Interim Management Statement

 
TIDMCR3B 
 
From:                Core VCT PLC 
Date:                12 October 2010 
 
 
Interim Management Statement for the quarter ended 30 September 2010 
 
 
Quarterly Management Review 
Set out below is the interim management statement ("IMS") for the period from 1 
July 2010 to 30 September 2010, which contains information that covers this 
period, and up to the date of publication of this IMS.  Core VCT 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 
                                       30 September         30 June 
                                               2010            2010 
 
  Net asset value per share             94.24 pence     94.30 pence 
 
  Total return to date per share[1]    111.39 pence    111.45 pence 
 
  Share price (mid market)              44.50 pence     40.00 pence 
 
  Cumulative dividends paid             17.15 pence     17.15 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, several listed investments were realised generating proceeds 
of  GBP1,046,000.  As at 30 September 2010, one investment remains in the listed 
portfolio with a market value of  GBP60,000.  We hope to realise this investment 
before the financial year end. 
 
The cash balance at the end of the quarter was  GBP1,234,000 or 3.0% of net assets. 
 
Top 10 Holdings as % of Net Assets 
 
                                           30 September    30 June 
                                                   2010       2010 
 
  Kelway Holdings Limited                         36.9%      36.9% 
 
  SPL Services Limited                            21.3%      21.3% 
 
  Brasserie Holdings plc                           7.4%       7.3% 
 
  Pureleaf Limited                                 7.0%       7.0% 
 
  Adapt Group Limited                              6.0%       6.0% 
 
  Allied International Holdings Limited            4.9%       4.9% 
  Ark Home Healthcare Limited                      4.9%       4.9% 
 
  CP Newco Limited                                 4.9%       4.9% 
  Colway Limited                                   3.2%       3.2% 
  Augentius Fund Administration 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 43,301,414 ordinary shares 
and 28,867,227 B 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 
With the investment programme now fully completed, our focus is entirely on 
managing the existing portfolio and planning to realise capital in order to 
maximise the potential gains from the portfolio.  The average age of the 
portfolio is still relatively young and in general our approach is to continue 
to hold our investments as they increase in scale.  If exit opportunities at 
attractive prices arise they will be pursued vigorously. 
 
For further information please contact: 
 
Stephen Edwards, Core Capital LLP:  020 3179 0915 
Rhonda Nicoll, Company Secretary:  020 3179 0930 
 
 
 
[HUG#1451095] 
 
 
 
 
 
 
 
 
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Source: Core VCT plc via Thomson Reuters ONE