be held as cash on deposit, invested in floating rate notes or similar instruments with banks or other financial institutions with high credit ratings or invested in liquid open-ended equity funds providing income and capital equity exposure (where it is considered economic to do so). Investment in such open-ended equity funds will not exceed 7.5 per cent. of the Companys assets at the time of investment.
Risk diversification and maximum exposures
Risk is spread by investing in a number of different businesses within VCT qualifying industry sectors using a mixture of securities. The maximum the Company will invest in a single company is 15 per cent. of the Companys assets at cost at the time of investment. The value of an individual investment is expected to increase over time as a result of trading progress and a continuous assessment is made of investments’ suitability for sale. It is possible that individual holdings may grow in value to a point where they represent a significantly higher proportion of total assets prior to a realisation opportunity being available.
Borrowing powers
The Companys maximum exposure in relation to gearing is restricted to 10 per cent. of the adjusted share capital and reserves. The Directors do not have any intention of utilising long-term gearing.
Financial calendar
| Record date for second dividend for the year Payment date for second dividend for the year Financial year end | 3 December 2021 31 December 2021 31 December |
Financial highlights
| Unaudited six months ended 30 June 2021 (pence per share) | Unaudited six months ended 30 June 2020 (pence per share) | Audited year ended 31 December 2020 (pence per share) | |
| Opening net asset value | 69.35 | 82.58 | 82.58 |
| Capital return/(loss) | 11.15 | (2.70) | (0.06) |
| Revenue loss | (0.11) | (0.07) | (0.22) |
| Total return/(loss) | 11.04 | (2.77) | (0.28) |
| Ordinary dividends paid | (1.73) | (2.00) | (3.95) |
| Special dividend paid | – | – | (9.00) |
| Impact from share capital movements | (0.49) | 0.04 | – |
| Net asset value | 78.17 | 77.85 | 69.35 |
| Total shareholder value to 30 June 2021 | Ordinary shares (pence per share) | |
| Total dividends paid during the period ended: | ||
| 31 December 2001 | 1.00 | |
| 31 December 2002 | 2.00 | |
| 31 December 2003 | 1.50 | |
| 31 December 2004 | 7.50 | |
| 31 December 2005 | 9.00 | |
| 31 December 2006 | 8.00 | |
| 31 December 2007 | 8.00 | |
| 31 December 2008 | 16.00 | |
| 31 December 2009 | – | |
| 31 December 2010 | 8.00 | |
| 31 December 2011 | 5.00 | |
| 31 December 2012 | 5.00 | |
| 31 December 2013 | 5.00 | |
| 31 December 2014 | 5.00 | |
| 31 December 2015 | 5.00 | |
| 31 December 2016 | 5.00 | |
| 31 December 2017 | 4.00 | |
| 31 December 2018 | 4.00 | |
| 31 December 2019 | 4.00 | |
| 31 December 2020 | 12.95 | |
| 30 June 2021 | 1.73 | |
| Total dividends paid to 30 June 2021 | 117.68 | |
| Net asset value as at 30 June 2021 | 78.17 | |
| Total shareholder value to 30 June 2021 | 195.85 | |
In addition to the dividends paid above, the Board declared a second dividend for the year ending 31 December 2021 of 1.95 pence per Ordinary share to be paid on 31 December 2021 to shareholders on the register on 3 December 2021.
Further details regarding the total shareholder value for C Shares and Albion Income and Growth VCT PLC can be found at www.albion.capital/funds/AATG under the Financial Summary for Previous Funds section.
Notes
Total shareholder value for every 100 pence invested on initial allotment. The table above excludes tax benefits upon subscription.
Interim management report
Introduction
I am delighted to report a strong positive total return for the six months to 30 June 2021 of 11.04 pence per share, which represents a 15.9% uplift on opening net asset value. We continue to see resilience and, in many cases, growth from our portfolio, with many of our portfolio companies demonstrating the value of the services they provide to their customers as the economy emerges from the Covid-19 pandemic (the Pandemic).
Results and dividends
The net asset value per Ordinary share as at 30 June 2021 has increased to 78.17 pence in the six months (31 December 2020: 69.35 pence; 30 June 2020: 77.85 pence (pre special dividend payment of 12.95 pence per share)), mainly due to the continuing progress of a number of our portfolio companies as discussed below.
In line with our dividend policy, targeting 5% of NAV per annum, the Company paid a dividend of 1.73 pence per share during the period to 30 June 2021 (2020: 2.00 pence per share). The Company will pay a second dividend for the financial year to 31 December 2021 of 1.95 pence per share on 31 December 2021 to shareholders on the register on 3 December 2021, being 2.5% of the latest reported NAV at 30 June 2021.
This will bring the total dividends paid for the year ending 31 December 2021 to 3.68 pence per share, which equates to a 5.3% yield on the opening NAV of 69.35 pence per share at 31 December 2020.
Performance and portfolio update
The total gain on investments for the period ended 30 June 2021 was £15.0 million (31 December 2020: gain of £1.5 million; 30 June 2020: loss of £2.2 million). The key movements in the period include £8.9 million valuation uplift to Quantexa, and £2.2 million uplift to Oviva following their successful, externally led, funding rounds. Encouragingly, we have also seen many of our other portfolio companies performing well, including £1.0 million uplift to Black Swan Data, £0.9 million uplift to Phrasee and £0.8 million uplift to The Evewell Group.
There have also been some write-downs in our portfolio, the largest being memsstar (£0.8m) reflecting the effect of the Pandemic on its trading, and Mirada (£0.7 million) as its ability to sell its software into hospitals has also been hampered by the Pandemic.
The period saw a number of disposals with proceeds totalling £1.7 million, which has led to realised gains of £0.9 million. The principal exit was the sale of OmPrompt Holdings in March which resulted in a return of 2.3 times cost, and generated proceeds of £0.7 million. SBD Automotive was also sold generating 2.1 times cost. Further details on these disposals can be found in the table below.
Further information on the portfolio of investments can be found below.
