Interim Management Statement
18 Mai 2009 - 6:05PM
UK Regulatory
TIDMCR.
RNS Number : 4523S
Core VCT I PLC
18 May 2009
Core VCT I plc (the Company)
Interim Management Statement
For the
quarter ended 31 March 2009
To the members of Core VCT I plc
This interim management statement has been produced solely to provide additional
information to shareholders as a body to meet the relevant requirements of the
UK Listing Authority's Disclosure and Transparency Rules. It should not be
relied upon by any other party or for any other purpose.
This interim management statement relates to the period from 1 January 2009 to
31 March 2009, and contains information that covers this period, and up to the
date of publication of this interim management statement, unless otherwise
specified.
PERFORMANCE - 31 March 2009
+-----------------+-----------------+--------------+-----------------+--------------+
| | At 31 March 2009 | At 31 December 2008 |
+-----------------+--------------------------------+--------------------------------+
| | Ordinary Shares | B Shares |Ordinary Shares | B Shares |
+-----------------+-----------------+--------------+-----------------+--------------+
| NAV per share | 67.1p | 1p | 67.6p | 1p |
+-----------------+-----------------+--------------+-----------------+--------------+
| Cumulative | 7.1p | - | 7.1p | - |
| dividends paid | | | | |
| per share | | | | |
+-----------------+-----------------+--------------+-----------------+--------------+
| NAV total | (21.5%) | - | (20.9%) | - |
| return since | | | | |
| inception per | | | | |
| share* | | | | |
+-----------------+-----------------+--------------+-----------------+--------------+
| Share Price | 73p | 3p | 75p | 3.5p |
+-----------------+-----------------+--------------+-----------------+--------------+
*NAV plus cumulative dividends paid to date and a starting NAV of 94.5p
MERGER
As announced on 20 April 2009 it is the intention of the Company to merge with
Core VCT II plc and Core VCT III plc pursuant to a section 110 schemes of
reconstruction under the Insolvency Act 1986. This will involve transferring the
assets and liabilities of Core VCT I plc and Core VCT II plc to Core VCT III plc
in consideration for the issue to the shareholders of Core VCT I plc and Core
VCT II plc of new shares in Core VCT III plc.
Formal proposals will be forwarded to shareholders of the VCTs in due course.
ANNUAL REPORT
The Company announced its Annual Financial Results on 29 April 2009 with the
Annual Report and Notice of AGM being sent out to shareholders in the week
commencing 11 May 2009.
DIVIDENDS
Dividends totalling 11p have been proposed, payable on 30 June 2009. An income
dividend of 1p has been proposed subject to shareholder approval at the Annual
General Meeting further details of which are below. A special dividend of 10p is
also payable, dependent on the merger described above being effected.
ANNUAL GENERAL MEETING
The Annual General Meeting of the Company will be held on 18 June 2009 at
offices of Core Capital LLP, 103 Baker Street, W1U 6LN at 10.30 am.
NEW INVESTMENTS
No new investments in the Company's unquoted portfolio have been made during the
period.
SHARE CAPITAL
The Company has not issued or bought back any shares during the period.
FURTHER RETURN OF FUNDS
From its inception, the Company has been structured to build a diverse portfolio
of investments, to realise this portfolio and return both realised gains and
capital to investors as swiftly as possible through tax free distributions.
With the initial investment period of 3 years now completed, the Directors
intend to commence distribution of the Cash Assets, subject to the maintenance
of adequate working capital and the retention of an appropriate fund to permit
subsequent funding rounds in existing investments in the merged vehicle.
In common with all Venture Capital Trusts, there is little if any
available liquidity in trading in the Company's shares, and although the
Directors are able to buy back shares within certain constraints, this is
intended for use only in exceptional circumstances. Accordingly, those investors
who seek to realise value by selling their shares in the secondary market are
likely to suffer a significant discount and potential loss of value. We would
strongly suggest that shareholders consider holding their shares with a view to
benefiting from future realisations.
Other than as set out above, the Board is not aware of any significant events or
transactions which have occurred between 31 March 2009, and the date of
publication of this interim management statement which would have a material
impact on the financial position of the Company. However, the board will shortly
be considering the valuations of the unlisted investments in the portfolio as at
30 April 2009 with a view to including these in the merger documents.
For further information, please contact:
David Russell on 0141 306 7555 or at david.russell@aberdeen-asset.com
Aberdeen Asset Management PLC
Company Secretary
18 May 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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