We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Core Vct I | LSE:CR. | London | Ordinary Share | GB00B03FH337 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 72.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Interim Results for the six months ended 30 June 2007 Investment Objective Core VCT I plc ("Core VCT I" or "the Company" ) is a tax efficient listed company which aims to achieve long-term capital and income growth, and to distribute tax free dividends of realised gains and investors' capital. Investment Approach * The Company invests management buyout and development capital, typically in established, private companies, which show: * Sufficient operating critical mass and an established economic model; and * Quality management teams with the key skills in place to deliver a well-defined business model. * The Company is managed by Core Capital LLP ("Core Capital" or "the Manager") who invest amounts generally in the range of £2 - £5 million across the three Core VCTs in companies valued at £5 - £25 million. Fund Structure Core VCT I is structured as follows: * No annual management fees Only when Shareholders have received the first 60 pence of distributions, which together with an assumed 40 pence of initial tax relief will have realised them 100 pence per share, will the Manager be entitled to 30% of distributions from the Company. * Maximise distributions of income and capital Core VCT I has a policy to distribute all proceeds from realised investments. The Company has no fixed life, but intends to naturally liquidate and distribute its assets over time. The Manager's incentives are structured to align its interests in delivering this liquidity for Shareholders as well as maximising overall investment performance. Performance Summary Ordinary Shares 30 June 2007 30 June 2006 31 December 2006 Net asset value per share 98.32 pence 95.33 pence 97.02 pence Net asset value total return to date 101.42 pence 96.33 pence 98.02 pence per share Share price (mid-market) 90 pence 100 pence 100 pence Earnings per share 3.39 pence 0.86 pence 2.55 pence Dividends per share 3.10 pence 1.00 pence 1.00 pence B shares 30 June 2007 30 June 2006 31 December 2006 Net asset value per share 1.00 pence 1.00 pence 1.00 pence Net asset value total return to date 1.00 pence 1.00 pence 1.00 pence per share Share price (mid-market) 4.50 pence 4.50 pence 4.50 pence Earnings per share 0.00 pence 0.00 pence 0.00 pence Dividends per share 0.00 pence 0.00 pence 0.00 pence Chairman's Statement Results The Net Asset Value (NAV) total return per Ordinary Share was 101.42p as at 30 June 2007, comprising a NAV per Ordinary Share of 98.32p and cumulative dividends paid of 3.10p per Ordinary Share. This is an increase over the Total Return to 31 December 2006 of 3.47%. A surplus of £389,269 was earned during the six month period. Dividends Core VCT I is structured to maximise distributions of both capital and income to Shareholders over the life of the Company. Following the completion of the initial investment programme of the Fund a final dividend is planned to be declared after the end of the full financial year to 31 December 2007 comprising a substantial proportion of the cash assets at that time. Future dividends will be derived primarily from investment realisations as they arise. In the meantime, the Company earns income from its managed cash assets, and over time should start to earn income from the unquoted investments made. This has produced a revenue return surplus of 1.19p per Ordinary Share in this period, which it is intended will be distributed after the end of the full financial year. VCT Qualifying Status At 30 June 2007, 63.41% of its total investments at that date were represented by VCT qualifying investments, and after the period-end a further new investment was completed which has now taken the Fund to 76.87% in respect of the required 70% threshold for VCT purposes. Investments The Manager's Review refers in more detail to the prospects of the investment portfolio, and in particular to a recent investment, Baxters, where we have chosen to make a provision. Good progress elsewhere and the completion of a number of acquisitions by portfolio companies underline our confidence in the valuation gains we anticipate in future. The net increase in the valuation of the Portfolio was £233,000, or some 3.65%. Change in Directors Due to increasing demands on her time