During the period, a total of £4.6 million was deployed into portfolio companies, of which £2.4 million was invested in five new portfolio companies, all of which should result in further investment as the companies prove themselves and grow. These are:
A further £2.2 million was invested in existing portfolio companies, including £0.9 million into Black Swan Data to support the restructure of its business to focus primarily on predictive analytics for consumer brands; £0.4 million into uMotif to take advantage of a growing market for its software which gathers data from clinical trials; and £0.4 million into Panaseer to continue to develop its cyber security platform.
Current portfolio sector allocation
Set out at the bottom of this announcement is the sector diversification of the portfolio of investments as at 30 June 2021.
Board Composition
During the period, Neil Cross retired after being Chairman of your Company since its launch in 2000. I would like to thank Neil for his outstanding stewardship, insightful contributions and guidance, not least in his assistance to me during my time on the Board.
After serving as a non-executive Director of the Company for nine years, Modwenna Rees-Mogg will be retiring from the Board on 20 September 2021. We have valued her hugely thoughtful contributions and wish her well in the future.
The Nomination Committee is engaged in succession planning, but the Board has adequate skills and experience, amongst the four ongoing directors, to oversee the activities of the Company. I was pleased to accept the role of chair during the next stage of the Companys development, including refreshing the Board. In relinquishing the role of Audit Chair, I am confident that Margaret Payn will fulfil the role well. The roles of Senior Independent Director and Remuneration Committee chair will be filled in due course as part of the succession planning.
Share buy-backs
It remains the Boards policy to buy-back shares in the market, subject to the overall constraint that such purchases are in the Companys interest. This includes the maintenance of sufficient cash resources for investment in new and existing portfolio companies and the continued payment of dividends to shareholders.
It is the Boards intention that such buy-backs should be at around a 5% discount to net asset value, in so far as market conditions and liquidity permit. The Company purchased 1,514,472 Ordinary shares for treasury during the period at a total cost of £1.0 million. The Company continues to provide active buy-back to help provide good secondary market liquidity for those who want to dispose of all or part of their shareholdings.
Risks, uncertainties and prospects
The continuing uncertainty and wide-reaching implications arising from the Pandemic remains the key risk facing the Company, including the impact on the UK and Global economies and the prospect of inflation as a result of government intervention during the crisis. There are also continuing potential implications of the UKs departure from the European Union which may adversely affect our underlying portfolio companies. The Manager is continually assessing the exposure to such risks for each portfolio company, and where possible appropriate actions are being implemented. Overall investment risk, however, is mitigated through a variety of processes, including our policy of aiming to achieve balance in the portfolio through the inclusion of sectors that are less exposed to the business and consumer cycles and in trying to identify, and nurture, good individual investment opportunities.
Other principal risks and uncertainties are detailed in note 13 below.
Albion VCTs Top Up Offers
As announced in the Annual Report and Financial Statements for the year ended 31 December 2020, the 2020/21 Offers were fully subscribed and closed having raised £15.5 million for the Company. The Board was pleased to see the high level of demand for the Companys shares from existing and new shareholders. The Board will consider participating in any Albion VCTs Top Up Offers for 2021/22.
The proceeds of the Offer are being used to provide support to our existing portfolio companies and to enable us to take advantage of new and exciting investment opportunities as they arise, a number of which are noted above. Details on the share allotments during the period can be found in note 8.
Transactions with the Manager
Details of the transactions that took place with the Manager in the period can be found in note 5. Details of related party transactions can be found in note 11.
The Company has had a Management Performance Incentive scheme in place since the Company launched in 2000, with the last changes to the scheme being in 2013. The circumstances of the Company and markets in general have changed dramatically since 2000, not least in the ownership of the Company through Top Up Offers, a merger in 2013 and share buy-backs. The portfolio of the Company, and the demands on Managing such a portfolio, are quite different from two decades ago, as is the VCT market more generally, with technology and sector specialisation becoming more important, and against more stringent VCT eligibility requirements.
Consequently, the Board and Manager recognise that the current Management Performance Incentive scheme is not in alignment with the Companys current and future circumstances. Accordingly, the Board has agreed with the Manager to review the current arrangements and to make a proposal to shareholders, which will require shareholder approval, in the Annual Report and Financial Statements for the year ending 31 December 2021. The proposal will include full detail and explanation of changed circumstances and the impact of what is being proposed.
It continues to be the Boards belief that an appropriate incentive fee structure is an important tool for ensuring efficiency of returns for investors and for attracting and retaining good investment management skills, and aligning these two related ingredients in the best interests of shareholders.
Shareholder seminar
The Board is pleased to report that the current intention of the Manager, Albion Capital, is to host a physical rather than virtual shareholder seminar this year on 12 November 2021, in central London, with the venue to be confirmed. This will be dependent on government guidelines and any changes thereto, and we will keep shareholders informed as the date approaches. The Board and Manager are keen to interact with shareholders and look forward to updating you on portfolio developments, as well as answering any questions.
More details will shortly be available on the Albion Capital website: www.albion.capital.
Outlook
The Board is encouraged by the very positive result for the period, which demonstrates the resilience of our portfolio which is both diversified in terms of companies at different stages of maturity and across a variety of different sectors, as well as capable of delivering good returns. We remain confident that our portfolio companies are well positioned to grow, despite the uncertainty around the longer-term impact of the Pandemic and other market uncertainties, and that our Manager is well positioned to find new opportunities for us, as well as manage our existing investments. The Board believes the Company is well placed to continue to deliver long term value to our shareholders.
Robin Archibald
Chairman
20 September 2021
Responsibility statement
The Directors, Robin Archibald, Margaret Payn, Mary Anne Cordeiro, Modwenna Rees-Mogg and Patrick Reeve, are responsible for preparing the Half-yearly Financial Report. In preparing these condensed Financial Statements for the period to 30 June 2021 we, the Directors of the Company, confirm that to the best of our knowledge:
(a) the condensed set of Financial Statements, which has been prepared in accordance with Financial Reporting Standard 104 Interim Financial Reporting, gives a true and fair view of the assets, liabilities, financial position and profit and loss of the Company as required by DTR 4.2.4R;
(b) the Interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
(c) the Interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties transactions and changes therein).
This Half-yearly Financial Report has not been audited or reviewed by the Auditor.
