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

 
TIDMCR5 
 
 
 
 
From:              Core VCT V PLC 
Date:              6 November 2014 
 
 
Interim Management Statement for the quarter ended 
 30 September 2014 
 
 
Quarterly Management Review 
Set out below is the interim management statement 
 ("IMS") for the period from 1 July 2014 to 30 September 
 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. 
 
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 
                                                     2014         2014 
Net asset value per share                        66.65 pence   55.97 pence 
Total return to date per share(1)                84.65 pence   73.97 pence 
Share price (mid-market)                         27.50 pence   25.50 pence 
Cumulative dividends paid                        18.00 pence   18.00 pence 
 
(1.) Total return per share comprises closing net 
 asset value per share plus cumulative dividends per 
 share paid to date. 
 
 
Realisation through Core Capital I LP (CCILP held 
 through Core V BVI Limited) 
Today, CCILP disposed of its 29% equity stake and 
 other economic interests in Kelway Holdings Limited 
 ("Kelway") through a management buyout supported by 
 CDW. On completion, CCILP will receive proceeds totalling 
 GBP76 million. 
 CDW is a leading provider of integrated information 
 technology solutions in the U.S. and Canada. A Fortune 
 500 company, CDW was founded in 1984 and employs more 
 than 7,100 employees. In 2013, the company generated 
 net sales of more than $10.8 billion. 
 
Core Capital I LP (CCILP held through Core V BVI Limited) 
During the quarter, the value of the Company's 3.09% 
 interest in CCILP increased by GBP1.2 million, representing 
 10.46p per ordinary share. This increase has been 
 driven primarily by the realisation of Kelway, which 
 contributed an uplift of 9.26p per ordinary share, 
 bringing the total value of Kelway to be 21.30p per 
 ordinary share. The Board of Core VCT V plc will determine 
 the optimal method of distributing proceeds to shareholders 
 whilst preserving the VCT tax status. The proposals 
 will be presented to shareholders before the next 
 AGM. 
 A further GBP2.1 million was drawn down from the other 
 institutional investors in CCILP. GBP0.75 million 
 was utilised to pay the General Partner Fee and the 
 remainder will be invested in Ark Home Healthcare 
 to fund working capital commitments. 
 Investments Directly Held by Core VCT V plc 
 During the quarter there has been no change to the 
 valuations of the investments directly held by Core 
 VCT V plc. 
 The Company's cash balance at the end of the quarter 
 was GBP0.5 million, or 6.5% of net assets. 
 
Holdings as % of Net Assets 
 
                                                 30 September    30 June 
                                                     2014         2014 
Core Capital I LP                                       55.0%        47.0% 
Camwatch Limited                                        14.0%        16.6% 
Momentous Moving Holdings Limited                       13.5%        16.0% 
Allied International Holdings Limited                   10.9%        13.0% 
Cording Real Estate Group LLP                            0.1%         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 
In addition to the uplift from Kelway, the remainder 
 of the increase in valuation is mainly driven by the 
 growth in EBITDA of the underlying portfolio companies. 
 Several companies are now generating maintainable 
 EBITDA growth which have had a positive impact on 
 valuations, in particular Abriand Limited and SPL 
 Services Limited. 
 The Board and Manager remain focused on continuing 
 to drive operating improvements in the portfolio companies 
 whilst also exploring opportunities to achieve further 
 realisations for our shareholders. 
 
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#1869345 
 
 
  http://www.core-cap.com/