outside of the Company, Helen Bagan is retiring from the Board today. We are very grateful for Helen's contribution to the development of the Company to date and wish her well for the future. We welcome John Brimacombe as a non-executive director who joins the Board today. John is MD of Jobstream Group plc and an Operating Partner of Sussex Place Ventures. He was a co-founder of NGame Limited and was also President of Mforma Group Inc.. John is a non-executive director of Kelway Holdings Limited, one of the investee companies of the Core VCTs, and we look forward to his contribution. Information for Shareholders The Board supports open communication with investors and welcomes any comments or questions you may have. Company contact information is provided below. Share Price Both the Ordinary Shares (CR.) and the B Shares (CR.B) are fully listed shares. Prices are available on www.londonstockexchange.com and the Ordinary Share price is published daily in the Financial Times. Shareholders are reminded that disposing of shares within three years will result in loss of tax relief, and that their holding of B Shares forms an integral part of their investment along with their holding of Ordinary Shares. Peter Smaill Chairman Manager's Review Investment Highlights * VCT qualifying investment level of 70% exceeded after the period-end, ahead of 31 December 2007 deadline; * Investment Portfolio now comprises 8 investments with a cost of £7.8 million and a value of £8.1 million (7 investments with cost of £6.4 million and value of £6.7 million as at 30 June 2007); * Three of the companies in the investment portfolio have completed, or agreed to complete, substantial acquisitions; VCT Qualifying Status At 30 June 2007, Core VCT I was 63.41% invested in qualifying VCT investments which has increased to 76.87% following the completion of investments since the period-end. New Investments We completed one new investment and one further investment in the period to 30 June 2007 as follows :- Pureleaf Limited (Baxters International) Cost Valuation At 30 June 2007 £660,000 £267,000 Drawn-down after period-end £428,000 £428,000 Total £1,088,000 £693,000 We completed the management buy in (MBI) of Baxters in January with total funding of £8 million, in which the Core funds collectively invested £4.35 million. Core VCT I invested £1.09 million including a further £428,000 drawn-down after the period-end. Baxters is a long established removals and storage business with substantial freehold property and a long standing relationship with the Ministry of Defence, for whom Baxters carries out a significant amount of long term storage. Since the completion of the MBI, we have uncovered a number of areas where we anticipate pursuing claims against the vendors. We have made a provision for the financial effects of what we have discovered (including the anticipated costs of these actions) notwithstanding our confidence in recovering the sums due and the majority of our costs in pursuing these claims, and based on our assessment of legal opinion of the strength of these claims. Following extensive legal advice, we anticipate a successful outcome and will keep shareholders informed of developments as appropriate. Adapt Group Limited (formerly Highpitch Limited) Cost £980,040 Valuation £980,040 Adapt is a virtual network operator (VNO) providing telecoms solutions to small and medium sized businesses. We first invested in Highpitch (formerly trading as MNet) in June 2006 as a small participant in the mezzanine debt of the £7.5 million Management Buy out (MBO) of the business. Since then, the business has grown significantly, rebranded as Adapt, and in June this year acquired Centric Telecom. We took the opportunity to increase our investment at this time to fund this acquisition, structured with an attractive ongoing yield. SPL Services Limited Since 30 June 2007, one further new investment of £1 million has been completed, in SPL Services Limited, a specialist courier company. Existing Portfolio Ma Hubbards Limited Cost £1,500,000, Valuation £1,500,000 The business operates freehold pubs offering value for money food in the North Midlands. The valuations of freehold pubs remains strong, and we have taken advantage of this by disposing of some underperforming sites at premiums over our cost to reduce bank debt. We have also appointed a new manager following the change in control of the previous