For and on behalf of the Board
Robin Archibald
Chairman
20 September 2021
Portfolio of investments
| As at 30 June 2021 | ||||||
| Portfolio company | % voting rights | Cost £000 | Cumulative movement in value £000 | Value £000 | Change in value for the period* £000 | |
| Quantexa Limited | 2.6 | 2,740 | 14,145 | 16,885 | 8,907 | |
| Radnor House School (TopCo) Limited | 14.8 | 2,710 | 2,001 | 4,711 | 152 | |
| Proveca Limited | 7.2 | 1,184 | 3,465 | 4,649 | 650 | |
| Chonais River Hydro Limited | 15.7 | 2,169 | 1,769 | 3,938 | (18) | |
| Oviva AG | 3.5 | 1,192 | 2,568 | 3,760 | 2,231 | |
| Oxsensis Limited | 15.9 | 2,968 | 729 | 3,697 | – | |
| Black Swan Data Limited | 9.2 | 3,268 | – | 3,268 | 1,005 | |
| Egress Software Technologies Limited | 2.2 | 765 | 1,895 | 2,660 | 170 | |
| The Evewell Group Limited | 6.1 | 1,195 | 1,121 | 2,316 | 820 | |
| Cantab Research Limited (T/A Speechmatics) | 3.7 | 1,486 | 734 | 2,220 | 734 | |
| Gharagain River Hydro Limited | 18.5 | 1,526 | 670 | 2,196 | (7) | |
| Phrasee Limited | 2.9 | 680 | 1,091 | 1,771 | 854 | |
| Panaseer Limited | 3.1 | 1,122 | 534 | 1,656 | (30) | |
| Concirrus Limited | 3.2 | 1,632 | – | 1,632 | – | |
| The Street by Street Solar Programme Limited | 8.1 | 895 | 576 | 1,471 | (113) | |
| Elliptic Enterprises Limited | 1.8 | 1,402 | 26 | 1,428 | 26 | |
| MHS 1 Limited | 22.5 | 1,565 | (255) | 1,310 | (86) | |
| Regenerco Renewable Energy Limited | 7.9 | 822 | 453 | 1,275 | (89) | |
| uMotif Limited | 3.8 | 1,121 | 49 | 1,170 | – | |
| Convertr Media Limited | 6.9 | 1,105 | 40 | 1,145 | 5 | |
| Healios Limited | 2.5 | 633 | 417 | 1,050 | (54) | |
| The Voucher Market Limited (T/A WeGift) | 2.5 | 1,020 | – | 1,020 | – | |
| Threadneedle Software Holdings Limited (T/A Solidatus) | 1.7 | 1,014 | – | 1,014 | – | |
| Credit Kudos Limited | 4.5 | 979 | – | 979 | – | |
| MPP Global Solutions Limited | 2.9 | 950 | – | 950 | – | |
| Beddlestead Limited | 9.8 | 1,200 | (277) | 923 | 111 | |
| Aridhia Informatics Limited | 4.9 | 950 | (86) | 864 | 169 | |
| InCrowd Sports Limited | 5.0 | 636 | 228 | 864 | 240 | |
| Alto Prodotto Wind Limited | 6.9 | 586 | 241 | 827 | (42) | |
| The Q Garden Company Limited | 33.4 | 934 | (150) | 784 | (52) | |
| DySIS Medical Limited | 3.5 | 2,589 | (1,867) | 722 | 15 | |
| Locums Nest Limited | 9.8 | 675 | 41 | 716 | 82 | |
| Cisiv Limited | 7.7 | 695 | (28) | 667 | 220 | |
| memsstar Limited | 30.1 | 515 | 117 | 632 | (760) | |
| Limitless Technology Limited | 2.1 | 560 | 55 | 615 | – | |
| Arecor Therapeutics PLC (Previously Arecor Limited) | 0.9 | 304 | 266 | 570 | 266 | |
| MyMeds&Me Limited | 4.6 | 439 | 130 | 569 | 151 | |
| Gravitee Topco Limited (T/A Gravitee.io) | 2.3 | 490 | – | 490 | – | |
| Albion Investment Properties Limited | 31.8 | 434 | 34 | 468 | 12 | |
| Imandra Inc. | 1.6 | 151 | 313 | 464 | 313 | |
| NuvoAir AB | 1.4 | 443 | – | 443 | – | |
| Innovation Broking Group Limited | 6.0 | 60 | 371 | 431 | 247 | |
| Premier Leisure (Suffolk) Limited | – | 454 | (28) | 426 | (28) | |
| TransFICC Limited | 2.6 | 397 | – | 397 | – | |
| Koru Kids Limited | 1.6 | 345 | 36 | 381 | – | |
| Erin Solar Limited | 15.7 | 440 | (85) | 355 | (24) | |
| AVESI Limited | 8.0 | 259 | 84 | 343 | (33) | |
| Brytlyt Limited | 1.9 | 322 | – | 322 | – | |
| Seldon Technologies Limited | 1.4 | 283 | – | 283 | – | |
| Zift Channel Solutions Inc. | 1.6 | 881 | (633) | 248 | 85 | |
| Harvest AD Limited | – | 210 | (2) | 208 | (6) | |
| Xperiome Limited (Previously Raremark) | 2.4 | 322 | (121) | 201 | (176) | |
| Accelex Technology Limited (T/A Accelex) | 2.0 | 181 | – | 181 | – | |
| Avora Limited | 2.2 | 400 | (249) | 151 | (249) | |
| Greenenerco Limited | 3.1 | 90 | 57 | 147 | (6) | |
| uMedeor Limited (T/A uMed) | 0.9 | 100 | – | 100 | – | |
| Symetrica Limited | 0.3 | 79 | (16) | 63 | – | |
| Sandcroft Avenue Limited (T/A Hussle) | 2.1 | 427 | (403) | 24 | (34) | |
| Palm Tree Technology Limited | 0.5 | 320 | (304) | 16 | (16) | |
| Forward Clinical Limited (T/A Pando) | 1.6 | 196 | (190) | 6 | (48) | |
| Abcodia Limited | 3.2 | 568 | (564) | 4 | (209) | |
| Mirada Medical Limited | 12.9 | 1,321 | (1,321) | – | (683) | |
| Elements Software Limited | 3.3 | 19 | (19) | – | – | |
| Total fixed asset investments | 55,418 | 27,658 | 83,076 | 14,702 | ||
T/A trading as
* As adjusted for additions and disposals during the period.
