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In this issue The Albion Track Record Harrogate Hotel Offer venture Portfolio Updates matters Spring 2010 Happy It is now a year since Albion Ventures 1st Birthday was launched, and its management Albion Ventures acquired Close’s VCT business. our news Welcome to the sPRing 2010 issue of Venture Matters Albion in the press Albion Development VCTs D share issue was recently rated 9/10 in a review in Money Marketing Magazine. For a full copy of the article, please visit the news section of our website www.albion-ventures.co.uk VCTs vs Pensions As pension contributions become less tax-efficient for high earners due to the last Budget’s change in the rules on tax relief, VCTs have continued to appear in the national and trade press as an alternative to pension contributions with their combined benefits of tax-free dividends and initial tax relief at 30%. Why AlBIon? The Albion Ventures investment strategy with a proven track record The Albion Ventures team are experienced investors with varied backgrounds in strategy consulting, healthcare, media and investment banking. They have specialised in the management of VCTs since 1996 following an established investment philosophy. ❊ ReDuCeD InVesTMenT RIsk: It is our policy for our investments to have no external gearing, which often enables the VCT to have first charge on any assets of a company in which we invest ❊ BAlAnCeD PoRTFolIo: our portfolio is balanced between lower-risk, often asset backed companies and innovative, higher risk businesses ❊ DIVeRsIFIeD PoRTFolIo: our portfolios do not focus only in one area or industry, allowing diversification of the portfolios across a range of sectors, including healthcare and increasingly the environmental sectors 02 VenTURe MATTeRs our news sPring 2010 Invest now in the Albion Development VCTs D Share Offer There is still time to To be certain your application for the 2009/10 tax year is accepted, please ensure we receive invest in the award winning your application by Monday 5 April 2010. Albion Development VCTs Applications for the tax year 2010/11 can be received up to Friday 30 April 2010. D share issue. Albion Development VCT’s D share issue aims to generate both long term growth and a regular tax-free dividend stream. Hotel Offer Bed & Breakfast Offer: £30 per person per in late 2005 we acquired the night, includes full cooked English or continental historic 110 bedroom Crown breakfast. All readers will also receive a Hotel in the centre of Harrogate. complimentary bottle of house wine awaiting The hotel has since been fully in their room on arrival. refurbished, making it ideal for This offer is based on two people sharing a standard business or leisure trips to the double or twin room and is subject to availability. historic spa town of Harrogate, with its Turkish Baths, tea rooms To take advantage of this offer please call 01423 706604 or email and many independent shops. firstname.lastname@example.org and we are pleased to be able to offer readers quote ‘Albion Ventures’. Please visit the hotels of Venture Matters the following: website at www.crownhotelharrogate.com 03 investment news Happy 1st Birthday Albion Ventures. Over the year we have continued to seek out strong investment opportunities for our range of VCTs and over the last few months, many of our portfolio companies have successfully won new business. helveta lowcosttravel helveta wins a major contract in Africa Albion has invested £3.4 million in lowcosttravel since 2005 Helveta has won a multi-year contract Despite the credit crunch affecting the travel with the government market worldwide, Lowcost Travel group had of the Democratic a record month of trading in January 2010 Republic of Congo with their business lowcostbeds.com seeing (DRC) to implement a 123% rise in business compared to January a national traceability 2009. Lowcostbeds.com offers high quality, system. The World competitively priced hotel accommodation in Bank has committed 3,000 hotels, apartments and villas around the over $60m to world, including the Mediterranean, Carribean, improving DRC’s Central America, UsA, Middle, east, india, forestry sector, and a proportion of this has south east Asia and the indian Ocean. been set aside to improve governance, sustainability and legality in the industry. The largest area of growth for the business is bookings for travel in June, July and DRC is home to the world’s second largest August where lowcostbeds.com and tropical rainforest, representing 80% of Africa’s Resorthoppa the uk’s leading independent rainforest cover. As is the case in many tropical holiday transfer business, are experiencing timber producing nations, illegal logging is a over 200% growth year-on-year. significant threat to sustainable development of the sector as well as to DRC’s economy. The national forest management project will enable DRC to meet the requirements of international agreements, such as the eU’s FLegT initiative, and prevent trade in illegal timber. The project will utilise helveta’s unique technology to map, record inventory, and track wood produced from the Congolese forestry sector, from the standing tree in the forest, through wood processing plants, and finally to the nation’s export gates and local wholesale markets. 