Core VCT V PLC Core VCT V plc : Interim Management Statement


 
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 
[HUG#1655812]
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