| Investment realisations in the period to 30 June 2021 | Cost £000 | Opening carrying value £000 | Disposal proceeds £000 | Total realised gain £000 | Gain/(loss) on opening value £000 |
| Disposals: | |||||
| OmPrompt Holdings Limited | 306 | 678 | 701 | 395 | 23 |
| SBD Automotive Limited | 273 | 569 | 567 | 294 | (2) |
| Mi-Pay Group PLC | 135 | 135 | 150 | 15 | 15 |
| Loan stock repayments and other: | |||||
| Alto Prodotto Wind Limited | 17 | 25 | 25 | 8 | – |
| Greenenerco Limited | 3 | 5 | 5 | 2 | – |
| Escrow adjustments and other** | – | – | 228 | 228 | 228 |
| Total | 734 | 1,412 | 1,676 | 942 | 264 |
** These comprise fair value movements on deferred consideration on previously disposed investments, release of the G.Network Communications discount which is treated as a financing transaction, and expenses which are incidental to the purchase or disposal of an investment
| Unrealised gains on fixed asset investments | 14,702 | |||||
| Realised gains on fixed asset investments | 264 | |||||
| Total gains on investments as per Income statement | 14,966 | |||||
Condensed income statement
| Unaudited six months ended 30 June 2021 | Unaudited six months ended 30 June 2020 | Audited year ended 31 December 2020 | ||||||||
| Note | Revenue £000 | Capital £000 | Total £000 | Revenue £000 | Capital £000 | Total £000 | Revenue £000 | Capital £000 | Total £000 | |
| Gains/(losses) on investments | 3 | – | 14,966 | 14,966 | – | (2,224) | (2,224) | – | 1,453 | 1,453 |
| Investment income | 4 | 330 | – | 330 | 348 | – | 348 | 604 | – | 604 |
| Investment management fee | 5 | (270) | (807) | (1,077) | (260) | (779) | (1,039) | (505) | (1,516) | (2,021) |
| Other expenses | (193) | – | (193) | (163) | – | (163) | (347) | – | (347) | |
| (Loss)/profit on ordinary activities before tax | (133) | 14,159 | 14,026 | (75) | (3,003) | (3,078) | (248) | (63) | (311) | |
| Tax (charge)/credit on ordinary activities | – | – | – | – | – | – | – | – | – | |
| (Loss)/profit and total comprehensive income attributable to shareholders | (133) | 14,159 | 14,026 | (75) | (3,003) | (3,078) | (248) | (63) | (311) | |
| Basic and diluted (loss)/return per share (pence)* | 7 | (0.11) | 11.15 | 11.04 | (0.07) | (2.70) | (2.77) | (0.22) | (0.06) | (0.28) |
* adjusted for treasury shares
Comparative figures have been extracted from the unaudited Half-yearly Financial Report for the six months ended 30 June 2020 and the audited statutory accounts for the year ended 31 December 2020.
The accompanying notes form an integral part of this Half-yearly Financial Report.
The total column of this Condensed income statement represents the profit and loss account of the Company. The supplementary revenue and capital columns have been prepared in accordance with The Association of Investment Companies Statement of Recommended Practice.
Condensed balance sheet
| Note | Unaudited 30 June 2021 £000 | Unaudited 30 June 2020 £000 | Audited 31 December 2020 £000 | |
| Fixed asset investments | 83,076 | 58,658 | 65,152 | |
| Current assets | ||||
| Current asset investments | – | 1,662 | – | |
| Trade and other receivables | 2,133 | 132 | 2,038 | |
| Cash and cash equivalents | 19,957 | 26,200 | 11,451 | |
| 22,090 | 27,994 | 13,489 | ||
| Total assets | 105,166 | 86,652 | 78,641 | |
| Payables: amounts falling due within one year | (947) | (659) | (613) | |
| Total assets less current liabilities | 104,219 | 85,993 | 78,028 | |
| Equity attributable to equity holders | ||||
| Called up share capital | 8 | 1,530 | 1,287 | 1,307 |
| Share premium | 52,293 | 35,246 | 37,036 | |
| Capital redemption reserve | 48 | 42 | 48 | |
| Unrealised capital reserve | 27,619 | 11,234 | 13,595 | |
| Realised capital reserve | 23,752 | 23,038 | 23,617 | |
| Other distributable reserve | (1,023) | 15,146 | 2,425 | |
| Total equity shareholders funds | 104,219 | 85,993 | 78,028 | |
| Basic and diluted net asset value per share (pence)* | 78.17 | 77.85 | 69.35 |
* excluding treasury shares
Comparative figures have been extracted from the unaudited Half-yearly Financial Report for the six months ended 30 June 2020 and the audited statutory accounts for the year ended 31 December 2020.
The accompanying notes form an integral part of this Half-yearly Financial Report.
