Core VCT V PLC Core VCT V plc : Interim Management Statement
07 November 2012 - 1:19PM
UK Regulatory
TIDMCR5
From: Core VCT V PLC
Date: 7 November 2012
Interim Management Statement for the quarter ended 30 September 2012
Quarterly Management Review
Set out below is the interim management statement ("IMS") for the period from 1
July 2012 to 30 September 2012, which contains information that covers this
period, and up to the date of publication of this IMS. Core VCT V plc is
publishing this IMS in accordance with DTR 4.3 of the FSA Handbook. As the
Company owns a subsidiary which holds a partnership interest in an LP
consolidated accounts have been prepared.
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 Ordinary Shares
30 September 30 June
2012 2012
Net asset value per share 55.86 pence 55.03 pence
Total return to date per share(1) 73.36 pence 72.53 pence
Share price (mid-market) 29.00 pence 34.00 pence
Cumulative dividends paid 17.50 pence 17.50 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 no investments were purchased or realised.
Core Capital I LP (CCI LP held through Core V BVI Limited)
During the quarter, GBP1.2 million was committed by CCI LP to SPL Services Limited
to fund a partial refinancing. A further GBP71,000 was committed by CCI LP to
Colway Limited to purchase management shares. At the period end, growth capital
of GBP9 million (net of General Partner Fee) still remains to be called from the
other institutional investors. The value of the Group's 3.09% interest in Core
Capital I LP increased by GBP73,000 in line with the quarterly report prepared by
the Manager. This represents an increase of 0.66p per ordinary share.
The Group's cash balance at the end of the quarter was GBP0.4 million, or 6.6% of
net assets.
Holdings as % of Net Assets
30 September 30 June
2012 2012
Core Capital I LP 38.3% 37.7%
Allied International Holdings Limited 22.0% 22.3%
Pureleaf Limited (trading as Momentous Moving 16.2% 16.5%
Excellence)
Camwatch Limited 16.2% 16.5%
CP Newco I Limited; (investment held in Cording 0.2% 0.1%
Land LLP)
Share Capital
The Company has not issued or bought back any shares during the period. The
Company's issued share capital currently stands at 11,024,969 ordinary 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
We are not intending to make any new investments in either CCI LP or Core VCT V,
but to deploy the remaining capital and undrawn commitments within CCI LP into
supporting the growth of the existing investment portfolio and managing these
through to exit.
For further information please contact:
Stephen Core Capital LLP: 020 3179 0915
Edwards,
Rhonda Nicoll, Company Secretary: 020 3179 0930
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 V plc via Thomson Reuters ONE
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