Court of arms of the kings API VCT
Intermediate management statement
LEI code 213800DK8H27QY3J5R45
Introduction
I submit the interim management statement of Kings Arms Yard VCT PLC (the “Company”) for the period from January 1, 2022 to March 31, 2022.
performance and special dividend
The unaudited net asset value (NAV) of the Company at 31 March 2022 was £112.4 million or 23.77 pence per share (excluding treasury shares), an increase of 0.72 pence per share (3. 1%) since December 31, 2021.
After taking into account the first interim dividend for the year ended December 31, 2022 of 0.58 pence per share paid on April 29, 2022 to shareholders of record on April 8, 2022, the NAV is 23.19 pence per share .
The company had a number of significant exits during the period, namely MyMeds&Me, Phrasee and Credit Kudos, with proceeds totaling £7.9m, as shown below. Accordingly, the Board is pleased to declare a special dividend of 1.14 pence per share payable on July 29, 2022 to shareholders of record on July 8, 2022.
Fundraising and sharing issues
During the period from January 1, 2022 to March 31, 2022, the Company issued the following new Ordinary Shares with a par value of 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2021/2022:
| Date | Number of shares issued | Issue price per share (including issue costs) | net proceeds £’000 |
| February 25, 2022 | 31 101 212 | 23.5p to 23.7p | 7,189 |
The Council announced on 9 February 2022 that, following strong demand, it had reached its limit of £8 million under its subscription offer and was closed to further enquiries. Following the Board’s assessment of the future liquidity within the portfolio, it has not elected to use its over-allotment facility in the context of the Offer.
Wallet
The following investments were made during the period from January 1, 2022 to March 31, 2022:
| New investments | £’000 | Activity |
| PerchPeek Limited | 1,038 | Advertisingdigital rmove pplatform. |
| Limited regulatory genome development | 156 | Vendor machine-readable structured regulatory content. |
| Total new investments | 1,194 |
| Further away investments | £‘000 | Activity |
| TransFICC Limited | 1,149 | Provider of a connectivity solution, connecting financial institutions to trading platforms via a single Application programming interface (API). |
| Seldon Technologies Limited | 608 | Software company that enables companies to deploy machine learning models in production. |
| Black Swan Data Limited | 467 | Predictive analytics for consumer brands. |
| Cantab Research Limited (T/A Speechmatics) | 263 | Small-footprint automated speech recognition provider that can be deployed in the cloud, on-premises, or on-device in over 31 languages. |
| NuvoAir Holdings Inc. | 208 | Digital Therapeutics and Decentralized Clinical Trials for Respiratory Conditions. |
| Koru Kids Limited | 85 | Online marketplace connecting parents and nannies. |
| Locum’s Nest Limited | 77 | Provides a technology solution for locum physician management for the NHS. |
| Total further away investments | 2,857 |
The following disposals were made during the period from January 1, 2022 to March 31, 2022:
| Holding company | Cost £’000 |
Product £’000 |
| MyMeds&Me Limited | 1,459 | 4,896 |
| Phrasee Limited | 648 | 2,093 |
| Congratulations from Limited Credit | 185 | 954 |
| Total | 2,292 | 7,943 |
Top ten holdings in March 31, 2022:
| Holding company | Book value £‘000 |
% of net asset value | Activity |
| Proveca Limited | 9,676 | 8.6 | British pharmaceutical company specializing in medicines for children. |
| Quantexa Limited | 9,126 | 8.1 | Network analysis platform to detect financial crime. |
| Egress Software Technologies Limited | 6,502 | 5.8 | Provider of encrypted email and file transfer services. |
| Chonais River Hydro Limited | 3,368 | 3.0 | Owner and operator of a 2 MW hydro project in the Scottish Highlands. |
| Oviva AG | 3,061 | 2.7 | Jthe technology-enabled services business in medical nutrition therapy (MNT). |
| The Evewell Group Limited | 1,973 | 1.8 | Operator of fertility-focused women’s health centers. |
| The Street by Street Solar Limited program | 1,889 | 1.7 | Owner and operator of photovoltaic systems on domestic properties in the UK. |
| Black Swan Data Limited | 1,885 | 1.7 | Predictive analytics for consumer brands. |
| Sieve limited | 1,883 | 1.7 | providing a web-based business and online community management solution. |
| Regenerco Renewable Energy Limited | 1,603 | 1.4 | Renewable energy generator from rooftop solar installations. |
Redemption of shares
During the period from January 1, 2022 to March 31, 2022, the Company did not buy back any shares.
The Board’s policy remains to repurchase shares in the market, provided such purchases are in the best interests of the Company, including maintaining sufficient resources to invest in existing and new portfolio companies and continuing to pay dividends to shareholders.
The Board of Directors intends to carry out these redemptions at a discount of around 5% to the net asset value, insofar as market conditions and liquidity allow it.
Significant events and transactions after the end of the period
After the end of the period, the Company carried out the following significant investment transactions:
- Investment of £1,009,000 in a new holding company which provides information and analysis to pharmaceutical companies on therapeutic areas;
- £729,000 investment in existing holding company Gravitee Topco Limited (T/A Gravitee.io), API management platform provider;
- Investing £724,000 in a new holding company that uses machine learning to create a new standard for how organizations manage customer debt – ethically and technologically; and
- £175,000 investment in an existing portfolio company, Cantab Research Limited (T/A Speechmatics), a small-footprint automated speech recognition provider that can be deployed in the cloud, on premise or on device in over 31 languages .
The following new ordinary shares with a par value of 1 pence each were allotted under the Albion VCTs 2021/22 supplemental prospectus offerings after March 31, 2022:
| Date | Number of shares issued | Issue price per share (including issue costs) | net proceeds £’000 |
| April 11, 2022 | 2,746,399 | 22.9p – 23.1p | 619 |
There have been no other significant events or transactions after the end of the period up to the date of this announcement.
More information
The Company continues to offer a dividend reinvestment program to existing shareholders. Details of this scheme can be found at www.albion.capital/funds/KAY.
Further information regarding historical and current financial performance and other useful information for shareholders is available on the Company’s webpage on the Manager’s website at www.albion.capital/funds/KAY.
Fiona Wollocombe, President
June 9, 2022
For more information, please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP – Tel. : 020 7601 1850
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