These Financial Statements were approved by the Board of Directors and authorised for issue on 20 September 2021 and were signed on its behalf by
Robin Archibald
Chairman
Company number: 04114310
Condensed statement of changes in equity
| Called up share capital | Share premium | Capital redemption reserve | Unrealised capital reserve | Realised capital reserve* | Other distributable reserve* | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
| As at 1 January 2021 | 1,307 | 37,036 | 48 | 13,595 | 23,617 | 2,425 | 78,028 |
| Profit/(loss) and total comprehensive income for the period | – | – | – | 14,702 | (543) | (133) | 14,026 |
| Transfer of previously unrealised gains on disposal of investments | – | – | – | (678) | 678 | – | – |
| Purchase of own shares for treasury | – | – | – | – | – | (1,009) | (1,009) |
| Issue of equity | 223 | 15,643 | – | – | – | – | 15,866 |
| Cost of issue of equity | – | (386) | – | – | – | – | (386) |
| Dividends paid | – | – | – | – | – | (2,306) | (2,306) |
| As at 30 June 2021 | 1,530 | 52,293 | 48 | 27,619 | 23,752 | (1,023) | 104,219 |
| As at 1 January 2020 | 1,296 | 34,949 | 28 | 13,708 | 23,567 | 18,474 | 92,022 |
| Loss and total comprehensive income for the period | – | – | – | (2,561) | (442) | (75) | (3,078) |
| Transfer of previously unrealised losses on disposal of investments | – | – | – | 87 | (87) | – | – |
| Purchase of own shares for cancellation | (14) | – | 14 | – | – | (1,052) | (1,052) |
| Issue of equity | 4 | 314 | – | – | – | – | 318 |
| Cost of issue of equity | – | (16) | – | – | – | – | (16) |
| Dividends paid | – | – | – | – | – | (2,201) | (2,201) |
| As at 30 June 2020 | 1,287 | 35,246 | 42 | 11,234 | 23,038 | 15,146 | 85,993 |
| As at 1 January 2020 | 1,296 | 34,949 | 28 | 13,708 | 23,567 | 18,474 | 92,022 |
| Profit/(loss) and total comprehensive income for the year | – | – | – | 1,233 | (1,296) | (248) | (311) |
| Transfer of previously unrealised gains on disposal of investments | – | – | – | (1,346) | 1,346 | – | – |
| Purchase of shares for cancellation | (20) | – | 20 | – | – | (1,473) | (1,473) |
| Issue of equity | 31 | 2,138 | – | – | – | – | 2,169 |
| Cost of issue of equity | – | (51) | – | – | – | – | (51) |
| Dividends paid | – | – | – | – | – | (14,328) | (14,328) |
| As at 31 December 2020 | 1,307 | 37,036 | 48 | 13,595 | 23,617 | 2,425 | 78,028 |
*These reserves amount to £22,729,000 (30 June 2020: £38,184,000; 31 December 2020: £26,042,000) which is considered distributable.
Condensed statement of cash flows
| Unaudited six months ended 30 June 2021 £000 | Unaudited six months ended 30 June 2020 £000 | Audited year ended 31 December 2020 £000 | |
| Cash flow from operating activities | |||
| Loan stock income received | 315 | 269 | 511 |
| Dividend income received | 15 | 82 | 108 |
| Deposit interest received | 1 | 51 | 58 |
| Investment management fee paid | (871) | (996) | (2,062) |
| Other cash payments | (231) | (180) | (344) |
| Corporation tax paid | – | – | – |
| Net cash flow from operating activities | (771) | (774) | (1,729) |
| Cash flow from investing activities | |||
| Purchase of current asset investments | – | (4) | (4) |
| Purchase of fixed asset investments | (4,634) | (3,497) | (9,158) |
| Disposal of current asset investments | – | – | 1,616 |
| Disposal of fixed asset investments | 1,587 | 952 | 1,936 |
| Net cash flow from investing activities | (3,047) | (2,549) | (5,610) |
| Cash flow from financing activities | |||
| Issue of share capital | 15,120 | – | – |
| Cost of issue of equity | (19) | – | (47) |
| Dividends paid | (1,932) | (1,898) | (12,158) |
| Purchase of own shares (including costs) | (845) | (1,047) | (1,473) |
| Net cash flow from financing activities | 12,324 | (2,945) | (13,678) |
| Increase/(decrease) in cash and cash equivalents | 8,506 | (6,268) | (21,017) |
| Cash and cash equivalents at start of period | 11,451 | 32,468 | 32,468 |
| Cash and cash equivalents at end of period | 19,957 | 26,200 | 11,451 |
Notes to the condensed Financial Statements
1. Basis of preparation
The condensed Financial Statements have been prepared in accordance with applicable United Kingdom law and accounting standards, including Financial Reporting Standard 102 (FRS 102), and with the Statement of Recommended Practice Financial Statements of Investment Trust Companies and Venture Capital Trusts (SORP) issued by The Association of Investment Companies (AIC). The Financial Statements have been prepared on a going concern basis.
The preparation of the Financial Statements requires management to make judgements and estimates that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The most critical estimates and judgements relate to the determination of carrying value of investments at fair value through profit and loss (FVTPL) in accordance with FRS 102 sections 11 and 12. The Company values investments by following the International Private Equity and Venture Capital Valuation (IPEV) Guidelines as updated in 2018 and further detail on the valuation techniques used are outlined in note 2 below.
Company information can be found on page 2 of the Half-yearly Financial Report.
2. Accounting policies
Fixed and current asset investments
The Companys business is investing in financial assets with a view to profiting from their total return in the form of income and capital growth. This portfolio of financial assets is managed, and its performance evaluated on a fair value basis, in accordance with a documented investment policy, and information about the portfolio is provided internally on that basis to the Board.
In accordance with the requirements of FRS 102, those undertakings in which the Company holds more than 20 per cent. of the equity as part of an investment portfolio are not accounted for using the equity method. In these circumstances the investment is measured at FVTPL.
Upon initial recognition (using trade date accounting) investments, including loan stock, are classified by the Company as FVTPL and are included at their initial fair value, which is cost (excluding expenses incidental to the acquisition which are written off to the Income statement).
Subsequently, the investments are valued at fair value, which is measured as follows:
Investments are recognised as financial assets on legal completion of the investment contract and are de-recognised on legal completion of the sale of an investment.
Dividend income is not recognised as part of the fair value movement of an investment but is recognised separately as investment income through the other distributable reserve when a share becomes ex-dividend.
Current assets and payables
Receivables (including debtors due after more than one year), payables and cash are carried at amortised cost, in accordance with FRS 102. Debtors due after more than one year meet the definition of a financing transaction held at amortised cost, and interest will be recognised through capital over the credit period using the effective interest method. There are no financial liabilities other than payables.
Investment income
Equity income
Dividend income is included in revenue when the investment is quoted ex-dividend.
Unquoted loan stock income
Fixed returns on non-equity shares and debt securities are recognised when the Companys rights to receive payment and expected settlement are established. Where interest is rolled up and/or payable at redemption then it is recognised as income unless there is reasonable doubt as to its receipt.
Bank interest income
Interest income is recognised on an accruals basis using the rate of interest agreed with the bank.
