LONDON - Albion Development VCT PLC, a UK-based venture capital trust, reported a decrease in its net asset value (NAV) per share for the quarter ending September 30, 2024. The unaudited NAV was £137.20 million, or 92.27 pence per share, marking a 1.33% decrease since June 30, 2024. This figure accounts for a dividend of 2.40 pence per share paid on September 30 to registered shareholders as of September 13. Additionally, after a special dividend of 3.00 pence per share paid on October 25 to shareholders registered on October 4, the NAV stood at 89.27 pence per share.
During the same quarter, Albion Development VCT issued 601,452 shares under the dividend reinvestment scheme, with a net investment of £542,000. The Company also announced a proposed merger with Albion Enterprise VCT PLC, aiming to benefit shareholders through cost savings, a simplified fee structure, and reduced administration. The proposal is detailed in a circular issued on November 12, with general meetings scheduled for December 11 and December 19, 2024, to vote on the resolution.
The Company's investment activity for the quarter included £1.373 million in further investments across six portfolio companies, ranging from technology for credit assessment to AI-powered chatbots and virtual assistants. Quantexa, a network analytics platform, remains the top holding, accounting for 20.3% of the net asset value.
In line with its shareholder interest policy, the Company bought back 757,508 shares for £660,000 at a price of 86.72 pence per share, all of which were subsequently cancelled. The Board continues to aim for buy-backs at around a 5% discount to NAV, subject to market conditions.
No other significant events or transactions have been reported post the quarter end up to the date of the announcement. Shareholders and investors can find more detailed financial performance data and shareholder information on the Company’s webpage on the Manager’s website.
This article is based on a press release statement from Albion Development VCT PLC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.