Albion Confirm Fundraising in January

[Gostevie]

Albion has confirmed a January fundraising for all six of its VCTs in January:

https://www.angelnews.co.uk/blog/vct/al ... bion-vcts/

The fundraising is expected to target £6 million for each of the six Albion VCTs: Albion Venture Capital Trust PLC, Albion Development VCT PLC, Albion Enterprise VCT PLC, Albion Technology & General VCT PLC, Crown Place VCT PLC and Kings Arms Yard VCT PLC.

No doubt this will be discussed at the Shareholder Day on Friday.

Gostevie

[BusyBumbleBee]

Hi Steve - this is part of the RNS of this morning:

Further to the announcement made on 10 September 2018 in respect of the
intended launch in early January 2019 of prospectus top up offers of new
ordinary shares for subscription in the 2018/2019 and 2019/2020 tax
years (the "Offers"), the Companies are pleased to announce that,
subject to obtaining the requisite regulatory approval, the current
intention is for the Companies to raise up to GBP36 million in aggregate
before issue costs (GBP6 million for each of the Companies).

In addition, it is intended that there will be an over-allotment
facility of a further GBP2 million (before issue costs) for each of the
Companies. Any election to make use of their over-allotment facility
will be subject to the decision of individual boards of the Companies in
the light of investments and disposals made and anticipated by them at
the relevant time.

Full details of the Offers will be contained in a prospectus that is
expected to be published in early January 2019 and will be available on
the Albion Capital website (
https://www.globenewswire.com/Tracker?d ... Wut-xO2tg=
http://www.albion.capital).

To me a top up offer of this kind is sensible and does not dilute existing shareholders much

with kind regards - John

[BusyBumbleBee]

Probably not the place to put this but most of the Albion VCTs have a stake in the care homes. This morning Target Healthcare (THRL) announced that it had bought two upmarket uncompleted care homes for £37 million: "Both developments are due to complete by mid-2019 and the completed homes will be let on a full repairing and insuring basis to Hamberley Group ("Hamberley"), a developer and operator of luxury care homes ""

The care homes 50% owned by Albion VCts have just over 200 beds and of course have a track record and are close(?)) to capacity. However, if I have done my maths right just one of those (Shinfield Lodge Care Limited) s valued at £32 million in the last Annual report. with Albion VCT (AAVC) owning 35% of it.

Seems to me that Albion have them pretty well valued in their reports.

[Mainwaring]

Guessing a little here but Target will value their Homes principally on the cash flow from the lease. I think Albion operate their Homes and of course retain the freehold. On that basis Albion will value principally on a multiple of the EBITDA which should be higher than the rent. Alchemy I know but it might explain. I hold Albion, not Target.