Investment management fee, performance incentive fee and expenses
All expenses have been accounted for on an accruals basis. Expenses are charged through the other distributable reserve except the following which are charged through the realised capital reserve:
Taxation
Taxation is applied on a current basis in accordance with FRS 102. Current tax is tax payable (refundable) in respect of the taxable profit (tax loss) for the current period or past reporting periods using the tax rates and laws that have been enacted or substantively enacted at the financial reporting date. Taxation associated with capital expenses is applied in accordance with the SORP.
Deferred tax is provided in full on all timing differences at the reporting date. Timing differences are differences between taxable profits and total comprehensive income as stated in the Financial Statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the Financial Statements. As a VCT the Company has an exemption from tax on capital gains. The Company intends to continue meeting the conditions required to obtain approval as a VCT in the foreseeable future. The Company, therefore, should have no material deferred tax timing differences arising in respect of the revaluation or disposal of investments and the Company has not provided for any deferred tax.
Share capital and reserves
Called-up share capital
This accounts for the nominal value of the shares.
Share premium
This reserve accounts for the difference between the price paid for the Companys shares and the nominal value of those shares, less issue costs.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is diminished through the repurchase and cancellation of the Companys own shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the period end against cost are included in this reserve.
Realised capital reserve
The following are disclosed in this reserve:
Other distributable reserve
The special reserve, treasury share reserve and the revenue reserve were combined in 2012 to form a single reserve named other distributable reserve.
This reserve accounts for movements from the revenue column of the Income statement, the payment of dividends, the buy-back of shares and other non-capital realised movements.
Dividends
Dividends distributed by the Company are accounted for in the period in which the dividend is paid or approved at the Annual General Meeting.
Segmental reporting
The Directors are of the opinion that the Company is engaged in a single operating segment of business, being investment in smaller companies principally based in the UK.
3. Gains/(losses) on investments
| Unaudited six months ended 30 June 2021 £000 | Unaudited six months ended 30 June 2020 £000 | Audited year ended 31 December 2020 £000 | |
| Unrealised gains/(losses) on fixed asset investments | 14,702 | (2,026) | 1,233 |
| Unrealised losses on current asset investments | – | (535) | – |
| Realised gains on fixed asset investments | 264 | 337 | 801 |
| Realised losses on current asset investments | – | – | (581) |
| 14,966 | (2,224) | 1,453 |
4. Investment income
| Unaudited six months ended 30 June 2021 £000 | Unaudited six months ended 30 June 2020 £000 | Audited year ended 31 December 2020 £000 | |
| Loan stock interest | 314 | 269 | 510 |
| Dividend income | 15 | 30 | 39 |
| Bank deposit interest | 1 | 49 | 55 |
| 330 | 348 | 604 | |
5. Investment management fee
| Unaudited six months ended 30 June 2021 £000 | Unaudited six months ended 30 June 2020 £000 | Audited year ended 31 December 2020 £000 | |
| Investment management fee charged to revenue | 270 | 260 | 505 |
| Investment management fee charged to capital | 807 | 779 | 1,516 |
| 1,077 | 1,039 | 2,021 |
Further details of the Management agreement under which the investment management fee is paid are given in the Strategic report on page 13 of the Annual Report and Financial Statements for the year ended 31 December 2020.
During the period, services for a total value of £1,077,000 (30 June 2020: £1,039,000; 31 December 2020: £2,021,000) were purchased by the Company from Albion Capital Group LLP in respect of management fees. At the financial period end, the amount due to Albion Capital Group LLP in respect of these services disclosed as accruals was £683,000 (30 June 2020: £561,000; 31 December 2020: £477,000). The total annual running costs of the Company are capped at an amount equal to 2.75 per cent. of the Companys net assets, with any excess being met by Albion Capital by way of a reduction in management fees. During the period, the management fee was reduced by £162,000 as a result of this cap (30 June 2020: £37,000; 31 December 2020: £78,000).
During the period, the Company was not charged by Albion Capital Group LLP in respect of Patrick Reeves services as a Director (30 June 2020 and 31 December 2020: £nil).
Albion Capital Group LLP, its partners and staff (including Patrick Reeve), held 1,219,349 Ordinary shares in the Company as at 30 June 2021.
Albion Capital Group LLP is, from time to time, eligible to receive arrangement fees and monitoring fees from portfolio companies. During the period to 30 June 2021, fees of £145,000 attributable to the investments of the Company were received by Albion Capital Group LLP pursuant to these arrangements (30 June 2020: £99,000; 31 December 2020: £237,000).
The Company entered into an offer agreement relating to the Offers with the Companys investment manager Albion Capital Group LLP, pursuant to which Albion Capital would receive a fee of 2.5% of the gross proceeds of the Offers and out of which Albion Capital would pay the costs of the Offers, as detailed in the Prospectus.
| 6. Dividends | Unaudited | Unaudited | Audited |
| six months ended 30 June 2021 £000 | six months ended 30 June 2020 £000 | year ended 31 December 2020 £000 | |
| Special dividend of 9.00p per share paid on 30 October 2020 | – | – | 9,942 |
| Dividend of 1.95p per share paid on 31 December 2020 | – | – | 2,185 |
| Dividend of 1.73p per share paid on 30 June 2021 (30 June 2020: 2.00p per share) | 2,306 | 2,201 | 2,201 |
| 2,306 | 2,201 | 14,328 |
The Directors have declared a dividend of 1.95 pence per Ordinary share (total approximately £2,600,000) payable on 31 December 2021, to shareholders on the register on 3 December 2021.
7. Basic and diluted (loss)/return per share
| Ordinary shares | Unaudited six months ended 30 June 2021 | Unaudited six months ended 30 June 2020 | Audited year ended 31 December 2020 | |||||
| Revenue | Capital | Revenue | Capital | Revenue | Capital | |||
| (Loss)/profit attributable to equity shares (£000) | (133) | 14,159 | (75) | (3,003) | (248) | (63) | ||
| Weighted average shares in issue (adjusted for treasury shares) | 127,004,453 | 110,973,597 | 110,981,864 | |||||
| (Loss)/return attributable per equity share (pence) | (0.11) | 11.15 | (0.07) | (2.70) | (0.22) | (0.06) | ||
The weighted average number of shares is calculated after adjusting for treasury shares of 19,710,942 (30 June 2020: 18,196,470; 31 December 2020: 18,196,470).
