Interim Management Statement
12 Oktober 2010 - 2:11PM
UK Regulatory
TIDMCR3B
From: Core VCT PLC
Date: 12 October 2010
Interim Management Statement for the quarter ended 30 September 2010
Quarterly Management Review
Set out below is the interim management statement ("IMS") for the period from 1
July 2010 to 30 September 2010, which contains information that covers this
period, and up to the date of publication of this IMS. Core VCT plc is
publishing this IMS in accordance with DTR 4.3 of the FSA Handbook.
This IMS 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.
Performance Summary
30 September 30 June
2010 2010
Net asset value per share 94.24 pence 94.30 pence
Total return to date per share[1] 111.39 pence 111.45 pence
Share price (mid market) 44.50 pence 40.00 pence
Cumulative dividends paid 17.15 pence 17.15 pence
[1] Total return per share comprises closing net asset value per share plus
cumulative dividends per share paid to date.
Investments
During the quarter, several listed investments were realised generating proceeds
of GBP1,046,000. As at 30 September 2010, one investment remains in the listed
portfolio with a market value of GBP60,000. We hope to realise this investment
before the financial year end.
The cash balance at the end of the quarter was GBP1,234,000 or 3.0% of net assets.
Top 10 Holdings as % of Net Assets
30 September 30 June
2010 2010
Kelway Holdings Limited 36.9% 36.9%
SPL Services Limited 21.3% 21.3%
Brasserie Holdings plc 7.4% 7.3%
Pureleaf Limited 7.0% 7.0%
Adapt Group Limited 6.0% 6.0%
Allied International Holdings Limited 4.9% 4.9%
Ark Home Healthcare Limited 4.9% 4.9%
CP Newco Limited 4.9% 4.9%
Colway Limited 3.2% 3.2%
Augentius Fund Administration LLP 0.2% 0.2%
Share Capital
The Company has not issued or bought back any shares during the period. The
Company's issued share capital currently stands at 43,301,414 ordinary shares
and 28,867,227 B shares.
As is common in Venture Capital Trusts, there is little if any liquidity 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. Shareholders might consider holding their shares with
a view to benefiting from future realisations.
Outlook
With the investment programme now fully completed, our focus is entirely on
managing the existing portfolio and planning to realise capital in order to
maximise the potential gains from the portfolio. The average age of the
portfolio is still relatively young and in general our approach is to continue
to hold our investments as they increase in scale. If exit opportunities at
attractive prices arise they will be pursued vigorously.
For further information please contact:
Stephen Edwards, Core Capital LLP: 020 3179 0915
Rhonda Nicoll, Company Secretary: 020 3179 0930
[HUG#1451095]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Core VCT plc via Thomson Reuters ONE
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