Core VCT V PLC Core Vct V Plc : Interim Management Statement
November 06 2013 - 10:08AM
UK Regulatory
TIDMCR5
From: Core VCT V PLC
Date: 6 November 2013
Interim Management Statement for the quarter ended
30 September 2013
Quarterly Management Review
Set out below is the interim management statement
("IMS") for the period from 1 July 2013 to 30 September
2013, 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 FCA 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
2013 2013
Net asset value per share 45.69 pence 45.65 pence
Total return to date per share(1) 63.19 pence 63.15 pence
Share price (mid-market) 22.50 pence 22.50 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 (CCILP held through Core V BVI Limited)
During the quarter a further GBP0.75 million was drawn
down from the institutional investors in CCILP to
pay the General Partner Fee. The value of the Group's
3.09% interest in CCILP decreased by GBP17,011 in
line with the quarterly report prepared by the Manager.
This represents a decrease of 0.15p per ordinary share.
CCILP utilised cash which had previously been drawn
down to fund working capital commitments in SPL Services
Limited totalling GBP0.5 million. A further GBP20,000
was also committed to Colway Limited to purchase management
shares.
As at 30 September 2013, a total of GBP4 million (net
of General Partner Fee) remains to be called. The
Manager, following discussions with the institutional
investors, will decide where these funds should be
invested.
The Group's cash balance at the end of the quarter
was GBP0.4 million, or 9.5% of net assets.
Group Holdings as % of Net Assets
30
30 September June
2013 2013
Core Capital I LP 40.4% 40.7%
Camwatch Limited 20.6% 20.6%
Pureleaf Limited (trading as Momentous Moving
Excellence) 19.9% 19.9%
Allied International Holdings Limited 9.5% 9.5%
CP Newco I Limited - Cording Land 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 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 CCILP or Core VCT V, but to deploy the remaining
capital and undrawn commitments within CCILP into
supporting the growth of the existing investment portfolio
and managing these through to exit. Your Board and
Manager remain focused on operating improvements in
our investments with the intention of seeking realisations
for our shareholders over the medium term.
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
HUG#1741096
http://www.core-cap.com/
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