04 inVesTMenT news sPring 2010 Albion Ventures LLP is a leading venture capital investor which has been managing investments since 1996. The team previously worked together at Close Ventures before becoming an independent business in January 2009. Blackbay City Screen Demand for Blackbay Solutions Drives According to the latest UK Film Council Expansion to North America statistics, 2009 had the highest cinema attendance in the last six years; good Blackbay, an news for the six ‘art house’ cinemas we own Albion backed in conjunction with City screen, located in company, provides Brixton, greenwich, Cambridge, Liverpool, mobiledata exeter and norwich. applications to 2009 proved to be a strong year for businesses in the cinema in Britain, thanks to blockbusters logistics and delivery such as Harry Potter and the Half Blood sectors and has Prince, slumdog Millionaire and Avatar. recently expanded The introduction of 3D films saw both its operations into children and adults alike visiting their north America. local cinema, special glasses in hand, Blackbay has delivered solutions to blue chip to enjoy the phenomenon. organisations such as DHL, royal Mail, Hermes and Dyson. Blackbay is differentiated from its perceived competitors by how it has used its extensive industry knowledge and expertise to deliver robust highly scalable solutions. One area where they have demonstrated the depth of their experience is in the postal market. Blackbay has a strong relationship with royal Mail, which utilises the mobile technology in 25,000 of its vehicles, enabling staff to collect proof of delivery via electronic hand-held devices. The system captures event and time stamping throughout the delivery process providing visibility to royal Mail’s operations and customers in real-time and reducing the cost of administering its services. VenTure MATTers 05 performance Albion Ventures has paid over £80 million of income tax free dividends to its VCT investors, and has approximately £200 million under management in 7 VCTs. The VCTs managed by Albion Ventures have a policy of buying back their shares in the market. in such circumstances the VCTs will look to buy-back shares at a discount to their net asset value, subject to certain conditions. Performance of VCTs managed by Albion Ventures llP Total Last dividend Launch return since Mid-market paid/declared Fund date launch† share price†† per share Albion Venture Capital Trust PLC Apr 96 189.60p 62.5p 2.5p paid on 6/1/10 – Ordinary shares* Albion Protected VCT PLC Apr 97 111.35p 53.0p 1.0p paid on 6/1/10 Albion Development VCT PLC Jan 99 127.05p 64.0p 4.0p paid on 25/9/09 – Ordinary shares* Albion Development VCT PLC Dec 09 94.50p 95.0p – D shares*** Albion Technology & general VCT PLC Jan 01 140.80p 72.0p 8.0p paid on 30/12/08 – Ordinary shares Albion Technology & general VCT PLC Jan 06 80.80p 56.5p 1.0p paid on 18/9/09 – C shares Albion income & growth VCT PLC Oct 04 81.74p 51.0p 1.25p paid on 1/2/10 Albion enterprise VCT PLC Apr 07 91.95p 74.0p 1.0p paid on 6/1/10 Crown Place VCT PLC** Apr 98 69.18p 27.5p 1.25p paid on 6/11/09 source: Albion Ventures. All data is prepared were converted to Ordinary shares at a rate launch of 94.5 pence is after deducting as at 8 February 2010, using the last published of 1.0715 Ordinary shares for each C share. fundraising costs of 5.5 pence per share. net asset value of the relevant fund. ** Albion Ventures took over the management † Dividends paid/declared plus nAV. *The Albion VCT PLC C shares were of this VCT in April 2005. Please note: the above excludes all tax reliefs. converted to Ordinary shares at a rate *** The Albion Development VCT PLC D shares were ††As at 8 February 2010. of 1 Ordinary share for each C share and the issued at 100 pence each. The total return since Albion Development VCT PLC C shares Albion Ventures LLP 1 King’s Arms Yard, London, eC2R 7AF T: 020 7601 1850 e: email@example.com www.albion-ventures.co.uk This newsletter is not a prospectus and should not be relied upon in making a decision to invest in any of our funds. That decision should be based solely on the relevant prospectus or fund raising document. none of the figures quoted herein should be regarded as a dividend or profit forecast. Past performance is not a reliable indicator of future results. This newsletter is issued by Albion Ventures LLP which is authorised and regulated by the Financial services Authority.
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