Interim Management Statement
April 20 2011 - 4:43AM
UK Regulatory
TIDMCR5
From: Core VCT V PLC
Date: 20 April 2011
Interim Management Statement for the quarter ended 31 March 2011
Quarterly Management Review
Set out below is the interim management statement ("IMS") for the period from 1
January 2011 to 31 March 2011, 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.
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
31 March 31 December
2011 2010
Net asset value per share 89.45 pence 89.31 pence
Total return to date per share1 96.95 pence 96.81 pence
Share price (mid market) 52.13 pence 50.25 pence
Cumulative dividends paid 7.50 pence 7.50 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 ended 31 March 2011, the Company has invested a further
GBP50,888 in Georgina Goodman Limited to fund further working capital
requirements. We also purchased secondary shares in Ark Home Healthcare Limited
totalling GBP5,000.
The cash balance at the end of the quarter was GBP1,126,367 or 11.4% of net
assets.
Top Holdings as % of Net Assets
31 March 31 December
2011 2010
Allied International Holdings Limited 20.8% 20.8%
Colway Limited 17.7% 17.7%
Brasserie Bar Co. plc 14.9% 14.9%
Camwatch Limited 14.1% 14.1%
Ark Home Healthcare Limited 10.2% 10.2%
Core Mezz II Limited 10.1% 10.2%
Georgina Goodman Limited 2.6% 2.1%
CP Newco Limited 0.1% 0.1%
Pureleaf Limited - -
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
The investment programme for making new investments has now been completed and
given that we are now fully invested we are constrained in the amount of capital
we have available to invest further in the portfolio. However, some of our
largest investments have reached a stage where they are looking to build on
their success and raise further capital for expansion and to maximise the growth
in value that this is expected to create. The Directors together with the
Manager and the other Core VCTs are considering options to raise further funding
for the underlying portfolio companies. Should these discussions be successful
we will inform shareholders immediately.
For further information please contact:
Stephen Edwards, Core Capital LLP: 020 3179 0915
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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