corporate manager, Honeycombe, whom we anticipate will improve profitability from the existing sites where revenue remains on track. This investment is syndicated with Electra VCTs. Kelway Holdings Limited Cost £1,250,000, Valuation £1,875,000 Kelway is a fast growing IT reseller targeting organisations with 250 to 1,000 employees. The company has made good progress since our investment last year, and completed a substantial acquisition in June, acquiring Elcom. This brings the combined forecast revenues to over £90 million and has been completed without any senior debt to Kelway's balance sheet. Accordingly, to reflect the fair value of the investment, the valuation has been increased based on its current and budgeted turnover and EBIT and in part the values implied by the Elcom transaction. Blanc Brasseries Holdings plc Cost £1,000,000, Valuation £1,000,000 Blanc Brasseries currently operates five units in the premium casual dining market and is looking to grow to 20 units within 3 years. The business model has been successfully re-worked in preparation for the roll-out of future sites. Finding sites on attractive economic terms has taken longer than originally expected, but there is now a strong contracted pipeline of sites in place. These restaurants will also feature in the forthcoming BBC 2 TV series, "The Restaurant". We would anticipate increasing the valuation of this investment once the implementation of the roll-out has been commenced. Colway Limited Cost £1,000,000, Valuation £1,000,000 (trading as London Graphic Centre and Red Box) London Graphic Centre is a long established office and graphic supplies business. Since our original investment, the business has rebranded its core B2B activities as Red Box, and secured two acquisitions, in the latter of which other Core funds invested additional mezzanine funding. With further acquisitions identified, we see this business growing to over £30 million in turnover compared to the £15.5 million at the date of our original investment in 2006, placing it firmly as one of the largest independent stationery and office supplies businesses serving the London market. Augentius Fund Administration LLP Cost £30,144, Valuation £30,144 Augentius is a leading onshore administrator of private equity funds and was formerly Ansbacher Fund Services. The business operates from London and Guernsey and provides out-sourced administration services to many leading private equity funds. This small investment has a cash yield of 9.5%. The business is winning new clients rapidly, but we have made no increase in the valuation given its size and stage. Developments at Core Capital Following the Closing of the Offers of both Core VCTs IV & V, Core now has a total of some £65 million of VCT funds under management. As a part of Core's evolution in managing this growth, a number of changes have been made to the team. These include the retirement of Mark Storey as a partner, and the ending of Ian Henderson-Londono's consulting arrangement. David Steel, previously at KPMG, has been appointed as investment executive, and joins the founders, Stephen Edwards and Walid Fakhry. As mentioned in the Chairman's Statement, John Brimacombe joins the Boards of each of Core VCTs I, II & III following the retirement of Helen Bagan. Future Investments Following 30 June 2007, Core VCT I has completed its investment programme and is over 70% invested in qualifying investments as is required by 31 December 2007 to maintain VCT qualifying status. Following this, and as the portfolio matures, we will look forward to valuation increases as the results of our initial investment, and subsequent developments which in many cases include subsequent acquisitions, bring demonstrable value to the portfolio. Investment Portfolio Summary as at 30 June 2007 Date of Book cost Valuation % of net investment assets by value £'000 £'000 Qualifying investments (unquoted) Kelway Holdings Limited November 2006 1,250 1,875 17.3% IT Services Ma Hubbards Limited July 2005 1,500 1,500 13.8% Managed freehold pubs Blanc Brasseries Holdings April 2006 1,000 1,000 9.2% plc Premium casual dining brasseries Colway Limited May 2006 1,000 1,000 9.2% (trading as London Graphic Centre and Red Box) Office and graphics supplies Adapt Group Limited June 2006 980 980 9.1% (formerly Highpitch Limited) Internet connections and co-location services Pureleaf Limited (Baxters January 2007 660 