ALBION DEVELOPMENT VCT PLC
LEI Code 213800FDDMBD9QLHLB38
Interim Management Statement

Introduction
 I present Albion Development VCT PLC (the “Company”)’s interim management statement for the period from 1 July 2023 to 30 September 2023.

Performance and dividends
 The Company's unaudited net asset value (“NAV”) on 30 September 2023 was £120.13 million or 88.58 pence per share (excluding treasury shares). After accounting for the dividend of 2.29 pence per share paid on 29 September 2023 to shareholders on the register on 8 September 2023, this is a decrease of 0.88 pence per share (0.98%) since 30 June 2023.

Fundraising and share issues
 During the period from 1 July 2023 to 30 September 2023, the Company issued the following shares under the dividend reinvestment scheme (and are included in the net asset value figures for 30 September 2023 above):

DateNumber of shares issuedIssue price per shareNet invested £’00029 September 2023567,02589.46p488

The Company announced on 12 October 2023 that, subject to obtaining the requisite regulatory approval, it intended to launch a prospectus top up offer of new ordinary shares. Full details of the Offer will be contained in a prospectus that is expected to be published prior to launch in early January 2024.

Portfolio
 The following investments have been made during the period from 1 July 2023 to 30 September 2023:

New investments£000sActivityPhasecraft418Software for Quantum ComputersKennek171Vertical software for lendersTotal new investments589

Further investments£000sActivityGravitee568API management platformuMed391A middleware technology platform that enables life science organisations to conduct medical research programmesAccelex89Data extraction and analytics technology for private capital marketsTotal further investments1,048

Top ten holdings (on 30 September 2023)

Portfolio CompanyCarrying value
£000s% of net asset valueActivityQuantexa24,95820.8Network analytics platform to detect financial crimeProveca9,1317.6Reformulation of medicines for childrenEgress Software Technologies8,8907.4Encrypted email & file transfer service providerOviva4,4243.7A technology enabled service business in medical nutritional therapy (MNT)Radnor House School (TopCo)3,5523.0Independent school for children aged 2-18The Evewell Group2,6182.2Operator and developer of women’s health centres focusing on fertilityChonais River Hydro2,2881.9Owner and operator of a 2 MW hydro-power scheme in the Scottish HighlandsThe Street by Street Solar Programme2,1991.8Owner and operator of photovoltaic systems on domestic properties in the UKConvertr Media1,8721.6Digital lead generation softwareRegenerco Renewable Energy1,8041.5Generator of renewable energy from roof top solar installations

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/AADV.

Share buy-backs
 During the period from 1 July 2023 to 30 September 2023, the Company purchased 533,338 shares for £456,000 (including stamp duty) at a price of 84.99 pence per share. All of the shares are to be held in treasury.

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

As announced on 6 October 2023, the Company sold a proportion of its holding in Quantexa at its current holding value returning proceeds of £2.7m; andAs announced on 30 October 2023, following a formal tender process, Johnston Carmichael LLP were appointed the Company's Auditor.

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

Further information
 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 at www.albion.capital/funds/AADV.

Ben Larkin, Chairman 
 20 November 2023

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