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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 |
TIDMCR. RNS Number : 4523S Core VCT I PLC 18 May 2009 Core VCT I plc (the Company) Interim Management Statement For the quarter ended 31 March 2009 To the members of Core VCT I plc This interim management statement 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. This interim management statement relates to the period from 1 January 2009 to 31 March 2009, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified. PERFORMANCE - 31 March 2009 +-----------------+-----------------+--------------+-----------------+--------------+ | | At 31 March 2009 | At 31 December 2008 | +-----------------+--------------------------------+--------------------------------+ | | Ordinary Shares | B Shares |Ordinary Shares | B Shares | +-----------------+-----------------+--------------+-----------------+--------------+ | NAV per share | 67.1p | 1p | 67.6p | 1p | +-----------------+-----------------+--------------+-----------------+--------------+ | Cumulative | 7.1p | - | 7.1p | - | | dividends paid | | | | | | per share | | | | | +-----------------+-----------------+--------------+-----------------+--------------+ | NAV total | (21.5%) | - | (20.9%) | - | | return since | | | | | | inception per | | | | | | share* | | | | | +-----------------+-----------------+--------------+-----------------+--------------+ | Share Price | 73p | 3p | 75p | 3.5p | +-----------------+-----------------+--------------+-----------------+--------------+ *NAV plus cumulative dividends paid to date and a starting NAV of 94.5p MERGER As announced on 20 April 2009 it is the intention of the Company to merge with Core VCT II plc and Core VCT III plc pursuant to a section 110 schemes of reconstruction under the Insolvency Act 1986. This will involve transferring the assets and liabilities of Core VCT I plc and Core VCT II plc to Core VCT III plc in consideration for the issue to the shareholders of Core VCT I plc and Core VCT II plc of new shares in Core VCT III plc. Formal proposals will be forwarded to shareholders of the VCTs in due course. ANNUAL REPORT The Company announced its Annual Financial Results on 29 April 2009 with the Annual Report and Notice of AGM being sent out to shareholders in the week commencing 11 May 2009. DIVIDENDS Dividends totalling 11p have been proposed, payable on 30 June 2009. An income dividend of 1p has been proposed subject to shareholder approval at the Annual General Meeting further details of which are below. A special dividend of 10p is also payable, dependent on the merger described above being effected. ANNUAL GENERAL MEETING The Annual General Meeting of the Company will be held on 18 June 2009 at offices of Core Capital LLP, 103 Baker Street, W1U 6LN at 10.30 am. NEW INVESTMENTS No new investments in the Company's unquoted portfolio have been made during the period. SHARE CAPITAL The Company has not issued or bought back any shares during the period. FURTHER RETURN OF FUNDS From its inception, the Company has been structured to build a diverse portfolio of investments, to realise this portfolio and return both realised gains and capital to investors as swiftly as possible through tax free distributions. With the initial investment period of 3 years now completed, the Directors intend to commence distribution of the Cash Assets, subject to the maintenance of adequate working capital and the retention of an appropriate fund to permit subsequent funding rounds in existing investments in the merged vehicle. In common with all Venture Capital Trusts, there is little if any available liquidity in trading 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. We would strongly suggest that shareholders consider holding their shares with a view to benefiting from future realisations. Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 31 March 2009, and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. However, the board will shortly be considering the valuations of the unlisted investments in the portfolio as at 30 April 2009 with a view to including these in the merger documents. For further information, please contact: David Russell on 0141 306 7555 or at david.russell@aberdeen-asset.com Aberdeen Asset Management PLC Company Secretary 18 May 2009 This information is provided by RNS The company news service from the London Stock Exchange END IMSCKFKKABKDNPD
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