ALBION TECHNOLOGY & GENERAL VCT PLC
Previous company name
CLOSE TECHNOLOGY & GENERAL VCT PLC
Name change date
The company, formerly known as Close Technology & General VCT PLC, is a venture capital trust that offers investors the opportunity to participate in a balanced portfolio of technology and non-technology businesses. Its corporate office is located in the city of London, United Kingdom.
Its investment portfolio is split approximately 40% in unquoted United Kingdom technology-related companies and 60% in unquoted United Kingdom non-technology companies. The company is managed by Albion Ventures LLP, a leading independent private equity business, managing more than GBP200 million across seven venture capital trusts.
The company is a member of the Association of Investment Companies, trade organisation for the closed-ended investment company industry.
The principal activity of the Company is that of a venture capital trust.
Description and history
The principal activity of the Company is that of a venture capital trust. It has been approved by H.M. Revenue & Customs as a venture capital trust in accordance with Section 842AA of the Income and Corporation Taxes Act 1988 and in the opinion of the Directors, the Company has subsequently conducted its affairs so as to enable it to continue to obtain such approval.
The Company is not a close company for taxation purposes.
The Company is no longer an investment company as defined in Section 266 of the Companies Act 1985. The Company revoked its investment trust status on 21 September 2004 in order for the Company to pay dividends from realised capital profits.
The Company was incorporated on 21 November 2000 and listed on to the Alternative Investment Market of London Stock Exchange on 25 March 2009.
Change of Investment Manager
The Board of Close Technology & General VCT PLC (the ‘VCT’) announces that the business of Close Ventures Limited, the manager of the VCT and one of the leading managers of venture capital trusts in the UK, has been acquired by Albion Ventures LLP (‘Albion Ventures’) from Close Brothers Group (‘Close’). Albion Ventures has been formed by the executive directors of Close Ventures; Close meanwhile will continue to have an investment in the business.
The VCT’s management contract, along with those of the other VCTs managed by Close Ventures, has been novated from Close Ventures to Albion Ventures under exactly the same terms as the current agreement. The investment approach of Albion Ventures and the investment policy of the VCT are also unchanged, with a continued emphasis on building up a broad portfolio of investee companies with no bank borrowings and the maintenance of a strong dividend yield.
As a result of this change, the VCT’s Company Secretary will change to Albion Ventures LLP with effect on 23 January 2009.
Change of Name
At General Meeting held on 25 March 2009, the shareholders approved that the Company’s name be changed from Close Technology & General VCT PLC to Albion Technology & General VCT PLC effective from 25 March 2009.
Venture capital trust that offers investors the opportunity to participate in a balanced portfolio of technology and non-technology businesses
BRAVO INNS II LIMITED
PKF (UK) LLP
US SIC Code
1, King’s Arms Yard
City province or state postal code
EC2R 7AF, LONDON
Phone: +44 020 7601 1850
Country address: UNITED KINGDOM
Website url: www.albion-ventures.co.uk