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


 
TIDMCR5 
 
 
 
 
From:              Core VCT V PLC 
Date:              1 May 2014 
 
 
Interim Management Statement for the quarter ended 
 31 March 2014 
 
 
Quarterly Management Review 
Set out below is the interim management statement 
 ("IMS") for the period from 1 January 2014 to 31 March 
 2014, 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 
                                                   31 March  31 December 
                                                       2014     2012 
Net asset value per share                       51.89 pence  52.03 pence 
Total return to date per share(1)               69.89 pence  70.03 pence 
Share price (mid-market)                        22.50 pence  22.50 pence 
Cumulative dividends paid                       18.00 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 no drawdowns were made by CCILP 
 and at the period end, growth capital of GBP1.7 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 CCILP increased by 
 GBP35,371 in line with the quarterly report prepared 
 by the Manager. This represents an increase of 0.32p 
 per ordinary share. 
 Investments Directly Held by Core VCT V plc 
 The valuation of Momentous Moving Holdings Limited 
 was reduced by GBP10,022 to reflect the decline in 
 trading during the quarter. This represents a decrease 
 of 0.09p per ordinary share. 
 The Group's cash balance at the end of the quarter 
 was GBP0.4 million, or 7.5% of net assets. 
 
Dividends 
 The Board recommended a final revenue dividend of 
 0.5p per ordinary share which was approved by shareholders 
 at the Annual General Meeting held today. This dividend 
 will be paid on 8 May 2014. Significant dividends 
 will only be paid to shareholders following a successful 
 exit of investments within the portfolio, when we 
 plan to distribute al the realised proceeds available, 
 subject to working capital and VCT requirements. 
 
Group Holdings as % of Net Assets 
 
                                                 31 March    31 December 
                                                   2014         2013 
Core Capital I LP                                     46.7%        45.9% 
Camwatch Limited                                      17.9%        17.9% 
Momentous Moving Holdings Limited                     17.3%        17.4% 
Allied International Holdings Limited                 10.4%        10.4% 
Cording Real Estate Group 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, and have invested most 
 of the available capital into the investment portfolio. 
 There is some evidence of improving conditions in 
 the UK for exit activity, and we look forward to reporting 
 on the progress of achieving our intended realisations 
 in the future. 
 
 
For further information please contact: 
 
Stephen Edwards,    Core Capital Partners LLP:             020 3179 0915 
Rhonda Nicoll,      Company Secretary:                     020 3179 0930 
 
 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Core VCT V plc via Globenewswire 
 
   HUG#1782109 
 
 
  http://www.core-cap.com/
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