There are no convertible instruments, derivatives or contingent share agreements in issue, and therefore no dilution affecting the (loss)/return per share. The basic (loss)/return per share is therefore the same as the diluted (loss)/return per share.
8. Share capital
| Allotted, called up and fully paid shares of 1 penny each | Unaudited 30 June 2021 | Unaudited 30 June 2020 | Audited 31 December 2020 |
| Number of shares | 153,035,258 | 128,657,872 | 130,710,891 |
| Nominal value of allotted shares (£000) | 1,530 | 1,287 | 1,307 |
| Voting rights (number of shares net of treasury shares) | 133,324,316 | 110,461,402 | 112,514,421 |
During the period to 30 June 2021 the Company purchased 1,514,472 Ordinary shares (nominal value £15,145) for treasury at a cost of £1,009,000. The total number of Ordinary shares held in treasury as at 30 June 2021 was 19,710,942 (30 June 2020: 18,196,470; 31 December 2020: 18,196,470) representing 12.9 per cent. of the Ordinary shares in issue as at 30 June 2021.
Under the terms of the Dividend Reinvestment Scheme, the following new Ordinary shares of nominal value 1 penny each were allotted during the period to 30 June 2021:
| Date of allotment | Number of shares allotted | Aggregate nominal value of shares (£000) | Issue price (pence per share) | Net invested (£000) | Opening market price on allotment date (pence per share) |
| 30 June 2021 | 512,667 | 5 | 73.62 | 360 | 70.00 |
Under the terms of the Albion VCTs Prospectus Top Up Offers 2020/21, the following new Ordinary shares, of nominal value 1 penny each, were allotted during the period to 30 June 2021:
| Date of allotment | Number of shares allotted | Aggregate nominal value of shares (£000) | Issue price (pence per share) | Net consideration received (£000) | Opening market price on allotment date (pence per share) |
| 26 February 2021 | 2,059,020 | 21 | 70.30 | 1,426 | 66.00 |
| 26 February 2021 | 520,699 | 5 | 70.70 | 361 | 66.00 |
| 26 February 2021 | 18,541,660 | 185 | 71.10 | 12,854 | 66.00 |
| 9 April 2021 | 175,959 | 2 | 70.50 | 122 | 66.00 |
| 9 April 2021 | 16,384 | – | 70.80 | 11 | 66.00 |
| 9 April 2021 | 497,978 | 5 | 71.20 | 346 | 66.00 |
| 21,811,700 | 15,120 |
9. Commitments and contingencies
As at 30 June 2021, the Company had no financial commitments in respect of investments (30 June 2020 and 31 December 2020: £nil).
There are no contingencies or guarantees of the Company as at 30 June 2021 (30 June 2020 and 31 December 2020: £nil).
10. Post balance sheet events
Since 30 June 2021, the Company has completed the following material transactions:
11. Related party transactions
Other than transactions with the Manager as disclosed in note 5, there are no other related party transactions requiring disclosure.
12. Going concern
The Board has conducted a detailed assessment of the Companys ability to meet its liabilities as they fall due. Cash flow forecasts are updated and discussed quarterly at Board meetings and have been stress tested to allow for the forecasted impact of the Covid-19 pandemic. The Board has revisited and updated its assessment of liquidity risk and concluded that it remains unchanged since the last Annual Report and Financial Statements. Further details can be found on page 68 of those accounts.
The portfolio of investments is diversified in terms of sector and the major cash outflows of the Company (namely investments, dividends and share buy-backs) are within the Companys control. Accordingly, after making diligent enquiries, the Directors have a reasonable expectation that the Company has adequate cash and liquid resources to continue in operational existence for the foreseeable future. For this reason, the Directors have adopted the going concern basis in preparing this Half-yearly Financial Report and this is in accordance with the Guidance on Risk Management, Internal Control and Related Financial and Business Reporting issued by the Financial Reporting Council in September 2014, and the subsequent updated Going concern, risk and viability guidance issued by the FRC due to Covid-19 in 2020.
13. Risks and uncertainties
In addition to the risks and uncertainties outlined in the Interim management report, the Board confirms that the following major risks and uncertainties facing the Company have not materially changed from those identified in the Annual Report and Financial Statements for the year ended 31 December 2020. The impact of the Coronavirus (Covid-19) pandemic has created heightened uncertainty but has not changed the nature of these risks. The Board considers that the processes for mitigating these risks remain appropriate.
1. Investment, performance and valuation risk
The risk of investment in poor quality businesses, which could reduce the returns to shareholders and could negatively impact the Companys current and future valuations.
By nature, smaller unquoted businesses, such as those that qualify for VCT purposes, are more volatile than larger, long established businesses.
The Companys investment valuation methodology is reliant on the accuracy and completeness of information that is issued by portfolio companies. In particular, the Directors may not be aware of, or take into account, certain events or circumstances which occur after the information issued by such companies is reported.
To reduce this risk, the Board places reliance upon the skills and expertise of the Manager and its track record over many years of making successful investments in this segment of the market. In addition, the Manager operates a formal and structured investment appraisal and review process, which includes an Investment Committee, comprising investment professionals from the Manager for all investments, and at least one external investment professional for investments greater than £1 million in aggregate across all the Albion managed VCTs. The Manager also invites and takes account of comments from non-executive Directors of the Company on matters discussed at the Investment Committee meetings. Investments are actively and regularly monitored by the Manager (investment managers normally sit on portfolio company boards), including the level of diversification in the portfolio, and the Board receives detailed reports on each investment as part of the Managers report at quarterly board meetings. The Board and Manager regularly review the deployment of investments and cash resources available to the Company in assessing liquidity required for servicing the Companys buy-backs, dividend payments and operational expenses.
The unquoted investments held by the Company are designated at fair value through profit or loss and valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines as updated in 2018. These guidelines set out recommendations intended to represent current best practice on the valuation of venture capital investments. The valuation takes into account all known material facts up to the date of approval of the Financial Statements by the Board.
