Albion Fundraise Announced

[Gostevie]

Albion have just announced the intention to fundraise again this year:

https://www.investegate.co.uk/crown-place-vct-plc--crwn-/gnw/statement-regarding-the-proposed-issue-of-a-prospectus/20190927105000H4978/

Interesting that Technology & General doesn't appear to be participating and there is quite a variation in the amounts that the other five are seeking.

Albion Development VCT PLC Offer £8 million
Albion Enterprise VCT PLC Offer £6 million
Albion Venture Capital Trust PLC Offer £6 million
Crown Place VCT PLC Offer £4 million
Kings Arms Yard VCT PLC Offer £10 million

Each also has an over allotment facility of £2m

Gostevie

[barchid]

Gostevie
Exactly what I noticed, in particular I see that KAY is looking for £10mill with CRWN only £4mill, I suspect there might be some kickback this year from investors although with the total size only being £34mill it will all be taken up I am sure.
Asking the obvious question, has CRWN got what Mr Fraser Allen would consider an unsatisfactory management incentive scheme and is asking less because he might not wish to chance his luck this year as he did with AAVC ?
On the same note but slightly off subject, I note the the originator & ex Chair of Pembroke VCT is confident (and rich) enough to be applying for his full £200,000 again this year, it will be interesting what our overboarded directors of these 5 Albion VCT's apply for as traditionally they do not, in general, have much skin in the game

[Gostevie]

Thinking about it, I've just remembered that Technology and General announced in its recent interims:

The key movements in the period include: a £9 million uplift in the valuation of Process Systems Enterprise following the exchange of contracts for the sale of the portfolio company to Siemens for over 10x total funds invested

https://www.investegate.co.uk/albion-tech--38-gen-vct--aatg-/gnw/albion-technology---general-vct-plc--half-yearly-financial-report/20190916144153H2990/

In those interims, Process Systems Enterprise is valued at £13.856 million, so it is probably that they simply don't need to raise any additional funds this year.

Gostevie

[moorfield]

Which are the quickest to fill normally? And how quick do I need to be? Thanks.

[bernie]

Is there much overlap between those funds?

If someone bought each of them, would it be diversified?

[Mainwaring]

Can I suggest that you review the portfolio holdings on the Albion Capital website to determine their investments and overlap. I did this a few years ago when I was looking for real asset backing. In the event I’m doing OK but would have done a lot better to have held a balanced spread of all 6. They’ve had plenty of success recently with exits in some of their growth investments and where I have not benefited proportionately. Hey ho, past results are no guide etc etc. Please DYOR.

[BusyBumbleBee]

Is there much overlap between those funds? ... if someone bought each of them, would it be diversified?

The simple answer is : it is easier to invest in all of them usually as the application default is to split your investment equally between the six. If you do that you will get a dividend every month. It will give you some diversity with AAVC having the most asset backed investments. You can also tick a box to have all dividends reinvested but that does mean probably 12 dividends to keep track of to reclaim the 30% tax relief on new VCT investments which some people consider too much effort.. Hope this is useful - BBB

[BusyBumbleBee]

The long awaited prospectus has been published and you can download it here : https://www.albion.capital/investor-cen ... ent-offers

Nothing terribly changed

Albion Development VCT Offer to raise up to £8 million*
Albion Enterprise VCT Offer to raise up to £6 million*
Albion Venture Capital Trust Offer to raise up to £6 million*
Crown Place VCT Offer to raise up to £4 million*
Kings Arms Yard VCT Offer to raise up to £10 million*
*Each individual VCT may elect to raise an additional £2 million pursuant to its over-allotment facility

Minimum aggregate Subscription under
one or more of the Offers £5,000
Minimum Subscription under each Offer £1,000
Costs of each Offer 2.5 per cent. of the amount raised

and

Early Bird Offers
Investors for the first £10 million who apply by 2 p.m. on 31 January 2020 will be eligible for an Early Bird Discount
as follows:
• Existing Shareholders in any of the Albion VCTs will benefit from a 1 per cent. discount, such that the issue price
of their Shares will be calculated by reference to the latest net asset value per Share divided by 0.985.
• New investors who are not existing Shareholders in any Albion VCT will benefit from a 0.5 per cent. discount,
such that the issue price of their Shares will be calculated by reference to the latest net asset value per Share
divided by 0.98.

Somewhat whimsically and not at all intuitively, you will find the application form in the Securities Note.