Oh no.... Albion today announces that things look much worse than even I thought.
It's all in the timing....
RNS filed at National Storage Mechanism today with AGM Notice and Publication of accounts for Albion Crown.
The Chairman says:
During the Company’s financial
year, we disposed of 7% of our stake in Quantexa,
which is now by far our largest investment by value, in
conjunction with some of the other Albion VCTs. This
was in order to manage our exposure to any individual
company. The consideration of £1.2 million received
represented a 9.4 times return on the weighted average
cost of shares sold, and returned 65% of the cost of
our entire holding in Quantexa. The purchasers were
experienced financial investors which elected to leave
the shares under Albion’s management, thus ensuring
that Albion’s overall influence, including voting rights,
would not be diluted. Further details are given in a
note to realisations table on page 29. Over the course
of the year, Quantexa continued to trade well, and at
the year end our holding represented 20.3% of the
VCT’s net assets. This means that, although the Board
remains positive on Quantexa’s prospects, the value of
our stake still represents an unusually high proportion
of our Company’s overall value, and thus remains
a concentration risk. It is not currently envisaged,
however, that there will be an opportunity to reduce our
stake further over the shorter term.
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