2. VCT approval risk
The Company must comply with section 274 of the Income Tax Act 2007 which enables its investors to take advantage of tax relief on their investment and on future returns. Breach of any of the rules enabling the Company to hold VCT status could result in the loss of that status.
To reduce this risk, the Board has appointed the Manager, which has a team with significant experience in VCT management which is used to operating within the requirements of the VCT legislation. In addition, to provide further formal reassurance, the Board has appointed Philip Hare & Associates LLP as its taxation adviser, who report quarterly to the Board to independently confirm compliance with the VCT legislation, to highlight areas of risk and to inform on changes in legislation. Each investment in a portfolio company is also pre-cleared with our professional advisers or H.M. Revenue & Customs. The Company monitors closely the extent of qualifying holdings and addresses this as required.
3. Regulatory and compliance risk
The Company is listed on The London Stock Exchange and is required to comply with the rules of the UK Listing Authority, as well as with the Companies Act, Accounting Standards and other legislation. Failure to comply with these regulations could result in a delisting of the Companys shares, or other penalties under the Companies Act or from financial reporting oversight bodies.
Board members and the Manager have experience of operating at senior levels within, or advising, quoted companies. In addition, the Board and the Manager receive regular updates on new regulation, including legislation on the management of the Company, from its auditor, lawyers and other professional bodies. The Company is subject to compliance checks through the Managers compliance officer, and any issues arising from compliance or regulation are reported to its own board on a monthly basis. These controls are also reviewed as part of the quarterly Board meetings, and also as part of the review work undertaken by the Managers compliance officer. The report on controls is also evaluated by the internal auditors.
4. Market value of Ordinary shares
The market value of Ordinary shares can fluctuate. The market value of an Ordinary share, as well as being affected by its net asset value (NAV) and prospective NAV, also takes into account its dividend yield and prevailing interest rates. As such, the market value of an Ordinary share may vary considerably from its underlying NAV. The market prices of shares in quoted investment companies can, therefore, be at a discount or premium to the NAV at different times, depending on supply and demand, market conditions, general investor sentiment and other factors, including the ability to exercise share buybacks. Accordingly, the market price of the Ordinary shares may not fully reflect their underlying NAV.
The Company operates a share buy-back policy, which aims to limit the discount at which the Ordinary shares trade to around 5 per cent. to NAV, by providing a purchaser through the Company in absence of market purchasers. From time to time buy-backs cannot be applied, for example when the Company is subject to a close period, or if it were to exhaust and could not renew any buyback authorities.
New Ordinary shares are issued at sufficient premium to NAV to cover the costs of issue and to avoid asset value dilution to existing investors.
5. Operational and internal control risk
The Company relies on a number of third parties, in particular the Manager, for the provision of investment management and administrative functions. Failures in key systems and controls within the Managers business could place assets of the Company at risk or result in reduced or inaccurate information being passed to the Board or to shareholders.
The Company and its operations are subject to a series of rigorous internal controls and review procedures exercised throughout the year and receives reports from the Manager on its internal controls and risk management, including on matters relating to cyber security.
The Audit Committee reviews the Internal Audit Reports prepared by the Managers internal auditors, PKF Littlejohn LLP. On an annual basis, the Audit Committee chairman meets with the internal audit partner to provide an opportunity to ask specific detailed questions in order to satisfy the Committee that the Manager has strong systems and controls in place including those in relation to business continuity and cyber security.
Ocorian Depositary (UK) Limited is appointed as Depositary to oversee the custody and cash arrangements and provide other AIFMD duties. The Board reviews the quarterly reports prepared by Ocorian Depositary (UK) Limited to ensure that Albion Capital Group LLP is adhering to its duties as a full-scope AIFM under the AIFMD.
In addition, the Board regularly reviews the performance of its key service providers, particularly the Manager, to ensure they continue to have the necessary expertise and resources to deliver the Companys investment policy and remain compliant with regulations. The Manager and other service providers have also demonstrated to the Board that there is no undue reliance placed upon any one individual.
6. Economic, political and social risk
Changes in economic conditions, including, for example, interest rates, rates of inflation, industry conditions, competition, political and diplomatic events, such as the impact of Brexit, and other factors could substantially and adversely affect the Companys prospects in a number of ways. This also includes risks of social upheaval, including from infection and population re-distribution.
The current significant exogenous risk to the Company, the wider population and economy, is the Coronavirus (Covid-19) pandemic.
The Company invests in a diversified portfolio of companies across a number of industry sectors and in addition often invests in a mixture of instruments in portfolio companies and has a policy of minimising any external bank borrowings within portfolio companies.
At any given time, the Company has sufficient cash resources to meet its operating requirements, including share buy-backs and follow-on investments.
In common with most commercial operations, exogenous risks over which the Company has no control are always a risk and the Company does what it can to address these risks where possible, not least as the nature of the investments the Company makes are long term.
The Board and Manager are continuously assessing the resilience of the portfolio, the Company and its operations and the robustness of the Companys external agents during the Coronavirus (Covid-19) pandemic, as well as considering longer term impacts on how the Company might be positioned in how it invests and operates. Ensuring liquidity in the portfolio to cope with exigent and unexpected pressures on the finances of the portfolio and the Company is an important part of the risk mitigation in these uncertain times.
14. Other information
The information set out in this Half-yearly Financial Report does not constitute the Companys statutory accounts within the terms of section 434 of the Companies Act 2006 for the periods ended 30 June 2021 and 30 June 2020 and is unaudited. The information for the year ended 31 December 2020, does not constitute statutory accounts within the terms of section 434 of the Companies Act 2006 and is derived from the statutory accounts for that financial year, which have been delivered to the Registrar of Companies. The Auditor reported on those accounts; their report was unqualified and did not contain a statement under s498 (2) or (3) of the Companies Act 2006.
15. Publication
This Half-yearly Financial Report is being sent to shareholders and copies will be made available to the public at the registered office of the Company, Companies House, the National Storage Mechanism and also electronically at www.albion.capital/funds/AATG, where the Report can be accessed from the ‘Financial Reports and Circulars’ section.
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