Core VCT V plc : Interim Management Statement
November 04 2011 - 4:43AM
UK Regulatory
TIDMCR5
From: Core VCT V PLC
Date: 4 November 2011
Interim Management Statement for the quarter ended 30 September 2011
Quarterly Management Review
Set out below is the interim management statement ("IMS") for the period from 1
July 2010 to 30 September 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 Ordinary Shares
30 September 30 June
2011 2011
Net asset value per share 63.82 pence 81.29 pence
Total return to date per share(1) 81.32 pence 88.79 pence
Share price (mid market) 45.00 pence 41.50 pence
Cumulative dividends paid 17.50 pence 7.50 pence
1. Total return per share comprises closing net asset value per share plus
cumulative dividends per share paid to date.
Adoption of Proposals and Capital Dividend
At the General Meeting held on 7 July 2011 an overwhelming majority of
shareholders voted in favour of the Proposals as outlined in the Circular, dated
9 June 2011. From 8 July 2011, the Company now has a partnership interest of
3.09% in Core Capital I LP. This LP, managed by Core Capital LLP, holds Ark
Home Healthcare Limited, Brasserie Bar Co. Limited, Colway Limited, Core Mezz II
Limited, Kelway Limited and SPL Services Limited. Both Kelway Limited and SPL
Services Limited were not originally held by Core VCT V plc. New investors have
committed GBP27.3 million of growth capital for these investments.
As part of the Proposals, the Company received GBP1,394,000 from the new investors
and a 10p interim capital dividend was paid on 12 August 2011, to shareholders
on the register on 5 August 2011.
Core VCT V plc transferred investments totalling GBP2.1 million, net of the cash
consideration of GBP1.3 million into Core Capital I LP on 8 July 2011. As at 30
September 2011, these investments have risen to GBP2.3 million, an increase of
some 9.5%.
Other Investment Activity
During the quarter we invested a further GBP1.0 million into Momentous Moving
Excellence Limited ("MME") to support working capital requirements. This
investment is also held by Core VCT plc and Core VCT IV plc and is a long
established storage and removals business. The company has a long standing
relationship with the Ministry of Defence for whom MME carries out a significant
amount of long term storage. MME has a strong balance sheet with substantial
net assets, unencumbered freehold assets and no senior bank debt. Since the
period end, we have invested a further GBP250,000 in Allied International Limited,
alongside Core VCT plc and Core VCT IV plc, to fund working capital
requirements.
The cash balance at the end of the quarter was GBP0.7 million, or 10.1% of net
assets.
Holdings as % of Net Assets
30 September 30 June
2011 2011
Core Capital I LP 32.9% -
Allied International Holdings Limited 24.6% 19.5%
Camwatch Limited 18.0% 14.2%
Momentous Moving Excellence Limited 14.3% 0.1%
CP Newco Limited 0.1% 0.1%
Colway Limited - 19.0%
Brasserie Bar Co. Limited - 16.3%
Ark Home Healthcare Limited - 10.1%
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 do not expect the UK economy to show any improvement over the next 12 months,
and indeed there are more risks on the downside both in weak consumer demand and
continued public sector constraint. However, following the completion of the
Proposals on 8 July, the portfolio companies have access to substantial funding,
in particular those which were transferred to Core Capital I LP. Our focus is
managing the growth of the underlying portfolio in order to progress our exit
programme over the next few years.
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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