Kings Arms Yard VCT PLC: Interim Management Statement

Kings Arms Yard VCT PLC Interim Management Statement
LEI Code 213800DK8H27QY3J5R45

I am pleased to present Kings Arms Yard VCT PLC’s (the “Company”) interim management statement for the period from 1 January 2021 to 31 March 2021.

Performance and dividends
The Company’s unaudited net asset value (NAV) as at 31 March 2021 was £98.28 million or 22.30 pence per share (excluding treasury shares), an increase of 0.46 pence per share (2.1 per cent.) since 31 December 2020.

After accounting for the dividend paid of 0.60 pence per share on 30 April 2021 to shareholders on the register on 16 April 2021, the NAV is 21.70 pence per share.

Fundraising and share issues
During the period from 1 January 2021 to 31 March 2021, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2020/21:

DateNumber of shares issuedIssue price per share (including costs of issue)Net proceeds
26 February 202166,727,24421.6p to 21.8p14,184

Share buy-backs
During the period from 1 January 2021 to 31 March 2021, the Company did not buy back any shares.

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.


The following investments have been made during the period from 1 January 2021 to 31 March 2021:

New investments£000Activity
Threadneedle Software AG Limited (T/A Solidatus)917Provider of data lineage software to enterprise customers in regulated sectors, which allows them to rapidly discover, visualise, catalogue and understand how data flows through their systems.
Total new investments917 

Follow on investments £000Activity
Black Swan Data Limited588Predictive analytics for consumer brands.
Healios Limited468Provider of an online platform delivering family centric psychological care primarily to children and adolescents.
ePatient Limited (T/A Raremark)46Online community connecting people affected by rare diseases.
Total follow on investments1,102 

The following disposals were made during the period from 1 January 2021 to 31 March 2021:

Portfolio CompanyCost
Active Lives Care Limited4,3957,839
Ryefield Court Care Limited3,0705,753
OmPrompt Holdings Limited1,3773,152
Shinfield Lodge Care Limited5351,138
SBD Automotive Limited173360
Total 9,55018,242

In March 2021, the Company completed the sale of its three care homes for the elderly; Active Lives Care Limited, Ryefield Court Care Limited and Shinfield Lodge Care Limited. The purpose-built residential care homes situated across the South of England, offer luxury living with all-inclusive service and an excellent level of care. The homes were trading at mature occupancy levels.

The first investments in the homes were made over 5 years ago and the sale generated a 2.4x return on cost (including interest received), an excellent result for the Company.

Top ten holdings as at 31 March 2021:

Portfolio companyCarrying value
% of net asset valueActivity
Proveca Limited8,7228.9UK based pharma company specialising in medicines for children.
Egress Software AG Technologies Limited5,3525.4Encrypted email and file transfer service provider.
Quantexa Limited4,3004.4Network analytics platform to detect financial crime.
Chonais River Hydro Limited3,2923.4Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands.
Antenova Limited2,4482.5Supplier of integrated antennas and RF solutions.
MyMeds&Me Limited1,8721.9Provides a platform for collecting data from pharmaceutical adverse events.
The Street by Street Solar Programme Limited1,8191.9Owner and operator of photovoltaic systems on domestic properties in the UK.
Phrasee Limited1,6891.7AI platform that generates optimised marketing campaigns.
Regenerco Renewable Energy Limited1,5931.6Generator of renewable energy from roof top solar installations.
Perpetuum Limited1,4131.4Provider of vibration harvester powered wireless sensing systems for the rail and industrial sectors.

A full breakdown of the Company’s portfolio can be found on the Company’s webpage on the Manager’s website at, by following the ‘Portfolio of Investments’ link under the ‘Fund reports’ section.

Material events and transactions after the period end
After the period end, the Company had the following material investment transactions:

  • Proceeds of £1,332,000 received from the sale of Perpetuum Limited with an additional £162,000 held in escrow;
  • Investment of £833,000 in a new portfolio company, an open sources API management platform that enables enterprises to manage their APIs through their lifecycle (from design to publishing to controlling access and security);
  • Investment of £763,000 in a new portfolio company, a provider of digital therapeutics and decentralised clinical trials for respiratory conditions;
  • Investment of £564,000, in an existing portfolio company, uMotif Limited, provider of a patient engagement and data capture platform for use in real world and observational research;
  • Investment of £323,000 in a new portfolio company, a provider of data extraction and analytics technology for private capital markets; and
  • Investment of £168,000 in an existing portfolio company, Panaseer Limited, a provider of cyber security services.

Other than as described above, there have been no material events or transactions during the quarter and to the date of this announcement.

Board composition and succession planning
The Board recognises the importance of succession planning, including the need to ensure Board continuity. As already announced, I am retiring from the Board at the close of the Annual General Meeting (“AGM) today. As part of that planning, it is the intention of Martin Fiennes to retire as a Director at the AGM in 2022 and Thomas Chambers to retire as a Director at the AGM in 2023. The nomination committee has commenced a recruitment process to identify candidates and announcements of new Director appointments will be made in due course. The Board believes that it will be necessary to have some overlap between existing Directors retiring and new Directors joining. The increased cap on Directors remuneration from £100,000 to £125,000, proposed at the AGM on 10 June 2021, will provide for this.

Further information
The Company continues to offer a Dividend Reinvestment Scheme to existing shareholders. Details of this scheme can be found at

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 under

Robin Field, Chairman
10 June 2021

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