Core VCT V PLC Core Vct V Plc : Interim Management Statement


 
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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