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Albion Technology & General VCT PLC
Interim Management Statement
LEI code: 213800TKJUY376H3KN16
Introduction
I present Albion Technology & General VCT PLC (the "Company”)'s interim management statement for the period from 1 January 2025 to 31 March 2025.
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Performance
The Company's unaudited net asset value ("NAV”) as at 31 March 2025 was £274.8 million or 73.51 pence per share (excluding treasury shares), an increase of 0.47 pence per share (0.6%) since 31 December 2024.
Fundraising
A prospectus Top Up Offer of new ordinary shares opened to applications on 6 January 2025. The Board announced on 31 March 2025 that it had reached its £30 million limit (inclusive of the Company's £10 million over-allotment facility) under its offer for subscription.
During the period, the Company issued the following shares under the Albion VCTs Top Up Offers 2024/2025:
| Date | Number of shares issued | Issue price per share | Net consideration received £'000 |
| 21 March 2025 | 29,774,402 | 74.54 to 75.30 pence | 21,748 |
Portfolio
The following investments have been made during the period:
| New investments | £'000 | Activity |
| Latent Technology Group | 1,722 | Reinforcement Learning based Animation |
| Innerworks Technology | 350 | Adaptive security |
| Scripta Therapeutics | 274 | AI-enabled drug discovery |
| OtoImmune | 172 | Detection and treatment of autoimmune diseases |
| Pastel Health | 97 | Digital-first provider of multi-specialty care |
| Formicor Pharmaceuticals | 55 | Drug reformulation |
| Total new investments | 2,670 |
| Further investments | £'000 | Activity |
| Mondra Global | 1,273 | Food supply chain emissions modelling |
| TransFICC | 1,097 | A provider of a connectivity solution, connecting financial institutions with trading venues via a single Application Programming Interface ("API”) |
| Runa Network | 90 | Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts |
| NuvoAir Holdings | 71 | Digital therapeutics and decentralised clinical trials for respiratory conditions |
| uMedeor (T/A uMed) | 59 | A middleware technology platform that enables life science organisations to conduct medical research programmes |
| Total further investments | 2,590 |
Top ten holdings as at 31 March 2025:
| Investment | Carrying value
£'000 | % of net asset value | Activity |
| Quantexa | 51,401 | 18.7% | Network analytics platform to detect financial crime |
| Proveca | 18,414 | 6.7% | Reformulation of medicines for children |
| Gravitee Topco (T/A Gravitee.io) | 9,259 | 3.4% | API management platform |
| Oviva | 8,814 | 3.2% | A technology enabled service business in medical nutritional therapy ("MNT”) |
| Convertr Media | 5,966 | 2.2% | Digital lead generation software |
| The Evewell Group | 5,815 | 2.1% | Operator and developer of women's health centres focusing on fertility |
| TransFICC | 5,719 | 2.1% | A provider of a connectivity solution, connecting financial institutions with trading venues via a single API |
| Chonais River Hydro | 5,606 | 2.0% | Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands |
| Runa Network | 5,420 | 2.0% | Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts |
| Radnor House School (TopCo) | 4,968 | 1.8% | Independent school for children aged 2-18 |
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/vct-funds/AATG.
Share buy-backs
During the period, the Company did not buy back any shares as the Company was in a close period until 23 April 2025.
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 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 2024/2025:
| Date | Number of shares issued | Issue price per share | Net consideration received £'000 |
| 4 April 2025 | 10,100,775 | 75.30 pence | 7,378 |
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/vct-funds/AATG.
Clive Richardson, Chairman
17 June 2025
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP - Tel: 020 7601 1850