267 2.5% International)** Removal company ----------- ----------- ----------- Total qualifying investments 6,390 6,622 61.1%* Non-qualifying investments Augentius Fund October 2006 30 30 0.3% Administration LLP Fund administrator Unlisted securities 1,508 1,508 13.9% Funds and Trusts 1,380 1,462 13.6% Listed securities 1,149 1,270 11.7% Short-dated variable 500 500 4.6% securities ----------- ----------- ----------- Total non-qualifying 4,567 4,770 44.1% investments ----------- ----------- ----------- Total investments 10,956 11,392 105.2% ----------- ----------- ----------- Other assets 554 5.1% Current liabilities (1,122) (10.3%) ----------- ----------- Net assets 10,824 100.0% ======= ======= * Book value of total qualifying investments represents 58.32% of the total book value of investments. The VCT investment tests are measured broadly on original cost of investments, including cash balances, and this gives the figure of 63.41% quoted in the Chairman's Statement and the Manager's Review above in relation to progress towards achieving a minimum of 70% of total investments invested in qualifying investments before 31 December 2007. ** A further £428,000 was drawn-down after the period-end in respect of the total commitment of £1.09 million. Unaudited Income Statement (incorporating the Revenue Account of the Company for the six months ended 30 June 2007) Six months ended 30 June 2007 Six months ended 30 June 2006 (unaudited) (unaudited) Revenue Capital Total Revenue Capital Total £ £ £ £ £ £ Realised - (81,796) (81,796) - 1,250 1,250 (losses)/gains on investments Unrealised - 332,066 332,066 - (25,387) (25,387) gains/(losses) on investments Income 224,252 - 224,252 245,184 - 245,184 Transaction (2,100) (10,336) (12,436) - (16,165) (16,165) costs and investment management expense Other expenses (72,817) - (72,817) (77,759) - (77,759) ----------- ----------- ----------- ----------- ----------- ----------- Return on 149,335 239,934 389,269 167,425 (40,302) 127,123 ordinary activities before taxation Tax on ordinary (19,124) 1,186 (17,938) (35,716) 2,812.00 (32,904) activities ----------- ----------- ----------- ----------- ----------- ----------- Return 130,211 241,120 371,331 131,709 (37,490) 94,219 attributable to equity shareholders ======= ======= ======= ======= ======= ======= Return per 1p 1.19p 2.20p 3.39p 1.20p (0.34)p 0.86p Ordinary share Dividends paid Final dvidend 229,836 - 229,836 - - - paid for year ended 31 December 2006 of 2.10p per share Final dividend - - - 109,446 - 109,446 paid for period from 13 October 2004 to 31 December 2005 of 1p per share Year ended 31 December 2006 (audited) Revenue Capital Total £ £ £ Realised (losses)/ - (56,578) (56,578) gains on investments Unrealised gains/ - 93,617 93,617 (losses) on investments Income 507,398 - 507,398 Transaction costs (4,298) (49,567) (53,865) and investment management expense Other expenses (153,715) - (153,715) ----------- ----------- ----------- Return on ordinary 349,385 (12,528) 336,857 activities before taxation Tax on ordinary (66,702) 9,419 (57,283) activities ----------- ----------- ----------- Return attributable 282,683 (3,109) 279,574 to equity shareholders ======= ======= ======= Return per 1p 2.58p (0.03)p 2.55p Ordinary share Dividends paid Final dvidend paid - - - for year ended 31 December 2006 of 2.10p per share Final dividend paid 109,446 - 109,446 for period from 13 October 2004 to 31 December 2005 of 1p per share Unaudited Balance Sheet as at 30 June 2007 As at As at As at 30 June 2007 30 June 2006 31 December 2006 (unaudited) (unaudited) (audited) £ £ £ Non-current assets Investments at fair 11,391,859 9,305,574.00 10,436,107 value Current Assets Debtors and 814,842 215,275 219,551 prepayments Current investments - 1,044,055 - Cash at bank (260,548) 44,052 161,093 554,294 1,303,382 380,644 Creditors: amounts (1,122,324) (102,973) (125,413) falling due within one year ----------- ----------- ----------- Net current (568,030) 1,200,409 255,231 (liabilities)/assets ----------- ----------- ----------- Net assets 10,823,829 10,505,983 10,691,338 ======= ======= ======= Capital and reserves Called up Ordinary 109,346 109,446 109,446 Share capital Called up B Share 72,964 72,964 72,964 capital Capital redemption 100 - - reserve Share premium account 5,113,629 10,227,258 5,113,629 Capital reserve - (210,895) (25,829) (110,452) realised Capital reserve - 435,180 (25,387) 93,617 