In This Article:
Crown Place VCT PLC
Interim Management Statement
LEI Code: 213800SYIQPA3L3T1Q68
Introduction
I present Crown Place VCT PLC’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) as at 30 September 2023 was £92.1 million or 32.47 pence per share (excluding treasury shares), a decrease of 0.66 pence per share (1.99%) since 30 June 2023.
After accounting for the first interim dividend of 0.83 pence per share which will be paid on 30 November 2023 to shareholders on the register on 3 November 2023, the NAV is 31.64 pence per share.
Fundraising
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 | £’000 | Activity |
| Phasecraft | 358 | Software for Quantum Computers |
| Kennek Solutions | 147 | Vertical software for lenders |
| Total new investments | 505 |
|
| Further investments | £’000 | Activity |
| Gravitee Topco (T/A Gravitee.io) | 584 | API management platform |
| uMedeor (T/A uMed) | 366 | A middleware technology platform that enables life science organisations to conduct medical research programmes |
| Accelex Technology | 107 | Data extraction and analytics technology for private capital markets |
| Total further investments | 1,057 |
|
Top ten holdings as at 30 September 2023:
| Investment | Carrying value | % of net asset value | Activity |
| Quantexa | 16,936 | 18.4% | Network analytics platform to detect financial crime |
| Proveca | 4,781 | 5.2% | Reformulation of medicines for children |
| Radnor House School (TopCo) | 3,623 | 3.9% | Independent school for children aged 2-18 |
| Chonais River Hydro | 3,039 | 3.3% | Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands |
| Oviva AG | 3,001 | 3.3% | A technology enabled service business in medical nutritional therapy (MNT) |
| The Evewell Group | 2,258 | 2.5% | Operator and developer of women’s health centres focusing on fertility |
| Runa Network | 2,240 | 2.4% | Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts |
| Gravitee Topco (T/A Gravitee.io) | 2,016 | 2.2% | API management platform |
| Cantab Research (T/A Speechmatics) | 1,788 | 1.9% | Provider of low footprint automated speech recognition which can be deployed in the cloud, on premise or on device |
| Gharagain River Hydro Limited | 1,781 | 1.9% | Owner and operator of a 1 MW hydro-power scheme in the Scottish Highlands |
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/CRWN.