unrealised Special distributable 5,104,625 - 5,113,629 reserve Revenue reserve 198,880 147,531 298,505 ----------- ----------- ----------- Total equity 10,823,829 10,505,983 10,691,338 shareholders' funds ======= ======= ======= Net asset value per share (attributable assets basis) Net asset value per 1p 98.32p 95.33p 97.02p Ordinary Share Net asset value per 1p 1.00 p 1.00p 1.00p B Share Unaudited Reconciliation of Movements in Shareholders' Funds for the six months ended 30 June 2007 Six months Six months ended Year ended ended 30 June 2006 31 December 2006 30 June 2007 £ £ £ Opening shareholders 10,691,338 10,521,210 10,521,210 funds Net share capital (9,004) - - bought back in the period Profit for the period 371,331 94,219 279,574 Dividends paid in (229,836) (109,446) (109,446) period ----------- ----------- ----------- Closing shareholders' 10,823,829 10,505,983 10,691,338 funds ======= ======= ======= Unaudited Summarised Cash Flow Statement for the six months ended 30 June 2007 Six months Six months Year to ended ended 31 December 2006 30 June 2007 30 June 2006 (unaudited) (unaudited) (audited) £ £ £ Operating activities Income received 210,809 215,046 561,280 Transaction costs paid (9,810) (23,578) (38,552) Other cash payments (121,399) (263,054) (425,807) ----------- ----------- ----------- Net cash inflow/ 79,600 (71,586) 96,921 (outflow) from operating activities UK Corporation Tax paid - - (26,164) Investing acitivities Acquisitions of (2,771,239) (12,856,572) (22,189,371) investments Disposals of investments 2,508,838 4,526,861 12,790,303 ----------- ----------- ----------- Net cash outflow from (262,401) (8,329,711) (9,399,068) investing activities Equity Dividends paid (229,836) (109,446) (109,446) ----------- ----------- ----------- Cash outflow before (412,637) (8,510,743) (9,437,757) financing and liquid resource management Financing Share Capital bought (9,004) - - back Management of liquid resources Increase in monies held - (1,044,055) - pending investment ----------- ----------- ----------- Decrease in cash for the (421,641) (9,554,798) (9,437,757) period ======= ======= ======= Notes: 1. The accounts have been prepared under the fair value rules of the Companies Act 1985, and in accordance with United Kingdom Generally Accepted Accounting Practice and, to the extent that it does not conflict with the Companies Act 1985 and UK accounting standards, the 2003 Statement of Recommended Practice, `Financial Statements of Investment Trust Companies', revised December 2005, amended October 2006. 2. 75% of the investment management expense is charged against capital. This is in line with the Board's expected long-term split of returns from the investment portfolio of the Company. 3. The revenue return per Ordinary Share is based on the net revenue on ordinary activities after taxation of £130,211 and is based on 10,941,588 Ordinary Shares (30 June 2006: revenue return of £131,709 and 10,944,556 Ordinary Shares, 31 December 2006: revenue return of £282,683 and 10,944,556 Ordinary Shares), being the weighted average number of Ordinary Shares in issue during this period. The capital gain per Ordinary Share is based on ordinary activities after taxation of £241,120 and is based on 10,941,588 Ordinary Shares (30 June 2006: capital loss of £37,490 and 10,944,556 Ordinary Shares, 31 December 2006: capital loss of £3,109 and 10,944,556 Ordinary Shares), being the weighted average number of Ordinary Shares in issue during the period. 4. Net asset value per Ordinary Share is based on attributed net assets at 30 June 2007, and on 10,934,571 (at 30 June 2006: 10,944,571 and at 31 December 2006: 10,944,571) Ordinary Shares, being the number of Ordinary Shares in issue on that date. 5. The financial information for the period ended 30 June 2007 has neither been audited nor reviewed. 6. Copies of the Interim Report for the six months ended 30 June 2007 are being sent to all Shareholders. Further copies are available free of charge from the Company's registered office, One Jermyn Street, London SW1Y 4UH. Contact details for further enquiries: Sarah Penfold of Matrix-Securities Limited (the Company Secretary) on 020 7925 3300 or by e-mail on CoSec@matrixgroup.co.uk Core Capital LLP (the Investment Manager), on 020 7317 0155 or by e-mail on info@Core-Cap.com END
1 Year Core Vct I Chart |
1 Month Core Vct I Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions